Byrna Technologies Inc (BYRN) 2025 Q1 法說會逐字稿

Good morning, and welcome to Byrna's fiscal first-quarter 2025 earnings conference call. My name is Melissa, and I will be your operator for today's call. Joining us for today's presentation are the company's CEO, Bryan Ganz; and CFO, Lauri Kearnes.

早安，歡迎參加 Byrna 2025 財年第一季財報電話會議。我叫梅麗莎，今天我將擔任您的電話接線生。參加今天演講的有公司執行長 Bryan Ganz；和財務長 Lauri Kearnes。

Following their remarks, we will open the call to questions. Earlier today, Byrna released results for its fiscal first quarter ended February 28, 2025. A copy of the press release is available on the company's website.

在他們發言之後，我們將開始提問。今天早些時候，Byrna 公佈了截至 2025 年 2 月 28 日的第一個財季業績。新聞稿副本可在該公司網站上查閱。

Before turning the call over to Bryan Ganz, Byrna Technologies' Chief Executive Officer, I'll read the Safe Harbor statement. Some discussions held today include forward-looking statements. Actual results could differ materially from 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 obligation to update forward-looking statements as a result of new information, future events, or otherwise.

在將電話轉給 Byrna Technologies 執行長 Bryan Ganz 之前，我將宣讀安全港聲明。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而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 Investors 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 結果對帳的更多資訊。

Now, I'd like to turn the call over to Byrna's CEO, Bryan Ganz. Please go ahead, sir.

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

Thank you, Melissa. And thank you, everyone, for joining us today. This morning, we filed our 10-Q with the SEC and issued a press release providing our financial results and business highlights for the fiscal first quarter ended February 28, 2025. I'll start today by turning the call over to our CFO, Lauri Kearnes, who will review our financial results for the period.

謝謝你，梅麗莎。感謝大家今天的參與。今天上午，我們向美國證券交易委員會提交了 10-Q 報表，並發布了一份新聞稿，提供了截至 2025 年 2 月 28 日的第一財季的財務業績和業務亮點。今天，我首先將電話轉給我們的財務長 Lauri Kearnes，他將審查我們本季的財務表現。

Following her remarks, I'll discuss the operational highlights that drove our 57% year-over-year revenue growth and continued GAAP and non-GAAP EBITDA profitability for the quarter. I'll then offer insights into our strategy moving forward before we open the call to questions from our covering research analyst.

在她講話之後，我將討論推動我們本季營收年增 57% 以及繼續保持 GAAP 和非 GAAP EBITDA 盈利的營運亮點。在我們開始回答我們的研究分析師的提問之前，我將對我們未來的策略提供一些見解。

Lauri?

勞裡？

Thank you, Bryan, and good morning, everyone. Let's review our financial results for the first fiscal quarter ended February 28, 2025. Net revenue for the Q1 2025 was $26.2 million, a 57% increase from the $16.7 million reported in the first fiscal quarter of 2024. This $9.5 million increase is primarily due to continuing sales momentum, channel expansion and broader brand adoption.

謝謝你，布萊恩，大家早安。讓我們回顧一下截至 2025 年 2 月 28 日的第一財季的財務表現。2025 年第一季淨收入為 2,620 萬美元，較 2024 財年第一季的 1,670 萬美元成長 57%。950 萬美元的成長主要歸功於持續的銷售動能、通路擴張和更廣泛的品牌採用。

In Q1, direct-to-consumer revenues increased by $6.7 million through byrna.com and amazon.com compared to the prior year period. While both channels have grown, we are starting to see our amazon.com sales grow at a faster rate than our byrna.com sales. Additionally, sales to dealers increased $1.9 million or 78% with the largest increase coming in the category of chain stores, which increased $700,000. This was primarily driven by sales to Bass Pro Shops.

第一季度，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 670 萬美元。雖然兩個管道都在成長，但我們開始看到 amazon.com 的銷售額成長速度快於 byrna.com 的銷售額。此外，對經銷商的銷售額增加了 190 萬美元，增幅為 78%，其中連鎖店的銷售額增幅最大，為 70 萬美元。這主要是由於 Bass Pro Shops 的銷售所致。

Gross profit for Q1 2025 was $15.9 million or 61% of net revenue compared to $9.6 million or 58% of net revenue for Q1 2024. We continue to see the gross margin improvement due to our efforts in the middle of 2024 focused on designing for manufacturability as well as increased production volumes.

2025 年第一季的毛利為 1,590 萬美元，佔淨收入的 61%，而 2024 年第一季的毛利為 960 萬美元，佔淨收入的 58%。由於我們在 2024 年中期致力於可製造性設計以及提高產量，我們繼續看到毛利率的提高。

Operating expenses for Q1 2025 were $14.2 million compared to $9.8 million for Q1 2024. The increase in operating expenses was driven by increased variable selling expenses, discretionary marketing spend, and higher payroll costs. Higher payroll costs included an increase in employee benefits and the company 401(k) match of $300,000. This was due to a combination of increased employees, increased healthcare costs, and the company implementing a 401(k) Safe Harbor matching program.

2025 年第一季的營運費用為 1,420 萬美元，而 2024 年第一季的營運費用為 980 萬美元。營業費用的增加是由於變動銷售費用、可自由支配的行銷支出以及工資成本的增加。薪資成本增加包括員工福利增加和公司 401(k) 計畫匹配金額增加 30 萬美元。這是由於員工人數增加、醫療保健成本增加以及公司實施 401（k）安全港匹配計劃等多種因素造成的。

Net income for Q1 2025 was $1.7 million compared to $17,000 for Q1 2024. This increase was driven by an overall increase in product sales. Due to the release of our valuation allowance in Q4 2024, the company will transition into full taxpayer status in 2025, and we expect our effective tax rate to be approximately 23% for the year.

2025 年第一季的淨收入為 170 萬美元，而 2024 年第一季的淨收入為 17,000 美元。這一成長是由產品銷售整體成長所推動的。由於我們在 2024 年第四季度發布了估值準備金，該公司將在 2025 年轉變為完全納稅人身份，我們預計今年的有效稅率約為 23%。

Adjusted EBITDA, a non-GAAP metric, for Q1 2025 totaled $2.8 million compared to $1.2 million for Q1 2024. Cash, cash equivalents, and marketable securities at February 28, 2025, totaled $19.3 million compared to $25.7 million at November 30, 2024. The decrease reflects planned increases in inventory ahead of the Compact Launcher release and normal seasonal working capital movements.

2025 年第一季的調整後 EBITDA（非 GAAP 指標）總計 280 萬美元，而 2024 年第一季為 120 萬美元。截至 2025 年 2 月 28 日的現金、現金等價物及有價證券總額為 1,930 萬美元，而 2024 年 11 月 30 日為 2,570 萬美元。這一下降反映了緊湊型發射器發布前計劃增加的庫存以及正常的季節性營運資金變動。

Inventory at February 28, 2025, totaled $23.2 million compared to $20 million at November 30, 2024. The company has no current or long-term debt.

截至 2025 年 2 月 28 日的庫存總額為 2,320 萬美元，而 2024 年 11 月 30 日的庫存總額為 2,000 萬美元。該公司沒有當前或長期債務。

I'll now turn it back to Bryan.

