Byrna Technologies Inc. [BYRND], a leading manufacturer and distributor of non-lethal personal security devices, has announced its financial results for the third quarter of 2023. The company reported a net loss of $4.1 million for the quarter, with quarterly revenue reaching $7.1 million for the period ended August 31, 2023.
Despite the net loss, Byrna Technologies showed resilience in its financial performance, achieving a gross profit of $3.2 million. The company's operating expenses amounted to $7.3 million for the quarter, resulting in an overall loss from operations of $4.1 million. This loss can be attributed to various factors, including increased operating costs and expenses related to the development of new products.
Byrna Technologies experienced a decline in net revenue during the third quarter, standing at $7.1 million compared to $12.4 million in the same period last year. This decline can be attributed to supply chain disruptions and increased competition in the personal security devices market. However, the company remains optimistic about its revenue growth potential in the future, driven by the continuous demand for its products.
Byrna Technologies maintains a stable financial position with total assets of $49.6 million and total liabilities of $7.4 million. The company has a strong current asset base, including cash and cash equivalents of $13.7 million, accounts receivable of $3.6 million, and inventory of $16.7 million. Byrna Technologies also holds valuable long-term assets, such as intangible assets, property and equipment, and goodwill.
Byrna Technologies reported a loss per share of $0.19 for the third quarter, based on the weighted-average number of common shares outstanding. This represents a decrease compared to the loss per share of $0.07 in the same period last year. The increase in the number of outstanding shares is primarily due to stock option exercises.
Looking ahead, Byrna Technologies has a positive outlook on its future performance. The company continues to invest in research and development to enhance its product offerings and expand its market presence. Byrna Technologies is also actively pursuing strategic partnerships and acquisitions to drive growth and capture additional market share.
Byrna Technologies Inc. faced challenges in the third quarter, resulting in a net loss of $4.1 million. However, the company remains focused on its long-term growth strategy and is committed to delivering innovative, non-lethal personal security solutions to its customers. Byrna Technologies believes that its strong product portfolio and ongoing investments in research and development will position it for success in the evolving personal security devices market.