BYRN · Byrna Technologies Inc.

Byrna Technologies Inc., a less-lethal self-defense technology company, develops, manufactures, and sells less-lethal personal security solutions in the United States, South Africa, Europe, South America, Asia, and Canada. The company offers handheld personal security devices and shoulder-fired launchers designed for use by consumers and professional security customers without the need for a background check or firearms license; projectiles, such as chemical irritant, kinetic, and inert rounds; self-defense aerosol products comprising Byrna Bad Guy Repellent; and accessories and related safety products, such as Byrna Banshee, Byrna Shield, compressed carbon dioxide canisters, sighting systems, holsters, and Byrna-branded apparel. It sells its products to the consumer market through its Byrna e-commerce store and Amazon storefront, Side Hustle dealer program, premier dealers, and a network of outdoor and sporting goods stores either directly or through distributors; and to the professional security market through Train the trainer program. The company was formerly known as Security Devices International, Inc. and changed its name to Byrna Technologies Inc. in March 2020. Byrna Technologies Inc. was incorporated in 2005 and is headquartered in Andover, Massachusetts.

Cap structure and valuation

Cap structure
SP	$3.37
SO	22.7M
Options	1.1M
Warrants	0.0M
FD SO	23.8M
MC	$80.1M

Cash	$9.4M
Total debt	—
EV	$70.7M

TTM Multiples
EV / Revenue	0.6x
EV / EBITDA	—
MC / Net Income	—
EV / FCF	—
MC / FCF	—

Ownership & coverage
Institutional	54.4%
Insiders	20.6%
# Institutions	160
Analysts	3
Consensus	Buy
Avg target	$6.83

Short % float	14.6%
Days to cover	4.39

MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-07-09. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative, or when fewer than four quarters are reported — a partial sum is not a trailing twelve months. Ownership & coverage per Yahoo Finance as of 2026-07-24 — institutional % is 13F-based, so it can lag a quarter and exceed 100% on share-count timing. Short interest per FINRA bi-monthly reporting, as of 2026-06-30; the float denominator can be unreliable on tiny floats.

Financial statements

	5/31/26	2/28/26	11/30/25	8/31/25
Total Revenue	16.39	29.05	35.25	28.18
Revenue YoY %	(42.5%)	10.9%	26.0%	35.1%
Cost of Revenue	14.60	11.65	14.19	11.26
Gross Profit	1.78	17.40	21.06	16.92
Gross Profit YoY %	(89.8%)	9.3%	19.9%	30.0%
Gross Margin %	10.9%	59.9%	59.8%	60.1%

Operating Expense	14.63	16.47	17.11	14.06

Operating Income	(12.85)	0.93	3.95	2.86
Operating Income YoY %	(486.2%)	(45.3%)	(3.4%)	245.8%
Operating Margin %	(78.4%)	3.2%	11.2%	10.2%
EBITDA	(12.12)	1.56	4.45	3.48
EBITDA Margin %	(74.0%)	5.4%	12.6%	12.4%

Pretax Income	(12.75)	0.80	3.75	2.86
Tax Provision	(2.66)	(0.00)	0.39	0.63
Net Income	(10.09)	0.80	3.36	2.23
Net Margin %	(61.6%)	2.8%	9.5%	7.9%

Diluted EPS	-$0.44	$0.03	$0.14	$0.09
Basic EPS	-$0.44	$0.04	$0.15	$0.10
Diluted Avg Shares	22.7	23.8	—	24.1
Basic Avg Shares	22.7	22.7	—	22.7

	LTM	11/30/25	11/30/24	11/30/23	11/30/22
Total Revenue	108.86	118.12	85.76	42.64	48.04
Revenue YoY %	(7.8%)	37.7%	101.1%	(11.2%)	—
Cost of Revenue	51.70	46.65	32.98	19.00	21.76
Gross Profit	57.17	71.47	52.77	23.65	26.28
Gross Profit YoY %	(20.0%)	35.4%	123.2%	(10.0%)	—
Gross Margin %	52.5%	60.5%	61.5%	55.5%	54.7%

