Byrna Technologies sees record quarterly sales of US$4.2 million as order backlog for HD launcher increases

Byrna Technologies Inc (CSE:BYRN) (OTCQB:BYRN) posted record quarterly revenue of US$4.2 million thanks to strong sales of its HD launcher, a non-lethal security kit. The security firm has generated year-to-date sales of US$5.6 million in 2020, an increase of over 1,200% compared to the $424,000 it put up during the same period in 2019. During its fiscal 3Q for the period ended August 31, Andover-based Byrna saw most of its sales from the domestic market, which accounted for 88% of revenue, according to a statement. International sales made up the remaining 12% of revenue. READ: Byrna Technologies taps senior law enforcement professional Chris Reed as director and expands senior management team Byrna generated the bulk of its sales through ecommerce channels, which made up 75% of the firm’s quarterly sales. Brick and mortar dealers accounted for 16% of sales and the other 9% came from law enforcement agencies, the firm said in a statement. The company sold 10,800 of its HD launcher, a gas fired non-lethal personal security device that shoots 68 caliber chemical irritant, kinetic, and inert projectiles. Production ramped up in August, when the firm manufactured 10,177 units to contribute to the 14,874 units produced during the quarter. The firm told shareholders it had a backlog of around 23,300 units or US$10.4 million – a striking increase from the $193,000 backlog it had at the end of May 2020. "I am very proud of our team's ability to ramp up production from 100 units a day at the beginning of the quarter to 500 units a day by the end of the quarter,” CEO Bryan Ganz said in a statement.  “With Ft. Wayne production coming online later this month we should be able to bring global production to 750 units a day by the end of October, by which time we expect to fill our current back orders."  The company also said that it had extended Ganz’s employment agreement by three years to help it maintain “strong leadership and continuity” during a rapid growth period. Ganz has been at the helm of Byrna for the past four years. Contact Angela at angela@proactiveinvestors.com Follow her on Twitter @AHarmantas