現在我將話題轉回給布萊恩。

Thanks, Lauri. As our results demonstrate, the sales momentum from fiscal 2024 continued into the first quarter of fiscal 2025 as we successfully grew revenue by 50% year over year to $26.2 million despite the first quarter being our traditionally slowest quarter. While it was not a sequential beat, sales for the first quarter were only 6% below our all-time record of $28 million in the fourth quarter of 2024.

謝謝，勞裡。正如我們的結果所顯示，2024 財年的銷售勢頭延續到了 2025 財年第一季度，儘管第一季度是我們傳統上最慢的季度，但我們的收入仍成功同比增長 50%，達到 2620 萬美元。雖然第一季的銷售額並未達到連續最佳水平，但僅比 2024 年第四季創下的 2800 萬美元的歷史最高紀錄低 6%。

In 2023 and 2022, by comparison, Q1 sales were 47% and 29% below Q4 sales, respectively. As expected, sales softened post-holiday due to consumer fatigue, a general Trump slump for firearms post-election, and waning consumer confidence.

相比之下，2023 年和 2022 年第一季的銷售額分別比第四季低 47% 和 29%。正如預期的那樣，由於消費者疲勞、川普當選後槍支銷量普遍低迷以及消費者信心減弱，假期後銷售出現疲軟。

That said, February daily DTC sales were better than January daily DTC sales, and March daily DTC sales were better than February daily DTC sales. This was despite the general market softness and the fact that some of our customers appear to be waiting for the release of our much anticipated Compact Launcher. On a related note, when speaking to investors recently at the ROTH conference, several investors told me that they are using one of -- any one of a number of different apps to track Byrna's credit card sales.

也就是說，2 月份 DTC 每日銷售額優於 1 月份 DTC 每日銷售額，3 月份 DTC 每日銷售額優於 2 月份 DTC 每日銷售額。儘管市場總體疲軟，而且我們的一些客戶似乎正在等待我們備受期待的緊湊型發射器的發布，但我們仍然取得了這樣的成績。與此相關的是，最近在 ROTH 會議上與投資者交談時，幾位投資者告訴我，他們正在使用多種不同的應用程式來追蹤 Byrna 的信用卡銷售情況。

I would just urge people using these apps to also be tracking our sales on Amazon as an increasing portion of our DTC sales are taking place on Amazon, where we are not paid by credit card. In Q1 of 2024, Amazon sales represented 19.3% of Byrna's total US DTC sales. By Q1 2025, Amazon sales represented 26.9% of Byrna's total US DTC sales. And last month, Amazon sales climbed to 32.6% of Byrna's total DTC sales.

我只是想敦促使用這些應用程式的人們也追蹤我們在亞馬遜上的銷售情況，因為我們越來越多的 DTC 銷售發生在亞馬遜上，而我們在那裡不接受信用卡付款。2024 年第一季度，亞馬遜銷售額佔 Byrna 美國 DTC 總銷售額的 19.3%。到 2025 年第一季，亞馬遜的銷售額佔 Byrna 美國 DTC 總銷售額的 26.9%。上個月，亞馬遜的銷售額攀升至 Byrna DTC 總銷售額的 32.6%。

There are a number of reasons for Amazon's strong relative performance. However, the most important reason is that we are now treating Amazon as its own business center with a dedicated Amazon sales manager focusing exclusively on our Amazon business.

亞馬遜相對表現強勁的原因有很多。然而，最重要的原因是我們現在將亞馬遜視為自己的業務中心，並有專門的亞馬遜銷售經理專注於我們的亞馬遜業務。

With more than 50% of all online sales in the US taking place on Amazon, we expect to see our Amazon sales continue to grow as a percentage of our total sales as Byrna's brand awareness and the normalization of the nonlethal product category continues to grow.

美國超過 50% 的線上銷售發生在亞馬遜上，隨著 Byrna 品牌知名度和非致命產品類別的正常化不斷提高，我們預計亞馬遜銷售額占我們總銷售額的百分比將繼續增長。

Moreover, we are about to introduce Buy with Prime on our website. This will allow Amazon members to buy our products using their Amazon Prime account when checking out on the Byrna website. This enables us to take advantage of Amazon's lower shipping rates and avoid credit card fees without paying Amazon's hefty selling fee.

此外，我們即將在我們的網站上推出「Prime 購買」服務。這將允許亞馬遜會員在 Byrna 網站結帳時使用他們的亞馬遜 Prime 帳戶購買我們的產品。這使我們能夠利用亞馬遜較低的運費並避免信用卡費用，而無需支付亞馬遜的高額銷售費用。

Initially, Buy with Prime will be limited to select ammo and accessory SKUs. However, if successful, we will roll it out much more broadly. We are able to recoup the very low 3% fee through the lower freight costs and the elimination of credit card fees. While the normal fee on products sold through Amazon is 15%, I am somewhat agnostic as to whether we sell through Amazon or byrna.com as our net margins are not really very different between the two channels.

最初，Prime 購買僅限於選擇彈藥和配件 SKU。然而，如果成功的話，我們將會更廣泛地推廣它。我們能夠透過降低運費和取消信用卡費用來收回非常低的 3% 費用。雖然透過亞馬遜銷售的產品的正常費用為 15%，但我對於我們是透過亞馬遜還是 byrna.com 銷售並不太確定，因為這兩個管道之間的淨利潤率並沒有太大差別。

Since we sell a slightly different bundle on Amazon, gross profit margins on Amazon are 2.6% higher than byrna.com's gross profit margins. We also eliminated the credit card fees, Shopify fees, and we save substantially on outbound freight when we sell on Amazon. In addition, our advertising costs are much lower. Last year, our ROAS on ads driving customers to byrna.com was 4.5x, while our ROAS or return on advertising spend on Amazon advertising was 18.5x, resulting an overall DTC ROAS of 5.4x for the company.

由於我們在亞馬遜上銷售的捆綁產品略有不同，因此亞馬遜上的毛利率比 byrna.com 的毛利率高 2.6%。我們還取消了信用卡費用、Shopify 費用，並且在亞馬遜上銷售時大幅節省了出境運費。此外，我們的廣告成本也低得多。去年，我們在吸引客戶造訪 byrna.com 的廣告上的 ROAS 為 4.5 倍，而我們在亞馬遜廣告上的 ROAS 或廣告支出回報率為 18.5 倍，因此公司的整體 DTC ROAS 為 5.4 倍。

As a result, on a net basis, our margins are not substantially lower on Amazon. On the last earnings call, I announced that we had just signed a letter of intent with Sportsman's warehouse to roll out a Byrna store-within-a-store pilot program at 10 Sportsman's Warehouse locations across the United States.

因此，從淨利潤來看，我們在亞馬遜上的利潤率並沒有大幅降低。在上次財報電話會議上，我宣布我們剛剛與 Sportsman's Warehouse 簽署了一份意向書，將在全美 10 家 Sportsman's Warehouse 門市推出 Byrna 店中店試點計劃。

I am very pleased to announce that Sportsman's has agreed to expand this pilot program to 13 store-within-a-store locations and more importantly, to add an additional 41 stores where they will carry Byrna's point-of-sale display and will convert existing archery ranges into Byrna shooting lanes where potential customers can try shooting the Byrna, bringing the total number of Sportsman's locations where customers can experience the Byrna to 54.