R&D	—	0.30	0.60	0.60	0.50
Operating Expense	62.27	59.63	46.10	31.44	34.01

Operating Income	(5.10)	11.84	6.67	(7.79)	(7.73)
Operating Income YoY %	(143.1%)	77.5%	185.6%	(0.8%)	—
Operating Margin %	(4.7%)	10.0%	7.8%	(18.3%)	(16.1%)
EBITDA	(2.62)	13.95	8.16	(6.53)	(6.88)
EBITDA Margin %	(2.4%)	11.8%	9.5%	(15.3%)	(14.3%)

Pretax Income	(5.34)	11.74	7.08	(8.03)	(7.65)
Tax Provision	(1.65)	2.05	(5.71)	0.17	0.23
Net Income	(3.69)	9.69	12.79	(8.19)	(7.88)
Net Margin %	(3.4%)	8.2%	14.9%	(19.2%)	(16.4%)

Diluted EPS	-$0.18	$0.40	$0.55	-$0.37	—
Basic EPS	-$0.15	$0.43	$0.57	-$0.37	-$0.35
Diluted Avg Shares	22.7	24.1	23.1	21.9	—
Basic Avg Shares	22.7	22.7	22.5	21.9	22.4

	5/31/26	2/28/26	11/30/25	8/31/25
Cash & Equivalents	9.44	7.45	13.73	6.50
Short-term Investments	1.00	1.75	1.75	2.50
Receivables	4.44	11.56	10.84	8.87
Inventory	30.45	33.10	32.69	34.11
Other Current Assets	4.01	5.48	4.68	5.40
Total Current Assets	49.33	59.35	63.70	57.38

Net PPE	4.05	7.42	7.73	6.78
Operating Lease ROU	1.71	1.88	2.04	2.12
Goodwill	2.26	2.26	2.26	2.26
Intangible Assets	2.96	3.02	3.09	3.15
Other Assets	8.11	5.97	5.68	6.88
Total Assets	68.42	79.90	84.49	78.56

Current Lease Liabilities	0.78	0.75	0.73	0.67
Other Current Liabilities	9.37	11.22	16.36	12.95
Total Current Liabilities	10.14	11.97	17.09	13.62
Long-term Lease Liabilities	1.27	1.42	1.61	1.76
Total Liabilities	11.43	13.41	18.73	15.42

Retained Earnings	(56.38)	(46.30)	(47.10)	(50.46)
Total Equity	56.98	66.49	65.76	63.14

	LTM	11/30/25	11/30/24	11/30/23	11/30/22
Cash & Equivalents	9.44	13.73	16.83	20.50	20.07
Short-term Investments	1.00	1.75	8.90	0.00	—
Receivables	4.44	10.84	2.60	2.90	5.90
Inventory	30.45	32.69	19.97	13.89	15.46
Other Current Assets	4.01	4.68	2.65	0.91	1.22
Total Current Assets	49.33	63.70	50.96	38.20	42.65

Net PPE	4.05	7.73	3.41	3.80	3.31
Operating Lease ROU	1.71	2.04	2.45	1.80	2.42
Goodwill	2.26	2.26	2.26	2.26	2.26
Intangible Assets	2.96	3.09	3.34	3.58	3.87
Long-term Investments	—	—	—	0.00	0.00
Other Assets	8.11	5.68	9.51	2.66	2.54
Total Assets	68.42	84.49	71.92	52.31	57.05

Current Lease Liabilities	0.78	0.73	0.54	0.64	0.76
Other Current Liabilities	9.37	16.36	14.90	8.00	8.17
Total Current Liabilities	10.14	17.09	15.44	8.65	8.92
Long-term Lease Liabilities	1.27	1.61	2.10	1.26	1.79
Total Liabilities	11.43	18.73	17.55	9.99	11.05

Retained Earnings	(56.38)	(47.10)	(56.78)	(69.58)	(61.38)
Total Equity	56.98	65.76	54.37	42.32	45.99

