Byrna Technologies Inc. (BYRN) saw its stock soar 5.64% in Friday's trading session, driven by the company's exceptional fiscal fourth quarter and full-year 2024 results, reflecting robust revenue growth, improved profitability, and the success of its marketing initiatives.
For the fiscal fourth quarter of 2024, Byrna reported record revenue of $28.0 million, a remarkable 79% increase compared to the same period last year. This outstanding performance was fueled by the company's effective advertising strategy, focusing on celebrity endorsements and the normalization of less-lethal solutions. Additionally, Byrna's gross profit margin improved to 63%, benefiting from higher direct-to-consumer sales, reduced component costs, and economies of scale from increased production volumes.
Byrna's full-year 2024 results were equally impressive, with revenues reaching $85.8 million, more than doubling from the previous year. The company achieved a net income of $12.8 million, a substantial improvement of $21.0 million compared to the prior year's net loss. The strong financial performance was supported by expanded marketing efforts, personnel growth in marketing and engineering, and the continued success of the celebrity influencer program, which maintained a highly accretive return on ad spend above 5.0X.
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