Byrna Delivers Record Results with 38% Revenue Growth and Expanding Footprint

Full-Year Revenue Soars 38% as Byrna Expands to Over 1,500 Retail Locations

Byrna Technologies reported its strongest fiscal year to date, with net revenue reaching $118.12 million for 2025, a 38% jump over 2024. Accelerated by a major push into brick-and-mortar retail, the company’s physical presence now spans over 1,500 locations—up from just 900 at the start of the year. Beyond direct-to-consumer channels, dealer and chain store sales now account for a growing portion of total revenue, climbing from 18% to 26% of sales year-over-year. Amazon and international sales also contributed meaningfully to year-over-year gains.

Channel Diversification and New Product Launches Drive Top Line Growth

In 2025, Byrna not only surpassed 750,000 launchers sold since inception (adding 250,000 units within the year), but also broadened its product portfolio. Notable launches included the Byrna CL XL, an upgrade to its unique concealable less-lethal launcher, and expanded spray product lines aimed at younger buyers. The company also featured in an independent Harvard and Stanford study highlighting strong interest among gun owners for non-lethal alternatives—a market trend that could further support growth in the years ahead.

Investments Fuel Future Margin and Product Upside—But Costs are Up Short-Term

Byrna’s gross profit for 2025 reached $71.47 million with a margin of 61%, slightly below last year due to startup costs for the new CL launcher and the relocation of its ammunition factory. Management expects margin improvement in 2026, bolstered by a recent 4%-5% price increase on key products, completion of production transitions, and the introduction of high-margin variants like the CL XL. Operating expenses rose 29% to $59.63 million, driven by stepped-up marketing, payroll expansion to support in-store growth, and investments in next-generation product development—investments expected to fuel further revenue gains later in 2026 and beyond.

Adjusted EBITDA Climbs, Credit Facility Secured for Strategic Growth

Adjusted EBITDA, a key profitability metric, finished the year at $16.81 million—up 46% from 2024. Operating cash flow aided ongoing investments, while Byrna’s balance sheet remains flexible; the company has $15.48 million in cash and marketable securities and recently secured a $20 million credit facility for acquisitions and working capital. Meanwhile, inventory levels nearly doubled as Byrna gears up to meet growing demand and larger dealer orders in early 2026.

Strategic Outlook: Margin Expansion, Recurring Revenue, and Market Leadership

Byrna is positioning itself as the clear leader in less-lethal self-defense technology by leveraging an expanding retail footprint, continuous product innovation, and strategic marketing (including bold Super Bowl ad placements). The shift to U.S.-based manufacturing is expected to reduce costs and improve margins; management projects $1.5 million in annual savings from closing the South African ammunition operation.

Looking ahead, the company’s modular launcher and subscription-based product launches are set to broaden appeal and generate recurring revenue streams. Management remains confident that growing acceptance of less-lethal solutions and proven retail traction will drive sustainable top-line growth and increasing profitability into 2026.

Takeaway: Byrna Accelerates, Eyes Long-Term Growth Path

This year’s results reflect not just one-time wins but foundational progress for Byrna. As the company continues to scale, investors and industry watchers may want to track three key drivers in 2026: margin recovery as startup costs normalize, adoption of its subscription products, and the ongoing expansion of its retail channel partnerships. The combination of record unit sales, new products, and bold marketing investments suggests Byrna’s leadership in less-lethal defense is only getting stronger.

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