Byrna Q3 Net Loss Widens, Misses Estimates; Backs FY21 Revenue View
Byrna Technologies Inc. (BYRN), a non-lethal defense technology company, on Friday posted a wider loss for the third quarter that fell short of analysts’ view, amidst a rise in operating expenses. In addition, the technology products and services provider reiterated its revenue guidance for the current fiscal.
The Andover-headquartered company posted a net loss of $1.8 million or $0.08 per share, compared to a net loss of $0.6 million or $0.04 per share, reported for the same period, last year.
Excluding items, Byrna posted its loss at $0.90 million or $0.04 per share, against $0.53 million or $0.04 per share, recorded for the three-month period last year. Two analysts, on average, polled by Thomson-Reuters were estimating the firm to report breakeven per share. Analysts’ estimates typically exclude one-time items.
Despite a rise in demand, loss from the operations of the American firm was reported at $1.80 million for the quarter, wider than $0.55 million, reported a year ago.
Operating expenses of the firm rose to $6.7 million from last year’s $2.7 million, as the company added new staff and infrastructure required to support its growth.
Backed by higher e-commerce and international sales, revenues of the company surged by 107.3 percent to $8.7 million from $4.2 million, generated for the third quarter of 2020. Analysts were estimating the firm to report a revenue of $7.49 million for the quarter ended on August 31.
For the fiscal year ending November 30, 2021, Byrna has reiterated its revenue guidance in the range of $40 million – $42 million, reflecting year-over-year growth of approximately 146 percent at the mid-point of the range. Analysts, on average, expect the company to report revenue of $37.38 million for the fiscal year.
For the fiscal year 2021, the company expects its gross margin in the range of 53 percent – 56 percent, compared to gross margin of 45.3 percent, reported for the last fiscal.
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