Byrna’s results for Q3 were met with a strongly positive market reaction, as the company’s operational momentum was underpinned by rapid growth in both retail channels and digital engagement. Management credited its robust 35% sales growth to the expansion of Byrna’s dealer network, successful mainstream advertising campaigns, and growing brand adoption. CEO Bryan Ganz highlighted, “Our AI-enabled advertising campaign expanded our reach across new channels... lifting average daily sessions on byrna.com from 33,000 a day to more than 50,000 a day.” The introduction of the compact launcher and the ongoing ramp-up of company-owned retail stores further amplified demand, validating Byrna’s multichannel strategy.
Is now the time to buy BYRN? Find out in our full research report (it’s free for active Edge members).
Byrna (BYRN) Q3 CY2025 Highlights:
- Revenue: $28.18 million vs analyst estimates of $28.2 million (35.1% year-on-year growth, in line)
- Adjusted EPS: $0.12 vs analyst estimates of $0.05 (significant beat)
- Adjusted EBITDA: $3.72 million vs analyst estimates of $3.24 million (13.2% margin, relatively in line)
- Operating Margin: 10.2%, up from 4% in the same quarter last year
- Market Capitalization: $530.6 million
While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions From Byrna’s Q3 Earnings Call
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Jeff Van Sinderen (B. Riley Securities) asked about expanding influencer partnerships beyond conservative talk radio. CEO Bryan Ganz explained that new director Adam Roth is leading efforts to attract brand ambassadors from broader demographics.
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Jeremy Hamblin (Craig Hallum) pressed for details on web traffic conversion rates and whether new campaigns are reaching beyond Byrna’s traditional customer base. Ganz acknowledged conversion rates lag with new visitors, but expects them to climb over time as engagement deepens.
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Jeremy Hamblin (Craig Hallum) also inquired about sales channel mix and expense leverage in Q4 and beyond. CFO Laurilee Kearnes expects direct-to-consumer channels to increase in share, with continued expense leverage despite higher seasonal marketing spend.
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Matt Koranda (ROTH Capital Partners) questioned how strong web traffic growth aligns with sales guidance. Ganz emphasized that conversion rates take time to catch up with traffic spikes, and that holiday promotions could affect revenue timing between quarters.
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Jon Hickman (Ladenburg Thalmann) asked about the Sportsman’s Warehouse rollout and in-store demo effectiveness. Kearnes confirmed that shooting pods drive higher conversions and that most SKUs are available across the partner’s locations.
Catalysts in Upcoming Quarters
In the coming quarters, the StockStory team will be watching (1) trends in conversion rates relative to surging web traffic and the impact of targeted holiday promotions, (2) progress on operational efficiency as new manufacturing systems and inventory normalization take effect, and (3) the development and early adoption of Byrna’s connected safety platform and upcoming value-oriented product launches. Execution in expanding recurring revenue streams will also be closely tracked as a marker of strategy success.
Byrna currently trades at $23.65, up from $22.81 just before the earnings. Is the company at an inflection point that warrants a buy or sell? Find out in our full research report (it’s free for active Edge members).
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