我很高興地宣布，Sportsman's 已同意將這一試點項目擴展到 13 家店中店，更重要的是，增加 41 家商店，這些商店將在這些商店中放置 Byrna 的銷售點展示，並將現有的射箭場改造成 Byrna 射擊道，潛在客戶可以在那裡嘗試射擊 Byrna，這樣，客戶可以在那裡達到階段 5 人的體驗總數。

A few weeks ago, we celebrated the successful launch of the first Byrna store within a store at Sportsman's Warehouse flagship store in Saratoga Springs, Utah, near its corporate headquarters. The remaining 12 store-within-a-store locations in our pilot program are scheduled to open by May 1, at which time Sportsman's CEO, Paul Stone and I plan to officially announce the kickoff of this revolutionary business partnership where Sportsman's combines experiential selling with the fastest-growing segment in the personal self-defense space, Byrna non-lethal launchers.

幾週前，我們慶祝了第一家 Byrna 店中店在猶他州薩拉託加泉的 Sportsman's Warehouse 旗艦店（靠近其公司總部）的成功開幕。我們試點項目中剩餘的 12 家店中店計劃於 5 月 1 日開業，屆時 Sportsman 首席執行官保羅·斯通 (Paul Stone) 和我計劃正式宣布啟動這一革命性的商業合作，Sportsman 將把體驗式銷售與個人防衛領域增長最快的細分市場 Byrna 非致命發射器結合起來。

Each of these 13 installations will feature a dedicated area where customers can try shooting the launchers for themselves. As we say at Byrna, shooting is believing. As most of you know, based on the experience of our own retail stores and our premier dealers, when a potential customer has an opportunity to shoot the Byrna, conversion rates go up dramatically.

這 13 個裝置均設有專門區域，顧客可以親自嘗試發射發射器。正如我們在 Byrna 所說，射擊即信仰。大多數人都知道，根據我們自己的零售店和主要經銷商的經驗，當潛在客戶有機會拍攝 Byrna 時，轉換率會大幅上升。

Across our company-owned retail stores, conversion rates last month as measured by the number of sales divided by the number of individuals walking into a store range from 50% to 68%. Measured by sales as a percentage of groups walking into the stores, the conversion rates are even higher. This compares to a conversion rate of slightly over 1% for people visiting our website.

在我們公司自營的零售店中，上個月的轉換率（以銷售數量除以走進商店的人數來衡量）在 50% 到 68% 之間。如果以銷售額佔走進商店的群體的百分比來衡量，轉換率甚至更高。相比之下，造訪我們網站的用戶的轉換率略高於 1%。

To support this initiative, we are jointly funding the build-out with Byrna covering half of the approximately $15,000 cost per installation. And to ensure a strong launch, we're placing a Byrna trained representative at each store with a store location during the rollout period. Similar to Apple's Genius Bar concept, these experts will ensure both Sportsman staff and customers receive comprehensive product information and support. Moreover, as we have seen with the initial store, if we do not have a dedicated employee, the Byrna store is often unmanned.

為了支持這項舉措，我們與 Byrna 共同出資建設，承擔每次安裝約 15,000 美元成本的一半。為了確保順利推出，我們將在推廣期間在每家商店安排一名經過 Byrna 培訓的代表。與 Apple 的 Genius Bar 概念類似，這些專家將確保 Sportsman 員工和客戶都能獲得全面的產品資訊和支援。此外，正如我們在最初的商店中看到的那樣，如果我們沒有專門的員工，Byrna 商店通常無人值守。

The revenue potential is significant with this partnership. To put this in perspective, just one launcher sale per day per store could generate approximately $200,000 in annual revenue at each participating Sportsman's warehouse location. If they can achieve five launcher sales per day per store, revenue could exceed $1 million per store, similar to our Las Vegas location.

此次合作的收入潛力大。從這個角度來看，每家商店每天只需銷售一個發射器，就可以在每個參與的 Sportsman 倉庫地點產生約 20 萬美元的年收入。如果他們每家商店每天可以銷售 5 台發射器，那麼每家商店的收入就可能超過 100 萬美元，與我們拉斯維加斯的門市收入差不多。

Sportsman's operates 146 stores nationwide. If their initial performance metrics are anywhere near what we are seeing with our own company-owned stores, Sportsman's plans to continue expanding these store-in-store installations throughout their network. In parallel, Q1 saw the successful launch of three new Byrna retail stores. These stores were opened in Scottsdale, Arizona; Franklin, Tennessee, just outside Nashville; and Salem, New Hampshire.

Sportsman's 在全國經營 146 家商店。如果他們的初始績效指標與我們自己公司自營商店的績效指標接近，Sportsman 計劃繼續在其整個網路中擴展這些店中店設施。同時，第一季成功開設了三家新的 Byrna 零售店。這些商店在亞利桑那州斯科茨代爾開業；田納西州富蘭克林，就在納許維爾郊外；以及新罕布夏州的塞勒姆。

I'm proud to report that the final retail store, which is co-located with our brand-new ammo factory in Fort Wayne, Indiana, has its grand opening scheduled for later today. These company-owned retail locations complement both our Sportsman's partnership and our premier dealer program by allowing us to use our retail stores as a test bed to determine not only the look and feel of a store offering the Byrna experience, but also to develop the best strategies for bringing folks in the door and closing the sale.

我很自豪地報告，最後一家零售店將於今天晚些時候盛大開業，該店與我們位於印第安納州韋恩堡的全新彈藥工廠位於同一地點。這些公司所有的零售店都對我們的 Sportsman 合作夥伴關係和我們的首要經銷商計劃進行了補充，使我們能夠將我們的零售店用作試驗台，不僅確定提供 Byrna 體驗​​的商店的外觀和感覺，而且還制定吸引顧客進店並完成銷售的最佳策略。

While our focus remains on capital-efficient expansion through partnerships like the one with Sportsman's, we see significant long-term potential in Byrna branded stores, both for regions that are not well served by retail partners and to act as flagship locations where we can gather demographic data, test new products, run training programs, host celebrity appearances, and engage in community outreach.

雖然我們的重點仍然是透過與 Sportsman's 等公司建立合作夥伴關係來實現資本高效的擴張，但我們認為 Byrna 品牌店具有巨大的長期潛力，既適用於零售合作夥伴服務不佳的地區，也適用於作為旗艦店的地區，我們可以在那裡收集人口統計數據、測試新產品、開展培訓計劃、舉辦名人活動並參與社區活動並參與社區活動。

Early results for these new stores have been encouraging. For their first full month of operations, average daily sales at the new locations range from slightly more than $1,000 a day to more than $1,700 a day. This is well above what we saw in Las Vegas in the first few months of operation in 2023.

