Byrna Technologies Inc. (NASDAQ:BYRN) Q3 2023 Earnings Conference Call October 12, 2023 9:00 AM ET
Company Participants
Bryan Ganz - Chief Executive Officer, President and Director
David North - Chief Financial Officer
Conference Call Participants
Jeff Sinderen - B. Riley Securities
Operator
Good morning. Welcome to the Byrna’s Fiscal Third Quarter 2023 Earnings Conference Call. My name is Rob and I’ll be your operator for today’s call. Joining us for today’s presentation are the Company’s CEO, Bryan Ganz, and CFO, David North. Following the remarks, we’ll open the call for questions. Earlier today, Byrna released results for its fiscal third quarter ended August 31st, 2023. Copy of the press release is available on the company's website.
Before turning the call over to Bryan Ganz, Byrna Technologies’ Chief Executive Officer, I will read the Safe Harbor statement. Some discussions made held today include forward-looking statements. Actual results could differ materially from the statements made today. Please refer to Byrna’s most recent 10-K and 10-Q filings for a more complete description of risk factors that could affect these projections and assumptions. The company assumes no obligation to update forward-looking statements as a result of new information, future events or otherwise.
As this call will include references to non-GAAP results, please see the press release in the Investor Relations section of our website, ir.bynra.com for further information regarding forward-looking statements and reconciliations of non-GAAP results to GAAP results.
No, I’ll like to turn the call over to Byrna’s CEO, Bryan Ganz. Sir, proceed.
Bryan Ganz
Thank you, operator. And thank you everyone for joining us today. This morning, we filed our 10-Q with the SEC and issued a press release providing our financial results for the fiscal third quarter ended August 31, along with key business accomplishment.
To begin today's call, however, I'd like to share some highlights and recent developments, including a discussion of the actions we're taking to address the recent DTC marketing challenges. Afterwards, I'll pass the call over to David to discuss our financial results in greater detail. And following that, I'll offer additional insights into our performance and our forward-looking strategy. And as usual, we will open the floor to questions from our publishing analysts at the end of the presentation.
Okay. As we previously announced a few weeks ago, our total revenue for the third quarter was just $7.1 million, down from $12.4 million in the same period last year. This significant decline was due primarily to the advertising restrictions imposed by Meta and Google in March of this year. And interestingly, Twitter, the self-proclaimed last bastion of free speech, also banned Byrna advertising two months later. When these major platforms imposed their advertising bans, it had an immediate negative impact on daily web sessions.