Byrna Technologies Inc (BYRN) 2024 Q4 法說會逐字稿

Good morning. Welcome to Byrna's fiscal fourth-quarter and full-year 2024 earnings conference call. My name is Kevin, and I'll be your operator for today's call.

早安.歡迎參加 Byrna 2024 財年第四季和全年財報電話會議。我叫凱文，今天我將擔任您的電話接線生。

Joining us for today's presentation are the company's CEO, Bryan Ganz; and CFO, Lauri Kearnes. Following the remarks, we'll open the call to questions.

參加今天演講的有公司執行長 Bryan Ganz；和財務長 Lauri Kearnes。發言結束後，我們將開始提問。

Earlier today, Byrna released results for its fiscal fourth-quarter and full-year ended November 30, 2024. A copy of the press release is available on the company's website.

今天早些時候，Byrna 公佈了截至 2024 年 11 月 30 日的第四季度和全年業績。新聞稿的副本可在該公司的網站上查閱。

Before turning the call over to Bryan Ganz, Byrna Technologies' Chief Executive Officer, I will read the Safe Harbor statement.

在將電話轉給 Byrna Technologies 執行長 Bryan Ganz 之前，我將宣讀安全港聲明。

Some discussions held today include forward-looking statements. Actual results could differ materially from the statements made today. Please refer to Byrna's most recent 10-K and 10-Q filings for a more complete description of risk factors that could affect these projections and assumptions. The company assumes no obligations to update forward-looking statements as a result of new information, future events, or otherwise.

今天舉行的一些討論包括前瞻性陳述。實際結果可能與今天的聲明有重大差異。請參閱 Byrna 最新的 10-K 和 10-Q 文件，以獲得可能影響這些預測和假設的風險因素的更完整描述。本公司不承擔因新資訊、未來事件或其他原因更新前瞻性陳述的義務。

As this call will include references to non-GAAP results, please see the press release in the Investor Relations section of our website ir.byrna.com, for further information regarding forward-looking statements and reconciliations of non-GAAP results to GAAP results.

由於本次電話會議將引用非 GAAP 結果，請參閱我們網站 ir.byrna.com 投資者關係部分的新聞稿，以獲取有關前瞻性陳述和非 GAAP 結果與 GAAP 結果的對帳的更多資訊。

Now I'd like to turn the call over to Byrna's CEO, Bryan Ganz. Sir, please proceed.

現在我想將電話轉給 Byrna 的執行長 Bryan Ganz。先生，請繼續。

Thank you, Kevin, and thank you everyone, for joining us today.

謝謝凱文，也謝謝大家今天的參與。

We will be filing our 10-K with the SEC today. We're not sure if it's going to get out before the open or after the close, but it is -- it is in for filing. And as Kevin mentioned, we've issued a press release providing our financial results and business highlights for the fiscal fourth quarter and for the full year ended November 30, 2024.

我們今天將向美國證券交易委員會 (SEC) 提交 10-K 文件。我們不確定它是會在開盤前還是收盤後發出，但它確實會發出，以供歸檔。正如凱文所說，我們發布了一份新聞稿，提供了截至 2024 年 11 月 30 日的第四財季和全年的財務業績和業務亮點。

I'm going to start by turning the call over to our CFO, Lauri Kearnes, who will review our financial results for the period. Following her remarks, I'll discuss the operational highlights that drove our record $20 million in revenue and continued GAAP and non-GAAP EBITDA profitability for the fourth quarter.

首先，我將把電話轉給我們的財務長勞瑞‧科爾恩斯 (Lauri Kearnes)，他將審查我們本季度的財務表現。在她發言之後，我將討論推動我們第四季度實現創紀錄的 2,000 萬美元收入以及繼續保持 GAAP 和非 GAAP EBITDA 盈利的營運亮點。

I'll then offer insights into our strategy moving forward before we open the call to questions from our covering research analyst Lauri.

在我們開始回答我們的首席研究分析師勞瑞 (Lauri) 的提問之前，我將就我們未來的策略提供一些見解。

Thank you, Bryan, and good morning, everyone.

謝謝你，布萊恩，大家早安。

Let's review our financial results for the fiscal fourth quarter and the full year ended November 30, 2024.

讓我們回顧一下截至 2024 年 11 月 30 日的第四財季和全年的財務表現。

Net revenue for the fourth quarter was $28 million, a 79% increase from the $15.6 million reported in the fiscal fourth quarter of 2023. This $12.4 million dollar increase is primarily due to the transformational shift in our advertising strategy, which we began in September 2023, and the resulting normalization of Byrna and the less-lethal space generally.

第四季淨收入為 2,800 萬美元，較 2023 財年第四季的 1,560 萬美元成長 79%。這一 1,240 萬美元的成長主要歸因於我們於 2023 年 9 月開始的廣告策略的轉型，以及由此導致的 Byrna 以及低致命領域的正常化。

In Q4, direct-to-consumer revenues increased by $8.9 million through Byrna.com and Amazon.com compared to the prior year period. For the full year 2024, net revenue totaled $45.-- $85.8 million, up 101% from $42.6 million in 2023.

第四季度，透過 Byrna.com 和 Amazon.com 直接面向消費者的收入與去年同期相比增加了 890 萬美元。2024 年全年淨收入總計 45.-8,580 萬美元，較 2023 年的 4,260 萬美元成長 101%。

Gross profit for Q4 2024 was $17.6 million, or 62.8% of net revenue, compared to $9 million or 57.8% of net revenue for Q4 2023. For the full year 2024, gross profit was $52.8 million, or 61.5% of net revenue, compared to $23.6 million or 55.5% of net revenue for the same period in 2023. The improvement in gross profit margin is largely attributable to additional sales through our higher-margin DTC channels, and intensive cost component reduction effort spearheaded by Byrna's engineering team and the economies of scale resulting from increased production volumes.

2024 年第四季的毛利為 1,760 萬美元，佔淨收入的 62.8%，而 2023 年第四季的毛利為 900 萬美元，佔淨收入的 57.8%。2024 年全年毛利為 5,280 萬美元，佔淨收入的 61.5%，而 2023 年同期為 2,360 萬美元，佔淨收入的 55.5%。毛利率的增加主要歸功於我們透過利潤率更高的 DTC 管道實現的額外銷售，以及 Byrna 工程團隊帶頭進行的大量成本削減工作，以及因生產量增加而產生的規模經濟。

Operating expenses for Q4 2024 were $13.5 million compared to $9.7 million for Q4 2023. For the full year 2024, operating expenses were $46.1 million, compared to $31.4 million for the same period in 2023, reflecting a 47% increase year-over-year. The increase in operating expenses was driven by an increase in our variable selling costs, such as freight, third-party processing fees, credit card fees, increased marketing spend, and higher payroll expenses in marketing and engineering, as the company has scaled to handle increased sales and production volumes.

2024 年第四季的營運費用為 1,350 萬美元，而 2023 年第四季的營運費用為 970 萬美元。2024 年全年營運費用為 4,610 萬美元，而 2023 年同期為 3,140 萬美元，年增 47%。營業費用的增加是由於我們的變動銷售成本增加所致，例如運費、第三方處理費、信用卡費、行銷支出增加以及行銷和工程部門的工資支出增加，因為公司已經擴大規模來應對增加的銷售和生產量。

Netcom for Q4 2024 was $9.7 million compared to a net loss of $0.8 million for Q4 2023, a $10.5 million improvement. This increase was driven by higher revenue and a $5.6 million dollar income tax benefit. The tax benefit arose from the release of tax evaluation allowances related to net operating loss carry-forwards and other tax assets. For the full year 2024, net income was $12.8 million, a $21 million improvement from a net loss of $8.2 million in the prior year. The increase in net income was driven by higher revenue and included a $5.7 million income tax benefit due to the full release of U.S. tax valuation allowances.