這些新店的早期業績令人鼓舞。在營運的第一個整月，新店的日平均銷售額從每天略高於 1,000 美元到每天超過 1,700 美元不等。這遠高於我們在 2023 年營運的頭幾個月在拉斯維加斯看到的情況。

The 800-pound gorilla in the room, I think, for everyone is how the recently imposed tariffs will affect Byrna. I am happy to report that Byrna was well ahead of the curve. And as a result, we are better situated than 95% plus of all American companies when it comes to tariffs. Specifically, four years ago, when Byrna was plagued with supply chain interruptions, I announced Byrna's all-truck strategy. This required our supply chain to have at least two sources for every launcher component with at least one of those sources being in the United States.

我認為，對每個人來說，房間裡最棘手的問題就是最近徵收的關稅將如何影響伯納。我很高興地告訴大家，Byrna 已經走在了時代的前端。因此，在關稅方面，我們比 95% 以上的美國公司處於更有利的地位。具體來說，四年前，當 Byrna 受到供應鏈中斷的困擾時，我宣布了 Byrna 的全卡車策略。這要求我們的供應鏈為每個發射器組件至少有兩個來源，其中至少一個來源在美國。

Two years ago, in the wake of Russia's invasion of Ukraine, I started to worry about the risk to our China supply chain if tensions were to flare up over Taiwan. At that time, I instructed our supply chain to get Byrna completely out of China by 2025 so that we had no reliance on Chinese suppliers when it came to components for our flagship Byrna pistols. As a result of these initiatives, we are no longer producing any of our critical components in China, and we have domestic suppliers for virtually every single component.

兩年前，在俄羅斯入侵烏克蘭之後，我開始擔心，如果台灣問題加劇緊張，我們的中國供應鏈將面臨風險。當時，我指示我們的供應鏈到2025年讓Byrna完全退出中國，這樣我們的旗艦產品Byrna手槍的零件就不再依賴中國供應商。由於這些舉措，我們不再在中國生產任何關鍵零件，而且幾乎每個零件都有國內供應商。

Last year, when it looked like Donald Trump had a chance of winning the 2024 election, we took this a step further. It was widely telegraphed to the market that the Trump administration would institute significant tariffs if elected. At the time, only 11% of the components that go into a Byrna launcher were US sourced. The balance came from vendors scattered across the globe, including Malaysia, Thailand, Taiwan, Indonesia, South Africa, Germany, and Italy, among others.

去年，當唐納德·川普 (Donald Trump) 看起來有機會贏得 2024 年大選時，我們更進一步。市場普遍預期，川普政府一旦當選，將徵收高額關稅。當時，Byrna 發射器中只有 11% 的零件來自美國。其餘供應商遍佈全球，包括馬來西亞、泰國、台灣、印尼、南非、德國和義大利等。

So last year, I instructed our supply chain team to move virtually all of our supply chain to the US. By the time President Trump was elected, our US content had gone up to 32% to 34%. As of last week, when the first tariffs were implemented, our US content was 87% to 92%.

因此去年，我指示我們的供應鏈團隊將幾乎所有的供應鏈轉移到美國。到川普總統當選時，我們的美國含量已經上升到32%到34%。截至上週第一批關稅實施時，我們的美國含量為87%至92%。

Now, in fairness, moving our supply chain to the US has not been without cost. There was a reason we relied on foreign sources for most of our components in the first place. Moving the manufacture of our components from foreign suppliers to US suppliers added approximately 14% to the cost of the launcher.

公平地說，將我們的供應鏈轉移到美國並非沒有代價。我們首先依賴外國來源供應大部分零件是有原因的。將零件的製造從國外供應商轉移到美國供應商，導致發射器的成本增加了約 14%。

Tariffs on the remaining small amount of foreign-sourced components add another 2% to the cost of the launcher, meaning that we are looking at total cost increases of around 16% from the middle of 2023. Had we done nothing, however, our bill of materials would be up 29% and significantly more if we were still manufacturing in China.

對剩餘少量外國零件徵收的關稅將使發射器的成本再增加 2%，這意味著從 2023 年中期開始，總成本將增加約 16%。然而，如果我們什麼都不做，我們的物料清單將增加 29%，如果我們仍在中國製造，則會增加更多。

At a 65% gross profit margin, this 16% cost increase, if it holds, would translate into a loss of approximately 5 margin points. The good news is that we were not sitting on our hands with regard to front-running the tariffs. Once President Trump was elected, we ramped up component purchases and production well beyond our current requirements in anticipation of the widely telegraphed tariffs.

以 65% 的毛利率計算，如果成本增加 16% 的話，將意味著利潤率損失約 5 點。好消息是，我們並沒有袖手旁觀，不採取任何超前措施來提高關稅。川普總統當選後，我們為因應廣泛傳聞的關稅，大幅增加了零件的採購量和產量，遠遠超出了我們目前的需求。

Today, we have enough SD launchers and components in inventory to last us approximately 10 months and enough LE launchers and components in inventory to last us more than one year. As a result, we do not expect to see any material margin hit from the tariffs for at least one year if the tariffs are even still in place by then.

今天，我們的 SD 發射器和組件庫存足夠我們使用大約 10 個月，LE 發射器和組件庫存足夠我們使用一年以上。因此，如果到那時關稅仍然有效，我們預計至少一年內關稅不會對利潤率造成任何影響。

In addition, the new Compact Launcher, which is due to be released shortly, has an MSRP $170 more than the Byrna SD and $70 more than the Byrna LE. Its cost, however, is somewhere between our two existing launchers. As a result, the margin on the Byrna CL should be 7 to 8 percentage points higher than the margin on our current launchers. On top of this, by moving our supply chain to domestic suppliers closer to the factory, there are enormous soft cost benefits that we should realize.

此外，即將發布的新款 Compact Launcher 的建議零售價比 Byrna SD 高出 170 美元，比 Byrna LE 高出 70 美元。然而，它的成本介於我們現有的兩種發射器之間。因此，Byrna CL 的利潤率應比我們目前發射器的利潤率高出 7 到 8 個百分點。除此之外，透過將我們的供應鏈轉移到更靠近工廠的國內供應商，我們可以實現巨大的軟成本效益。

Every month, our reported gross profit margin is 200 to 300 basis points lower than our product gross profit margin, meaning that we are incurring 2% to 3% in unfavorable manufacturing variances. Most of these variances result from out-of-spec components that either must be quarantined and returned or reworked if there's insufficient time to ship them all the way back to Asia to be reworked. There is a very real cost to this.

每個月，我們的報告毛利率都比產品毛利率低 200 到 300 個基點，這意味著我們會產生 2% 到 3% 的不利製造差異。這些差異大多是由於不符合規格的組件造成的，這些組件要么必須被隔離並退回，要么如果沒有足夠的時間將它們運回亞洲進行返工，則必須返工。這確實需要付出代價。

What is worse, because we cannot inspect 100% of the more than 100,000 parts that pass through the quality control inspection point every single day, out-of-spec parts can and sometimes do slip through our quality control processes, making their way to the production line. When this occurs, we end up with failures that are only caught at the end of the production line when product is tested. This drives down our first pass yield and pushes up our labor variance as these launchers then need to be torn down and rebuilt.

