Byrna Clocks 107% Revenue Growth In Q3, Expands Margin, Reiterates FY21 Guidance
Benzinga
Oct. 8, 2021, 08:29 AM
- Byrna Technologies Inc (NASDAQ:BYRN) reported third-quarter FY21 revenue growth of 107.3% year-on-year to $8.7 million, beating the consensus of $7.49 million. Higher e-commerce and international sales and an expanded product range drove the growth.
- Margin: The gross margin expanded 550 bps to 56.2%.
- Non-GAAP net loss for Q3 was $(0.9) million or $(0.04) per share.
- Byrna held $58.5 million in cash and equivalents.
- "Growing brand awareness, the introduction of new Byrna products, and increased international sales drove the increase in Q3 FY21 net revenues," CEO Bryan Ganz said.
- Outlook: Byrna reiterated its FY21 revenue guidance of $40 million - $42 million. Byrna sees a gross margin of 53% - 56%.
- Price Action: BYRN shares closed higher by 0.42% at $21.31 on Thursday.