2024 年第四季度，網通的淨虧損為 970 萬美元，而 2023 年第四季的淨虧損為 80 萬美元，改善了 1,050 萬美元。這一增長主要得益於更高的收入和 560 萬美元的所得稅優惠。稅收收益源自於與淨經營虧損結轉和其他稅務資產相關的稅務評估準備金的釋放。2024 年全年淨收入為 1,280 萬美元，較上年的 820 萬美元淨虧損增加 2,100 萬美元。淨收入的成長主要得益於收入增加，並且包括因美國稅收估值準備金全面釋放而獲得的 570 萬美元所得稅收益。

Adjusted EBITDA, a non-GAAP metric for Q4 2024 totaled $5.2 million, compared to $400,000 for Q4 2023. This brings adjusted EBITDA for the full year to $11. -- for the full year 2024 to $11.5 million, compared to a negative $2 million in the prior year.

2024 年第四季的非 GAAP 指標調整後 EBITDA 總計 520 萬美元，而 2023 年第四季為 40 萬美元。這使得全年調整後的 EBITDA 達到 11 美元。 -- 2024 年全年虧損將達 1,150 萬美元，而前一年為負 200 萬美元。

Cash and cash equivalents at November 30, 2024, totaled $16.8 million, compared to $20.5 million at November 30, 2023. The change in cash and cash equivalence is primarily due to an $8.9 million investment in marketable securities.

截至 2024 年 11 月 30 日的現金及現金等價物總額為 1,680 萬美元，而 2023 年 11 月 30 日為 2,050 萬美元。現金和現金等價物的變化主要是由於對有價證券的 890 萬美元投資。

Cash and short-term marketable securities totaled $25.7 million, which is an increase of $5.2 million compared to November 30, 2023. Inventory at November 30, 2024, totaled $20 million compared to $13.9 million at November 30, 2023. The company has no current or long-term debt.

現金和短期有價證券總額為 2,570 萬美元，與 2023 年 11 月 30 日相比增加 520 萬美元。截至 2024 年 11 月 30 日的庫存總額為 2,000 萬美元，而 2023 年 11 月 30 日的庫存總額為 1,390 萬美元。該公司沒有流動債務或長期債務。

I'll now turn it back to Bryan.

現在我將話題轉回給布萊恩。

Thank you, Lauri. And just to remark on her last comment there, although the cash levels were down, cash and marketable securities were up significantly from the year before, as we took some of our excess cash and put it into short-term paper.

謝謝你，勞裡。針對她最後的評論，我想說一下，雖然現金水準下降了，但是現金和有價證券比前一年大幅增加，因為我們將部分過剩現金投入了短期票據。

Okay. As our results demonstrate, 2024 was a standout year for Byrna. For the last five quarters, we have grown revenue quarter over quarter. Culminating in a $28 million quarter in Q4 last year totaling $85.8 million for the year, more than double our 2023 revenue. This growth reflects our team's ability to market our products effectively and to scale our production to meet demand.

好的。正如我們的結果顯示，2024 年對 Byrna 來說是傑出的一年。過去五個季度，我們的營收逐季成長。去年第四季的營收達到 2,800 萬美元，全年總計 8,580 萬美元，是我們 2023 年營收的兩倍多。這一成長反映了我們團隊有效行銷產品和擴大生產以滿足需求的能力。

A key milestone, which we announced earlier this year was hitting the 500,000 launchers sold mark, which we eclipsed in November. This reinforces our progress in normalizing less-lethal alternatives and establishing them as a widely accepted category in personal self-defense. With 500,000 launchers sold, this is no longer, just a flash in the pan. This is a real market. Since selling our first launcher in 2019, we've experienced remarkable growth, and we are just getting started.

我們在今年稍早宣布的一個重要里程碑是發射器銷量達到 50 萬台，而我們在 11 月就突破了這一目標。這鞏固了我們在規範非致命替代方案和將其確立為個人自衛中被廣泛接受的類別方面所取得的進展。隨著 50 萬個發射器的銷售，這已不再只是曇花一現。這是一個真實的市場。自 2019 年銷售第一台啟動器以來，我們經歷了顯著的成長，而這才剛剛起步。

Okay. Our marketing strategy continues to be anchored by our celebrity endorsement program. Since launching this initiative in September 2023. We've seen a remarkable increase in both orders and brand awareness. By carefully managing these partnerships, this year, we achieved more than a five times ROAS or return on advertising spend across all advertising platforms.

好的。我們的行銷策略繼續以名人代言計畫為基礎。自2023年9月啟動該倡議以來。我們看到訂單和品牌知名度都有了顯著的成長。透過精心管理這些合作關係，今年我們在所有廣告平台上實現了超過五倍的 ROAS 或廣告支出回報率。

This highly accretive threshold has helped us achieve this record profitability and become a stable, cash-flowing enterprise. We continue to refine our approach, testing new influencers and new platforms in different markets, starting with an initial trial period before making a long-term commitment.

這項高度增值的門檻幫助我們實現了創紀錄的獲利能力，並成為一家穩定的、現金流充足的企業。我們不斷改進我們的方法，在不同的市場測試新的影響者和新的平台，從最初的試用期開始，然後做出長期承諾。

Unfortunately, we recently terminated a few relationships with several celebrity endorsers, that were unable to achieve our minimum ROAS requirements. However, today, we have not had to terminate any of our celebrity endorsers that were initially successful. Rather, the celebrity endorsers that we've had to terminate were never able to achieve our minimum ROAS requirements during the initial trial period.

不幸的是，我們最近終止了與幾位名人代言人的合作關係，因為他們無法達到我們的最低 ROAS 要求。然而，時至今日，我們並沒有解僱任何最初成功的明星代言人。相反，我們不得不終止合作的名人代言人在最初的試用期內從未達到我們的最低 ROAS 要求。

Unfortunately, we did lose one very successful celebrity endorser, Governor Mike Huckabee, due to his appointment as Ambassador to Israel. We are excited to be onboarding new prominent voices in media and politics, including Megyn Kelly, Charlie Kirk, and Lara Trump, as new partners in Q1 of this year. With their strong, engaged audiences and influential platforms, we expect them to -- meaningful brand awareness and deliver strong results for the upcoming period.

不幸的是，我們失去了一位非常成功的名人代言人，州長邁克·赫卡比，因為他被任命為駐以色列大使。我們很高興能在今年第一季吸收媒體和政界的知名新面孔，包括梅根凱利 (Megyn Kelly)、查理柯克 (Charlie Kirk) 和拉拉川普 (Lara Trump)，成為新合夥人。憑藉其強大、參與度高的受眾群體和有影響力的平台，我們預計他們將在未來一段時間內提高品牌知名度並取得強勁業績。

We are also expanding the platforms we are -- where we are running our advertisements, as more and more cable and internet platforms are green lighting our advertising campaigns. In the fourth quarter, most of the $21.3 million in web sales, our highest-margin sales channel, were directly attributable to our current roster of influencers. These influencers spread the word about our mission to provide less-lethal personal security solutions, and they have helped us successfully build a very strong brand awareness.

隨著越來越多的有線電視和網路平台批准我們的廣告活動，我們也正在擴大我們投放廣告的平台。第四季度，我們利潤率最高的銷售管道——網路銷售額 2,130 萬美元，其中大部分直接歸功於我們現有的影響力人士。這些有影響力的人傳播了我們提供非致命個人安全解決方案的使命，他們幫助我們成功地建立了非常強大的品牌知名度。

This has also allowed us to build a more robust multi-channel marketing strategy that now includes traditional media, such as cable and broadcast networks. Prior to our advertising pivot, we were not allowed to broadcast on traditional broadcast TV channels. Fast forward to now, and we are able to advertise regularly on new networks, and we are also frequently featured in news stories, as less-lethal solutions become a larger part of the conversation.