	5/31/26	2/28/26	11/30/25	8/31/25
Net Income	(10.09)	0.80	3.36	2.23
D&A	0.73	0.64	0.50	0.62
Stock-Based Comp	0.84	0.54	0.77	0.73
Δ Working Cap & Other	9.91	(6.39)	5.30	(5.86)
Operating Cash Flow	1.39	(4.42)	9.93	(2.27)

CapEx	(0.51)	(0.62)	(1.79)	(2.25)
Other Investing	0.75	—	0.75	3.42
Investing Cash Flow	0.24	(0.62)	(1.04)	1.17

Stock Buyback	0.00	(0.95)	(1.05)	0.00
Financing Cash Flow	(0.16)	(0.96)	(1.43)	0.01

Free Cash Flow	0.88	(5.04)	8.14	(4.52)

	LTM	11/30/25	11/30/24	11/30/23	11/30/22
Net Income	(3.69)	9.69	12.79	(8.19)	(7.88)
D&A	2.48	2.12	1.49	1.26	0.85
Stock-Based Comp	2.88	3.07	3.40	5.38	5.42
Δ Working Cap & Other	2.96	(16.45)	(5.95)	5.45	(12.22)
Operating Cash Flow	4.63	(1.57)	11.74	3.89	(13.83)

CapEx	(5.18)	(7.62)	(2.35)	(0.90)	(3.25)
Acquisitions	—	—	—	0.00	(1.88)
Other Investing	4.92	7.16	(8.88)	(2.08)	—
Investing Cash Flow	(0.25)	(0.46)	(11.23)	(2.98)	(5.14)

Stock Buyback	(2.00)	(1.10)	(3.75)	0.00	(17.50)
Other Financing	(0.54)	—	(0.80)	—	—
Financing Cash Flow	(2.54)	(1.33)	(4.55)	(0.42)	(17.04)

Effect of FX on Cash	—	—	—	—	(0.33)

Free Cash Flow	(0.55)	(9.20)	9.39	2.99	(17.08)

	5/31/26	2/28/26	11/30/25	8/31/25
Current Ratio	4.86	4.96	3.73	4.21
Quick Ratio	1.86	2.19	1.81	1.71
Debt / Equity	0.20	0.20	0.28	0.24
EBITDA Margin %	(74.0%)	5.4%	12.6%	12.4%
Working Capital	39.19	47.38	46.60	43.76
Net Debt	—	—	—	—
ROE %	(17.7%)	1.2%	5.1%	3.5%
ROA %	(14.7%)	1.0%	4.0%	2.8%

	LTM	11/30/25	11/30/24	11/30/23	11/30/22
Current Ratio	4.86	3.73	3.30	4.42	4.78
Quick Ratio	1.86	1.81	2.01	2.81	3.05
Debt / Equity	0.20	0.28	0.32	0.24	0.24
EBITDA Margin %	(2.4%)	11.8%	9.5%	(15.3%)	(14.3%)
Working Capital	39.19	46.60	35.52	29.55	33.72
Net Debt	—	—	—	—	—
ROE %	(6.5%)	14.7%	23.5%	(19.4%)	(17.1%)
ROA %	(5.4%)	11.5%	17.8%	(15.7%)	(13.8%)

Insider activity (last 2 years)

