What Happened?

Shares of non-lethal weapons company Byrna (NASDAQ: BYRN) jumped 15.1% in the pre-market session after the company reported calendar fourth-quarter 2025 results, with revenue that narrowly beat Wall Street's expectations. For the quarter, revenue grew 26% year-over-year to $35.25 million, just ahead of consensus estimates. The company's earnings per share of $0.14 was in line with projections. However, the report presented a mixed picture for investors. Adjusted EBITDA slightly missed analyst forecasts, and the company's operating margin contracted to 11.2% from 14.6% in the same period last year, suggesting a decrease in efficiency as expenses outpaced revenue growth.

After the initial pop the shares cooled down to $12.49, up 2.2% from previous close.

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What Is The Market Telling Us

Byrna’s shares are extremely volatile and have had 58 moves greater than 5% over the last year. But moves this big are rare even for Byrna and indicate this news significantly impacted the market’s perception of the business.

The biggest move we wrote about over the last year was 7 months ago when the stock dropped 22.3% on the news that the company reported its fiscal second-quarter 2025 financial results. Although Byrna announced a record-breaking quarter with a 41% year-over-year revenue increase to $28.5 million, the stock's pre-market dip suggests a "sell the news" reaction from investors. The strong sales were driven by the launch of the new Byrna Compact Launcher (CL) and a 106% surge in dealer sales, bolstered by an expanding partnership with Sportsman's Warehouse. The company's adjusted earnings per share of $0.10 beat analyst expectations of $0.08. However, the positive results may have already been priced into the stock, which has seen a significant run-up of over 80% in the past three months.

Byrna is down 25.3% since the beginning of the year, and at $12.49 per share, it is trading 63.5% below its 52-week high of $34.19 from February 2025. Investors who bought $1,000 worth of Byrna’s shares 5 years ago would now be looking at an investment worth $816.34.

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