Byrna Technologies Inc. (NASDAQ:BYRN) Q4 2023 Earnings Conference Call February 14, 2024 9:00 AM ET

Company Participants

Bryan Ganz - Chief Executive Officer

David North - Chief Financial Officer

Conference Call Participants

Jeff Van Sinderen - B. Riley Securities

Jon Hickman - Ladenburg Thalmann

Jim McIlree - Dawson James

Operator

Good morning. Welcome to Byrna’s Fiscal Fourth Quarter and Full Year 2023 Earnings Conference Call. My name is Shamal and I will 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 their remarks, we will open the call to questions. Earlier today, Byrna released results for its fiscal fourth quarter and full year ended November 30, 2023. A 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 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 Investors section of our website, ir.byrna.com for further information regarding forward-looking statements and reconciliations of non-GAAP results to GAAP results.

Now, I would like to turn the call over to Byrna’s CEO, Bryan Ganz. Sir, please proceed.

Bryan Ganz

Thank you, operator, and thank you, everyone, for joining us today. This morning, we issued a press release providing our financial results for the fiscal fourth quarter and full year ended November 30, 2023, along with key business accomplishments for 2023 and an update on Q1 performance 2024 performance. We will also be filing our 10-K with the SEC later today.

I’m going to begin this morning by passing the call to David North, our CFO, to discuss our financial results for both the fourth quarter and the full year 2023. Following that, I’ll review what was a very eventful year and offer insights into our operations and go-forward strategy. Lastly, we’ll open the call to questions from our publishing analysts. David?

David North

Thank you, Bryan, and good morning, everyone. Let’s discuss our financial results for the fiscal fourth quarter and full year of 2023 ended November 30, 2023. Net revenue for the fourth quarter in 2023 was $15.6 million compared to $16.0 million in the fiscal fourth quarter of 2022. The slightly lower net revenue is primarily attributed to exceptional international sales in Q4 of 2022, which included a $3.4 million stocking order for the company’s distributor in Argentina. Total international sales in Q4 of 2023 and were $225,000 compared to $4.3 million in the prior year. Without this one-time surge in international sales in the prior year, the fourth quarter displayed strong growth.