Revenue declined for the third consecutive quarter and missed consensus by 22%, while the company remains unprofitable with cash burn continuing to erode the balance sheet. The activist 13D filings from Bryan Ganz add pressure for operational or strategic changes. Watch for Q4 holiday sell-through and inventory reduction as the key near-term catalyst.
Price Chart
Executive Summary
Byrna Technologies reported Q3 2026 revenue of $15.3M, down ~46% YoY from $28.2M, and a GAAP net loss of $(2.9)M vs a $2.2M profit in Q3 2025. The EPS of $(0.13) matched the Street consensus of $(0.13), but revenue missed the $19.7M estimate by ~22%. The company cited continued e-commerce weakness and slow retail reorders, though adjusted gross margin improved to ~65% from 60% on manufacturing efficiencies. The filing is evaluated under activist pressure from Bryan Ganz's multiple recent 13D/A filings.
Key Financial Metrics
Key Facts
- Q3 2026 net revenue $15.3M, down ~46% YoY from $28.2M
- GAAP net loss $(2.9)M vs net income $2.2M in Q3 2025
- EPS $(0.13) per share, in line with Street consensus of $(0.13) consensus
- Revenue of $15.3M missed $19.7M consensus estimate by ~22%
- Adjusted gross margin improved to ~65% from 60% YoY, excluding a $2.3M tariff refund
- Adjusted EBITDA was $(1.4)M vs $4.1M in Q3 2025
- Cash and marketable securities $9.4M, down from $15.5M at Nov 30, 2025
- Inventory $30.0M, down modestly from $32.7M at Nov 30, 2025
- Activist investor Bryan Ganz filed three SC 13D/A filings within the past 90 days
- Completed acquisition of HERO Defense Systems, expanding product portfolio
Financial Impact
Revenue declined ~46% YoY with a net loss swing of ~$5.1M vs the prior year's profit; revenue miss of ~$4.4M vs consensus
Risk Factors
- Revenue decline of ~46% YoY signals sustained demand weakness in e-commerce and retail channels
- Cash burn continues with cash down to $9.4M from $15.5M at fiscal year start
- Inventory remains elevated at $30M with management expecting holiday season for improvement
- Activist investor pressure may lead to board changes or strategic alternatives
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001437749-26-032354 |
| Document: byrn20261007_8k.htm | 0001437749-26-032354 |
| Document: 0001437749-26-032354-index-headers.html | 0001437749-26-032354 |
| Document: 0001437749-26-032354-index.html | 0001437749-26-032354 |
| Document: 0001437749-26-032354.txt | 0001437749-26-032354 |
| 8-K Data (Synthetic) | 0001437749-26-032354 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 8, 2026 19d ago | 8-K | $4.73 $4.52 | ▲ +4.44% | ▲ +5.04% | $4.73 (−0.00%) |
Sep 18, 2026 5w ago | 3 | $3.68 $3.52 | ▼ −4.35% | ▼ −5.90% | $4.73 (+28.53%) |
Sep 3, 2026 7w ago | 8-K | $3.41 $3.68 | ▲ +7.92% | ▲ +8.30% | $4.73 (+38.71%) |
Aug 15, 2026 10w ago | Institutional Cluster | $3.96 $3.90 | ▲ +1.52% | ▲ +0.84% | $4.73 (−19.44%) |
Aug 10, 2026 11w ago | 8-K | $4.85 $4.68 | ▼ −3.51% | ▼ −3.19% | $4.73 (−2.47%) |
Jul 28, 2026 13w ago | Insider Cluster | $4.33 $4.56 | ▲ +5.31% | ▲ +3.64% | $4.73 (+9.24%) |
Jul 28, 2026 13w ago | Insider Cluster | $4.33 $4.56 | ▲ +5.31% | ▲ +3.64% | $4.73 (+9.24%) |
Jul 28, 2026 13w ago | Insider Cluster | $4.33 $4.56 | ▲ +5.31% | ▲ +3.64% | $4.73 (+9.24%) |
Jul 23, 2026 13w ago | Insider Cluster | $3.54 $4.13 | ▲ +16.67% | ▲ +16.64% | $4.73 (+33.62%) |
Jul 23, 2026 13w ago | Insider Cluster | $3.54 $4.13 | ▲ +16.67% | ▲ +16.64% | $4.73 (+33.62%) |
US Market Status
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