PowerPoint Presentation

[Audio] Byrna Technologies Inc. (BYRN) Financial Analysis. Today I'll be presenting a financial analysis of Byrna Technologies, a technology company that specializes in less-lethal personal security solutions. We'll look at its business model, recent performance, financial forecasts, and investment outlook.

[Audio] Company Overview & Key Metrics. Byrna operates in the industrials sector, specifically the aerospace and defense industry. The company produces non-lethal launchers, munitions, and accessories for consumers and law enforcement. As of October 2025, its share price is about $20.97 with a P/E ratio between 29.8 and 31.5. Byrna has a market cap around $360 to $567 million and an EPS of roughly 0.62 to 0.71.

[Audio] Historical Performance (2014–2024. "From 2014 to 2019, Byrna was in an early growth phase with small revenue and consistent net losses. In 2020, revenue jumped significantly from $2.6 million to $16.6 million. 2021 marked a turning point — the company became profitable for the first time with $0.8 million in net income. Since then, revenue and profit have grown steadily, reaching $15 million in net income in 2024.

[Audio] Current Financial Performance (TTM). Currently, Byrna's trailing twelve-month revenue is around $103 to $111 million with a net income of $14.8 million. Free cash flow is about $9.4 million. The company's revenue grew by over 20% year-over-year in 2024, showing strong performance momentum..

[Audio] Financial Forecasts (2025–2027). Looking forward, Byrna is expected to continue its strong growth. Revenue is projected to increase from $103 million in 2025 to nearly $179 million by 2027 — a growth of about 69%. EPS is expected to dip slightly in 2025 due to reinvestment, then grow sharply in 2026 and 2027. Net income should follow a similar trend, improving to around $22 million by 2027. Free cash flow is expected to turn positive again in 2026..

[Audio] Valuation Analysis. "Byrna's current P/E ratio of around 30 is below its 2-year average of nearly 50, indicating a more reasonable valuation relative to its growth. The P/E ratio has come down even as earnings improved, suggesting that the market might be adjusting its expectations, which could create a buying opportunity.".

[Audio] Analyst Sentiment & Price Targets. Analyst sentiment is very positive, with 100% of analysts rating Byrna as a 'strong Buy'. The average 1-year price target is $26.63, indicating roughly 27% upside potential. Long-term projections show potential for the stock to reach $39 in 2025 and as high as $65 by 2030..

[Audio] Long-Term Growth (2025–2030). Over the next five years, Byrna is projected to grow at an annual rate of about 21.6%. Revenue could rise from $110 million in 2025 to nearly $295 million by 2030. EPS is expected to increase from $0.66 to $1.76, a growth of more than 160%, highlighting strong long-term profitability..

[Audio] Investment Considerations. In terms of strengths, Byrna has achieved consistent profitability and remarkable revenue growth, with a 32x increase since 2019. However, challenges include a high valuation and expected negative cash flow in 2025 due to ongoing investments. Overall, the company's success depends on maintaining its market position and continuing innovation.".

[Audio] Summary & Outlook. To summarize: Byrna has successfully transitioned from losses to profitability, with strong revenue and earnings growth. Its current valuation appears reasonable, and analyst outlook remains optimistic. The company shows potential for long-term growth, driven by its expanding market and strong product positioning. Thank you — that concludes my presentation..