Byrna Technologies Stock (BYRN) Strong Growth and Good Value in Q3 2025

In the fast-evolving space of personal security and “less-lethal” defense technologies, Byrna Technologies (NASDAQ: BYRN) has recently delivered an impressive set of results that underscore both momentum and underlying financial strength. With strong quarter-over-quarter growth, improving profitability, and a relatively clean balance sheet, the Q3 2025 earnings suggest that BYRN may offer a compelling combination of growth and value especially for investors willing to navigate the sector’s risks. In this article we will dive into Byrna Technologies recent earnings, stock performance & valuation, growth potential, and the risks investor should consider.

About Byrna Technologies

Founded in 2005 and headquartered in Andover, Massachusetts, Byrna Technologies is a niche but increasingly relevant player in the personal security / less-lethal equipment industry. Its product lineup centers on “less lethal” personal defense systems such as its Byrna SD line of launchers, cartridges, projectiles, and related accessories. The company aims to bridge the gap between conventional firearms and nonviolent deterrence, offering tools for consumers, private security, law enforcement, and related markets who want options that are safer and less likely to result in fatal outcomes.

Byrna Financial Performance

Byrna Technologies delivered another strong financial performance in its fiscal third quarter of 2025, highlighting substantial growth across key metrics. Revenue for the quarter, which ended in August 2025, reached $28.18 million, representing a 35.13% increase compared to $20.85 million in the same quarter of 2024. Earnings per share (EPS) for Q3 2025 came in at $0.09, more than double the $0.04 recorded in Q3 2024, marking an impressive 125% year-over-year growth. On a trailing twelve-month (TTM) basis, Byrna generated $110.85 million in revenue, up 50.99% from $73.42 million a year earlier, while TTM EPS surged to $0.66 from $0.10, a remarkable 543.53% increase. Profitability metrics also showed strong fundamentals, with a gross profit margin of 61.32%, a net profit margin of 14.43%, return on assets (ROA) of 10.88%, and an excellent return on equity (ROE) of 29.71%, reflecting efficient capital utilization. The company maintains a conservative financial structure, with a debt-to-equity ratio of only 0.04, underscoring its low leverage and financial strength.

Over the past five years, Byrna has grown its revenue at a 50.3% CAGR, with net income turning positive in 2024 and continuing to grow rapidly. Byrna has transformed from an unprofitable company into a profitable one, and its growth story is just getting started.

Byrna Fiscal 2025 Financial Forecast

Looking ahead, analysts forecast Byrna’s 2025 revenue to reach $117.84 million, a 37.41% increase from 2024’s $85.76 million, while EPS is expected at $0.40, reflecting a 27.27% decline from 2024’s $0.55. Despite this short-term moderation, Wall Street analysts remain highly optimistic, assigning a Strong Buy rating with an average price target of $39.70, implying an 87.62% potential upside, and a highest target of $46, suggesting a possible 117.43% upside from current levels.

BYRN Stock Price Performance and Valuation

Byrna Technologies’ stock has demonstrated solid momentum over the past year, reflecting growing investor confidence in the company’s financial strength and growth trajectory. As of the latest trading period, BYRN shares are priced at $21.16, representing a 38.7% increase over the past twelve months, significantly outperforming the S&P 500’s 14% gain during the same period. Over a longer horizon, however, the stock has risen 42% over the past five years, which underperforms the S&P 500’s 92.1% increase, indicating that Byrna’s strongest growth phase has emerged more recently. 

In terms of valuation, Byrna trades at a price-to-sales (P/S) ratio of 4.56 on a trailing twelve-month basis and a forward P/S of 4.31. The company’s price-to-earnings (P/E) ratio of 33.91 and forward P/E of 55.85 reflect that investors are willing to pay a premium for Byrna’s expanding market position and strong profitability metrics. Despite appearing high at first glance, these valuation levels remain justified given Byrna’s exceptional revenue and earnings growth rates, robust profit margins, and minimal debt.

Byrna Growth Potential

Byrna growth potential remains strong, driven by several factors.