這也使我們能夠建立更強大的多通路行銷策略，現在包括有線和廣播網路等傳統媒體。在我們進行廣告轉型之前，我們不被允許在傳統廣播電視頻道上播出。時至今日，我們已能夠在新的網路上定期投放廣告，而且我們也頻繁出現在新聞報導中，因為非致命解決方案已成為人們討論的更重要的一部分。

Yesterday I just returned from Nashville, where we had a retail store grand opening, and three of the four local affiliates covered the opening. Two of them came to the event. They took video of the shooting in the range, and that story played more than 20 times in the local market. This change from a year ago demonstrates that more and more people are becoming familiar with our products, and they are beginning to see us as the solution to the epidemic of gun violence. We also believe that the changes that have occurred in both public sentiment and the position of some of the social media platforms since the new administration was elected bode well for burnout.

昨天我剛從納許維爾回來，我們在那裡舉行了一家零售店的盛大開幕典禮，四家當地分公司中的三家報道了此次開幕典禮。其中兩人參加了這項活動。他們拍攝了射擊場內的槍擊視頻，該故事在當地市場播放了20多次。與一年前相比，這項變革表明，越來越多的人開始熟悉我們的產品，並開始將我們視為解決槍支暴力氾濫問題的方案。我們也認為，新政府當選以來，公眾情緒和一些社群媒體平台地位的改變對倦怠感的產生也是有利的。

We have traditionally been banned from advertising on social media and on most of the mainstream media platforms, but with both social media and mainstream media relaxing their restrictions in the wake of the election, we're hopeful that a number of these channels will open up to us. We are already seeing some movement with a number of the cable TV networks, and we have started to take advantage of these channels.

傳統上，我們被禁止在社群媒體和大多數主流媒體平台上做廣告，但隨著社群媒體和主流媒體在選舉後都放寬了限制，我們希望其中一些管道能夠向我們開放。我們已經看到一些有線電視網絡的動向，我們已經開始利用這些管道。

We believe that Byrna's proven track record in saving lives, coupled with the normalization of the product category and the shift in public sentiment, will allow us to continue to expand our advertising efforts and, in turn, the size of the audience that we are able to reach.

我們相信，Byrna 在拯救生命方面的良好記錄，加上產品類別的正常化和公眾情緒的轉變，將使我們能夠繼續擴大廣告力度，進而擴大我們能夠覆蓋的受眾規模。

Additionally, we are building out our physical store presence to reach our customers in new ways. We have strong data from Las Vegas, our first store, which in 2024 did in excess of $1 million in sales at a gross margin of more than 65%. To support our thesis that when potential customers have the chance to fire the launcher and experience the less-lethal difference, we have decided to open additional four stores.

此外，我們正在擴大我們的實體店面，以便以新的方式接觸我們的客戶。我們擁有來自拉斯維加斯（我們的第一家店）的強大數據，該店 2024 年的銷售額超過 100 萬美元，毛利率超過 65%。為了支持我們的論點，當潛在客戶有機會發射發射器並體驗不那麼致命的差異時，我們決定再開設四家商店。

As I mentioned, we just opened our Nashville store, and I was there for the grand opening. We will be opening stores in the Scottsdale, Arizona, and Salem, New Hampshire locations in the next few weeks. In fact, Scottsdale will have its grand opening on February 19, and Salem, New Hampshire will have its grand opening on March 5. Our Fort Wayne, Indiana store is expected to come online in the March-April time frame.

正如我所提到的，我們剛剛在納許維爾開了店，我參加了盛大的開幕典禮。我們將在未來幾週內在亞利桑那州斯科茨代爾和新罕布夏州塞勒姆開設商店。事實上，斯科茨代爾將於 2 月 19 日盛大開業，新罕布夏州塞勒姆將於 3 月 5 日盛大開幕。我們位於印第安納州韋恩堡的商店預計將於三月至四月期間上線。

While we had initially planned to open a store in Pasadena, California, we had to pause those plans while we evaluate the impacts of the recent wildfires. In response to these wildfires, Byrna donated 10% of the sales from a designated week in January to support those affected. As our Chief Marketing Officer, Luan Pham, a Los Angeles native, said, Byrna's mission has always been about protecting people, and that includes supporting them when they are in need of help.

雖然我們最初計劃在加州帕薩迪納開設一家商店，但我們不得不暫停這些計劃，以評估最近的野火的影響。為了因應這些野火，Byrna 捐出了一月份指定一週銷售額的 10% 來支持受災民眾。正如我們的首席行銷長、洛杉磯本地人 Luan Pham 所說，Byrna 的使命一直是保護人們，包括在他們需要幫助時為他們提供支援。

As previously mentioned, each of the stores we are opening will have a firing range, four to five Byrna employees, a simple slat wall design showcasing our less-lethal products. With these brick-and-mortar investments, we do expect our capital expenditures to be elevated in the first quarter, but we expect them to provide immense value in the long term.

如前所述，我們開設的每家商店都會設有一個射擊場、四到五名 Byrna 員工，以及一個簡單的板條牆設計來展示我們的非致命產品。透過這些實體投資，我們確實預期我們的資本支出將在第一季增加，但我們預計它們將在長期內提供巨大的價值。

Similarly to the store in Las Vegas, we expect contribution margins to be in the 20% to 25% range from each store once they are fully ramped up, which we expect to take four months to six months after opening. If any of our investors are near a store location, I would urge you to go to the store and experience this firsthand.

與拉斯維加斯的門市類似，我們預計每家店在全面投入營運後，貢獻利潤率將在 20% 到 25% 之間，我們預計這需要開業後四到六個月的時間。如果我們的任何投資者在商店附近，我建議您去商店親自體驗一下。

On our last call, I mentioned that we upgraded -- that we were upgraded by our national accounts at Bass Pro and Cabela's to all of their locations. Today, I am pleased to share that we recently signed a letter of intent to form a new partnership with Sportsman's Warehouse. Starting in the second quarter, we expect to be launching a Byrna store-within-a-store model at 11 Sportsman's Warehouse locations across the United States. If this initial pilot program succeeds, as we expect it will -- We plan to expand into 50 additional locations by the end of 2025 and 100 locations total by the end of 2026.

在我們上次通話中，我提到我們已經升級——我們的 Bass Pro 和 Cabela's 全國客戶已將我們的業務升級到了其所有分店。今天，我很高興地告訴大家，我們最近與Sportsman's Warehouse簽署了意向書，建立新的合作關係。從第二季開始，我們預計將在全美 11 家 Sportsman's Warehouse 門市推出 Byrna 店中店模式。如果這個初步試點計畫能夠取得成功，正如我們預期的那樣——我們計劃在 2025 年底擴展到另外 50 個地點，到 2026 年底擴展到 100 個地點。

This concept, modeled after the success of Ralph Lauren's store within a store program is designed to roll out our brick-and-mortar experience more quickly than we would be able to do with our own retail presence.

這個概念模仿了拉爾夫·勞倫 (Ralph Lauren) 的店中店計劃的成功，旨在比我們自己的零售店更快地推出我們的實體店體驗。

As part of this agreement, each sportsman's warehouse will convert its existing archery range into a burner firing range, where customers can experience our launchers. We believe that this is a critical component to the program's success as the conversion rate in our brick-and-mortar stores is around 80%, well, our conversion rate online is a little over 1%. Byrna has agreed to fund 50% of the buildout of the store within a store location in each of sportsmen's stores where they carry the store within a store model.