Date Filed	Reporter	Relationship	Trans. Date	Code	Shares	Price	Total Value
2026-07-23	Davis Conn Q.	Director, Officer (Chief Executive Officer)	2026-07-23	P	3,430	$3.51	$12,039
2026-07-23	Hughes Herbert	Director	2026-07-23	P	3,703	$3.42	$12,676
2026-07-23	Hughes Herbert	Director	2026-07-23	P	12,500	$3.40	$42,546
2026-07-23	Davis Conn Q.	Director, Officer (Chief Executive Officer)	2026-07-23	P	3,340	$3.51	$11,723
2026-07-23	Davis Conn Q.	Director, Officer (Chief Executive Officer)	2026-07-22	P	18,767	$3.46	$64,963
2026-07-23	Hughes Herbert	Director	2026-07-22	P	5,478	$3.47	$19,027
2026-07-23	Kennedy TJ	Director, Other (Chairman of the Board)	2026-07-22	P	29,000	$3.53	$102,286
2026-07-23	Davis Conn Q.	Director, Officer (Chief Executive Officer)	2026-07-22	P	18,767	$3.46	$64,963
2026-07-23	KEARNES LAURILEE	Officer (Chief Financial Officer)	2026-07-22	P	2,000	$3.42	$6,830
2026-07-16	KEARNES LAURILEE	Officer (Chief Financial Officer)	2026-07-15	M	7,500	—	$0
2026-07-16	KEARNES LAURILEE	Officer (Chief Financial Officer)	2026-07-15	M	(7,500)	—	$-0
2026-05-07	KEARNES LAURILEE	Officer (Chief Financial Officer)	2026-05-05	M	2,313	—	$0
2026-05-07	KEARNES LAURILEE	Officer (Chief Financial Officer)	2026-05-05	M	(2,313)	—	$-0
2026-04-16	Ganz Bryan	Other (See Remarks)	2026-04-15	P	1,500	$6.56	$9,840
2026-04-15	Ganz Bryan	Other (See Remarks)	2026-04-15	P	1,500	$6.56	$9,840
2026-03-30	Rooney Emily	Director	2026-01-22	M	11,528	—	$0
2026-03-30	Rooney Emily	Director	2026-01-22	M	(11,528)	—	$-0
2026-03-18	Davis Conn Q.	Director, Officer (Chief Executive Officer)	2026-03-17	A	39,022	—	$0
2026-03-18	Davis Conn Q.	Director, Officer (Chief Executive Officer)	2026-03-17	A	39,022	—	$0
2026-03-18	Pham Luan	Officer (President)	2026-03-17	A	10,405	—	$0
2026-03-18	Pham Luan	Officer (President)	2026-03-17	A	20,811	—	$0
2026-03-18	Pham Luan	Officer (President)	2026-03-17	A	20,812	—	$0
2026-03-18	KEARNES LAURILEE	Officer (Chief Financial Officer)	2026-03-17	A	18,210	—	$0
2026-03-18	KEARNES LAURILEE	Officer (Chief Financial Officer)	2026-03-17	A	18,210	—	$0
2026-03-18	Davis Conn Q.	Director, Officer (Chief Executive Officer)	2026-03-02	A	19,395	—	$0
2026-03-09	Kennedy TJ	Director, Other (Chairman of the Board)	2026-03-02	A	810	—	$0
2026-03-09	Hughes Herbert	Director	2026-03-02	M	1,459	—	$0
2026-03-09	Hughes Herbert	Director	2026-03-02	M	(1,459)	—	$-0
2026-01-23	Rooney Emily	Director	2026-01-22	M	11,528	—	$0
2026-01-23	Rooney Emily	Director	2026-01-22	M	(11,528)	—	$-0
2026-01-23	Reed Chris Lavern	Director	2026-01-22	M	11,528	—	$0
2026-01-23	Reed Chris Lavern	Director	2026-01-22	M	(11,528)	—	$-0
2026-01-23	ELMORE LEONARD J	Director	2026-01-22	M	11,528	—	$0
2026-01-23	ELMORE LEONARD J	Director	2026-01-22	M	(11,528)	—	$-0
2026-01-23	Hughes Herbert	Director	2026-01-22	M	16,111	—	$0
2026-01-23	Hughes Herbert	Director	2026-01-22	M	(16,111)	—	$-0