更糟的是，由於我們無法對每天通過品質控制檢測點的 100,000 多個零件進行 100% 的檢查，因此不合格的零件有時會逃過我們的品質控制流程，進入生產線。當這種情況發生時，我們最終會發現只有在生產線末端測試產品時才會發現的故障。由於這些發射器需要拆除並重建，這降低了我們的首次通過率並增加了我們的勞動力差異。

By working with higher quality domestic Tier 1 suppliers operating closer to home, we can exert greater control over their quality procedures, performing more frequent factory audits and working with them to ensure that parts are tested before they ever arrive at Byrna. While this seems like a small thing, these soft costs rob us of 2 to 3 margin points every month, which we expect to save with the transition to US-sourced components.

透過與距離較近、品質更高的國內一級供應商合作，我們可以更好地控制他們的品質程序，進行更頻繁的工廠審核，並與他們合作，確保零件在抵達 Byrna 之前經過測試。雖然這看起來是一件小事，但這些軟成本每個月都會讓我們損失 2 到 3 個利潤點，我們預計透過轉向美國採購的零件可以節省這些成本。

Additionally, by onshoring supply, we can reduce our inventory in transit, which adds millions of dollars to our inventory cost. By working with US suppliers, we should see a dramatic reduction in inventory in transit and a corresponding increase in cash, resulting in additional interest income.

此外，透過在岸供應，我們可以減少運輸中的庫存，從而減少數百萬美元的庫存成本。透過與美國供應商合作，我們應該會看到運輸中庫存大幅減少，現金相應增加，從而帶來額外的利息收入。

Ammo production. In a significant milestone for our Made-in-America strategy, last month, we initiated production of our payload rounds at our new ammunition manufacturing facility in Fort Wayne, Indiana. Strategically located just miles from our launcher production center, this facility has an annual capacity of 8 million rounds. We did this in the nick of time.

彈藥生產。上個月，我們位於印第安納州韋恩堡的新彈藥製造廠開始生產有效載荷彈藥，這是我們「美國製造」戰略的一個重要里程碑。工廠地理位置優越，距離我們的發射器生產中心僅幾英里，年產能為 800 萬發子彈。我們及時完成了這件事。

Up until now, all our payload ammo was produced in South Africa. Starting last week, a 10% across-the-board tariff went into effect and the proposed reciprocal tariff on South Africa is an additional 30%. Fortunately, over the last several months, we created up and shipped out all three ammo manufacturing machines that were running in South Africa to our new facility in Fort Wayne. One of these machines is already operational, along with a new highly automated machine we had built for us in Germany. The other two machines are scheduled to come online this quarter.

到目前為止，我們所有的酬載彈藥都是在南非生產的。從上週開始，10%的全面關稅開始生效，而對南非提出的互惠關稅則為額外30%。幸運的是，在過去的幾個月裡，我們製造了所有三台在南非運行的彈藥製造機器，並將其運送到我們位於韋恩堡的新工廠。其中一台機器已經投入運行，還有一台我們在德國建造的新型高度自動化機器。另外兩台機器則計劃於本季投入使用。

We also placed orders for four more specialized dosing and welding machines in preparation for the projected surge in ammunition demand following our CL launcher release. The CL's proprietary 61-caliber round will be exclusively available from Byrna for the foreseeable future, creating a valuable ecosystem around our flagship product, which brings me to launcher production. I have some very exciting news.

我們還訂購了四台更專業的配料和焊接機，為 CL 發射器發布後預計的彈藥需求激增做好準備。在可預見的未來，CL 專有的 61 口徑子彈將由 Byrna 獨家供應，從而圍繞我們的旗艦產品創建一個寶貴的生態系統，這讓我開始從事發射器的生產。我有一些非常令人興奮的消息。

On March 19, we went into serial production of the highly anticipated and much coveted compact launcher. This is the most revolutionary non-lethal launcher ever made. Modeled after a micro compact handgun similar in size to a SIG P365 or Glock 43X. The launcher is 38% smaller and 36% lighter than the Byrna SD, which is currently the smallest launcher on the market, yet it is just as powerful as measured in force per square inch as our most powerful launcher, the Byrna LE.

3 月 19 日，我們開始大量生產備受期待且夢寐以求的緊湊型發射器。這是迄今為止最具革命性的非致命發射器。仿照與 SIG P365 或 Glock 43X 尺寸相似的微型緊湊型手槍建模。該發射器比目前市面上最小的 Byrna SD 發射器小 38%、輕 36%，但以每平方英吋的力來衡量，其威力卻與我們最強大的發射器 Byrna LE 一樣強大。

It is also 27% narrower than our current pistol launchers, making it ideal for concealed carry. And there's one more thing. The smaller size makes it much easier for women or anyone with smaller hands to operate. From the back of the grip to the middle of the trigger, the new CL is only 2.5 inches compared with 3.25 inches for the SD and LE launchers. As a result, we believe that this new smaller and more powerful launcher will open up to [critical] women's market for Byrna.

它也比我們目前的手槍發射器窄 27%，非常適合隱蔽攜帶。還有一件事。較小的尺寸使女性或手較小的人更容易操作。從握把後部到扳機中部，新款 CL 僅有 2.5 英寸，而 SD 和 LE 發射器為 3.25 英寸。因此，我們相信，這款體積更小、功能更強大的新啟動器將為 Byrna 打開關鍵的女性市場。

I have to tell you, getting this much stopping power into such a small piece of real estate is an engineering marvel. As of last night, we had 10,924 compact launchers in stock. We're already in production today. So I'm sure we're well over 11,000 launchers.

我必須告訴你，在如此小的一塊土地上實現如此強大的製動力是一個工程奇蹟。截至昨晚，我們的庫存中有 10,924 個緊湊型發射器。我們今天已開始生產。所以我確信我們的發射器數量遠遠超過 11,000 個。

We are producing at the rate of 1,000 launchers a day, six days a week. Our goal is to have more than 25,000 compact launchers in stock when we officially release it for sale. We'll be getting on the phone with all of our dealers right after this call to start taking initial orders. Sample launchers will be going out to our key partners and celebrity endorsers one week from today. At the same time, we'll be sending sample launchers and ammunition to our Byrna stores, premier dealers, and the Sportsman's locations with Byrna shooting ranges.

我們每週六天、每天以 1,000 個發射器的速度生產。我們的目標是，當正式發售時，庫存有超過 25,000 個緊湊型發射器。此次通話結束後，我們將立即與所有經銷商通話，並開始接受初始訂單。從今天起一周後，我們將向主要合作夥伴和名人代言人發送樣品。同時，我們將向我們的 Byrna 商店、主要經銷商以及設有 Byrna 射擊場的 Sportsman's 場所發送樣品發射器和彈藥。

This will allow people to try the launcher and place a preorder prior to the actual release date. The Byrna website will be updated for the CL launcher that same day. Our plan is to start shipping to dealers on April 21 through 24. We will start taking DTC orders on April 24. However, nothing will be released to the public from either Byrna or its dealers until the official release date of May 1.

這將允許人們在實際發布日期之前試用啟動器並進行預訂。Byrna 網站將於同一天針對 CL 啟動器進行更新。我們的計劃是從 4 月 21 日至 24 日開始向經銷商出貨。我們將於 4 月 24 日開始接受 DTC 訂單。不過，在 5 月 1 日正式發布之前，Byrna 或其經銷商都不會向公眾發布任何產品。

While we do not know what the split will be between our various product offerings once the CL is released, we have ample Byrna SD and LE launchers in stock, and our plan is to produce only CL launchers for the foreseeable future until we can fulfill all the initial orders and build up adequate inventory. Once we know what the split is between the three models, our Fort Wayne factory has the flexibility to ship between CL, SD, and LE models based on real-time demand.