作為本協議的一部分，每個運動員的倉庫將把其現有的射箭場改造成燃燒器射擊場，客戶可以在此體驗我們的發射器。我們相信這是該計劃成功的關鍵因素，因為我們實體店的轉換率約為 80%，而我們在線上的轉換率略高於 1%。Byrna 已同意為在每家採用店內店模式的運動員商店中建造店內店提供 50% 的資金。

Our confidence in this initiative is supported by our Las Vegas store data, and also by a case study by a traditional gun store last year, where we opened up a store within a store. Zack's Sporting Goods in Round Lake, New York approached us in May of 2024 wanting to be a premier, a Byrna premier dealer.

我們對這項措施的信心得到了拉斯維加斯商店數據的支持，也得到了去年一家傳統槍支商店的案例研究的支持，我們在那裡開設了一家店內商店。紐約州朗德萊克的 Zack's Sporting Goods 於 2024 年 5 月與我們接洽，希望成為 Byrna 的首要經銷商。

Because Zack was primarily a gun store, they did not meet our premier dealer requirement. We then settled on trying a store within a store model, and it quickly became a success. In just seven months, the store had sales of $400,000 of a product. Now Zack is projecting more than $1 million of sales of Byrna products in 2025. This is the type of success we hope to replicate at Sportsman's Warehouse with our initial 11 stores.

由於 Zack 主要是一家槍支商店，因此他們不符合我們的首要經銷商要求。於是我們決定嘗試店中店模式，很快就獲得了成功。僅僅七個月，這家商店的一款產品的銷售額就達到了 40 萬美元。現在札克預測 2025 年 Byrna 產品的銷售額將超過 100 萬美元。我們希望在 Sportsman's Warehouse 的最初 11 家門市中複製這種成功。

We've also committed to providing training for the employees and support them with demo rounds and CO2 so that they can really get a lot of the traffic that goes into the Sportsman's Warehouse stores into the Byrna range.

我們也致力於為員工提供培訓，並透過示範輪調和二氧化碳為他們提供支持，以便他們能夠真正將大量進入 Sportsman's Warehouse 商店的客流量吸引到 Byrna 系列。

We are also leveraging strategic partnerships beyond retail. Recently at the shot show in Las Vegas, we announced our partnership with the USCCA, the United States Concealed Carry Association, to promote our less-lethal solutions. The USCCA has nearly $1 million members, and they will now have access to Byrna.

我們也利用零售業以外的策略合作夥伴關係。最近在拉斯維加斯的射擊展上，我們宣布與美國隱蔽攜帶協會 (USCCA) 合作，推廣我們的非致命解決方案。USCCA 擁有近 100 萬會員，現在他們可以使用 Byrna。

We believe that many of their members will be interested in our less-lethal products, because these are the most responsible gun owners that want to take training, gun owners that want to have insurance in case something goes wrong. These are the people that are interested in the non-lethal Byrna solution.

我們相信，他們的許多成員會對我們的非致命產品感興趣，因為他們是最負責任的槍支擁有者，他們願意接受培訓，他們希望在出現問題時有保險。這些人對非致命的 Byrna 解決方案感興趣。

Likewise, our customers will now have the opportunity to learn from the CC -- USCCA, from training and education to self-defense liability insurance. Altogether our momentum in retail expansion, influencer marketing, strategic partnerships, positions us to attract new customers, and convert them into long-term supporters of Byrna and the less-lethal movement.

同樣，我們的客戶現在有機會向 CC——USCCA 學習從培訓教育到自衛責任保險的知識。總而言之，我們在零售擴張、影響力行銷和策略合作夥伴關係方面的勢頭使我們能夠吸引新客戶，並將他們轉變為 Byrna 和非致命運動的長期支持者。

To support our growth initiatives, we successfully increased monthly launcher production this year to 24,000 units, a 33% increase from our previous capacity of 18,000 units. To do this, we implemented a second shift at our Fort Wayne, Indiana facility, where we have been able to attract and retain top talent by increasing wages 10% in the second half of last year, which made us one of the higher paying manufacturers in the Fort Wayne region.

為了支持我們的成長計劃，我們今年成功將發射器的月產量提高到 24,000 台，比之前的 18,000 台產能增加了 33%。為了實現這一目標，我們在印第安納州韋恩堡工廠實施了第二班制，並透過去年下半年增加 10% 的工資來吸引和留住頂尖人才，這使我們成為韋恩堡地區薪酬較高的製造商之一。

In addition to expanding launcher production, we also opened our domestic ammunition facility just four miles down the road from our launcher facility in Fort Wayne. The onshoring of our ammo production is part of Byrna's overall Made in America strategy. This brings me to the recent discussions around the tariffs on goods coming in from China, Canada, and Mexico, which have raised questions about the potential impact on Byrna.

除了擴大發射器產量外，我們還在距離韋恩堡發射器設施僅四英里的地方開設了國內彈藥設施。將彈藥生產轉移到本土是 Byrna 整體「美國製造」戰略的一部分。這讓我想到了最近有關對來自中國、加拿大和墨西哥的商品徵收關稅的討論，這引發了人們對其對 Byrna 的潛在影響的質疑。

To clarify this, these tariffs do not affect our current production costs in any meaningful way. Byrna sources no components or launchers for its launchers or ammunition from Mexico or from Canada, with the only exception being the five count ammo tubes, which are produced in Canada and cost only $0.09. The three tubes per kit total $0.27, so a hypothetical 25% tariff would only add 7 to $0.08 a kit. And Byrna, as I said, doesn't manufacture any products in Mexico currently.

需要澄清的是，這些關稅不會對我們目前的生產成本產生任何重大影響。Byrna 的發射器或彈藥的零件或發射器均未來自墨西哥或加拿大，唯一的例外是五發彈藥管，它們是在加拿大生產的，成本僅為 0.09 美元。每套試劑盒包含 3 支試劑管，總價為 0.27 美元，因此假設 25% 的關稅只會使每套試劑盒的價格增加 7 到 0.08 美元。正如我所說，Byrna 目前不在墨西哥生產任何產品。

With regards to China, Byrna's exposure is very limited. While we currently source certain magazine components from China, we have implemented a dual sourcing strategy securing production for the magazines in both India and South Africa as well. This ensures that Byrna is not dependent on China for any critical components, mitigating the risk of increased tariffs.

就中國而言，伯納的曝光率非常有限。雖然我們目前從中國採購某些彈匣組件，但我們已經實施了雙重採購策略，確保在印度和南非生產彈匣。這確保了Byrna在任何關鍵零件上不依賴中國，從而降低了關稅上調的風險。

Accordingly, we would actually welcome higher tariffs on Chinese goods, as many of our competitors produce their products in China. As a result, the announced duties on China, Canada, and Mexico, will have no impact on our production cost. From a sales standpoint, while potential retaliatory tariffs from Canada and Mexico could impact our projected growth in these markets, we don't anticipate significant disruptions at this time.

因此，我們實際上歡迎對中國商品提高關稅，因為我們的許多競爭對手都在中國生產產品。因此，對中國、加拿大和墨西哥宣布的關稅不會對我們的生產成本產生影響。從銷售的角度來看，雖然加拿大和墨西哥的潛在報復性關稅可能會影響我們在這些市場的預期成長，但我們目前預計不會出現重大中斷。

In 2024, Byrns's sales in Mexico grew to $890,000 from $300,000 the prior year. We expect this figure to at least double in 2025. In Canada, sales grew from $1.36 million in 2023 to $2.47 million in 2024, and we expect these sales to grow to approximately $4 million in 2025.

