Byrna Technologies: Strong Gross Margins, Weak Demand, And Little To Celebrate
Byrna Technologies (BYRN) offers less-lethal defense products and trades at a discounted valuation but faces severe demand headwinds. Revenue declined 45.7% YoY in Q3 2026, with wholesale sales dropping 61.1%, raising concerns about true end-user demand. Gross margin improvements from outsourcing and a tariff refund are positive, yet persistent net losses and negative adjusted EBITDA highlight ongoing profitability challenges.