Byrna Technologies Posts Q3 Earnings Below Street View

Byrna Technologies Inc (NASDAQ: BYRN) reported third-quarter FY22 sales growth of 43% year-on-year to $12.42 million, missing the consensus of $13.88 million. Order backlog as of August 31, 2022, was $1.7 million.
The gross margin for the quarter contracted 80 basis points to 55.4%.
The operating expenses rose 24% Y/Y to $8.3 million. The operating loss for the quarter narrowed to $(1.4) million from a loss of $(1.8) million last year.
The company held $24.5 million in cash and equivalents as of August 31, 2022.
Non-GAAP adjusted EBITDA was a positive $0.3 million versus a loss of $(0.8) million a year ago.
EPS loss of $(0.07) missed the analyst consensus of $0.02.
Outlook: Byrna sees Q4 sales of $16 million - $18 million (consensus $17.92 million). The company expects Q4 to be solidly profitable.
The company reaffirmed its full-year guidance of $48 million - $50 million, below the consensus of $51.58 million.
"Despite our expectations for Q4FY2022, the economy is softening...As a result, we expect to see more temperate growth in 2023 with revenues growing by 10% - 30% rather than the 40% - 50% year-over-year growth we've seen in recent quarters," said CEO Bryan Ganz.
Price action: BYRN shares are trading higher by 1.63% at $5.00 on the last check Wednesday.

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