2024 年，Byrns 在墨西哥的銷售額從前一年的 30 萬美元成長到 89 萬美元。我們預計到 2025 年這一數字將至少翻倍。在加拿大，銷售額從 2023 年的 136 萬美元成長到 2024 年的 247 萬美元，我們預計到 2025 年銷售額將成長到約 400 萬美元。

That said, we are currently working with a partner to bring in and distribute our DTC launchers from inside Canada, which would significantly reduce the impact of any new tariffs or duties. We are keeping a close eye on evolving trade policies, but our diversified supply chain and strategic sourcing approach position us well to navigate through any potential shifts with minimal or no disruption.

儘管如此，我們目前正在與合作夥伴合作，從加拿大境內引進和分銷我們的 DTC 發射器，這將大大減少任何新關稅或稅收的影響。我們密切關注不斷變化的貿易政策，但我們多樣化的供應鏈和策略採購方法使我們能夠以最小的干擾或無幹擾的方式應對任何潛在的變化。

On a related note, even though China is not the sole supplier for anything we use in our launchers or ammo, we remain committed to exiting China by midyear and being in the position to source virtually 100% of the components needed for production of the Byrna SD, LE, and CL models from US suppliers by the end of 2025. This transition will fully insulate us from any potential tariffs, as well as create well-paying jobs for American workers, reduce lead times, eliminate risks associated with unreliable foreign suppliers and supply chains, and finally, it will allow us to advertise the era as a Made in America product.

與此相關，儘管中國不是我們發射器或彈藥的唯一供應商，但我們仍致力於在年中前退出中國，並能夠在 2025 年底前從美國供應商處採購生產 Byrna SD、LE 和 CL 型號所需的幾乎 100% 的零件。這一轉變將使我們完全免受任何潛在關稅的影響，並為美國工人創造高薪工作，減少交貨時間，消除與不可靠的外國供應商和供應鏈相關的風險，最後，它將使我們能夠將這個時代宣傳為美國製造的產品。

This new state of the art ammo facility will house a total of eight manufacturing machines that are capable of producing both .68 caliber rounds and .61 caliber rounds, which we'll need for our new compact launcher, as well as .61 caliber fin-tail payload rounds used in our payload 12-gauge less lethal ammunition.

這個新的最先進的彈藥設施將容納總共八台製造機器，這些機器能夠生產我們的新緊湊型發射器所需的.68口徑子彈和.61口徑子彈，以及用於我們的12號低致命彈藥的有效載荷的.61口徑尾鰭有效載荷子彈。

We believe that the introduction of the Byrna Pepper and Max 12-gauge rounds coupled with Sportsman's store. This store partnership will help spur the sale of our less-lethal 12-gauge rounds. In total, these eight machines will be able to produce $10 million payload rounds, including $1.5 million fin-tail rounds for the 12-gauge once they're fully operational later this year. We will -- this will help us keep up with the demand that we see both here and internationally.

我們相信，Byrna Pepper 和 Max 12 號子彈的推出與 Sportsman 商店的結合。這次與商店的合作將有助於促進我們低致命性 12 號子彈的銷售。總的來說，這 8 台機器在今年稍後全面投入使用後將能夠生產價值 1000 萬美元的有效載荷子彈，包括價值 150 萬美元的 12 號尾鰭彈。我們將—這將有助於我們滿足國內和國際的需求。

Speaking of which, we have seen significant success in Argentina on the ammunition side. The Cordoba Province police committed to purchasing $1.7 million rounds of payload ammunition. Last month, this order, which will be shipped in 200,000 round increments to the balance of 2025, underscores the fact that the 13,500 Byrna launchers sold to the Cordoba Police Department have been deployed and are being used extensively to apprehend dangerous criminals and maintain the peace in Argentina.

說到這，我們看到阿根廷在彈藥方面取得了重大成功。科爾多瓦省警方承諾購買價值 170 萬美元的子彈。上個月，該訂單將以 20 萬發為增量發貨，到 2025 年結束，這強調了出售給科爾多瓦警察局的 13,500 套 Byrna 發射器已經部署並被廣泛用於逮捕危險罪犯和維護阿根廷的和平。

As a reminder, in 2024, we sold our stake in the joint venture, Byrna LATAM, which allows us to book the sales we make to Byrna LATAM, and to collect royalties on every launcher that they produce. We believe that there is still significant untapped potential in these markets, and our partners at Byrna LATAM will help us reach new customers and expand with our current customers. As previously reported, we have left the door open to reacquire the whole of Byrna LATAM. Should they reach critical scale and implement the accounting and internal controls appropriate for a US company.

提醒一下，2024 年，我們出售了我們在合資企業 Byrna LATAM 的股份，這使我們能夠將對 Byrna LATAM 的銷售記入賬目，並收取他們生產的每個發射器的版稅。我們相信這些市場仍有巨大的未開發潛力，Byrna LATAM 的合作夥伴將幫助我們接觸新客戶並與現有客戶一起擴大業務。正如之前報導的那樣，我們敞開大門重新收購整個 Byrna LATAM。他們是否應該達到臨界規模並實施適合美國公司的會計和內部控制。

Looking ahead, we expect future growth to continue in both the United States and the international markets. Our compact launcher remains on schedule, and we believe that this new launch will provide us with a significant sales booth and higher margins later in this year, as well as unlocking an audience, that is looking for a smaller launcher that is better concealed for better suited for concealed carry.

展望未來，我們預期美國和國際市場都將持續成長。我們的緊湊型發射器仍然按計劃進行，我們相信這次新的發布會將為我們在今年晚些時候帶來顯著的銷售量和更高的利潤，同時也能吸引那些正在尋找更隱蔽、更適合隱蔽攜帶的小型發射器的受眾。

In conclusion, we are optimistic about the trajectory of the business, the ongoing success of our marketing efforts that's resulted in less-lethal becoming a much more widely accepted personal self-defense category. In fact, we believe that the market for less-lethal weapons among gun owners in the US is in the tens of millions of consumers. This growing market coupled with the growth of our online presence, the expansion of our retail presence, and our growing international opportunities all reinforce our confidence in the long-term demand for less-lethal weapons generally and for burner products in particular.

總之，我們對業務的發展軌跡感到樂觀，我們的行銷努力持續取得成功，這使得非致命性武器成為更廣泛接受的個人自衛類別。事實上，我們認為，美國槍枝擁有者中的非致命武器市場有數千萬消費者。這個不斷成長的市場，加上我們線上業務的成長、零售業務的擴展以及我們不斷增長的國際機會，都增強了我們對非致命武器（尤其是燃燒器產品）的長期需求的信心。

Well, the first quarter historically experiences a seasonal slowdown in consumer spending. We do expect to achieve very strong year-over-year growth as we continue executing on our strategic initiatives. We believe that Byrna is well positioned to generate additional cash and expand our profitability in 2025 and beyond. That includes my prepared remarks, Kevin.

從歷史上看，第一季的消費支出會出現季節性放緩。隨著我們繼續執行策略性舉措，我們確實有望實現非常強勁的同比成長。我們相信，Byrna 有能力在 2025 年及以後創造更多現金並擴大盈利能力。其中包括我準備好的發言，凱文。

Thank you. The company will now be taking questions from cell side analysts. (Operator Instructions) Our first question is coming from Matt Koranda from Roth Capital Partners. Your line is now live.

謝謝。該公司現在將回答手機分析師的問題。（操作員指示）我們的第一個問題來自 Roth Capital Partners 的 Matt Koranda。您的線路現已通電。

Hey, good morning team. Just curious if you could speak to any demand and sales trends in the first quarter to date. Curious specifically in January, I guess since you probably have the full month of data there and then any notable changes since the new administration, took office, any contacts that you can provide around the loss of Huckabee as well would be helpful.

