Expect a sharp gap-down at open given the severe revenue and EPS miss and withdrawn growth outlook. Monitor the conference call for specific H2 demand signals and inventory normalization timing. With only $10.4M cash and ongoing losses, a dilutive equity raise becomes a risk if the revenue decline persists through H2.
Price Chart
Executive Summary
BYRN reported Q2 2026 revenue of $16.4M, down 42.5% YoY and 26% below consensus, with a GAAP net loss of -$10.1M vs a $2.4M profit last year. Management withdrew growth expectations, stating fiscal 2026 will not be a revenue-growth year, confirming demand deterioration across e-commerce and retail channels. The massive miss on both revenue and EPS, combined with inventory write-downs and ammo facility shutdown, signals a steep demand reset.
Key Financial Metrics
Key Facts
- Revenue $16.4M vs consensus $22.2M (-26% miss) and vs $28.5M YoY (-42.5%)
- GAAP diluted EPS -$0.44 vs consensus -$0.12 (-266.7% miss)
- Net loss -$10.1M vs net income $2.4M YoY
- Adjusted EBITDA -$0.6M vs +$4.3M YoY
- Gross margin collapsed to 10.9% GAAP (62% adjusted) due to $5.9M inventory write-down and $3.5M equipment impairment
- Management: 'fiscal 2026 will not be a revenue-growth year'; no quarterly guidance provided
- Cash balance $10.4M vs $15.5M at Nov 30, 2025; $30.4M in inventory
- Ceased in-house ammunition manufacturing; reduced launcher assembly from 4 lines to 2
- Entered agreement to acquire HERO Defense Systems (undisclosed terms)
Financial Impact
Revenue declined $12.1M YoY, net income swung from +$2.4M to -$10.1M (deterioration of $12.5M). Non-cash impairment/write-down charges totaling $10.4M. Cash burn of ~$5M in 6 months.
Risk Factors
- Further demand deterioration in e-commerce and retail sell-through
- Cash burn rate may require dilutive financing within 2-3 quarters
- Additional inventory write-downs if sell-through continues slower than planned
- Integration risk from HERO Defense acquisition
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001437749-26-023101 |
| Document: byrn20260708_8k.htm | 0001437749-26-023101 |
| Document: 0001437749-26-023101-index-headers.html | 0001437749-26-023101 |
| Document: 0001437749-26-023101-index.html | 0001437749-26-023101 |
| Document: 0001437749-26-023101.txt | 0001437749-26-023101 |
| 8-K Data (Synthetic) | 0001437749-26-023101 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 8, 2026 18d ago | 8-K | $4.73 $4.52 | ▲ +4.44% | ▲ +5.04% | $4.82 (−1.90%) |
Sep 18, 2026 5w ago | 3 | $3.68 $3.52 | ▼ −4.35% | ▼ −5.90% | $4.82 (+30.98%) |
Sep 3, 2026 7w ago | 8-K | $3.41 $3.68 | ▲ +7.92% | ▲ +8.30% | $4.82 (+41.35%) |
Aug 15, 2026 10w ago | Institutional Cluster | $3.96 $3.90 | ▲ +1.52% | ▲ +0.84% | $4.82 (−21.72%) |
Aug 10, 2026 11w ago | 8-K | $4.85 $4.68 | ▼ −3.51% | ▼ −3.19% | $4.82 (−0.62%) |
Jul 28, 2026 12w ago | Insider Cluster | $4.33 $4.56 | ▲ +5.31% | ▲ +3.64% | $4.82 (+11.32%) |
Jul 28, 2026 12w ago | Insider Cluster | $4.33 $4.56 | ▲ +5.31% | ▲ +3.64% | $4.82 (+11.32%) |
Jul 28, 2026 12w ago | Insider Cluster | $4.33 $4.56 | ▲ +5.31% | ▲ +3.64% | $4.82 (+11.32%) |
Jul 23, 2026 13w ago | Insider Cluster | $3.54 $4.13 | ▲ +16.67% | ▲ +16.64% | $4.82 (+36.16%) |
Jul 23, 2026 13w ago | Insider Cluster | $3.54 $4.13 | ▲ +16.67% | ▲ +16.64% | $4.82 (+36.16%) |
US Market Status
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