BYRNHIGH SIGNALFINANCIAL10-K

BYRN experienced explosive revenue growth of 1,692% but suffered a dramatic reversal in operating cash flow from positive $11.7M to negative $1.6M.

The massive revenue acceleration suggests the company successfully scaled operations and market penetration for their less-lethal security products. However, the swing from strong positive operating cash flow to negative territory raises immediate concerns about working capital management and the sustainability of this growth trajectory.

Comparing 2026-02-05 vs 2025-02-07View on EDGAR →
FINANCIAL ANALYSIS

BYRN delivered exceptional top-line growth with revenue surging from $924K to $16.6M while maintaining strong profitability with operating income increasing 77.5% to $11.8M and gross profit expanding 35.4% to $71.5M. However, the company's cash generation deteriorated severely as operating cash flow turned negative despite higher profits, while significant increases in accounts receivable (+312%) and inventory (+64%) suggest growing working capital demands from the rapid expansion. The combination of massive revenue growth with negative operating cash flow indicates potential cash conversion challenges that investors should monitor closely.

FINANCIAL STATEMENT CHANGES
Revenue
P&L
+1692.1%
$924K→$16.6M

Strong top-line growth of 1692.1% — accelerating demand or successful expansion into new markets.

Accounts Receivable
Balance Sheet
+312.2%
$2.6M→$10.8M

Receivables surged 312.2% — revenue recognized but not yet collected; watch for collection issues or channel stuffing.

Capital Expenditure
Cash Flow
+224.8%
$2.3M→$7.6M

Capital expenditure jumped 224.8% — major investment cycle underway; assess returns on deployment.

Operating Cash Flow
Cash Flow
-113.4%
$11.7M→-$1.6M

Operating cash flow fell 113.4% — earnings quality concerns; investigate working capital changes and non-cash items.

Operating Income
P&L
+77.5%
$6.7M→$11.8M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Share Buybacks
Cash Flow
-70.6%
$3.8M→$1.1M

Buyback activity reduced 70.6% — capital being redeployed elsewhere or cash conservation underway.

Inventory
Balance Sheet
+63.7%
$20.0M→$32.7M

Inventory surged 63.7% — growing significantly faster than typical sales pace; potential demand softening or supply chain overcorrection.

R&D Expense
P&L
-50%
$600K→$300K

R&D spending cut 50% — could signal cost discipline or concerning reduction in innovation investment.

Interest Expense
P&L
-43.7%
$414K→$233K

Interest expense declined — debt repayment or refinancing at lower rates improving earnings quality.

Gross Profit
P&L
+35.4%
$52.8M→$71.5M

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

LANGUAGE CHANGES
NEW — 2026-02-05
PRIOR — 2025-02-07
ADDED
false --11-30 FY 2025 true true The Company s cybersecurity risk-management program is overseen by our Chief Executive Officer and senior management team, including leaders responsible for information technology, operations, finance, and compliance.
These individuals have experience overseeing the implementation of IT controls, evaluating security frameworks, and managing third-party vendors.
Our Audit Committee oversees cybersecurity as part of its general risk-oversight responsibilities and receives periodic updates on cybersecurity risks, incidents, and mitigation activities, as appropriate.
As of February 5, 2026, the Company had 25,309,866 issued and 22,671,283 outstanding shares of common stock.
All statements in this Report, other than statements of historical fact, including, without limitation, statements in Management s Discussion and Analysis of Financial Condition and Results of Operations regarding our financial position, business strategy and the plans and objectives of management for future operations, are forward-looking statements.
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REMOVED
As of February 7, 2025, the Company had 25,162,143 issued and 22,646,926 outstanding shares of common stock.
All statements, other than statements of historical fact included in this Annual Report including, without limitation, statements in this Management s Discussion and Analysis of Financial Condition and Results of Operations regarding our financial position, business strategy and the plans and objectives of management for future operations, are forward-looking statements.
Except as expressly required by applicable securities law, we disclaim any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
BUSINESS Overview We are a less-lethal self-defense technology company, specializing in innovative, next generation solutions for security situations that do not require the use of lethal force.
We seek to fulfill our mission by developing easy-to-use self-defense tools that are designed to allow people to live more safely.
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