Byrna (BYRN): Outsourcing ammo cures a 46% revenue crater [Q3 2026]

Byrna's wholesale revenue collapsed as third-party dealers digested excess inventory, but Wall Street rewarded a massive profitability spike driven by newly outsourced manufacturing and a well-timed tariff refund.

In this episode:

• How killing in-house ammo added 1,200 basis points to margins

• Deconstructing the $2.3M tariff refund that skewed GAAP gross profit

• Flipping Try-Before-You-Buy returns into a sold-out refurbished channel

• The strategic acquisition of HERO Defense to build a price ladder

With dealers freezing reorders due to early-year gluts, Byrna 🛡️ is aggressively shifting strategy to find end-consumer demand. We explore the brand's pivot from legacy firearm enthusiasts to mainstream personal safety, unpacking their latest direct-to-consumer initiatives and physical marketing tests at NASCAR events.

Byrna Technologies Inc. (BYRN) | Q3 FY2026

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