Byrna Technologies Inc. (BYRN): A Bull Case Theory 

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We came across a bullish thesis on Byrna Technologies Inc. on Shareholdersunite Essentials’s Substack by Shareholdersunite. In this article, we will summarize the bulls’ thesis on BYRN. Byrna Technologies Inc.’s share was trading at $22.60 as of October 3rd. BYRN’s trailing and forward P/E were 35.32 and 43.67, respectively according to Yahoo Finance.

Byrna Technologies Inc. (BYRN) is a leading less-lethal self-defense technology company focused on empowering individuals and security professionals with innovative, non-lethal solutions under its “Live Safe®” mission. The company’s diverse product portfolio spans handheld personal security devices, shoulder-fired launchers, proprietary projectiles, self-defense aerosols, and related safety accessories, serving both consumer and professional markets. Byrna’s flagship products, including the compact Byrna SD, the high-powered Byrna LE, and the newly launched Byrna CL, provide safer standoff distances than traditional self-defense tools while offering modularity, ease of use, and higher margins.

Strategic acquisitions, such as Mission Less Lethal and Fox Labs International, have expanded Byrna’s product line, professional market reach, and intellectual property portfolio, while partnerships in Latin America broaden international distribution. The company leverages a dual sales strategy with e-commerce, dealer networks, and professional training programs, complemented by targeted marketing efforts focusing on brand awareness, celebrity endorsements, and law enforcement education. Manufacturing is conducted in high-capacity U.S. and South African facilities, supported by rigorous quality control and in-house projectile production, ensuring reliability and scalability.

Byrna’s competitive edge is underpinned by patented Pull-Pierce technology, enhancing response time and usability in critical scenarios. Regulatory compliance across U.S. and international jurisdictions remains essential, though current classification as non-lethal limits exposure. Positioned in a nascent but rapidly growing market with strong societal tailwinds favoring less-lethal solutions, Byrna benefits from an enormous addressable market, improving profitability, and robust cash generation. With innovative products, strategic acquisitions, and brand momentum, Byrna offers a compelling investment opportunity with long-term growth potential and resilience.

Previously we covered a bullish thesis on Axon Enterprise, Inc. (AXON) by RadnorCapital in March 2025, which highlighted rapid international, federal, and corrections sector expansion, AI-era deal momentum, and strong revenue growth. The company’s stock price has appreciated approximately by 43% since our coverage. The thesis still stands as expansion continues. Shareholdersunite shares a similar perspective but emphasizes Byrna Technologies’ leadership in less-lethal self-defense solutions and strategic acquisitions.

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Disclosure: None.