Byrna Technologies Inc (NASDAQ:BYRN) stock fell 0.054% (As on July 8, 12:37:22 AM UTC-4, Source: Google Finance) after the company posted mixed results for the second quarter of FY 22. Revenue in the second quarter of 2021 was unusually high due to a surge in sales after Byrna’s product was featured on Fox News’ “Hannity Show”, a nationally syndicated news program on April 3rd of that year. This “Hannity effect” generated approximately $7.5 million in additional orders in the three weeks following Hannity’s mention of the Byrna on national TV.
BYRN in the second quarter of FY 22 has reported the adjusted loss per share of 5 cents, missing the analysts’ estimates for the adjusted loss per share of 4 cents, according to the Zacks Consensus Estimate. The company had reported 13.3 percent fall in the adjusted revenue growth to $11.62 million in the second quarter of FY 22, beating the analysts’ estimates for revenue by 1.04%.
Meanwhile, in Q2FY22, Byrna acquired Fox Labs International, manufacturer of one of the strongest and most effective defense sprays on the market. The Company hired David Happe to head up Byrna’s Aerosol Spray Division and since the acquisition, Byrna has been spending significant resources to launch its new Byrna Bad Guy Repellant (BGR) and upgrade the Fox Labs go-to-market strategy, including website redevelopment, updating of the marketing materials and building out of the Fox Labs Amazon website. The Company strongly believes that the ability to offer a best-in-class price point product will allow Byrna to both increase its online conversion rate and to penetrate a broader array of brick & mortar retailers.
In addition, Byrna has opened a facility in Redmond Oregon to produce its 12-gauge less-lethal rounds. Byrna hired ballistics expert Brian Kinney to help with the final development and testing of Byrna’s new 12-gauge less-lethal ammunition and to set up Byrna’s manufacturing operation in Oregon. Byrna hopes to be able to release the first 12-gauge rounds to market in Q4FY22. This would be the culmination of a multi-year, multi-million dollar project that Byrna believes could add tens of millions of dollars of incremental revenue over time. Accurate at distances in excess of 25 meters, this round would have the potential to introduce Byrna to the tens of millions of US shotgun owners, who for a fraction of the cost of a launcher, could convert their existing 12-gauge shotguns into a highly effective less-lethal launcher.