嘿，大家早安。我只是好奇您是否可以談談第一季迄今為止的需求和銷售趨勢。特別好奇一月份的情況，我想因為你可能有整整一個月的數據，而且自從新政府上任以來有什麼顯著的變化，如果你能提供關於哈克比去世的任何联系方式，那將會很有幫助。

Yeah, thank you very much, Matt.

是的，非常感謝，馬特。

We have been -- we have had five consecutive growth quarters, and I do not expect there to be a sixth consecutive growth quarter, as Q1 is traditionally a slower quarter for us. That said, Q1 will be a record quarter, but for Q4. So it is a very strong quarter. It will be well above the previous high-water marks that we had last year, other than the fourth quarter.

我們已經連續五個季度實現成長，但我預計不會再連續第六個季度實現成長，因為第一季對我們來說通常是一個成長速度較慢的季度。也就是說，第一季將創下紀錄，但第四季則不然。因此這是一個非常強勁的季度。除第四季外，它將遠高於去年的最高水準。

There has been nothing really remarkable since the change in administration, other than the willingness of more and more platforms to accept our advertising. So, we think that that that shift is a very positive shift for us. Obviously by signing up Lara Trump and Charlie Kirk, we're trying to go after more of that audience that voted for President Trump, but we don't see any significant change in demand as a result one way or the other as a result of the election.

自從政府換屆以來，除了越來越多的平台願意接受我們的廣告外，並沒有特別值得注意的事情。因此，我們認為這種轉變對我們來說是一個非常積極的轉變。顯然，透過簽約拉拉·川普和查理·柯克，我們試圖吸引更多投票給川普總統的觀眾，但無論如何，我們並沒有看到選舉結果對需求有任何顯著影響。

With regard to Governor Huckabee, well, we're sorry to see Mike go. Mike was at TBN, which is a relatively small network, and although his ROAS was excellent. He was a relatively small endorser for us, didn't-- was certainly not on the scale of a Sean Hannity or a Glenn Beck. So, well, we'll miss him on a personal level.

關於哈克比州長，我們很遺憾看到麥克的離去。Mike 之前在 TBN 工作，這是一個相對較小的網絡，儘管他的 ROAS 非常出色。對我們來說，他是相對較小的代言人，當然不能與肖恩·漢尼提 (Sean Hannity) 或格倫·貝克 (Glenn Beck) 相比。所以，從個人角度來說，我們會想念他。

I don't see that there's going to have any significant impact on our numbers.

我認為這不會對我們的數字產生任何重大影響。

Okay, very helpful. And then the flow-through on your EBITDA, I was pretty impressive for the quarter. Obviously, we can see a lot of that coming from the -- good gross margin pull-through that you guys have mentioned, and sort of the production improvements.

好的，很有幫助。然後是本季的 EBITDA 流量，這令我印象非常深刻。顯然，我們可以看到很多這樣的成長來自於你們提到的良好的毛利率拉動，以及生產的改進。

Curious also on the operating expense side, where you guys are getting the most leverage because you mentioned leaning into marketing, so I'd assume there's not really leverage on that front. Maybe just discuss how we can kind of think about incremental margins, going forward as we head into fiscal '25.

同樣好奇的是，在營運費用方面，你們在哪裡獲得了最大的槓桿作用，因為你們提到傾向於行銷，所以我認為在這方面並沒有真正的槓桿作用。或許只是討論一下，在進入 25 財年之際，我們該如何考慮增量利潤率。

Sure, Matt, good to talk to you. You're right, we will continue to see our marketing increase throughout the year as we're leaning into the marketing, so I would expect to see that our variable selling expenses are remaining at 10% of sales, so that has been pretty consistent, and we'll continue.

當然，馬特，很高興與您交談。您說得對，隨著我們逐漸轉向行銷，我們的行銷費用將在全年持續成長，因此我預計我們的變動銷售費用將保持在銷售額的 10%，所以這一數字一直保持穩定，我們將繼續保持下去。

The rest of the expenses, we will have some leverage. The one call out I would say is as we open these retail stores, we do have operating expenses related to those. So, the people, the labor costs associated with it, the least cost associated with it, and we do expect sometimes before, they really ramp up to full revenues. So, if you think about on a quarterly basis, that's probably a $400,000 to $500,000 incremental expense that we have on the retail stores, and it's probably a six-month time frame before those gets ramped up to full speed.

對於其餘的費用，我們會有一些槓桿。我想說的是，當我們開設這些零售店時，我們確實有與之相關的營運費用。因此，與之相關的人員和勞動力成本是最低的相關成本，我們有時確實預計，在此之前，它們真的會增加到全部收入。因此，如果按季度計算，我們在零售店上的增量支出可能為 40 萬到 50 萬美元，而且可能需要六個月的時間才能達到全速增長。

Okay, alright, that's helpful.

好的，好吧，這很有幫助。

The rest of the expenses, I mean, you'll see a little bit, some incremental. I mean we've done raises, so you know you'll just see a few percentage points of increase but nothing drastic.

其餘的費用，我的意思是，你會看到一點點，一些增量。我的意思是我們已經加薪了，所以你知道你只會看到幾個百分點的增幅，但不會有太大的改變。

Yeah, if I could just add, I think the biggest issue is the store openings. So, as I mentioned, I was just down in Nashville. We just had the grand opening on Wednesday. We've had staff there for going on two months now. So, we've had people that have been setting up the store, that have been training, that have been traveling to Las Vegas to train, and then sales just started this week.

是的，如果我可以補充的話，我認為最大的問題是商店開業。所以，正如我所提到的，我剛剛到納許維爾。我們週三剛舉行了盛大的開幕典禮。我們工作人員在那裡工作已經兩個月了。所以，我們派了一些人員來開設商店，進行培訓，並前往拉斯維加斯進行培訓，然後銷售工作本週剛開始。

They started to have 1 to 2 launchers a day. Las Vegas is up over 10 launchers a day. So, we expect Nashville to be there over the next 4 to 6 months, but in the beginning, as with any new business, we expect these to be loss leaders, and that's going to have some negative impact on our operating expense percentage.

他們開始每天有 1 到 2 個發射器。拉斯維加斯每天發射超過 10 枚飛彈。因此，我們預計納許維爾將在未來 4 到 6 個月內達到這一水平，但在開始階段，與任何新業務一樣，我們預計這些將是虧本銷售，這將對我們的營業費用百分比產生一些負面影響。

Okay, fair enough. I wonder if you could maybe just speak a little bit more to the Sportsman's partnership just in terms of the impact, you expect, on the P&L timing of the rollout. It sounds like 2Q is kind of when we start seeing the 11 initial stores. How quickly could we see the additional 50 that you mentioned, Bryan in the prepared remarks? What do you need to see out of the partnership from the initial 11 to hit that next stage of the 50, and then maybe just lastly if you could touch on how this may impact your own store rollout, going forward and how we should be thinking about that in light of the partnership?

好吧，夠公平。我想知道您是否可以再多談談與 Sportsman 的合作關係，以及您預計這對推出的損益表時間的影響。聽起來我們在第二季就會開始看到 11 家初始商店。布萊恩，我們多久才能看到您在準備好的演講中提到的另外 50 個？從最初的 11 家店到進入 50 家店的下一階段，您需要從合作中看到什麼？最後，您能否談談這將如何影響您自己店面的推廣，以及我們應該如何根據合作關係來考慮這個問題？

Okay, the Sportsman store rollout is very important to us, because these are existing stores. So, the thing that slows us down with rolling out the Byrna store is, the amount of time it takes to secure a lease to get approval from the police department, the fire department to do the tenant improvements to hire the personnel.

