Byrna Technologies plans to increase production of less-lethal launchers to 24,000 units monthly starting January 2025.
Quiver AI Summary
Byrna Technologies Inc. announced it will increase its monthly production of launchers from 18,000 to 24,000 units starting January 2025, representing a 33% increase. This ramp-up, achieved by implementing two shifts at its Fort Wayne, Indiana, facility, is part of Byrna’s strategy to enhance its domestic manufacturing capabilities. The company will also begin producing its payload ammunition nearby, aiming to fully source components for its Byrna SD launcher from U.S. suppliers by the end of 2025, with plans to exit China within six months. Byrna's CEO emphasized that this approach will improve the reliability of its supply chain, create American jobs, and allow for easier marketing of its products as "Made in America." This expansion positions Byrna to meet rising demand, particularly from law enforcement, while also improving margins and reducing geopolitical risks.
Potential Positives
- Byrna Technologies announced a significant production increase of its launcher units to 24,000 per month, reflecting a proactive response to rising demand.
- The company plans to transition to 100% domestic sourcing of components for its Byrna SD launcher, enhancing supply chain reliability and supporting U.S. manufacturing jobs.
- By bringing ammunition production closer to its launcher facility, Byrna is set to reduce lead times and improve overall supply chain efficiencies.
- This strategic shift is expected to result in higher profit margins due to reduced freight costs and improved efficiencies, aligning with overall business goals.
Potential Negatives
- The announcement heavily relies on forward-looking statements, which inherently carry significant risks and uncertainties that could materially affect the company's actual results compared to the optimistic projections made.
- The commitment to exit China and fully transition to a domestic supply chain may face challenges and delays, potentially disrupting operations and affecting production timelines.
- Geopolitical risks and changes in consumer or political sentiment mentioned could lead to reduced demand for Byrna's products, creating financial uncertainty for the company.
FAQ
What is Byrna Technologies’ new production capacity?
Byrna plans to increase its launcher production capacity to 24,000 units per month starting January 2025, up from 18,000.
Where will Byrna produce its ammunition?
Byrna will produce its ammunition at a new facility located just five miles from its launcher factory in Fort Wayne, Indiana.
What is Byrna's "Made in America" strategy?
Byrna's strategy focuses on sourcing 100% of its components domestically, enhancing quality and supply chain reliability while creating American jobs.
How will the production ramp-up affect Byrna's supply chain?
The ramp-up is expected to reduce lead times, enhance supply chain efficiency, and improve margins by minimizing reliance on foreign suppliers.
What impact does Byrna's strategy have on U.S. law enforcement?
Byrna's expanded production capacity will better serve U.S. law enforcement agencies, including those involved in Operation Lone Star.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$BYRN Insider Trading Activity
$BYRN insiders have traded $BYRN stock on the open market 16 times in the past 6 months. Of those trades, 2 have been purchases and 14 have been sales.
Here’s a breakdown of recent trading of $BYRN stock by insiders over the last 6 months:
- HERBERT HUGHES has traded it 2 times. They made 0 purchases and 2 sales, selling 11,500 shares.
- BRYAN GANZ (President and CEO) has traded it 8 times. They made 0 purchases and 8 sales, selling 100,000 shares.
- LAURILEE KEARNES (Chief Financial Officer) has traded it 2 times. They made 2 purchases, buying 3,000 shares and 0 sales.
- LISA WAGER (Corporate Secretary, CGO) has traded it 4 times. They made 0 purchases and 4 sales, selling 25,000 shares.
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$BYRN Hedge Fund Activity
We have seen 60 institutional investors add shares of $BYRN stock to their portfolio, and 52 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- ARROWMARK COLORADO HOLDINGS LLC removed 645,160 shares (-36.5%) from their portfolio in Q3 2024
- FMR LLC added 548,670 shares (+47.9%) to their portfolio in Q3 2024
- INVESCO LTD. added 388,853 shares (+2468.4%) to their portfolio in Q3 2024
- DIVISADERO STREET CAPITAL MANAGEMENT, LP removed 269,849 shares (-100.0%) from their portfolio in Q3 2024
- D. E. SHAW & CO., INC. added 245,941 shares (+inf%) to their portfolio in Q3 2024
- FNY INVESTMENT ADVISERS, LLC removed 242,448 shares (-70.6%) from their portfolio in Q3 2024
- MILLENNIUM MANAGEMENT LLC removed 156,057 shares (-48.5%) from their portfolio in Q3 2024
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
ANDOVER, Mass., Dec. 17, 2024 (GLOBE NEWSWIRE) --
Byrna Technologies Inc.
(“Byrna” or the “Company”) (Nasdaq: BYRN),
a technology company specializing in the development, manufacture, and sale of innovative less-lethal personal security solutions, today announced plans to increase its launcher production to 24,000 units per month starting in January 2025. The production ramp-up, representing a 33% increase from the current capacity of 18,000 units per month, will be accomplished by implementing two full shifts, five days a week, at the Company’s Fort Wayne, Indiana, facility, with additional capacity available on Saturdays when needed. Concurrently, Byrna will begin producing its payload ammunition—including Byrna Pepper, Byrna Max, and Byrna Pro-Training rounds—at a new facility located just five miles from its launcher factory.
These production initiatives are key steps in Byrna’s broader “Made in America” strategy. Since 2020, Byrna has methodically transitioned to domestic suppliers, growing the share of components sourced in the United States from 11% to 79% for its flagship Byrna SD launcher. With the election of Donald Trump, Byrna has accelerated this effort, committing to exit China within the next six months and to source 100% of the components for the Byrna SD domestically by the end of 2025.
