Byrna Technologies Inc. (OTCQB: BYRN) (CSE: BYRN) reported record sales for the fiscal fourth quarter ended November 30, 2020 of approximately $11.1 million, up from $4.2 million in the third quarter (a 265% increase quarter over quarter). Domestic sales accounted for 91.2% of Byrna's fourth quarter sales with International Sales accounting for 8.8%. In terms of sales channels, 85.2% of Byrna's fourth quarter sales were generated through Byrna's e-commerce website, 10.9% of fiscal fourth quarter sales were through Byrna's brick & mortar dealers and 3.9% of Q4 revenues came from sales to Law Enforcement. This brought Byrna's 2020 full fiscal year sales to $16.7 million, an 1,800% increase from Byrna's 2019 fiscal full year sales of $924,000.
For the full year, launchers represented 80% of Byrna's global sales with ammunition, accessories and apparel representing the other 20%. Given Byrna's razor / razor blade model, it is expected that as Byrna's installed user base grows, the percentage of sales derived from the high margin ammo and accessories category will continue to grow, ultimately reaching approximately 50% of total sales.
Production for the quarter totaled 35,799 units (including 4,945 units produced in Ft. Wayne Indiana), up from 14,874 units in Q3. This brought production for the full fiscal year 2020 to 55,777 units. With both the South African and Ft. Wayne facilities now in operation, Byrna currently has the capacity to produce more than 150,000 units per quarter, or more than 600,000 units per year.
As previously announced, the increase in production allowed Byrna to fill substantially all launcher back orders from Q3. The Company expects to fill the remaining 14,400 back orders from Q4, which total more than $6.8 million, by early to mid-January. The 14,400 unit backlog ($6.8 million) at the end of fiscal year 2020 is down from a backlog of 23,300 units ($10.4 million) at the end of the third quarter.
Bryan Ganz, CEO of Byrna, stated, "We are extremely pleased with our fourth quarter results. 2020 was a transformative year for Byrna as the Company grew both sales and production by well over 1,000% and built out the infrastructure needed to sustain its current growth trajectory. Byrna was able to produce these record results despite being capacity constrained for much of the year. More importantly, demand for the Company's flagship product, the Byrna HD, has only continued to grow as the Company builds brand awareness. Increasingly, Byrna is becoming the answer for both law enforcement and consumers that are looking for a safe and effective less-lethal self-defense solution."
Mr. Ganz continued, "I am very proud of our team and the way they rose to the occasion this year, expanding production from less than 100 units per day at the beginning of the year to more than 1,000 units per day by the end of the year. Now that we are no longer capacity constrained, we are re-starting our advertising campaign, which was suspended in June of 2020 after the surge in sales overtook our production capabilities. We will also start filling dealer orders this week so that our more than 300 dealers will have inventory for the holiday shopping season. As a result, we expect to see continued sequential quarterly growth and we are confident that the upcoming fiscal first quarter of 2020 will be another record quarter for Byrna. For the full fiscal year 2021, we expect sales to be a multiple of our 2020 full year sales."
In conclusion, Mr. Ganz remarked, "I want to thank the more than 45,000 members of Byrna Nation, along with our suppliers, associates, dealers and investors for their patience and support this year and for believing in Byrna and our mission of saving lives. We could not have done this without you."
About Byrna Technologies Inc.
Byrna is an emerging non-lethal technology company, specializing in the development and manufacture of innovative less lethal equipment and munitions. 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®HD personal security device, which looks to be the leading choice in the consumer and private security markets for non-lethal home protection, personal safety, and security.
About the Byrna® HD
The Byrna HD is a handheld, CO2 powered, non-lethal option for home safety and personal security with the form factor of a compact handgun. It provides a safety zone of 60 feet and comes with multiple easily reloadable magazines that can hold five .68 caliber hard kinetic rounds or highly effective payload rounds designed to burst on impact. Payload rounds include the Company's proprietary chemical irritant and pepper rounds designed to burn an assailant's eyes and respiratory system upon contact.