好的，Sportsman 商店的推出對我們來說非常重要，因為這些都是現有的商店。因此，阻礙我們開設 Byrna 商店的原因是，我們需要花費大量時間才能獲得租約、警察局和消防部門的批准、對租戶進行改善並僱用人員。

So from the time we select the city to the time that we can open up a store, probably is six months for Sportsman's Warehouse where there is already an existing location already customer flow. There's already space there. There's an archery range, and all that needs to be done is the conversion of this space from an archery range into a burner store.

因此，從我們選擇城市到開店的時間，對於 Sportsman's Warehouse 來說，大概需要六個月，因為那裡已經有現成的店鋪，並且已經有客流。那裡已經有空間了。這裡有一個射箭場，需要做的就是將這個空間從射箭場改造成燃燒器商店。

We're looking at three or four weeks to take a location and turn it into an active store. So that's one of the things that's very attractive about the deal with Sportsman's Warehouse is that for us to roll out 100 stores could take us multiple years, whereas Sportsman's could frankly roll them out as quickly as 12 months if the numbers are there.

我們預計需要三到四周的時間才能把一個地點改造成活躍的商店。因此，與 Sportsman's Warehouse 達成的交易非常有吸引力的地方之一在於，我們開設 100 家商店可能需要數年時間，而如果數量足夠的話，Sportsman's 可以在 12 個月內開設完畢。

So that brings us down to the question of, what is it going to take to roll out additional stores? We think that these stores like Zack's could do, $0.5 million to $1 million a year in each store. I think Sportsman's is looking at much lower numbers than that, honestly, I think that they would be happy rolling these stores out if they were, in the -- $100,000 to $300,000 range per store within a store.

所以這給我們帶來了一個問題：開設更多商店需要做些什麼？我們認為，像 Zack's 這樣的商店每年每家店的獲利可以達到 50 萬到 100 萬美元。我認為 Sportsman's 的目標數字要低得多，老實說，我認為如果每家店的營收在 10 萬至 30 萬美元之間，他們會很樂意開設這些商店。

And I think, in speaking with management there and speaking with the CEO of Sportsman's, they're using these 11 stores for them to get comfortable with the concept, but they are fully committed to rolling these out into the full 100 stores as quickly as possible, provided that the concept is economically viable.

我認為，在與那裡的管理層以及 Sportsman's 的首席執行官交談時，他們正在使用這 11 家商店來熟悉這一概念，但他們完全致力於盡快將其推廣到全部 100 家商店，前提是該概念具有經濟可行性。

Okay, makes a lot of sense. I'll leave it there. Great quarter guys.

好的，很有道理。我就把它留在那裡。大家，你們真是太棒了。

Thank you. Next question is coming from Jeff Van Sinderen from B. Riley Securities. Your line is now live.

謝謝。下一個問題來自 B. Riley Securities 的 Jeff Van Sinderen。您的線路現已通電。

Good morning, everyone, and just to follow up on the Sportsman's Warehouse.

大家早安，我是 Sportsman's Warehouse 的後續報道。

Have you thought about sort of a time frame when you can declare success hitting the targets there? Is it six months out from now, nine months out? Any sense you can give us there?

您是否考慮過什麼時候可以宣布成功實現目標？是從現在起六個月後，還是九個月後？您能給我們什麼資訊嗎？

We know from our own stores that we're looking at four to six months to really get comfortable that these stores are hitting their stride. Sportsman's Warehouse may happen more quickly than that because we have to drive traffic to our stores. I just set up a billboard campaign in the greater Nashville area to make people aware of the store and to get them in. We're starting with co splitting with Sean Hannity, Glenn Beck, to make people aware that there's a store in Nashville.

從我們自己的商店了解到，我們需要四到六個月的時間才能真正放心這些商店正在步入正軌。Sportsman's Warehouse 的出現可能會更快，因為我​​們必須增加店面客流量。我剛剛在大納許維爾地區發起了一場廣告看板宣傳活動，以便讓人們了解這家商店並吸引他們進店。我們首先與肖恩漢尼提 (Sean Hannity)、格倫貝克 (Glenn Beck) 合作，讓人們知道納許維爾有一家商店。

With Sportsmen's, you already have significant traffic. You already have customers in the store, so we would guess that it will happen more quickly. That said, it's not going to happen overnight. I mean, there's going to take some number of months.

透過 Sportsmen's，您已經擁有了大量的流量。您的商店裡已經有顧客了，因此我們猜測這會更快發生。話雖如此，但這不會在一夜之間發生。我的意思是，這需要幾個月的時間。

So I would be -- I'm hopeful that in the next three to four months these stores will start to produce profits that would encourage Sportsman's Warehouse to roll them out to other locations.

所以我希望在未來三到四個月內這些商店能夠開始盈利，從而鼓勵 Sportsman's Warehouse 將它們拓展到其他地方。

Okay, great to hear. And then if we could turn to production plans, and targets that you have there for a moment, also wondering if there are any shortages and components in your supply chain and then may be if you could touch on inventory levels you expect to maintain as you continue to grow.

好的，很高興聽到這個消息。然後，如果我們可以暫時轉到生產計劃和目標，同時想知道您的供應鏈中是否存在任何短缺和組件，然後您是否可以談談您希望在繼續增長時保持的庫存水平。

Okay, sure.

好的，當然。

So as far as production levels, we mentioned that we're up to 24,000 a month, and we'll, we plan to continue that. We don't have any shortage of parts, so we're keeping on top of that and getting parts in timely.

就生產水準而言，我們提到我們的月產量高達 24,000 台，我們計劃繼續保持這一水準。我們不缺少零件，因此我們會密切注意並及時提供零件。

We do expect to grow inventory through the first quarter, maybe in the second quarter until we get to the launch of our CL, as we are starting production of our CL. As we've mentioned previously, we want to have 30,000 of those produced and ready to go before that product launch, which we expect to be in the summer of this year, so midyear this year.

我們確實預計第一季庫存會增加，也許第二季也會如此，直到我們推出 CL，因為我們正在開始生產 CL。正如我們之前提到的，我們希望在產品發布之前生產並準備好 30,000 台，我們預計產品發佈時間是在今年夏天，也就是今年年中。

So that will increase our inventory in the neighborhood of about $5 million we expect.

因此，我們預計這將使我們的庫存增加約 500 萬美元。

Okay, helpful to know. And that $5 million is just for the compact launcher?

好的，知道了很有幫助。這500萬美元只是用來購買小型發射器嗎？

Just for the compact launcher.

僅適用於緊湊型發射器。

Okay, fair enough.

好吧，夠公平。

And then I know you guys generally don't provide guidance but wondering if there's -- if you want to say anything about what level of revenue growth or gross margin seems attainable in 2025, and then maybe given some of your expenses to ramp retail perhaps the level of even down margin that seems feasible to aim for.

然後我知道你們通常不提供指導，但我想知道是否有——如果您想說一下 2025 年似乎可以實現什麼樣的收入增長或毛利率水平，然後也許考慮到您的一些支出以增加零售量，也許可以實現甚至降低的利潤率水平。

Yeah, we don't want to give any numerical guidance to the top line, but we can say that it's not going to be the same 100% growth we had in '24, but it will be a very strong double digit growth year. We're already seeing that in Q1, and we expect as we get into Q3 and Q4 with the implementation of the compact launcher that we'll see very strong growth.