雖然我們不知道 CL 發布後我們各種產品之間的比例將如何，但我們有充足的 Byrna SD 和 LE 發射器庫存，我們的計劃是在可預見的未來只生產 CL 發射器，直到我們能夠完成所有初始訂單並建立足夠的庫存。一旦我們知道了三種型號之間的分配情況，我們的韋恩堡工廠就可以根據即時需求靈活地在 CL、SD 和 LE 型號之間發貨。

We are extremely excited about the launch of the CL. We've been planning this for a number of years. The single biggest complaint that we've gotten has always been the size of our launcher, and we think customers will be amazed with the new CL launcher.

我們對 CL 的推出感到非常興奮。我們已經為此計劃了很多年。我們收到的最大抱怨一直是我們的啟動器的大小，我們認為客戶會對新的 CL 啟動器感到驚訝。

Okay, tax rates. As Lauri mentioned, with the rollout of the CL launcher and the new Sportsman's Warehouse partnership, we anticipate continued success throughout the year. Accordingly, we project our effective tax rate will increase to approximately 23% this year as we transition into full taxpayer status. However, we strategically positioned the company to offset this impact through continued gross margin expansion, disciplined operating expense management, and an increasingly favorable product mix now driven by our compact launcher rollout.

好的，稅率。正如 Lauri 所提到的，隨著 CL 啟動器的推出和新的 Sportsman's Warehouse 合作夥伴關係，我們預計全年將繼續取得成功。因此，隨著我們過渡到完全納稅人身份，我們預計今年我們的有效稅率將增加至約 23%。然而，我們對公司進行了戰略定位，透過持續的毛利率擴大、嚴格的營運費用管理以及由我們的緊湊型發射器推出所推動的日益有利的產品組合來抵消這種影響。

In conclusion, we are well positioned to build on our performance in the first quarter. Our balance sheet remains strong. And with the upcoming release of the CL launcher, we expect cash to ramp very quickly. With momentum across our channels, scalable partnerships in place, and a highly anticipated new product with a release date only weeks away, we remain confident in our ability to continue executing through 2025 and beyond.

總而言之，我們已做好準備，在第一季進一步鞏固業績。我們的資產負債表依然強勁。隨著 CL 啟動器的即將發布，我們預計現金將迅速增加。憑藉我們各通路的強勁發展勢頭、可擴展的合作夥伴關係以及幾週後即將發布的備受期待的新產品，我們仍然有信心在 2025 年及以後繼續執行。

So that concludes my prepared remarks. Melissa, I'll turn it back to you.

我的準備好的發言到此結束。梅麗莎，我會把它還給你。

(Operator Instructions) Jeff Van Sinderen, B. Riley Securities.

（操作員指示）Jeff Van Sinderen，B. Riley 證券。

Thank you for going through so much in your prepared comments. Just to clarify, I wanted to circle back on the Q2 early sales trend data. I think you mentioned that March grew sequentially from February. Wondering if there's anything new in the first week of April. And then I guess, as you look at the ROAS data, can you give us any more color on how you're planning to manage and adapt ad spend in the near term, particularly around the new CL launcher?

感謝您在準備好的評論中提供瞭如此多的內容。只是為了澄清一下，我想回顧一下第二季早期的銷售趨勢數據。我想您提到過，三月份的銷售額較二月份有所增長。想知道四月第一週是否有任何新鮮事。然後我想，當您查看 ROAS 數據時，您能否向我們詳細介紹一下您計劃如何在短期內管理和調整廣告支出，特別是圍繞新的 CL 啟動器？

Jeff, thank you very much for the question. Our ROAS is always lower in the beginning of the year. We hit our 5x ROAS because Q4 has such a strong ROAS. So our overall ROAs for the first quarter is in the mid-3s. This is not unusual. We would expect it to be there, given that this is always our weakest quarter.

傑夫，非常感謝你的提問。我們的投資報酬率在年初總是較低。由於第四季的 ROAS 非常強勁，我們達到了 5 倍的 ROAS。因此，我們第一季的整體 ROA 處於 3% 左右。這並不罕見。我們希望它能存在，因為這始終是我們最薄弱的季度。

That said, we do not think that we need very much advertising to promote the CL. We have over 700,000 opt-in e-mail subscribers at Byrna. So we are initially going to be focused on selling the CL to our existing customer base as part of a very important refresh cycle. So advertising spend should be going down, frankly, I've instructed to really not initiate anything new until at least August as we think most of the demand is going to be driven from our existing customer base through our e-mail and website.

話雖如此，我們認為不需要太多的廣告來推廣 CL。Byrna 擁有超過 70 萬名選擇加入的電子郵件訂閱者。因此，作為非常重要的更新周期的一部分，我們最初將專注於向現有客戶群銷售 CL。因此廣告支出應該會下降，坦白說，我已經指示至少在 8 月之前不要啟動任何新項目，因為我們認為大部分需求將透過我們的電子郵件和網站從我們現有的客戶群中驅動。

By that point, when we want to start going after new customers for the CL, we'll be ramping our advertising spend back up, but that will be sort of as we get into the very, very profitable Q4 time period.

到那時，當我們想要開始為 CL 尋找新客戶時，我們將再次增加廣告支出，但那將是在我們進入非常非常有利可圖的第四季時。

Okay. Great. And then I think you mentioned the inventory build around some of that. It seems like a fair number of moving parts there. But maybe you could just touch on how the rollout will go. I know you mentioned various components there, whether it's through Sportsman's or your website. But can you just run us through kind of the sequence of events in rollout of the new CL?

好的。偉大的。然後我想您提到了圍繞其中一些內容建立的庫存。那裡似乎有相當多的活動部件。但也許您可以簡單談談推出的進度。我知道您在那裡提到了各種組件，無論是透過 Sportsman 還是您的網站。但您能否向我們簡單介紹一下新 CL 推出過程中的一系列事件？

Okay. So it was important to us to have 25,000 to 30,000 units on the shelf before we released the CL because there's very, very high anticipated demand, and we didn't want to have the inventory depleted with the very first orders. So as I mentioned, our dealer team has already set up calls. They will be getting on the phone with all of our dealers. Some of the big stores will be individually like Bass Pro. Others will be in groups. We'll be talking to all the premier dealers as a group, and we will start taking their orders today.

好的。因此，對我們來說，在發布 CL 之前，有 25,000 到 30,000 個產品在貨架上非常重要，因為預期需求非常高，我們不希望庫存在第一批訂單中耗盡。正如我所提到的，我們的經銷商團隊已經安排好了電話。他們將與我們所有的經銷商通電話。有些大型商店會像 Bass Pro 一樣單獨營業。其他人將分組。我們將與所有主要經銷商進行集體洽談，並從今天開始接受他們的訂單。

We have allocated 10,000 of the 30,000 launchers to our dealers. Those launchers will start going out the door at the Byrna factory on April 21. By the 24th, we should have shipped all dealer orders so that they have time to get them and stock them before the May 1 release date.

