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Nasdaq: BYRN | 1 INVESTOR PRESENTATION November 2025
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2 SAFE HARBOR STATEMENT Cautionary Note Regarding Forward-Looking Statements In addition to historical information, this presentation and other written reports and oral statements made from time to time by us may contain forward-looking statements. All statements, other than statements of historical fact, included herein that address activities, events or developments that we expect or anticipate will or may occur in the future or projections by third parties are forward-looking statements. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as“estimate”,“plan”,“anticipate”,“expect”,“imply”,“intend”,“believe”,“project”,“target”,“budget”,“may”,“can”,“will”,“would”,“could”,“should”,“seeks”, or“scheduledto”, or other similar words, or negatives of these terms or other variations of these terms or comparable language or any discussion of strategy or intentions. Forward-looking statements address activities, events or developments that the Company expects or anticipates will or may occur in the future and are based on current expectations and assumptions. Forward-looking statements expressed or implied in this presentation include our projected market opportunity, expectations related to sales drivers, projected revenue for fiscal 2025, plans and expectations for product development , new product introduction, inventory growth and adequacy, and sales channel expansion, our expectations as to future consumer responses to our product and future sentiment related to gun violence, our ability to penetrate the law enforcement and private security markets and the associated time frame, the extent to which our strategic acquisitions strengthen our competitive moat, our projected sales breakdown by market channels and product types, our target profit margins, our expected execution of our share repurchase program and our expectations as to the size of the buyback and the value it will create. These statements involve known and unknown risks, uncertainties, assumptions and other factors which may cause our actual results, performance or achievements to be materially different from any results, performance or achievements expressed or implied by such forward-looking statements. Although these forward-looking statements were based on assumptions that the Company believes are reasonable when made, you are cautioned that forward-looking statements are not guarantees of future performance and that actual results, performance or achievements may differ materially from those made in or suggested by the forward-looking statements expressed or Implied in this presentation. Risks that could cause actual results to differ from those anticipated include: recurrence or escalation of recent disruption of production, new product introduction and our ability to build inventory to meet demand and maintain Amazon warehouse and retailer shelf space related to ongoing, extended or new constraints to the supply for any reason including due to the ongoing pandemic, extended export permit delays or air freight disruption that could interfere with delivery of components or shipments out of South Africa where the Company has a production facility and in the United States, or elsewhere, new developments related to existing or new strains or COVID 19 or related events including reinstitution or expansion of curfews or government ordered shutdowns or stay-at-home orders, outbreaks in our facilities or new health and safety protocols, or further increases in rising component and freight costs and availability, any of which could disrupt product development or distribution, or operations of our suppliers and negatively impact prices, production, profit and revenues; our successful design and production of products, including products previously manufactured by third parties that we intend to manufacture in-house; our success in retaining key talent and recruiting in a highly competitive market, our ability to successfully to transition to managing production and sales of multiple product; our successful execution of plans to enter into new and potentially higher volume distribution channels; market response to our existing and new products; any design or production issues that may necessitate a recall or damage our reputation; ourcompetitors’ introduction of new products or execution of competing marketing strategies; and changes to our capital, new alternative investment or marketing opportunities, or other economic or market conditions that may lead us to suspend, change or terminate the intended repurchase of up to $10M of our common stock. In addition, even if Company results, performance, or achievements are consistent with the forward-looking statements contained in this presentation, those results, performance, or achievements may not be indicative of results, performance, or achievements in subsequent periods. Given these risks and uncertainties, you are cautioned not to place undue reliance on these forward-looking statements. Any forward-looking statements made in this presentation speak only as of the date of those statements, and the Company undertakes no obligation to update those statements or to publicly announce the results of any revisions to any of those statements to reflect future events or developments. Comparisons of results for current and any prior periods are