Byrna Technologies Inc. (“Byrna” or the
“Company”) (Nasdaq: BYRN), a technology company
specializing in the development, manufacture, and sale of
innovative less-lethal personal security solutions, today announced
significant developments in its Latin American strategy. Byrna
LATAM, the Company’s regional partner, is expanding its
manufacturing capacity in Argentina to meet growing demand, with
plans to produce 3,000 launchers per month starting in Q1 2025 and
scale ammunition production.
Byrna LATAM’s expanded manufacturing plans
include introducing production of Byrna’s Mission-4 and SDXL
launchers in Argentina in 2025 and adding to its current production
of Byrna SD and Byrna Kinetic ammunition. Additionally, plans are
underway to establish a dedicated ammunition factory in Córdoba
Province to produce Byrna Max and Byrna Pepper projectiles, further
increasing the availability of these products for law enforcement
agencies and consumers across Latin America.
“The strong progress achieved by Byrna LATAM
demonstrates the region’s need for effective, less-lethal
alternatives,” said CEO Bryan Ganz. “Argentina specifically and
South America generally are critical growth markets for Byrna, and
the success of the Córdoba Provincial Police demonstrates how
Byrna’s solutions can transform public safety strategies. With a
strong leadership team and a robust pipeline of opportunities,
Byrna LATAM has laid the groundwork for continued expansion across
South America. Together, we are well-positioned to scale these
efforts and drive the adoption of less-lethal solutions across the
region.”
In 2024 the Córdoba Provincial Police, the
largest single user of Byrna Launchers worldwide, deployed 15,000
Byrna SD and Mission-4 units in the field and have placed an
additional order for 10,000 units to be fulfilled in 2025. The
expanded launcher production for Byrna LATAM will allow Byrna LATAM
to meet this demand and support broader regional growth. This will
generate approximately $1.5 million in royalty income for Byrna
Technologies (BYRN). Byrna LATAM is also in discussion with
agencies in Peru and Brazil. If successful, this would
significantly increase this figure as these sales would be in
addition to the planned production of 3,000 units a month.
During a visit to Buenos Aires in November,
Byrna CEO Bryan Ganz met with Vice President Victoria Villarruel
and the Chief of Police of Córdoba Province at the Bersa / Byrna
product exhibition held on the 9th and 10th of November. Byrna’s
presentation to the Milei Administration, represented by Vice
President Villarruel, focused on how Byrna’s less-lethal technology
can address critical public safety challenges faced by law
enforcement in Argentina and throughout the region. Byrna also
highlighted the Company’s investment in the Buenos Aires factory
and commitment to the region.
Strategic Collaboration with Byrna
LATAM
As previously reported, in 2024 Byrna sold its
51% ownership stake in Byrna LATAM to its Argentine partners;
however, it retained the right to repurchase 100% of Byrna LATAM
once it has achieved certain levels of profitability and is able to
meet the financial reporting and internal control requirements
necessary to pass a U.S. public company audit conducted by a major
U.S. auditing firm. At that point, Byrna would be able to include
Byrna LATAM’s sales in its topline numbers. In the interim, Byrna
will report sales to Byrna LATAM as well as any royalty income
earned when Byrna LATAM manufactures Byrna launchers and ammo.
Based on Byrna LATAM’s production plan for 2025, Byrna expects to
earn between $1.0 and $2.0 million in royalty income in 2025.
Bryan Ganz with Victoria Villarruel, Vice
President of Argentina
About Byrna Technologies Inc.
Byrna is a technology company specializing in
the development, manufacture, and sale of innovative less-lethal
personal security solutions. For more information on the Company,
please visit the corporate website here or the Company's
investor relations site here. The Company is the manufacturer
of the Byrna® SD personal security device, a state-of-the-art
handheld CO2 powered launcher designed to provide a less-lethal
alternative to a firearm for the consumer, private security, and
law enforcement markets. To purchase Byrna products, visit the
Company's e-commerce store.
Forward-Looking StatementsThis
news release contains “forward-looking statements” within the
meaning of the securities laws. All statements contained in this
news release, other than statements of current and historical fact,
are forward-looking. Often, but not always, forward-looking
statements can be identified by the use of words such as “plans,”
“expects,” “intends,” “anticipates,” and “believes” and statements
that certain actions, events or results “may,” “could,” “would,”
“should,” “might,” “occur,” “be achieved,” or “will be taken.”
Forward-looking statements include descriptions of currently
occurring matters which may continue in the future. Forward-looking
statements in this news release include, but are not limited to,
our statements related to preliminary revenue results for the
fourth fiscal quarter and fiscal year 2024, the timing of the
release of full financial results for the quarter, trends regarding
brand recognition and future sales potential, sales during the
holiday season and during 2025, and the Company’s plans to open
Company-owned retail stores. Forward-looking statements are not,
and cannot be, a guarantee of future results or events.
Forward-looking statements are based on, among other things,
opinions, assumptions, estimates, and analyses that, while
considered reasonable by the Company at the date the
forward-looking information is provided, inherently are subject to
significant risks, uncertainties, contingencies, and other factors
that may cause actual results and events to be materially different
from those expressed or implied.
Any number of risk factors could affect our
actual results and cause them to differ materially from those
expressed or implied by the forward-looking statements in this news
release, including, but not limited to, disappointing market
responses to current or future products or services; prolonged,
new, or exacerbated disruption of the Company’s supply chain; the
further or prolonged disruption of new product development;
production or distribution or delays in entry or penetration of
sales channels due to inventory constraints, competitive factors,
increased shipping costs or freight interruptions; prototype, parts
and material shortages, particularly of parts sourced from limited
or sole source providers; determinations by third party controlled
distribution channels not to carry or reduce inventory of the
Company's products; determinations by advertisers to prohibit
marketing of some or all Byrna products; the loss of marketing
partners; potential cancellations of existing or future orders
including as a result of any fulfillment delays, introduction of
competing products, negative publicity, or other factors; product
design defects or recalls; litigation, enforcement proceedings or
other regulatory or legal developments; changes in consumer or
political sentiment affecting product demand; regulatory factors
including the impact of commerce and trade laws and regulations;
import-export related matters or sanctions or embargos that could
affect the Company's supply chain or markets; delays in planned
operations related to licensing, registration or permit
requirements; and future restrictions on the Company's cash
resources, increased costs and other events that could potentially
reduce demand for the Company's products or result in order
cancellations. The order in which these factors appear should not
be construed to indicate their relative importance or priority. We
caution that these factors may not be exhaustive; accordingly, any
forward-looking statements contained herein should not be relied
upon as a prediction of actual results. Investors should carefully
consider these and other relevant factors, including those risk
factors in Part I, Item 1A, (“Risk Factors”) in the Company's most
recent Form 10-K, should understand it is impossible to predict or
identify all such factors or risks, should not consider the
foregoing list, or the risks identified in the Company's SEC
filings, to be a complete discussion of all potential risks or
uncertainties, and should not place undue reliance on
forward-looking information. The Company assumes no obligation to
update or revise any forward-looking information, except as
required by applicable law.
Investor Contact:Tom Colton and Alec
WilsonGateway Group, Inc. 949-574-3860BYRN@gateway-grp.com
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/4dcaf36b-b3d7-41fb-9d3c-5ba9741400a8
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