Byrna Technologies Inc. (NASDAQ:BYRN) Q2 2024 Earnings Conference Call July 9, 2024 9:00 AM ET

Company Participants

Bryan Ganz - Chief Executive Officer
David North - Chief Financial Officer
Lauri Kearnes - Chief Financial Officer Designee

Conference Call Participants

Jeff Van Sinderen - B. Riley Securities
Jon Hickman - Ladenburg Thalmann

Operator

Good morning and welcome to Byrna's Fiscal Second Quarter 2024 Earnings Conference Call. My name is Kevin and I'll be your operator for today's call. Joining us for today's presentation are the company's CEO, Bryan Ganz; CFO, David North; and CFO Designee, Lauri Kearnes. Following their remarks, we will open the call to questions. Earlier today, Byrna released results for its fiscal second quarter ended May 31st, 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, Kevin, 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 second quarter ended May 31st, 2024, as well as highlighting key business accomplishments from the year so far.

I'll start by passing the call to David North, our CFO, who will discuss our financial results for Q2. Following his remarks, I'll review our record breaking quarter, highlighted by $20.3 million in revenue and continued GAAP profitability. I will then offer insights into our operation and discuss our go-forward strategy.

Lastly, we'll open the call to questions from research analysts. David?

David North

Thank you, Bryan, and good morning everyone. Let's discuss our financial results for the second fiscal quarter ended May 31st, 2024. Net revenue for Q2 2024 was $20.3 million that's up 76% from the $11.5 million we reported in the fiscal second quarter of 2023. This $8.8 million increase is primarily due to the transformational pivot in our advertising strategy, which we kicked off in September of 2023. The success of our Celebrity Endorsement Strategy resulted in a $7.9 million increase in direct-to-consumer revenues through our website and Amazon compared to the prior year period.