Byrna Technologies Inc. (BYRN), a leading provider of non-leth al personal security devices, has released its unaudited condensed consolidated financial statements for the second quarter ended May 31, 2023. The company reported a net loss of $1.1 million for the quarter. Additionally, Byrna Technologies generated revenue of $11.5 million during the same period.
Net Income/Loss
Byrna Technologies recorded a net loss of $1.1 million for the second quarter of 2023, representing a decrease compared to the net loss of $3.0 million in the corresponding period of the previous year. The company's net loss per share – basic and diluted – was $0.05 for the quarter.
Revenue
During the second quarter of 2023, Byrna Technologies achieved revenue of $11.5 million, slightly lower than the $11.6 million reported in the second quarter of 2022. The company's revenue performance remained solid, driven by the continued demand for its non-lethal personal security devices. Byrna Technologies' products provide individuals with a safe and effective means of self-defense.
Condensed Consolidated Balance Sheets
As of May 31, 2023, Byrna Technologies' total assets amounted to $53.4 million, a decrease from $57.0 million reported at the end of November 30, 2022. The decline in assets primarily resulted from changes in cash and cash equivalents, accounts receivable, and inventory levels.
Byrna Technologies' gross profit for the second quarter of 2023 was $6.2 million, slightly higher than the $6.1 million recorded in the same period of the previous year. However, operating expenses decreased to $7.0 million from $8.7 million, reflecting the company's ongoing efforts to optimize its cost structure. As a result, Byrna Technologies reported a loss from operations of $0.8 million in Q2 2023.
In addition to GAAP financial measures, Byrna Technologies provides non-GAAP adjusted EBITDA as a supplemental metric to evaluate its operating results. Adjusted EBITDA for the second quarter of 2023 was $0.7 million, compared to a negative adjusted EBITDA of $0.9 million in the same period of the previous year. This non-GAAP measure helps identify underlying trends and provides useful information for financial and operational decision making.
Byrna Technologies' second-quarter financial results demonstrate its ongoing commitment to delivering innovative non-lethal personal security solutions. Despite the challenges posed by the global economic environment, the company continues to generate revenue and optimize its operational efficiency.
Looking ahead, Byrna Technologies remains focused on expanding its market presence and product offerings. The company is dedicated to enhancing personal safety and empowering individuals to protect themselves and their loved ones. Byrna Technologies will continue to invest in research and development to drive innovation and meet the evolving needs of its customers.
These unaudited financial results provide a snapshot of Byrna Technologies' performance for the second quarter of 2023, highlighting its resilience and commitment to providing effective personal security solutions.