2026-01-16	Ganz Bryan	Director, Officer (President and CEO)	2026-01-15	G	(15,000)	—	$-0
2025-12-12	Ganz Bryan	Director, Officer (President and CEO)	2025-12-05	G	(15,000)	—	$-0
2025-11-04	Ganz Bryan	Director, Officer (President and CEO)	2025-10-31	G	(469,233)	—	$-0
2025-11-04	Ganz Bryan	Director, Officer (President and CEO)	2025-10-31	G	469,233	—	$0
2025-11-03	Brasseur John	Officer (Chief Operating Officer)	2025-10-18	M	15,000	—	$0
2025-11-03	Brasseur John	Officer (Chief Operating Officer)	2025-10-18	F	(4,102)	$21.16	-$86,798
2025-11-03	Brasseur John	Officer (Chief Operating Officer)	2025-10-18	M	(15,000)	—	$-0
2025-10-14	Hughes Herbert	Director	2025-10-10	S	(5,000)	$29.00	-$145,000
2025-10-14	Ganz Bryan	Director, Officer (President and CEO)	2025-10-10	S	(40,000)	$29.90	-$1,196,000
2025-09-23	Kennedy TJ	Director	2025-09-19	A	4,379	—	$0
2025-09-23	Roth Adam L.	Director	2025-09-19	A	4,379	—	$0
2025-07-30	ELMORE LEONARD J	Director	2025-07-29	A	4,865	—	$0
2025-07-29	Reed Chris Lavern	Director	2025-07-29	A	4,865	—	$0
2025-07-29	Rooney Emily	Director	2025-07-29	A	4,865	—	$0
2025-07-29	Hughes Herbert	Director	2025-07-29	A	6,324	—	$0
2025-07-15	Pham Luan	Officer (Chief Mktg and Rev Officer)	2024-05-17	G	20,000	—	$0
2025-07-15	Ganz Bryan	Director, Officer (President and CEO)	2024-05-17	G	(55,000)	—	$-0
2025-06-30	KEARNES LAURILEE	Officer (Chief Financial Officer)	2025-06-19	M	5,000	—	$0
2025-06-30	KEARNES LAURILEE	Officer (Chief Financial Officer)	2025-06-19	F	(1,426)	$29.82	-$42,523
2025-06-30	KEARNES LAURILEE	Officer (Chief Financial Officer)	2025-06-19	M	(5,000)	—	$-0
2025-05-12	Pham Luan	Officer (Chief Mktg and Rev Officer)	2025-05-02	A	7,990	—	$0
2025-05-12	Pham Luan	Officer (Chief Mktg and Rev Officer)	2025-05-02	A	7,990	—	$0
2025-05-12	Brasseur John	Officer (Chief Operating Officer)	2025-05-02	A	6,939	—	$0
2025-05-12	Brasseur John	Officer (Chief Operating Officer)	2025-05-02	A	6,939	—	$0
2025-05-12	KEARNES LAURILEE	Officer (Chief Financial Officer)	2025-05-02	A	6,939	—	$0
2025-05-12	KEARNES LAURILEE	Officer (Chief Financial Officer)	2025-05-02	A	6,939	—	$0
2025-05-08	KEARNES LAURILEE	Officer (Chief Financial Officer)	2025-05-02	A	6,939	—	$0
2025-05-08	KEARNES LAURILEE	Officer (Chief Financial Officer)	2025-05-02	A	6,939	—	$0
2025-05-08	Brasseur John	Officer (Chief Operating Officer)	2025-05-02	A	6,939	—	$0
2025-05-08	Brasseur John	Officer (Chief Operating Officer)	2025-05-02	A	6,939	—	$0
2025-05-08	Pham Luan	Officer (Chief Mktg and Rev Officer)	2025-05-02	A	7,990	—	$0
2025-05-08	Pham Luan	Officer (Chief Mktg and Rev Officer)	2025-05-02	A	7,990	—	$0
2025-04-23	Rooney Emily	Director	2025-04-22	P	2,500	$20.50	$51,238
2025-04-18	Brasseur John	Officer (Chief Operating Officer)	2025-04-15	P	728	$20.19	$14,701
2025-03-21	Brasseur John	Officer (Chief Operating Officer)	2024-10-18	M	10,000	—	$0
2025-03-21	Brasseur John	Officer (Chief Operating Officer)	2024-10-18	F	(4,435)	$15.25	-$67,634
