A Primer on Byrna
Overview
Byrna Technologies Inc. (BYRN) is a less-lethal self-defense technology company dedicated to providing innovative, next-generation solutions for security situations that do not require lethal force. Operating under the mantra "Live Safe®," Byrna's core mission is to empower individuals to safely embrace life through easy-to-use self-defense tools. The company also aims to offer law enforcement and private security professionals less-lethal alternatives to firearms, intending to reduce firearm use and foster trust within communities. As of November 30, 2024, Byrna had 167 employees.
Product Portfolio
Byrna's diverse product portfolio serves both consumer and professional security markets:
Handheld Personal Security Devices and Shoulder-Fired Launchers: Designed for use by consumers and professional security customers, these devices do not require a background check or firearms license. The Byrna personal security devices are CO2-powered and fire .68 caliber spherical kinetic and chemical irritant projectiles, capable of disabling a threat from a standoff distance of up to 60 feet. They are designed as a modular platform, allowing for enhancements and customization with accessories.
Projectiles: A range of .68 caliber projectiles is offered, including chemical irritant (e.g., Byrna Max with pepper/tear gas, Byrna Pepper with pepper/PAVA blend), kinetic (e.g., Byrna Kinetic, Eco-Kinetic), and inert rounds (Byrna Pro Training). Byrna Max and Pepper projectiles are designed for quick-acting, incapacitating effects, causing burning sensations and temporary respiratory impairment. Eco-Kinetic projectiles, introduced in 2021, are environmentally safe and fully biodegradable. Only Byrna projectiles are approved for use with Byrna launchers, creating recurring sales potential. In 2023, Byrna introduced a less-lethal 12 gauge kinetic round for shotguns, effective up to 100 feet.
Self-Defense Aerosol Products: This line includes Byrna Bad Guy Repellent™.
Accessories and Related Safety Products: This category encompasses the Byrna Banshee™, Byrna Shield™, compressed carbon dioxide (CO2) canisters, sighting systems, holsters, Byrna-branded apparel, laser sights, flashlight attachments, spare magazines, and barrel extensions. The Byrna Shield is notable as a ballistic-rated backpack with a patented deployment system for front and back protection. These accessories allow users to customize, carry, load, power, and maintain their launchers.
Strategic Focus and Flagship Products
Byrna's strategy is to establish itself as a consumer lifestyle brand associated with confidence in self-protection. The company aims to leverage its brand to expand its product line, user base, and sales.
Byrna SD: This is the flagship product, a compact, ergonomically designed, handheld personal security device resembling a compact handgun. It is easy to use, has virtually no recoil, and an effective range of 50 feet. The Byrna SD uses patented technology and over 60 custom parts, with magazines holding five or seven .68 caliber projectiles. It offers a less-lethal alternative at a safer standoff distance compared to pepper spray (10 feet) or conductive energy devices (20 feet).
Byrna LE: Introduced in 2023, the Byrna LE features a more powerful valve design, offering a higher average muzzle velocity of 330 feet per second and an extended effective range of 60 feet.
Byrna CL: Launched in May 2025, the CL is 38% smaller, 36% lighter than the Byrna SD (the company's entry point launcher), yet as powerful as the Byrna LE, and 27% narrower for better concealed carry. It also offers 7 to 8 percentage points higher margins than other launchers.
Market opportunity
Key Acquisitions and Developments
Byrna has expanded its capabilities and market reach through strategic acquisitions:
Mission Less Lethal (May 2021): Acquisition of assets from a U.S. manufacturer of .68 caliber shoulder-fired launchers for law enforcement. This led to the introduction of the Byrna TCR (tactical compact rifle, 19 rounds rapid succession, >325 ft/sec) and the Byrna M-4 (full-sized tactical rifle with 120-round or two 20-round capacity options). Byrna also gained exclusive rights to Kore Outdoor, Inc.'s intellectual property for less-lethal applications.
Fox Labs International (May 2022): Acquisition of a producer of defensive pepper sprays primarily serving law enforcement. This enabled Byrna to continue sales to the professional market and offer professional-quality chemical irritant sprays to consumers under the Byrna Bad Guy Repellent™ brand via its e-commerce and dealership channels.
Byrna LATAM S.A. (January 2023): Initially a 51% ownership in a joint venture to expand into South American markets. On August 19, 2024, Byrna sold its 51% ownership to Fusady S.A. for $1 and entered into an exclusive distribution, manufacturing, and licensing agreement with Byrna LATAM.
Marketing and Sales
Byrna employs different strategies for its consumer and professional markets:
Consumer Market: Products are sold through the Byrna e-commerce store, the Side Hustle dealer program, premier dealers, a network of over 1,300 local, regional, and national outdoor and sporting goods stores, and an Amazon storefront.
Professional Security Market: The company drives purchases through its "Train the Trainer" program, which educates police and security officers on proper use of force and de-escalation methods.
