Byrna Technologies Inc. (BYRN) Q3 2025 Earnings Call Transcript
Net Revenue $28.2 million for Q3 2025, a 35% increase from $20.9 million in Q3 2024. The $7.2 million increase was driven by strong change store and dealer sales, expanding retail presence, new advertising initiatives, and broader brand adoption.
Gross Profit $16.9 million or 60% of net revenue for Q3 2025, compared to $13 million or 62% of net revenue for Q3 2024. The decrease in gross margin percentage reflects a changing channel mix, startup costs for the Compact Launcher release, and manufacturing ramp-up costs.
Operating Expenses $14.1 million for Q3 2025, up from $12.2 million in Q3 2024. The increase was driven by higher variable selling expenses and discretionary marketing investments to support growth.
Net Income $2.2 million for Q3 2025, up from $1 million in Q3 2024. This increase was driven by the overall increase in product sales.
Adjusted EBITDA $3.7 million for Q3 2025, up from $1.9 million in Q3 2024. This reflects improved profitability due to higher sales.
Cash, Cash Equivalents, and Marketable Securities $9 million as of August 31, 2025, compared to $25.7 million as of November 30, 2024. The decrease reflects normal seasonal working capital timing, collection subsequent to quarter-end, and planned inventory drawdown.
Accounts Receivable $8.9 million as of August 31, 2025, compared to $2.6 million as of November 30, 2024. The increase was driven by higher dealer sales.
Inventory $34.1 million as of August 31, 2025, compared to $20 million as of November 30, 2024. The increase reflects strategic builds ahead of the holiday season and the Compact Launcher rollout.
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Waste Connections (WCN) Maintains Growth Through Active Acquisition Strategy
- Effective Acquisition Strategy: Waste Connections completed 30, 24, 13, and 24 acquisitions from 2021 to 2024, generating revenues of $215.4 million, $552.0 million, $410.9 million, and $529.0 million respectively, showcasing its strong execution capability in market consolidation.
- Earnings Growth Expectations: The company anticipates year-over-year earnings growth rates of 7.5% in 2025 and 10.1% in 2026, indicating a sustained enhancement in profitability over the next few years.
- Increased Dividend Returns: In October 2025, Waste Connections raised its quarterly dividend by 11.1% to $0.35 per share, reflecting a disciplined approach to capital allocation and a commitment to ongoing shareholder returns.
- Rising Liquidity Risk: Although the current ratio slightly increased to 0.67 in Q3 2025, the ongoing decline since 2020 indicates a growing reliance on cash flows, which may heighten liquidity risks during periods of increased acquisition activity or operational pressures.
Byrna Technologies (BYRN) Receives Upgrade to Buy: Implications for the Stock
Zacks Rank Upgrade: Byrna Technologies Inc. (BYRN) has been upgraded to a Zacks Rank #2 (Buy), indicating a positive outlook on its earnings estimates, which is a key factor influencing stock prices.
Earnings Estimate Revisions: The Zacks Consensus Estimate for Byrna has increased by 6.1% over the past three months, reflecting analysts' growing confidence in the company's earnings potential.
Investment Strategy: The Zacks rating system, known for its strong correlation between earnings estimate revisions and stock price movements, positions Byrna in the top 20% of covered stocks, suggesting potential for market-beating returns.
Historical Performance: Zacks Rank #1 stocks have historically generated an average annual return of +25% since 1988, highlighting the effectiveness of the Zacks rating system in identifying profitable investment opportunities.