2025-03-21	Brasseur John	Officer (Chief Operating Officer)	2024-10-18	M	(10,000)	—	$-0
2025-02-27	Wager Lisa	Officer (Corporate Secretary, CGO)	2025-02-26	M	10,000	$9.23	$92,300
2025-02-27	Wager Lisa	Officer (Corporate Secretary, CGO)	2025-02-26	M	(10,000)	$9.23	-$92,300
2025-02-21	Hughes Herbert	Director	2025-02-20	S	(12,000)	$29.49	-$353,862
2025-02-21	Ganz Bryan	Director, Officer (President and CEO)	2025-02-20	S	(50,000)	$29.37	-$1,468,520
2025-02-21	Wager Lisa	Officer (Corporate Secretary, CGO)	2025-02-20	S	(12,500)	$29.38	-$367,294
2025-02-14	Pham Luan	Officer (Chief Mktg and Rev Officer)	2025-02-12	S	(33,483)	$30.19	-$1,010,905
2025-01-13	ELMORE LEONARD J	Director	2025-01-09	M	21,918	—	$0
2025-01-13	ELMORE LEONARD J	Director	2025-01-09	M	(21,918)	—	$-0
2025-01-13	Hughes Herbert	Director	2025-01-09	M	30,137	—	$0
2025-01-13	Hughes Herbert	Director	2025-01-09	M	(30,137)	—	$-0
2025-01-13	Reed Chris Lavern	Director	2025-01-09	M	21,918	—	$0
2025-01-13	Reed Chris Lavern	Director	2025-01-09	M	(21,918)	—	$-0
2025-01-13	Rooney Emily	Director	2025-01-09	M	21,918	—	$0
2025-01-13	Rooney Emily	Director	2025-01-09	M	(21,918)	—	$-0
2024-11-19	Hughes Herbert	Director	2024-11-19	S	(5,000)	$20.08	-$100,377
2024-11-19	Ganz Bryan	Director, Officer (President and CEO)	2024-11-19	S	(18,826)	$19.63	-$369,522
2024-11-19	Ganz Bryan	Director, Officer (President and CEO)	2024-11-14	S	(1,174)	$19.42	-$22,797
2024-11-18	KEARNES LAURILEE	Officer (Chief Financial Officer)	2024-11-15	P	1,000	$18.60	$18,600
2024-10-11	KEARNES LAURILEE	Officer (Chief Financial Officer)	2024-10-10	P	2,000	$14.04	$28,076
2024-09-27	Ganz Bryan	Director, Officer (President and CEO)	2024-09-25	S	(2,478)	$18.46	-$45,744
2024-09-24	Ganz Bryan	Director, Officer (President and CEO)	2024-09-24	S	(32,026)	$17.98	-$575,715
2024-09-24	Ganz Bryan	Director, Officer (President and CEO)	2024-09-23	S	(1)	$17.40	-$17
2024-09-24	Ganz Bryan	Director, Officer (President and CEO)	2024-09-20	S	(5,495)	$17.41	-$95,683
2024-09-18	Wager Lisa	Officer (Corporate Secretary, CGO)	2024-09-18	S	(2,450)	$17.01	-$41,686
2024-09-13	Wager Lisa	Officer (Corporate Secretary, CGO)	2024-09-12	S	(50)	$17.01	-$851
2024-09-13	Ganz Bryan	Director, Officer (President and CEO)	2024-09-05	S	(22,558)	$16.33	-$368,374
2024-09-06	Ganz Bryan	Director, Officer (President and CEO)	2024-09-05	S	(17,442)	$15.40	-$268,649
2024-09-06	Wager Lisa	Officer (Corporate Secretary, CGO)	2024-09-05	S	(2,500)	$15.08	-$37,693
2024-09-06	Hughes Herbert	Director	2024-09-05	S	(6,500)	$15.08	-$98,048
2024-09-06	Wager Lisa	Officer (Corporate Secretary, CGO)	2024-09-04	S	(20,000)	$13.50	-$270,000
2024-07-24	Hughes Herbert	Director	2024-07-19	A	16,111	—	$0
2024-07-24	Reed Chris Lavern	Director	2024-07-19	A	11,528	—	$0
2024-07-24	ELMORE LEONARD J	Director	2024-07-19	A	11,528	—	$0
2024-07-24	Rooney Emily	Director	2024-07-19	A	11,528	—	$0