Byrna Technologies Inc. (BYRN) Announces $10M Share Buyback

Byrna Technologies Inc. (Nasdaq: BYRN) today announced that its Board of Directors has approved a $10 million stock repurchase program. This program authorizes the Company to repurchase up to $10 million of its common stock over a twenty-four month period.

“Based on our continuing strong operating performance, primarily driven by our successful marketing strategies, we believe Byrna’s shares present a compelling investment opportunity at their current valuation,” said Byrna CEO Bryan Ganz. “We believe that our shares are currently undervalued by the market, and this repurchase program demonstrates our confidence in the long-term sustainability of our marketing strategies and business model. As we have done with previous repurchase programs, we aim to enhance shareholder value and demonstrate our commitment to delivering consistent returns by taking advantage of the current market conditions.”

Byrna has achieved impressive sequential revenue growth over the past several quarters, with Q2 2024 marking a company record for revenue, surpassing the previous record set in Q1 2024, all while improving profitability. This consistent growth reinforces management’s confidence in the Company’s long-term prospects. The stock repurchase program reflects management’s belief in the intrinsic value of Byrna and the Company’s dedication to utilizing its robust cash position to benefit shareholders. Management remains committed to driving returns for Byrna’s shareholders through strong operational performance and in the capital markets.

Under the stock repurchase program, the Company may buy back its common stock in the open market from time to time, in amounts, at prices, and at such times as the Company deems appropriate, subject to market conditions, pursuant to Rule 10b5-1 of the Securities Exchange Act of 1934, and federal and state laws governing such transactions. Byrna intends to fund the repurchases with its existing cash balance, including cash generated from operations, ensuring that the program does not impact operational capabilities or growth initiatives. There can be no assurances as to the exact number or aggregate value of shares that will be repurchased by Byrna.

During the Company’s previous stock repurchase programs, Byrna has repurchased $17.5 million of stock. The Company most recently had a stock repurchase program in place in 2022.

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