• AI-Driven Marketing Innovation and Digital Traffic Acceleration
  Byrna Technologies achieved a major breakthrough in customer acquisition with its proprietary AI-driven advertising campaign, significantly boosting marketing efficiency and brand awareness. The innovative "We Don't Sell Bananas" ad, produced using AI tools, amassed over 66 million views while reducing website traffic costs by 43%, from $0.94 to $0.53 per visitor. As a result, daily website sessions on Byrna.com surged 76% from 33,400 to 58,000 between the start of fiscal 2025 and September 2025. This approach allows rapid, cost-effective creation of professional commercials, continuous content refresh, and large-scale A/B testing across platforms like MLB streaming and NFL airport displays. The increased web traffic directly fueled sales growth, with Byrna.com's sales rising 31% in early August and Amazon traffic up 75%. Byrna also built a powerful email list of over 1.9 million subscribers, bolstering conversions during peak sale events.
• Aggressive Retail Expansion and Physical Market Penetration
  Byrna’s omnichannel distribution strategy has expanded its brick-and-mortar footprint to over 1,000 retail stores nationwide, significantly broadening market accessibility beyond direct-to-consumer sales. This includes partnerships with major retailers and five company-owned stores generating an annualized sales run rate of $725,000 as of September 2025. The store-within-a-store model at Sportsman’s Warehouse locations boosted dealer sales by 106% year-over-year in Q2 2025, with planned expansion from 12 to 38 stores. Newly opened company-owned stores in Scottsdale, Arizona, and Salem, New Hampshire are achieving daily sales of $1,000 to $1,700, with Scottsdale’s location rapidly matching the flagship Las Vegas store. This expansion reduces reliance on promotions, builds sustainable revenue channels, and benefits from an experiential retail model where customers test products, driving higher conversions—particularly for the Compact Launcher. Dealer and chain sales were major contributors to Q3’s 35% revenue growth.
• Domestic Manufacturing Efficiency and Supply Chain Control
  Byrna Technologies’ strategic shift to fully domestic manufacturing in the U.S. has improved supply chain reliability, quality, and efficiency while shielding the company from tariff-related risks. The Fort Wayne, Indiana facility increased launcher production capacity by 33% to 24,000 units per month with two full shifts five days a week. Byrna's new ammunition plant, just five miles from the launcher factory, produces 8 million rounds annually using three SAM and one Amtek machine, operating 116 hours weekly with plans to add two SAM machines that boost monthly output by 150,000 rounds. Domestic sourcing rose from 11% in 2020 to around 87-92% in 2025, targeting 100% by year-end. Benefits include eliminating 200-300 basis points in manufacturing variances, reduced lead times, enhanced factory audits, and better demand responsiveness. These improvements underpin expected 63-65% gross margins in fiscal 2026, up from 60% in Q3 2025.

Risks to Consider

While Byrna growth prospect remains strong, we should be mindful of potential risks.

• Competitive Market Pressure
  Byrna Technologies operates in a highly competitive non-lethal personal security device market. This competition can exert pressure on pricing, potentially leading to lower profit margins. Increased rivalry may reduce Byrna’s market share if competitors offer compelling alternatives. As Byrna expands its retail presence and launches innovative products like the Compact Launcher, it faces ongoing challenges to maintain differentiation and profitability amidst evolving market dynamics and cost pressures from supply chain adjustments.
• Regulatory Risks
  Changes in regulations concerning the sale, distribution, or usage of Byrna Technologies’ less-lethal products could impose new restrictions or increase compliance costs. This regulatory exposure may affect the company’s operations by limiting market access, delaying product shipments, or requiring costly adjustments in production and reporting. Compliance failures could result in fines, penalties, or loss of licenses, which would adversely impact Byrna’s revenue, profitability, and growth prospects in a highly regulated environment.
• Execution Risks on Growth Initiatives
  Byrna’s new advertising strategies and product launches, such as the Compact Launcher (CL), are key growth drivers. The CL is notably 38% smaller than the previous flagship yet delivers equivalent stopping power, aiming to attract a broader user base with its concealability and power. However, if Byrna fails to execute marketing, distribution, or product support effectively, it could lose market momentum and negatively impact revenue growth and investor confidence.

Read More: The Progressive Stock (PGR) Good Growth and Good Value in Q3 2025

Conclusion

Byrna Technologies showcases an impressive blend of rapid growth, strong profitability, and prudent financial management. With revenue and earnings rising sharply, solid margins, and minimal debt, the company stands on a firm foundation for sustained expansion. Despite a premium valuation, Byrna’s innovative product line, expanding market presence, and strong analyst confidence suggest significant upside potential. For investors seeking a high-growth, well-managed small-cap opportunity in the personal security sector, Byrna remains a compelling long-term investment choice.