A Quick Take on Byrna

There is substantial potential here..

• The company is a market leader in non-lethal launchers.

• It's only scratching the surface of what's likely to be a very large TAM, not just in the US but internationally as well, although it remains to be seen how customer acceptance develops.

• The company has an attractive business model producing high-margin launcher sales, with upside due to the compact launcher, recurring revenues from CO2 cartridges and projectile sales, and upcoming Byrna Care and the chipset, although a greater part of sales running through brick-and-mortar retail will exert some downward pressure on margins.

• Growth is likely to produce considerable operating leverage.

• The company is financially sound, profitable, and producing cash.

• The shares are reasonably valued.see our Primer.

• See our free Primer for an introduction to the company.