我們已將30,000個發射器中的10,000個分配給我們的經銷商。這些發射器將於 4 月 21 日開始在伯納工廠出廠。到 24 日，我們應該已經發完了所有經銷商的訂單，以便他們有時間在 5 月 1 日發布日期之前收到並存入庫存。

On April 15, we will be sending out overnight a box of two launchers, an orange one and a black one to all of our celebrity endorsers like Sean Hannity, Glenn Beck, et cetera, and to a number of our YouTube influencers as well as to every store that offers a shooting experience so people can go and try out the Byrna and put orders in before the actual release date.

4 月 15 日，我們將連夜向我們所有的名人代言人（如肖恩·漢尼提、格倫·貝克等）、一些 YouTube 影響者以及每家提供射擊體驗的商店寄出一箱兩個發射器（一個橙色的和一個黑色的），以便人們可以在實際發布日期之前去試用 Byrna 並下訂單。

So there should be 50-something stores where people can try the Byrna if they would like. We will start actually taking orders online. We'll accept preorders starting April 17. We'll be accepting orders online starting April 24. And then May 1, we will start shipping the Byrnas. This would give us time to ship all 30,000 Byrnas during the month of May, if necessary.

因此，應該有 50 多家商店供人們嘗試 Byrna。我們將開始在線接受訂單。我們將從 4 月 17 日開始接受預訂。我們將從 4 月 24 日起在線接受訂單。然後從 5 月 1 日起，我們將開始運送 Byrnas。如果有必要的話，這將使我們有時間在五月運送所有 30,000 輛 Byrnas。

Okay. And then if I could just squeeze in one more, and I know this is a little bit of a difficult question at this moment. But all else being equal, based on everything that you're seeing today, by the way, you guys have done an amazing job avoiding tariffs. Would you think that Q1 was probably the low point in revenues for the year? Do you still think that traditionally holds true this year?

好的。然後，如果我可以再擠一點時間，我知道這是目前有點困難的問題。但在其他條件相同的情況下，根據你們今天所看到的一切，順便說一句，你們在避免關稅方面做得非常出色。您是否認為第一季可能是今年營收的最低點？您是否仍認為今年仍符合這項傳統？

You're right. It's a very difficult question. If you're asking me, my personal opinion is, yes, that was the low point of the year. I think like you, everybody wants to see how this CL launcher does. Every indication that we have is that this is going to be an enormous home run. It is the reason that we didn't release it when there were currently 11,000 launchers in stock. It's the reason we're holding off because we don't want to have a bad customer experience, where we ship the first batch out and then there's no launches for anybody else.

你說得對。這是一個非常困難的問題。如果你問我，我個人的看法是，是的，那是今年的最低點。我想和你一樣，每個人都想看看這個 CL 啟動器的性能如何。一切跡像都表明，這將是一次巨大的本壘打。這就是我們在目前有 11,000 個發射器庫存時沒有發布它的原因。這就是我們推遲的原因，因為我們不想給客戶帶來不好的體驗，當我們發出第一批產品後，就沒有其他產品可以推出了。

So we anticipate that this will be a sequential growth year where every quarter will be bigger than the next.

因此，我們預計今年將是連續成長的一年，每季的業績都將比下一個季度有所成長。

Thanks a lot. Thank you for taking my questions.

多謝。感謝您回答我的問題。

Matt Koranda, ROTH Capital Partners.

羅仕證券 (ROTH Capital Partners) 的 Matt Koranda。

It's Joseph on for Matt today. Just going back into your Sportsman shop in shops. Could you remind us how many that are currently up and running? And what are the learnings that you guys have for these types of stores versus your own branded stores. Additionally, for the potential of the 30-store expansion by August, what do you need to see from these first stores to expand to those additional 30.

今天由約瑟夫取代馬特。剛剛回到您的 Sportsman 商店。您能否提醒我們目前有多少已啟動並運行？與你們自己的品牌商店相比，你們對這些類型的商店有哪些經驗教訓？此外，對於 8 月擴張至 30 家門市的潛力，您需要從這些首批門市看到什麼，才能擴展到另外 30 家門市。

Joseph, it's Lauri. So currently, there is one store operational. The rest are going to be operational, those first 13 by May 1. So they'll start rolling on over the next few weeks to have those operational.

約瑟夫，我是勞裡。目前，只有一家商店在運作。其餘的 13 艘將於 5 月 1 日前投入營運。因此他們將在接下來的幾週內開始努力使其投入營運。

Additionally, we said there was the 41 additional stores that will just have our point-of-sale display, but we'll have a shooting experience as well. So I think what we need to see is we just need to see that there's momentum. We need to see that there's interest. They opened the first store and had sales the first day of that first store opening. So I think we're off to a good start there. We expect these to continue to roll out.

此外，我們表示，另外 41 家商店將只設有我們的銷售點展示，但我們也會提供拍攝體驗。所以我認為我們需要看到的是，我們只需要看到有動力。我們需要看到人們的興趣。他們開設了第一家商店，並在開業第一天就實現了銷售。所以我認為我們已經有了一個好的開始。我們預計這些措施將繼續推出。

They've got the foot traffic that our stores -- we struggle to get the foot traffic in to begin with as we open our stores, and they've already got that foot traffic. So it's really getting the interest. And we believe having someone in the store who is that Byrna genius, who understands they can get people interested, they can have the conversations, encourage them into the shooting experience lane, and that will help drive the sales.

他們已經獲得了我們商店的客流量——我們在開設商店時一開始就努力吸引客流量，但他們已經獲得了這些客流量。所以它確實引起了人們的興趣。我們相信，如果商店裡有像 Byrna 這樣的天才，懂得如何引起人們的興趣，可以進行對話，鼓勵他們進入射擊體驗區，這將有助於推動銷售。

Yes, Joseph, just to reiterate, Lauri brought up a very, very good point here. The biggest issue that we have in growing our own stores is foot traffic. Our conversion rate remains very, very consistent. Our AOV, average order value remains very, very consistent. We know if we can get people into the store, we can convert them at the rate of around 80% based on groups, but even on individuals between 50% and 70%.

是的，約瑟夫，我重申一下，勞裡在這裡提出了一個非常非常好的觀點。我們在發展自己的商店時面臨的最大問題是客流量。我們的轉換率保持非常非常穩定。我們的平均訂單價值 (AOV) 保持非常非常穩定。我們知道，如果我們能吸引人們進店，那麼基於團體，我們的轉換率可以達到 80% 左右，而基於個人，轉換率也可以達到 50% 到 70% 之間。

Sportsman's has hundreds of people visiting each of its stores every day. When they hear the bang, bang, bang of these rounds being fired and draws their attention to it, if we can get people into that range, we know we will convert them, that I'm certain of.

每天都有數百人光顧 Sportsman's 的每一家商店。當他們聽到這些子彈射擊的砰砰聲並引起他們的注意時，如果我們能讓人們進入那個範圍，我們知道我們會改變他們，我確信這一點。

So we're extremely excited about this as are the folks from Sportsman's. And I think this is the reason that we've -- that we want to put a Byrna [genius] in every store because we think that there's going to be a lot of interest from the Sportsman's customers.

