Byrna Technologies Inc. (NASDAQ:BYRN) Q1 2024 Earnings Conference Call April 5, 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

Operator

Good morning. Welcome to Byrna’s Fiscal First Quarter 2024 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 their remarks, we will open the call to questions. Earlier today, Byrna released results for its fiscal first quarter ended February 29, 2024. 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'll 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, Rob, and thank you everyone for joining us today. This morning we filed our first quarter 10-Q with the SEC and issued a press release providing financial results for the fiscal first quarter ended February 29, 2024, along with key business accomplishments we've made so far this year.

I'll begin this morning by passing the call over to David North, our CFO, to discuss our financial results for Q1. Following that, I'll review what was a strong start to the year highlighted by our GAAP profitability offer insights into our operations, and then discuss our go-forward strategy. And then lastly, we'll open the call to questions from our publishing analysts. David?

David North

Thank you, Bryan, and good morning everyone. So let's discuss our financial results for the first fiscal quarter ended February 29, 2024. Net revenue for Q1, 2024 was $16.7 million and that's up 98% from the $8.4 million we reported in the first fiscal quarter of 2023. This $8.3 million increase is primarily due to the transformational pivot in our advertising strategy, which we kicked off in September of 2023.