Byrna Technologies Inc (NASDAQ:BYRN) stock rose 13.83% (As on October 13, 11:17:14 AM UTC-4, Source: Google Finance) after the company posted mixed result for the third quarter of FY 23. Net loss for Q3 2023 was $(4.1) million, an increase from $(1.5) million for Q3 2022. The increase in net loss was primarily due to the decrease in revenue. The company has plans to expand its radio presence and influencer strategy to enhance market reach. The company has robust balance sheet with over $13.7 million in cash and cash equivalents, which provides flexibility in exploring new marketing channels and strategic investment in key areas of the business. Inventory at August 31, 2023 totaled $16.7 million compared to $17.5 million at May 31, 2023. The Company currently has no current or long-term debt.

BYRN in the third quarter of FY 23 has reported the adjusted loss per share of 13 cents, missing the analysts’ estimates for the adjusted earnings per share of 3 cents, according to the Zacks Consensus Estimate. The company had reported the adjusted revenue of $7.09 million in the third quarter of FY 23, beating the analysts’ estimates for revenue by 1.21%. The decrease in revenue is primarily attributed to challenges in the company’s direct-to-consumer (DTC) marketing efforts, resulting from advertising bans on Meta and Google platforms, and reduced international sales to South Africa, Asia, and Latin America. The company’s gross profit for Q3 2023 was $3.2 million (45% of net revenue), a decrease from $6.9 million (55% of net revenue) for Q3 2022. The decrease in gross margin is primarily due to $0.6 million of charges to costs of goods sold for inventory write-downs and additions to reserves for excess and obsolete inventory recorded during Q3 2023. Operating expenses for Q3 2023 were $7.3 million, a decrease from $8.3 million for Q3 2022. The decrease in operating expenses was primarily due to reduced marketing spend and ongoing cost management efforts.

Meanwhile, the web traffic has surged notably over the past several weeks, primarily attributed to the successful launch of the partnership with Sean Hannity and the increased presence on YouTube. In September, the daily web sessions were up 89% from Q3, reaching levels similar to the pre-ad ban period. The upward trend has continued into the first week of October, with daily sessions increasing by 182% compared to Q3, a 41% increase from the pre-ad ban period and a new record for Byrna.