not intended to express any future trends or indications of future performance, unless expressed as such, and should only be viewed as historical data. Although the Company has attempted to identify important factors (including in the Risk Factors referenced below) that could cause actual results to differ materially from those described in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended . You should review“RiskFactors” contained in our Annual Report on Form 10-K for the year ended November 30, 2024 for more information about these and other risks. These risks may include the following and the occurrence of one or more of the events or circumstances alone or in combination with other events or circumstances, may have a material adverse effect on theCompany’s business, cash flows, financial condition and results of operations. Important factors and risks that could cause actual results to differ materially from those in the forward-looking statements include, among others: risks related toByrna’s limited operating history on which the business can be evaluated; risks related toByrna’s history of operating losses; risks related toByrna’s potential need for additional capital in the future to support operations and growth plans; risks related to whether Byrna can successfully implement its business plan for the sale of the Byrna HD; risk that revenue growth could be slower than expected and that the business, operating results and financial condition could be adversely affected; risks related to Byrna depending on the sale of the Byrna HD and on maintaining and strengthening the Byrna brand; risks related to Byrna depending on third-party suppliers including sole source providers for certain components and for chemical irritant projectiles; risks related to Byrna being subject to extensive regulation, non-compliance with which could result in fines, penalties and other costs and liabilities; risks related to the potential delivery of products with defects, which may make Byrna subject to product recalls or negative publicity, harm credibility, reduce market acceptance of Byrna products, and exposure the Company to liability; risks related to potential product liability lawsuits and other litigation against Byrna which could cause Byrna to incur substantial liabilities and to limit commercialization of any products that may be developed in the future; risks related to the markets for security products and defense technology, which are in a state of technological change which could have a material adverse impact onByrna’s business, financial condition and results of operations; risks related to macroeconomics, such as general economic conditions and epidemic and pandemic diseases (including the COVID-19 pandemic), could have a material adverse effect onByrna’s business, financial condition, results of operations, cash flows, and ability to comply with regulatory requirements; risks related toByrna’s performance being influenced by a variety of economic, social, and political factors; risks related to whether Byrna is able to protect its intellectual property, which may cause it to lose a competitive advantage or incur substantial litigation costs to protect its rights; risks related toByrna’s trading market being limited, and the trading market for its common stock may not develop or be sustained; risks related toByrna’s stock price, which may be volatile or may decline, including due to factors beyondByrna’s control. Industry and Market Data In this presentation, Byrna relies on and refers to information and statistics regarding Byrna and certain of its competitors and other industry data. The information and statistics are from third-party sources, including reports by market research firms. Nasdaq: BYRN | 2
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COUNTERVAILING SOCIETAL TRENDS “Re-Funding Not Defunding the Police: The Biden $350 Billion American Rescue Plan” June 2021 Nasdaq: BYRN | 3 Increased Concerns About Safety and Less Tolerance Towards Gun Violence are a Tailwind for Byrna Products Sources: More Americans See U.S. Crime Problem as Serious – November 2023. https://news.gallup.com/poll/470588/dissatisfaction-gun-laws-hits-new-high.aspx Dissatisfaction With U.S. Gun Laws Hits New High – February 2023. https://news.gallup.com/poll/470588/dissatisfaction-gun-laws-hits-new-high.aspx 30% 32% 34% 36% 38% 40% 42% 44% 45% 47% 49% 51% 53% 55% 57% 59% 61% 63% 65% 2020 2021 2022 2023 % Reporting That There is More Crime In The US Compared to Last Year % Satisfied With the Nation's Laws or Policies on Guns
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“To provide civilians, law enforcement officers and security professionals with a safe, reliable and effective non-lethal alternative to traditional firearms that will allow Byrna’s customers to protect and defend themselves, their families and their community without the need to resort to deadly force.” BYRNA IS PART OF THE SOLUTION Nasdaq: BYRN | 4 Our Mission
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BYRNA OVERVIEW “Re-Funding Not Defunding the Police: The Biden $350 Billion American Rescue Plan” June 2021 Nasdaq: BYRN | 5 Nasdaq BYRN Headquarters Andover, Massachusetts 150 US Employees Customers 700,000+ launchers sold over the last 5 years 30+ International Customers/Agencies 500+ Dealer Locations P R O J E C T IL E S A C C E S S O R IE S L A U N C H E R S V IR T U O U S C Y C L E Note: As of November 4, 2025.
