Byrna Technologies Inc. (BYRN)

Byrna Technologies Inc. is a less-lethal self-defense technology company whose mantra is Live Safe®. Its mission is to empower people to safely embrace life by developing easy-to-use self-defense tools for situations that do not require lethal force. It also aims to give law enforcement and private security customers less-lethal alternatives to firearms. The company was incorporated in Delaware in 2005 as Security Devices International Inc. and took its current name in March 2020.

The product portfolio centers on CO2-powered handheld personal security devices and shoulder-fired launchers that fire .68 caliber projectiles. The flagship Byrna SD is a compact, handgun-sized device with an effective range of 50 feet. The Byrna LE, introduced in 2023, has a more powerful valve and a 60-foot range. The Byrna TCR (a compact tactical rifle) and the full-size Byrna M-4 came from the May 2021 acquisition of assets from Mission Less Lethal. Only Byrna projectiles are approved for use in Byrna launchers, which creates recurring consumable sales. Projectiles include chemical irritant rounds (Byrna Max and Byrna Pepper), Byrna Kinetic, Byrna Pro Training inert rounds, biodegradable Eco-Kinetic rounds, and a less-lethal 12-gauge kinetic round introduced in 2023. The company also sells self-defense aerosol products, including Byrna Bad Guy Repellent, following its 2022 acquisition of pepper spray maker Fox Labs. Accessories and other products include the Byrna Shield ballistic-rated backpack, laser sights, flashlight attachments, magazines, barrel extensions, holsters, CO2 cartridges and branded apparel.

Byrna sells to consumers and to professional security users. Consumers are ordinary civilians, and in most U.S. locations they can buy the products without a license, background check or waiting period. Professional customers include domestic and international law enforcement agencies, corrections and custodial officers, private security professionals and private investigators. Consumer channels include the Byrna e-commerce store, an Amazon storefront, the Side Hustle dealer program, premier dealers, and over 1,300 outdoor and sporting goods stores, sold directly or through distributors. For professional customers, the company uses a Train the Trainer program. International sales are handled mainly by local distribution partners and were 5.8% of revenue in fiscal 2023 and 19.1% in fiscal 2022. In January 2023 Byrna formed a joint venture, Byrna LATAM S.A., with Fusady S.A., an affiliate of Bersa S.A., to expand in South America. Byrna holds 51% and Fusady holds 49%.

Byrna is headquartered in Andover, Massachusetts, where it conducts research and development. It operates a 30,000 square foot manufacturing facility in Fort Wayne, Indiana for domestic launcher demand and a 20,000 square foot facility in Pretoria, South Africa for international demand. Both rely on skilled manual assembly, and every product is tested before shipment. Components for the Byrna SD and LE come from third-party suppliers in the U.S. and overseas. Projectiles were historically sole-sourced from South African suppliers, but the company has built its own projectile manufacturing capability. Competitors include Axon Enterprise (TASER), United Tactical Systems (PepperBall), Wrap Technologies and potentially traditional firearms makers. The business is subject to extensive weapons, export-control and ATF-related regulation. It had 106 employees as of November 30, 2023.