因此，我們和 Sportsman's 的人們對此感到非常興奮。我認為這就是我們想要在每家商店中安排一位 Byrna [天才] 的原因，因為我們認為 Sportsman 的客戶會對此很感興趣。

Got it. Thank you. And then just for an additional question, just talking about your point-of-sale displays. How is that going to differ in terms of the shooting lanes? Will it be the same layout for what you have in your shop in shops? Or will there be any significant differences there?

知道了。謝謝。然後還有一個問題，談談您的銷售點展示。就射擊路線而言，這會有什麼不同？您的店鋪佈局是否與您店內的佈局相同？或者那裡會存在顯著的差異嗎？

Well, for the 13 stores, the idea is to create a stand-alone Byrna shooting experience in the middle of the store. And we have developed a number of shooting pods, which we can assemble right in the middle of the store. These pods have glass along the side, so people can see the shooter. They can hear what's going on. There's a counter and slat walls and the whole -- a true store within a store.

嗯，對於這 13 家商店來說，我們的想法是在商店中間創造一個獨立的 Byrna 拍攝體驗。我們已經開發了許多射擊艙，可以在商店中間組裝。這些吊艙的側面有玻璃，因此人們可以看到射手。他們能聽到正在發生的事情。這裡有一個櫃檯和板條牆，以及整個——一個真正的店中店。

With the point-of-sale displays, this is going to be a kiosk that has approximately $8,000 of Byrna product on it. There's not going to be anybody devoted to selling Byrna. And if somebody is interested and they ask, they'll be shown the archery range and they'll be able to try the Byrna.

透過銷售點展示，這裡將成為一個擁有價值約 8,000 美元的 Byrna 產品的售貨亭。不會有人致力於銷售 Byrna。如果有人有興趣並詢問，他們就會被帶去射箭場並可以嘗試 Byrna。

So it will provide an opportunity for a shooting experience, but it will not be drawing people into the shooting experience in the same way that a store within a store would. My guess is that these 41, they're going to have the point-of-sale display. If we continue to roll out, they will probably be the next 41 to be converted into stores within a store.

因此，它將提供拍攝體驗的機會，但它不會像店中店那樣吸引人們參與拍攝體驗。我猜這 41 個將會有銷售點展示。如果我們繼續推廣，它們很可能是接下來 41 家被改造成店中店的商店。

All right. Thank you, Bryan. I'll go ahead and take the rest offline. And congrats on another good quarter.

好的。謝謝你，布萊恩。我將繼續並將其餘部分下線。恭喜您又一個季度取得好成績。

Jon Hickman, Ladenburg Thalmann.

喬恩希克曼、拉登堡塔爾曼。

Bryan, most of my questions were just answered. I had questions about the difference between the store within store and then just the kiosks. But I would -- maybe I missed this earlier, but what's the MSRP going to be on this new CL versus the current products?

布萊恩，我的大部分問題都得到了答案。我對店內店和售貨亭之間的差異存有疑問。但我會——也許我之前錯過了這一點，但是與當前產品相比，這款新 CL 的建議零售價是多少？

Sure. Jon, it's Lauri. So the new CL, the base price will be $549.99. The LE is currently at $479.99, and the LE is at $379.

當然。喬恩，我是勞裡。因此新款 CL 的基本價格為 549.99 美元。 LE 目前售價為 479.99 美元，LE 售價為 379 美元。

Okay. And then the ammo is the same -- is there the same margin on the ammo. Is it any different? (multiple speakers)

好的。那麼彈藥是否相同——彈藥的餘裕是否相同。有什麼不同嗎？（多位發言者）

Yeah, the ammo is slightly smaller. 61 caliber is 27% smaller, but it really doesn't cost dramatically different. Maybe there's a few pennies difference in the cost of the raw materials but insignificant. We are selling the same quantities at the same prices, whether it's 61 caliber or 68 caliber. But the interesting thing is with 68 caliber, we know that a lot of people buy cheap Chinese ammo to -- because it's much less expensive than high-quality Byrna ammo for the 68 caliber.

是的，彈藥稍微小了一點。 61 口徑雖然小了 27%，但成本其實並沒有太大差異。原料成本可能會有幾分錢的差異，但並不重要。無論是 61 口徑還是 68 口徑，我們都以相同的價格銷售相同數量。但有趣的是，對於 68 口徑，我們知道很多人會購買廉價的中國彈藥——因為它比 68 口徑的高品質 Byrna 彈藥便宜得多。

For 61, at least for the foreseeable future, there is nobody else that makes a 61-caliber around. We will capture 100% of the ammo probably for the rest of this year and maybe well into next year.

對於 61 來說，至少在可預見的未來，沒有其他人能夠生產 61 口徑的槍。我們可能會在今年剩餘時間內甚至明年捕獲 100% 的彈藥。

And the new launcher comes in orange and black or --?

新的啟動器有橙色和黑色兩種顏色，或者--？

It comes in orange and black currently. Pink will be released later this year, and we intend to bring out other colors. The other thing with this launcher is it can be [serrocoded] unlike our earlier launchers, which means we can make virtually any color. We can do camouflage launchers. There's a huge amount of things that we can do.

目前有橙色和黑色兩種顏色。粉紅色將於今年稍後推出，我們還打算推出其他顏色。這個啟動器的另一個特點是它可以進行[serrocoded]，這與我們之前的啟動器不同，這意味著我們幾乎可以製作任何顏色。我們可以製作偽裝發射器。我們可以做很多事。

In fact, there's a whole array of very, very exciting accessories that we are not bringing out with the initial launch of the CL, but we'll be rolling out so that we can go back to people that have made initial purchases with an opportunity for them to add red dots and special holsters and special grips for the launcher. So it is a launcher that can be much more easily customizable than our current launchers.

事實上，我們在 CL 首次發佈時不會推出一系列非常令人興奮的配件，但我們會陸續推出，這樣我們就可以回饋那些首次購買的用戶，讓他們有機會為發射器添加紅點、特殊皮套和特殊握把。因此，與我們目前的啟動器相比，此啟動器更容易自訂。

Okay. And then one last question. The CO2 cartridge, is that still the same?

好的。最後一個問題。CO2 氣瓶，還是一樣嗎？

Same 8 grams. So that CO2 that we use for the SD will also work for the CL.

同樣是8克。因此，我們用於 SD 的 CO2 也適用於 CL。

Okay. Thank you, and nice quarter. Appreciate all the commentary.

好的。謝謝，祝您一切順利。感謝所有的評論。

Thank you. Ladies and gentlemen, that concludes our question-and-answer session. I'll turn the floor back to Mr. Ganz for any final comments.

謝謝。女士們、先生們，我們的問答環節到此結束。我將把發言權交還給甘茨先生，請他發表最後的評論。

Thank you, Melissa, and thank you, everyone. We really appreciate your continued interest in the company and your continued support. I look forward to catching up with many of you after this call.

謝謝你，梅麗莎，也謝謝大家。我們非常感謝您對公司的持續關注和持續支持。我期待在這次通話之後與你們中的許多人進行交流。