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US CONSUMER MARKET OPPORTUNITY Nasdaq: BYRN | 6 Non-Gun Owners Gun Owners Familiar look and feel of a firearm Socially responsible self-protection tool US Consumer Market 250MM Adults 150M Adults 100M Adults Note: Our TAM calculation is based on internal estimates of first time Byrna customers purchasing a full launcher system. 300,000+ unique ecommerce customers (all-time) • 250MM Potential Customers in the US Consumer Market • Estimated Lifetime Value of Customer - $1,000 • Total Addressable Market (US Consumer): • $250 Billion ($100 Billion Gun Owners / $150 Billion Non-Gun Owners) • Targeted Penetration of 5% of Non-Gun Owners and 10% of Gun Owners: ~$17.5 Billion
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REGIONAL AND SEGMENT FOCUS Nasdaq: BYRN | 7 • U.S. and Canada • Primarily Direct to Consumer (DTC) – Web and through dealers (99% of US/CAN sales) • Service inbound law enforcement and private security inquiries (<1% of US/CAN sales) • Mexico • Primarily law enforcement focused with recent successes with local police agency penetrations • Actively pursuing large law enforcement agency sales • Predominantly Law Enforcement sales • Latin America • Cordoba Provincial Police (15,000 units committed) • Buenos Aires (Provincial, City and Airport Police) – 500 Launcher Order from Buenos Aires City Police • Sante Fe Provincial Police • Other International • Prioritize only large, episodic opportunities (Indonesia) USMCA (US, Mexico and Canada) International
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Nasdaq: BYRN | 8 PRODUCT OFFERING Note: Possession and use may be subject to state or local regulation. Pistols and Rifles Ammo & CO2 Defense Sprays and Alarms Accessories and Other
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Nasdaq: BYRN | 9 HOW IT WORKS - PISTOLS Note: Possession and use may be subject to state or local regulation. Byrna SD – Internals Cutaway • First trigger pull punctures CO2 and propels projectile simultaneously using our patented technology • Incapacitates an assailant from a safe standoff distance of up to 60 feet • Compact and concealable – suitable for everyday carry • Fires kinetic and chemical irritant projectiles • Multiple shot capacity (up to 7 in one magazine) • No license, background check or waiting period required • Byrna SD: $379 – Flagship pistol launcher • Byrna LE: $479 – 40% more capacity and 60% more power than the SD • Byrna CL: $549 – smallest and most concealable less-lethal launcher on the market. Maintains power of Byrna LE
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HOW IT WORKS - AMMO Nasdaq: BYRN | 10 • 2 Types of projectiles: • Self-Defense (Chemical Irritants and Kinetic) • Training (Inert Powder and Eco-Friendly Powder) • Key features: • .68 caliber projectiles compatible with all current Byrna launcher platforms (.61 for CL) • Break lines to ensure breakage upon impact • Sonically welded to hold shells together • Colored shell to identify payload • Re-occurring consumable sale • Payload projectiles designed and manufactured in- house TRAINING AND RECREATIONSELF-DEFENSE Pepper Byrna Pepper Projectile – Internal Cutaway Max Kinetic Inert Eco-Kinetic
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Nasdaq: BYRN | 11 BYRNA GROWTH HISTORY $11.0 $8.9 $13.4 $8.7 $11.2 $8.0 $11.6 $12.4 $16.0 $8.4 $11.5 $7.1 $15.6 $16.7 $20.3 $20.9 $28.0 $26.2 $28.5 $28.2 $0.0 $5.0 $10.0 $15.0 $20.0 $25.0 $30.0 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Net Revenue ($ in millions)
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Nasdaq: BYRN | 12 Note: DTC order source data from company e-commerce platform analytics. (1) Total DTC Orders defined as www.Byrna.com gross orders plus Amazon gross orders plus www.Byrna.ca gross orders. (2) Total Revenue is as reported. Average Daily Sessions (byrna.com) 31,135 40,205 29% Conversion Rate % (byrna.com) 1.14% 0.84% - 0.30% decrease Average Order Value, Gross $ (byrna.com) $373 $384 3% Total DTC Orders(1) ($ in 000s) $16,048 $17,905 12% Total Revenue(2) ($ in 000s) $20,854 $28,179 35% Q3 2024 SELECTED METRICS – YoY COMPARISON Q3 2025 YoY % Change
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Nasdaq: BYRN | 13 FUTURE GROWTH STRATEGY (www.byrna.com, Amazon, www.byrna.ca) Sportsman’s Warehouse SiS Partnership + Retail Stores • Sessions growth through continued investment in radio, cable TV and influencer marketing • Normalization of Byrna leading to new advertising opportunities • Radio networks more willing to partner with our product category (e.g. Premiere, Westwood One, Radio America) • Cable TV willing to display visual commercials of our product (Newsmax, NewsNation) • Digital Platforms (Rumble) • Podcasts (Glenn Beck, Ben Shapiro, Charlie Kirk, Megyn Kelly, Lara Trump, Don Jr, etc) • Direct Response (Mailers) • OTT (Streaming TV) • Commenced partnership with Sportsman’s Warehouse – Store within a Store • Total of 116 stores: • 25 full stores with shooting pod experience • 91 stores with a point-of-sale display and shooting range experience • Products sold on Sportsman’s Warehouse website • Las Vegas Retail Store at a $1mm+ revenue run rate. Opening of several Byrna flagship retail stores in select MSAs to test response in different demographics with plan to replicate model nationally • Salem, NH (Opened March 2025) • Scottsdale, AZ (Opened February 2025) • Fort Wayne, IN (Opened May 2025) • Franklin, TN (Opened February 2025)
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14 FINANCIAL SNAPSHOT Nasdaq: BYRN | 14 Revenue $20,854 $28,179 Gross Profit $13,012 $16,922 Net Income $1,025 $2,235 Adjusted EBITDA $1,944 $3,723 Adjusted EBITDA % 9.3% 13.2% ($ in thousands) August 31, 2024 Three Months Ended Note: Adjusted EBITDA is a non-GAAP metric. Please see the appendix for a reconciliation of Adjusted EBITDA. August 31, 2025
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15 FINANCIAL POSITION Nasdaq: BYRN | 15 Cash $7,001 $6,495 Inventory $32,286 $34,106 Marketable Securities $5,984 $2,501 Receivables $6,536 $8,872 Payables + Accrued Liabilities $14,377 $12,698 Debt $0 $0 Net Working Capital $40,374 $43,757 ($ in thousands) As of August 31, 2025 (unaudited) As of May 31, 2025 (unaudited) Company Share Price ($) $26.66 $20.40 Shares Outstanding (#) 22,678,469 22,694,966 Market Capitalization ($mm) $605mm $463mm As of May 31, 2025 (unaudited) As of August 31, 2025 (unaudited) Note: Market Capitalization is calculated as share price as of the date multiplied by the shares outstanding.
