ANDOVER, Mass. - Byrna Technologies Inc. (NASDAQ:BYRN), known for its development and manufacture of less-lethal personal security devices, announced the appointment of Lauri Kearnes as its new Chief Financial Officer (CFO), effective from July 15, 2024. Kearnes, who has over two decades of financial and operational leadership experience, will be succeeding the current CFO, David North, upon his retirement on the same date.
Kearnes's appointment comes as part of a strategic move to strengthen the company's financial leadership as it continues to grow. Her previous role as CFO at Harte Hanks (NASDAQ:HHS) saw her overseeing finance, accounting, and human resources for a company with over $200 million in annual revenues.
Her career also includes significant positions at Brooks Automation (NASDAQ:AZTA) and Nutraceutical Corporation, highlighting her expertise in financial operations within high-tech manufacturing and consumer-focused industries. Kearnes is a graduate of Utah State University, where she earned both her bachelor's and master's degrees in accounting.
Bryan Ganz, CEO of Byrna, expressed confidence in Kearnes's ability to contribute to the company's future success, citing her proven track record and in-depth knowledge of public company reporting requirements. Kearnes herself is looking forward to driving Byrna's growth and leveraging her experiences to bolster the company's position in the consumer and public safety markets.
The transition plan includes North's continued involvement as an outside consultant to ensure continuity and retention of his insights. Byrna Technologies, which produces the Byrna SD personal security device, a handheld CO2-powered launcher, is aiming to provide less-lethal alternatives to firearms for consumers, private security, and law enforcement.
This leadership change is part of Byrna's broader growth strategy, as indicated by recent revenue growth and expansion of production capabilities. The company has not disclosed further details on how the appointment might impact financial strategies or operations.
The information in this article is based on a press release statement from Byrna Technologies Inc.
In other recent news, Byrna Technologies has been experiencing significant developments in its operations and financial performance. The company's recent promotion of John Brasseur to Chief Operating Officer has led to a 44% increase in the production of launchers, a move that has been positively received by B.Riley and Ladenburg Thalmann, both of which have raised their stock price targets for the company.
Byrna Technologies also reported robust Q1 2024 earnings, with revenues reaching $16.7 million, marking a substantial 98% increase from the same quarter of the previous year.
The firm is also making strides in its marketing efforts, with plans to initiate partnerships with three celebrities to boost product awareness. Alongside this, Byrna's retail strategy is evolving, with plans to open three new company-owned stores in Boston, Houston, and Fort Wayne. These developments are part of Byrna's strategy to scale its operations and meet increasing market demand.
In addition to its production and marketing efforts, Byrna Technologies is also focusing on operational improvements. Under the guidance of its new COO, the company plans to expand its production capacity to 18,000 units per month by May 2024. This proactive approach to scaling operations is expected to sustain the company's growth and meet consumer and market demands.
InvestingPro Insights
As Byrna Technologies Inc. (NASDAQ:BYRN) prepares for a strategic transition in its financial leadership, investors and stakeholders may find the following insights from InvestingPro valuable in assessing the company's current financial health and future prospects.
InvestingPro data highlights that Byrna holds a market capitalization of approximately $238.73 million, reflecting the company's size and market value as of the first quarter of 2024. Despite the challenges of profitability, as the company is not anticipated to be profitable this year, Byrna's gross profit margins stand strong at 55.1%. This indicates a solid ability to control the cost of goods sold and maintain profitability at the gross level.
Moreover, the company's revenue growth is notable, with a quarterly increase of 98.0% in Q1 2024. This surge aligns with the company's growth narrative and may be a positive sign for investors looking for expanding operations. However, it is important to consider that Byrna's stock price has experienced significant volatility, with a 24.95% drop over the last three months, yet an impressive year-to-date return of 64.32%. This volatility could be a point of consideration for investors with a lower risk tolerance.
InvestingPro Tips for Byrna Technologies suggest that while analysts do not expect the company to be profitable this year, they do anticipate sales growth in the current year. Additionally, Byrna's liquid assets exceed its short-term obligations, which could provide financial flexibility and stability for the company moving forward.
For those interested in a deeper dive into Byrna Technologies' financials and strategic outlook, there are 15 additional InvestingPro Tips available at https://www.investing.com/pro/BYRN. To enhance your investment research, consider using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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