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Wednesday, June 29, 2022

The Exciting Rise of Personal Security Devices Maker Byrna Technologies Inc (OTCMKTS: BYRN)

Byrna Technologies Inc (OTCMKTS: BYRN) has been exploding up the charts in recent months from lows of well under a dime to recent highs of $1.95 per share. The stock has emerged from relative obscurity to become a volume leader and top traded stock in small caps.

Byrna creates non-lethal personal security devices such as the Byrna HD that fires a chemical irritant projectiles accurate up to 60 feet that disarms and disables an attacker giving you several minutes to get out of harms way. The story has been gaining traction in recent months and was given a significant boost in June when Sean Hannity featured Byrna on his show. Hannity suggested that perhaps non-lethal weapons such as the Byrna HD personal security device might be part of the solution to the recent events that have inspired the protests sweeping the nation over recent weeks.

Byrna Technologies Inc (OTCMKTS: BYRN) is an emerging non-lethal technology company, specializing in the development and manufacture of innovative less-lethal equipment and munitions. The Company has two main product lines; the first is its Byrna® line of handheld personal security devices. The Byrna® product line includes the Byrna HD, the Companies first handheld personal security device which is designed to be used by both civilians and private security professionals, as well as accessories and third-party products that are compatible with the Byrna HD, including the projectiles used in the Byrna HD. The 2nd line of business is the sale of less-lethal munitions designed for 40MM rifled launchers utilized by law enforcement, correctional services and military markets. These less-lethal munitions include impact rounds designed to stop an individual without causing permanent injury or death and “payload” rounds carrying a variety of payload packages including chemical irritants and various marking products designed to deter or identify instigators in riot situations. BYRN flagship product in this market is the 40mm blunt impact projectile (“BIP”), which uses patented collapsible gel head technology. In addition to its two main product lines the Company sells two 12 gauge less-lethal impact rounds: a bean bag round and a rubber fin.

Byrna sells its products to the consumer, private security, law enforcement and military end markets in the United States, Canada and South Africa. Historically, the Company sold its products primarily to law enforcement, correctional facilities and military end markets in the United States and Canada through its SDI online store and historic relationships. The Company sells its new Byrna HD directly to consumers through a new Byrna e-commerce site and at gun shows and other events, and to dealers and distributors in the United States and South Africa. Byrna also recently received its first stocking order for 208 Byrna HD original Ready Kits (which includes the Byrna HD, a case, a spare magazine, two of its proprietary CO2 cartridges and 15 assorted Byrna HD projectiles) and ammunition from C-A-L Ranch Stores, a chain store with twenty-six locations across four states. In South Africa, we sell the Byrna® HD and related products directly and through an authorized manufacturer’s distributor.

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In June Sean Hannity featured Byrna on his show. Hannity suggested that perhaps non-lethal weapons such as the Byrna HD personal security device might be part of the solution to the recent events that have inspired the protests sweeping the nation over recent weeks.  As Hannity spoke, traffic to Byrna’s e-commerce site exploded with more than 160,000 web sessions from 9:00pm to 12:00am EDT (compared to 105,000 web sessions for the entire month of May). Additionally, between midnight to 5:00am, Byrna saw another 30,000 visitors to its website. Byrna received a torrent of orders.  At its peak, the Company was receiving more than one order every second.  By midnight, it had received over 4,300 orders totaling more than $2.0 million.  The Company also received numerous requests from individuals and companies around the world interested in becoming Byrna® dealers.

BYRN CEO Bryan Ganz stated: “We are grateful to Sean Hannity for highlighting the benefits of less-lethal options such as the Byrna. however, the Company was not prepared for such an onslaught of orders.”  By 10:00pm EDT the Company modified its website, letting customers know that there would be an 8+ week waiting period to fulfill orders. By 5:15am EDT, the Company had received another 750 orders totaling over $375,000.  Consequently, the 24 hour total in new on-line orders for the Byrna® HD, ammo and accessories was over $2.45 million.

On July 20 Byrna reported record revenues of $1,190,404, up from $105,769 in the same period last year. Gross profit margins were 43%, up from 28% for the prior year period. It is expected that margins will continue to improve as sales volumes increase.

The Company reported that it has raised approximately $1.7 million to date since the end of the 2nd quarter through additional warrant exercises and is currently in an order backlog situation with the Company’s website stating 12+ weeks for delivery of new orders. The backlog resulted from an unprecedented increase in orders following favorable mention by Sean Hannity of the Company’s Byrna HD personal security device on his FOX News show. The Company is working hard to ramp up its manufacturing capacity to fill all orders as soon as possible.  An influx of at least an additional $1.6 million in new equity is expected in the current quarter from additional anticipated warrant exercises.

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Currently trading at $168 million market valuation Byrna has $2 million in the treasury as well as $7 million in current assets and does carry some convertible debt on the books. The Company recently reported record revenues of $1,190,404, up from $105,769 in the same period last year. Gross profit margins were 43%, up from 28% for the prior year period. It is expected that margins will continue to improve as sales volumes increase. BYRN is an exciting story developing in small cap; the Companies flagship the Byrna HD creates non-lethal personal security devices that fire a chemical irritant projectiles accurate up to 60 feet that disarms and disables an attacker giving you several minutes to get out of harms way. The story has been gaining traction in recent months and was given a significant boost in June when Sean Hannity featured Byrna on his show. Hannity suggested that perhaps non-lethal weapons such as the Byrna HD personal security device might be part of the solution to the recent events that have inspired the protests sweeping the nation over recent weeks. We will be updating on BYRN when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with BYRN.

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Disclosure: we hold no position in BYRN either long or short and we have not been compensated for this article.

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