Byrna CEO Bryan Ganz said, “Increasing U.S. launcher production and bringing ammunition manufacturing to the U.S. ensures we are well positioned to meet rising demand we are seeing while also ensuring the reliability of our supply chain and the quality of our products. It’s not only the patriotic thing to do; it’s also good business. By bringing the production of 100% of the components that go into the Byrna Launchers to the U.S., we are creating well-paying jobs for American workers, reducing lead times, and eliminating the risks associated with unreliable foreign suppliers and geopolitical uncertainty. Transitioning to a fully domestic supply chain will allow us to proudly market the Byrna SD as 100% Made in America.”
Byrna COO John Brasseur added, “After successfully ramping up production from 10,000 to 18,000 launchers earlier this year, our team has demonstrated that we can scale effectively while maintaining the highest standards of quality and efficiency. Reaching 24,000 units per month represents another significant step as we continue to meet growing demand and reinforce our leadership in the less-lethal space.”
Byrna’s expanded manufacturing capacity positions it to better serve key U.S. markets, including law enforcement agencies such as those participating in Operation Lone Star along the Texas-Mexico border, where Byrna launchers are actively deployed. By sourcing and manufacturing all components domestically, Byrna is more closely aligning with customer priorities.
Transitioning to U.S.-based suppliers will lead to higher margins for Byrna. The Company expects that increased freight efficiency, higher volumes, and improved supply chain efficiencies will more than offset any increases in purchase prices. Additionally, this strategy will reduce geopolitical risks, shorten lead times, and enable Byrna to market the Byrna SD as a “Made-in-America” product, allowing the Company to command a higher price for products.
About Byrna Technologies Inc.
Byrna is a technology company specializing in the development, manufacture, and sale of innovative less-lethal personal security solutions. For more information on the Company, please visit the corporate website
here
or the Company's investor relations site
here
. The Company is the manufacturer of the Byrna
®
SD personal security device, a state-of-the-art handheld CO2 powered launcher designed to provide a less-lethal alternative to a firearm for the consumer, private security, and law enforcement markets. To purchase Byrna products, visit the Company's e-commerce store.
Forward-Looking Statements
This news release contains “forward-looking statements” within the meaning of the securities laws. All statements contained in this news release, other than statements of current and historical fact, are forward-looking. Often, but not always, forward-looking statements can be identified by the use of words such as “plans,” “expects,” “intends,” “anticipates,” and “believes” and statements that certain actions, events or results “may,” “could,” “would,” “should,” “might,” “occur,” “be achieved,” or “will be taken.” Forward-looking statements include descriptions of currently occurring matters which may continue in the future. Forward-looking statements in this news release include, but are not limited to, our statements related to preliminary revenue results for the fourth fiscal quarter and fiscal year 2024, the timing of the release of full financial results for the quarter, trends regarding brand recognition and future sales potential, sales during the holiday season and during 2025, and the Company’s plans to open Company-owned retail stores. Forward-looking statements are not, and cannot be, a guarantee of future results or events. Forward-looking statements are based on, among other things, opinions, assumptions, estimates, and analyses that, while considered reasonable by the Company at the date the forward-looking information is provided, inherently are subject to significant risks, uncertainties, contingencies, and other factors that may cause actual results and events to be materially different from those expressed or implied.
Any number of risk factors could affect our actual results and cause them to differ materially from those expressed or implied by the forward-looking statements in this news release, including, but not limited to, disappointing market responses to current or future products or services; prolonged, new, or exacerbated disruption of the Company’s supply chain; the further or prolonged disruption of new product development; production or distribution or delays in entry or penetration of sales channels due to inventory constraints, competitive factors, increased shipping costs or freight interruptions; prototype, parts and material shortages, particularly of parts sourced from limited or sole source providers; determinations by third party controlled distribution channels not to carry or reduce inventory of the Company's products; determinations by advertisers to prohibit marketing of some or all Byrna products; the loss of marketing partners; potential cancellations of existing or future orders including as a result of any fulfillment delays, introduction of competing products, negative publicity, or other factors; product design defects or recalls; litigation, enforcement proceedings or other regulatory or legal developments; changes in consumer or political sentiment affecting product demand; regulatory factors including the impact of commerce and trade laws and regulations; import-export related matters or sanctions or embargos that could affect the Company's supply chain or markets; delays in planned operations related to licensing, registration or permit requirements; and future restrictions on the Company's cash resources, increased costs and other events that could potentially reduce demand for the Company's products or result in order cancellations. The order in which these factors appear should not be construed to indicate their relative importance or priority. We caution that these factors may not be exhaustive; accordingly, any forward-looking statements contained herein should not be relied upon as a prediction of actual results. Investors should carefully consider these and other relevant factors, including those risk factors in Part I, Item 1A, (“Risk Factors”) in the Company's most recent Form 10-K, should understand it is impossible to predict or identify all such factors or risks, should not consider the foregoing list, or the risks identified in the Company's SEC filings, to be a complete discussion of all potential risks or uncertainties, and should not place undue reliance on forward-looking information. The Company assumes no obligation to update or revise any forward-looking information, except as required by applicable law.
Investor Contact:
Tom Colton and Alec Wilson
Gateway Group, Inc.
949-574-3860
BYRN@gateway-grp.com
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