International Sales: Primarily fulfilled by select distribution partners. International sales constituted 8.0% of revenue in FY24, up from 6.8% in FY23, with potential for continued growth as foreign law enforcement shows increasing interest in Byrna devices for de-escalation.
Marketing Efforts: Focus on brand awareness via promotional specials, banner ads, and digital marketing tools. Recent shifts (commencing September 2023) include moving away from traditional social media (due to advertising prohibitions) to a targeted approach using celebrity endorsement, talk radio, and non-social media online advertising. Byrna also engages key influencers, participates in public dialogues about firearm regulation and school safety, and expands police training in less-lethal weapons.
Manufacturing, Suppliers, and Distribution
Byrna operates two manufacturing facilities:
Fort Wayne, Indiana, USA: A 30,000 square foot facility (expanded from 14,000 sq ft in 2022) dedicated to fulfilling domestic demand for launchers.
Pretoria, South Africa: A 20,000 square foot facility for international market production.
Both facilities utilize a human capital-oriented model with highly-skilled manual assembly of precision components. The company believes it has sufficient capacity for at least the next two years. Byrna rigorously tests 100% of its products before shipment and conducts long-term testing during development. While Byrna SD and LE components are sourced from third-party suppliers, the company has established in-house projectile manufacturing capabilities to improve quality, availability, and reduce dependence on third parties.
Research and Development
R&D activities are conducted at Byrna's headquarters in Andover, Massachusetts, by a design team of experts in mechanical design, precision manufacturing, and CO2-powered propulsion. Current R&D focuses on:
New Launchers: Commercial introduction of launchers with innovations such as greater/more controlled muzzle velocity, improved cold-weather performance, efficient CO2 utilization, improved triggers, higher-capacity magazines, and enhanced sighting systems, all while maintaining a compact and ergonomic design.
Proprietary Projectiles: Investment in developing new projectiles for both consumer and law enforcement markets, including the long-range less-lethal 12-gauge shotgun projectile introduced in January 2023.
Intellectual Property (IP)
Byrna's success depends significantly on its ability to protect its proprietary technology and IP rights. The company relies on a combination of patent, copyright, trade secret, and trademark laws, as well as contractual restrictions like confidentiality agreements.
Byrna holds numerous issued utility and design patents, is prosecuting several new provisional patents, and has granted and is prosecuting trademarks. Acquisitions have also added to its IP portfolio, including patents and trademarks from Mission Less Lethal, Ballistipax Holdings Inc., and Fox Labs.
Competition
Byrna's less-lethal security products compete with manufacturers of:
Conductive energy devices (e.g., Axon Enterprise, Inc.'s TASER device).
Other handheld CO2-powered launchers of chemical irritant projectiles (e.g., United Tactical Systems, LLC's PepperBall brand).
Remote restraint devices (e.g., Wrap Technologies, Inc.).
Traditional firearms manufacturers may also introduce competitive products. Many competitors have strong brand recognition, broad product lines, established distribution, loyal customers, and significant financial resources. Byrna believes its products are competitive in terms of price, quality, features, performance, and reliability, but must continue to innovate and increase brand awareness.
Competitive advantage
Byrna's patented Pull-Pierce technology enhances readiness, reliability, and ease of use. This technology connects the CO2 cartridge piercing mechanism directly to the trigger, so the cartridge is punctured and the projectile is fired simultaneously with a single trigger pull. This eliminates the extra steps required by other CO2-powered less-lethal devices, such as manually piercing the cartridge before firing, which improves response time in critical self-defense situations where every fraction of a second counts.
Regulations
Byrna is subject to extensive federal, state, local, and foreign laws concerning weapons, ammunition, and explosives.
U.S. BATF Regulation: The Byrna SD is not currently classified as a "firearm" by the BATF, as it uses CO2 rather than gunpowder. However, it is subject to state and local regulations related to "pepper spray" or "tear gas" devices. Re-characterization of the Byrna SD as a firearm or new regulations could significantly impact its market and sales. Byrna must maintain Federal Firearms License (FFL) and Federal Explosive License (FEL) licenses for its 40mm products and certain components.
Trade Control Laws: The company is subject to U.S. and foreign export control, sanctions, customs, import, and anti-boycott laws and regulations (e.g., Export Administration Regulations - EAR). If products become subject to the International Traffic in Arms Regulations (ITAR) or national security controls, it could severely limit sales, exports, and transfers. Non-compliance with these laws can result in significant administrative, civil, or criminal liabilities, including fines and suspension of export privileges.
Overall Regulatory Risk: Failure to comply with applicable rules and regulations may limit growth or business activities and could result in the revocation of necessary licenses. Changes to existing or future firearms and ammunition legislation, while currently not materially adverse to Byrna's sales, could have a material adverse effect on its business.
Stay tuned for our Quick Take on Byrna, discussing the financials and prospects