是的，我們不想對營業收入給予任何數字指導，但我們可以說，它不會像24年那樣實現100%的成長率，但它將是一個非常強勁的兩位數成長的一年。我們已經在第一季看到了這一點，我們預計，隨著第三季和第四季緊湊型發射器的實施，我們將看到非常強勁的成長。

In terms of margins, as you could see, we've been seeing increasing margins all the way through last year, and we expect that to continue. We expect it to continue, for a couple of reasons, as Lauri pointed out, we've been doing a lot of work to reduce costs. We've been benefiting from economies of scale as we grow the business, and frankly, as we bring out. The compact launcher, we're going to be bringing out a higher margin product. So, as we get into, the third and fourth quarter, we expect margins to exceed where we ended up at the end of 2024.

就利潤率而言，正如您所看到的，我們的利潤率去年一直在成長，我們預計這種趨勢還會持續下去。我們預計這種情況會繼續下去，原因有幾個，正如勞裡指出的那樣，我們一直在做大量工作來降低成本。隨著我們業務的成長，坦白說，隨著我們推出產品，我們從規模經濟中受益匪淺。小型發射器，我們將推出利潤更高的產品。因此，隨著進入第三季度和第四季度，我們預計利潤率將超過 2024 年底的水平。

We had talked about just sort of EBITDA margins, historically that, as we hit $100 million, we should be in the mid-teens as we hit $125 million. We should be in the high 10s as we get up to $150 million, we should be in the low 20s and probably a terminal gross margin of somewhere close to 30% that we will hit, when we're at the $175 million to $200 million mark.

我們曾經討論過 EBITDA 利潤率，從歷史上看，當我們達到 1 億美元時，當我們達到 1.25 億美元時，利潤率應該在 15% 左右。當我們的銷售額達到 1.5 億美元時，我們的毛利率應該會達到 10% 以上；當我們的銷售額達到 1.75 億美元至 2 億美元時，我們的毛利率應該會達到 20% 出頭；最終的毛利率可能接近 30%。

Okay, that's helpful. Thanks for taking my questions. I'll take the rest offline.

好的，這很有幫助。感謝您回答我的問題。我將把其餘部分移至離線。

Thank you. Next question is coming from John Hickman from Ladenburg Thalmann. Your line is now live.

謝謝。下一個問題來自拉登堡塔爾曼 (Ladenburg Thalmann) 的約翰希克曼 (John Hickman)。您的線路現已通電。

Hi, nice results, congratulations. Just one question about the Sportsman partnership.

嗨，成績不錯，恭喜。關於 Sportsman 合作關係，我只有一個問題。

Are any of the employees in those stores in a store going to be burning employees or are they all going to be Sportsman? What kind of control you have over there performance?

商店裡這些員工中是否有人會成為燃燒員工，還是他們都會成為運動員？您對他們的表現有什麼樣的控制權？

That's a very good question, John. They are not going to be Sportsmen's. They're not going to be burnt employees. They are going to be Sportsman's employees, and that's one of the benefits for us.

這是一個非常好的問題，約翰。他們不會成為運動員。他們不會成為受苦的員工。他們將成為Sportsman的員工，這對我們來說是好處之一。

Now we have committed to significant training, and it is in our best interest to train, so we are. Involved in the design of the store, the look of the store, the feel of the store, we will train all the personnel, and we will train them using what we call a T3 or train the trainer program, so that each of these employees that we train will then be able to train other employees in the store. Sportsman's Warehouse has committed to having many of their employees in the store be trained to operate the range and to sell Byrna.

現在我們已經致力於進行重要的培訓，而且培訓符合我們的最大利益，所以我們就這麼做了。我們會參與商店的設計、商店的外觀、商店的感覺，並培訓所有人員，使用所謂的 T3 或培訓培訓師計劃對他們進行培訓，這樣，我們培訓的每個員工都能夠培訓商店中的其他員工。Sportsman's Warehouse 承諾將對店內的許多員工進行培訓，讓他們了解如何操作系列產品並銷售 Byrna。

So, we're going to be very involved. We have also agreed to having Byrna personnel on site at least twice a year in each of the locations and to provide, demo days using our trailer and other ways to support Sportsman. But the real benefit here is that we're able to use the Sportsman's footprints and we're able to use the sportsman's balance sheet to grow our business.

所以，我們將會積極參與。我們還同意每年至少兩次派遣 Byrna 人員到各個地點現場，並使用我們的拖車和其它方式提供演示日來支持 Sportsman。但真正的好處是，我們能夠利用運動員的足跡，能夠利用運動員的資產負債表來發展我們的業務。

Okay, so, back to the build out there. It's I think you said that each of your like the Nashville store et cetera.

好的，那麼回到那裡的構建。我認為你們說過你們每個人都喜歡納許維爾商店等等。

That's a $400,000 or $500,000 expense.

這是一筆 40 萬或 50 萬美元的費用。

What do you anticipate for the expense for the Sportsman's store within a store?

您對於店內運動員商店的開支有何預期？

Hi John, it's Lauri. So just one correction, our build out of our stores are in the $200,000 to $250,000 range for most of our retail stores. For Sportsman's though, because they already have the store, all they're doing is reconfiguring the space and, changing some of the fixtures and furniture and fixtures, and they're estimating the cost to be about $15,000 of which we're going to pay half, so it's $75,000 per store, this is not a large expense for us.

嗨，約翰，我是勞裡。因此只需更正一點，我們大多數零售店的建造成本都在 20 萬至 25 萬美元之間。然而對於 Sportsman's 來說，因為他們已經有了商店，他們所做的只是重新配置空間，更換一些固定裝置、家具和固定裝置，他們估計成本約為 15,000 美元，其中我們將支付一半，所以每家商店的成本為 75,000 美元，這對我們來說不是一筆很大的開支。

Okay, and then are they going to carry all your products, your rifles, all the ammo, that kind of thing?

好的，那麼他們會運送你們的所有產品、步槍、所有彈藥之類的東西嗎？

The agreement is, as with the premier dealers to carry a full representative range of products that may not mean every single product we carry in every single location, but very close. So, the intention is to carry everything that sells.

與頂級經銷商達成的協議是，我們將提供全系列的代表性產品，這可能並不意味著我們會在每個地點提供每種產品，但非常接近。因此，我們的目的是銷售所有暢銷商品。

And this is part for Sportsman. They're creating a whole personal safety, personal self-defense division. So they've been focused almost exclusively on hunting. Hunting is a five month a year season. Personal safety is 12 months a year, 365 days a year, and Byrna will sort of be the anchor for this personal safety segment of their marketing campaign. So, they do want to carry everything personal safety related.

這是運動員的一部分。他們正在創建一個完整的個人安全和個人自衛部門。因此他們幾乎只專注於狩獵。每年有五個月是狩獵季節。人身安全是一年 12 個月、一年 365 天的，Byrna 將成為其行銷活動中人身安全部分的支柱。所以，他們確實希望攜帶所有與個人安全相關的物品。

Okay. And -- I guess that's it for me.

好的。而且——我想這對我來說就是這樣了。

Thank you. We reached the end of our question-and-answer session. I'd like to turn the floor back over for any further closing comments.

謝謝。我們的問答環節已經結束。我想將發言權交還給其他人，以便大家發表進一步的結論。

Okay, Kevin, thank you. I appreciate your continued interest in Byrna, and I want to thank all of our investors and customers for your continued support.

好的，凱文，謝謝你。感謝您對 Byrna 的持續關注，也感謝所有投資者和客戶的持續支持。

Thank you very much.

非常感謝。

Thank you. That does conclude today's teleconference and webcasting me disconnect your line at this time and have a wonderful day. We thank you for your participation today.

謝謝。今天的電話會議和網路直播就到此結束了，我將斷開您的線路，祝您有美好的一天。我們感謝您今天的參與。