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NEW PRODUCT INNOVATION Nasdaq: BYRN | 16 Compact Launcher: High End Conceal Carry • Launched ahead of schedule – shipping started May 2025 • Smallest, most concealable less-lethal launcher on the market • 38% smaller than the Byrna SD yet hits as hard as the Byrna LE • Fires a .61 caliber projectile at 400 FPS • Retains patented pull-pierce technology – CO2 sits unpunctured indefinitely until trigger is pulled • 5 Round Magazine, 15 Round Shot Capacity with 1 CO2 • Made in US with 80% US Sourced Components Size Comparison: LE, SD, CL Width Comparison: LE/SD, CL
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INVESTMENT THESIS • Attractive Valuation • Best-in-class product right for the times – Byrna offers a compelling solution to countervailing societal trends • Leading position in nascent industry with an enormous total addressable market • Strong tailwinds with public sentiment shifting towards less-lethal solutions • Improving profitability metrics with strong cash generation supports long-term growth and provides ample staying power Nasdaq: BYRN | 17
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Nasdaq: BYRN | 18 CONTACT US Tom Colton & Alec Wilson Gateway Group, Inc. T: 949-574-3860 BYRN@gateway-grp.com
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Nasdaq: BYRN | 19 APPENDIX
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BYRNA LAUNCHERS COMPARISON OVERVIEW Nasdaq: BYRN | 20
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ADJUSTED EBITDA RECONCILATION Nasdaq: BYRN | 21 Net Income (Loss) $1,025 $2,235 Adjustments: Interest Income ($281) ($97) Income tax expense (benefit) ($78) $628 Depreciation and amortization $263 $259 Non-GAAP EBITDA $929 $3,025 Stock-based compensation expense $819 $734 Impairment loss - - Severance/Separation $196 ($36) Non-GAAP Adjusted EBITDA $1,944 $3,723 ($ in thousands) August 31, 2024 Three Months Ended Note: In addition to providing financial measurements based on generally accepted accounting principles in the United States (GAAP), we provide an additional financial metric that is not prepared in accordance with GAAP (non -GAAP) with presenting non-GAAP adjusted EBITDA. Management uses this non-GAAP financial measure, in addition to GAAP financial measures, to understand and compare opera ting results across accounting periods, for financial and operational decision making, for planning and forecasting purposes and to evaluate our financial performance. We believe that this non -GAAP financial measure helps us to identify underlying trends in ou r business that could otherwise be masked by the effect of certain expenses that we exclude in the calculations of the non -GAAP financial measure. Accordingly, we believe that this non-GAAP financial measure reflects our ongoing business in a manner that allows for meaningful comparisons and analysis of trends in the business and provides useful information to investors and others in unde rstanding and evaluating our operating results, enhancing the overall understanding of our past performance and future prospects. This non-GAAP financial measure does not replace the presentation of our GAAP financial results and should only be used as a s upplement to, not as a substitute for, our financial results presented in accordance with GAAP. There are limitations in the use of non -GAAP measures, because they do not include all the expenses that must be included under GAAP and because they involve the exercise of judgme nt concerning exclusions of items from the comparable non -GAAP financial measure. In addition, other companies may use other non -GAAP measures to evaluate their performance, or may calculate non -GAAP measures differently, all of which could reduce the usefulness of our non- GAAP financial measure as a tool for comparison. Adjusted EBITDA is defined as net (loss) income as reported in our condensed consolidated statements of operations and compre hensive (loss) income excluding the impact of ( i) depreciation and amortization; (ii) income tax provision (benefit); (iii) interest income (expense); (iv) stock-based compensation expense, (v) impairment loss, and (vi) one time, non-recurring other expenses or income. Our Adjusted EBITDA measure eliminates potential differences in performance caused by variations in capital structures (affecting finance costs), tax positions, the cost and age of tangible assets (affecting relative depreciation expense) and the extent to which intangible assets are identifiable (affecting relative amortization expense). We also exclude certain one -time and non-cash costs. August 31, 2025