Byrna Technologies Inc.(BYRND), a leading provider of non-leth al personal security devices, has released its financial results for the second quarter (Q2) and the first half of 2023. The company reported a net loss of $3.3 million for the six months ending May 31, 2023. During the same period, the company generated a total revenue of $19.9 million. Let's delve deeper into the company's financial performance and key highlights from the condensed consolidated financial statements.
Consolidated Balance Sheets
As of May 31, 2023, Byrna Technologies reported current assets totaling $38.2 million, down from $42.6 million on November 30, 2022. These current assets include:
- Cash and cash equivalents: $15.4 million
- Accounts receivable, net: $4.2 million
- Inventory, net: $17.5 million
- Prepaid expenses and other current assets: $1.2 million
Long-Term Assets
The company's long-term assets as of May 31, 2023, amounted to $15.2 million, consisting of:
- Intangible assets, net: $3.7 million
- Deposits for equipment: $1.9 million
- Right-of-use asset, net: $2.1 million
- Property and equipment, net: $3.3 million
- Goodwill: $2.3 million
- Investment in joint venture: $0.2 million
- Loan to joint venture: $1.6 million
- Other assets: $0.2 million
Liabilities
Byrna Technologies reported total liabilities of $9.0 million as of May 31, 2023, compared to $11.1 million on November 30, 2022. These liabilities include:
Current Liabilities
- Accounts payable and accrued liabilities: $6.2 million
- Operating lease liabilities, current: $0.7 million
- Deferred revenue, current: $0.4 million
- Deferred revenue, non-current: $0.2 million
- Operating lease liabilities, non-current: $1.5 million
For the first half of 2023, Byrna Technologies reported net revenue of $19.9 million, slightly higher than the $19.6 million generated during the same period in 2022.
Gross Profit
The company's gross profit for the first half of 2023 was $11.4 million, compared to $10.7 million for the same period in 2022.
Operating Expenses
Operating expenses for the first half of 2023 totaled $14.3 million, down from $16.8 million during the same period last year.
Net Loss
Byrna Technologies reported a net loss of $3.3 million for the first half of 2023, an improvement compared to the net loss of $6.2 million for the same period in 2022.
Comprehensive Loss
The comprehensive loss for the first half of 2023 was $4.5 million, reflecting a reduction from the $6.2 million comprehensive loss recorded in the same period in 2022.
Statements of Cash Flows
The company's operating activities resulted in a net cash outflow of $2.4 million for the first half of 2023.
Investing Activities
Byrna Technologies invested a net amount of $2.2 million in various activities, including equipment purchases and equity method investments in a joint venture.
Financing Activities
The company did not engage in significant financing activities during this period.
Cash and Cash Equivalents
The period ended with $15.4 million in cash and cash equivalents, compared to $25.8 million at the beginning of the year.
Byrna Technologies Inc. reported a net loss of $3.3 million for the first half of 2023, along with total revenue of $19.9 million. While the company continues to face challenges, it has made strides in reducing its losses and maintaining a strong financial position. Byrna Technologies remains committed to its mission of providing non-lethal personal security solutions.
For more details and a comprehensive analysis of the financial statements, please refer to the unaudited condensed consolidated financial statements provided by the company.