Byrna Technologies Inc., a company specializing in personal defense technology, announced on Thursday that they anticipate an increase in their preliminary revenues for the first quarter. Currently, Byrna's shares are seeing an upward trend of about 7% in pre-market trading.
The company projects revenues of approximately $16.7 million, signaling a 98 percent increase from the previous year's profits of $8.4 million. This substantial boost in revenue can primarily be attributed to the company's celebrity endorsement program, which has notably augmented direct-to-consumer sales. This strategic move has led to a 115 percent increase in sales on Byrna's official website and an 89 percent rise in sales on the e-commerce giant, Amazon.com.
Moreover, Byrna's earnings have also experienced a 6.5 percent sequential increase from those of the fourth quarter, wherein they scored $16 million in revenues. As of pre-market activity, Byrna's shares are being traded at $11.76 each on the Nasdaq, marking a 6.62% increase.
