Byrna Doesn't Have "Green Dot" Stock Credentials

Byrna Technologies (BYRN) is certainly an interesting company, making "less-than-lethal" CO2-based self-defense launchers. Basically, they are air-powered handguns and rifles that fire ballistic and chemical projectiles that are designed to stop would-be attackers without causing death or lasting bodily harm. Revenue has been growing rapidly and looks to double this year, mainly on the back of e-commerce sales directly to consumers (they are legal without a background check in all 50 states). While growth is good, and the product intriguing, I don't see any recurring revenue characteristics, or any particular moat potential. As the market grows, so will competition. Legacy firearm manufacturers are stagnant growth-wise, and it is unclear the ultimate market potential here. For those reasons, it is a pass for me.

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