Byrna Technologies Inc. announced that long‑time CEO Bryan Ganz will retire and that Conn Davis, formerly Executive Vice President of Strategy and Corporate Development at MasterBrand, will become the new chief executive officer. Ganz will remain on the board in an advisory capacity for up to six months to ensure a smooth transition.
The company’s recent performance underscores the strategic rationale for the change. Fiscal year 2025 revenue reached $118.1 million, a 38% increase from $85.8 million in 2024, driven by a 26% rise in Q4 revenue to $35.2 million. Gross profit for the year was $71.5 million, representing a 61% margin, slightly lower than the 62% margin in 2024 due to a shift toward lower‑margin dealer and chain‑store sales and the amortization of startup costs for new product launches and a relocated ammunition facility. Operating expenses rose to $17.1 million in Q4 2025 from $13.5 million in Q4 2024, reflecting higher advertising and marketing spend to support the expanding retail footprint.
The board’s decision to appoint Davis reflects a desire to sustain the company’s growth momentum. Davis brings a track record of scaling consumer‑technology businesses and a deep understanding of corporate development, positioning Byrna to accelerate its multi‑platform strategy. Ganz’s continued advisory role is intended to preserve institutional knowledge and support the new CEO during the transition.
Investors have responded cautiously to the leadership change, reflecting the typical market uncertainty that accompanies a CEO transition. Analysts, however, maintain a positive view of Byrna’s trajectory, citing the company’s strong revenue growth, expanding retail presence, and improving margin outlook.
The transition comes at a time when Byrna is executing a significant expansion of its retail footprint—now over 1,500 locations—and launching new products such as the Byrna CL and Byrna CL XL. Management projects gross margin to rise to 63%–65% by the end of 2026, driven by a favorable product mix and manufacturing efficiencies, while operating expenses are expected to grow at a slower pace than revenue, supporting EBITDA margin expansion. These guidance figures signal confidence in continued top‑line growth and profitability as the company consolidates its multi‑platform model.
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