Byrna Technologies Inc (BYRN) 2025 Q2 法說會逐字稿

Good morning. Welcome to Byrna's fiscal second-quarter 2025 earnings conference call. My name is Daryl, 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 財政年度第二季財報電話會議。我叫達裡爾，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 second quarter ended May 31, 2025. A copy of the press release is available on the company's website. Before turning the call over to Bryan Ganz, Byrna's Technology's Chief Executive Officer; I will read the Safe Harbor statement.

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 5 月 31 日的第二財季業績。新聞稿副本可在該公司網站上查閱。在將電話轉給 Byrna's Technology 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 obligation 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涉及非公認會計準則 (non-GAAP) 業績，請參閱我們網站 ir.byrna.com「投資者」板塊中的新聞稿。欲了解更多關於前瞻性陳述以及非公認會計準則 (non-GAAP) 業績與公認會計準則 (GAAP) 業績對帳表的信息，請訪問我們的網站 ir.byrna.com。

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

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

Thank you, Daryl, 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 second quarter ended May 31, 2025. As usual, I will start by turning the call over to our CFO, Lauri Kearnes, who will review our financial results for the period.

謝謝你，達裡爾，也謝謝大家今天加入我們。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 5 月 31 日的第二財季的財務業績和業務亮點。像往常一樣，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 41% year over year revenue growth and continued GAAP and non-GAAP EBITDA profitability for the quarter. I will then offer insights into our strategy on a go-forward basis before we open the call to questions from our covering research analysts.

在她講話之後，我將討論推動我們本季營收年增 41% 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，我將對我們的未來策略提供一些見解。

Lauri?

勞裡？

Thank you, Bryan. Good morning, everyone. Let's review our financial results for the fiscal second quarter ended May 31, 2025. Net revenue for Q2 2025 was $28.5 million, a 41% increase from the $20.3 million reported in the fiscal second quarter of 2024. This $8.2 million increase was driven by the launch of the CL, increased dealer and chain store sales and broader brand adoption. In Q2, direct-to-consumer revenues increased by $2.2 million through byrna.com and amazon.com compared to the prior year period.

謝謝你，布萊恩。大家早安。讓我們回顧一下截至 2025 年 5 月 31 日的第二財季財務表現。2025 年第二季淨收入為 2,850 萬美元，較 2024 財年第二季的 2,030 萬美元成長 41%。這一 820 萬美元的增長得益於 CL 的推出、經銷商和連鎖店銷售額的增長以及更廣泛的品牌採用。第二季度，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 220 萬美元。

Additionally, sales to dealers increased by $3.9 million or roughly 106%, largely driven by initial stocking orders for Sportsman's Warehouse. Gross profit for Q2 2025 was $17.6 million or 62% of net revenue compared to $12.6 million or 62% of net revenue for Q2 2024. The introduction of the Compact Launcher led to a favorable product sales mix that offset any decrease due to a change in channel mix from stronger dealer sales.

此外，對經銷商的銷售額增加了 390 萬美元，增幅約為 106%，這主要得益於 Sportsman's Warehouse 的初始庫存訂單。2025 年第二季的毛利為 1,760 萬美元，佔淨收入的 62%，而 2024 年第二季的毛利為 1,260 萬美元，佔淨收入的 62%。緊湊型發射器的推出帶來了良好的產品銷售組合，抵消了由於經銷商銷售強勁而導致的通路組合變化所造成的銷售下滑。

Operating expenses for Q2 2025 were $14.2 million compared to $10.6 million for Q2 2024. The increase in operating expenses was driven by increased variable selling expenses, discretionary marketing spends and higher payroll costs as well as some expenses directly related to the launch of the Compact Launcher.

2025 年第二季的營運費用為 1,420 萬美元，而 2024 年第二季的營運費用為 1,060 萬美元。營運費用的增加是由於變動銷售費用、可自由支配的行銷費用和工資成本的增加，以及一些與緊湊型發射器發射直接相關的費用。

Net income for Q2 2025 was $2.4 million compared to $2.1 million for Q2 2024. This increase was driven by the overall increase in product sales, which was partially offset with higher income tax expense for the quarter. As mentioned in our last call, 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 年第二季淨收入為 240 萬美元，而 2024 年第二季淨收入為 210 萬美元。這一增長是由產品銷售額的整體成長所推動的，但部分抵消了本季較高的所得稅費用。正如我們上次電話會議中所提到的，由於我們在 2024 年第四季發布了估值準備金，公司將在 2025 年轉變為完全納稅人身分。我們預計今年的有效稅率約為 23%。

Adjusted EBITDA and non-GAAP metric for Q2 2025 totaled $4.3 million compared to $2.8 million for Q2 2024. Cash, cash equivalents, and marketable securities at May 31, 2025, totaled $13 million compared to $25.7 million at November 30, 2024. The decrease reflects the planned increase in inventory ahead of the compact launcher release and normal seasonal working capital movements. Inventory at May 31, 2025, totaled $32.3 million compared to $20 million at November 30, 2024. The company has no current or long-term debt.

2025 年第二季調整後 EBITDA 和非 GAAP 指標總計 430 萬美元，而 2024 年第二季為 280 萬美元。截至 2025 年 5 月 31 日的現金、現金等價物及有價證券總額為 1,300 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庫存以及正常的季節性營運資金變動。截至 2025 年 5 月 31 日的庫存總額為 3,230 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 the launch of our Compact Launcher in May catapulted us to a new quarterly revenue record of $28.5 million. We achieved this significant 41% year-over-year growth despite the slowdown in consumer spending and the subdued sales in April that we saw were people waited for the launch of the Compact Launcher. It's important to note that we are able to achieve these record sales without yet selling the Compact Launcher on Amazon, which, as everyone knows, has been growing at a faster rate than byrna.com.

謝謝，勞裡。正如我們的業績所顯示，自 5 月推出緊湊型發射器以來，我們的銷售勢頭推動我們的季度收入創下 2850 萬美元的新紀錄。儘管我們看到消費者支出放緩以及 4 月銷售低迷（因為人們正在等待 Compact Launcher 的推出），我們仍然實現了 41% 的同比增長。值得注意的是，我們能夠在尚未在亞馬遜上銷售 Compact Launcher 的情況下實現這些創紀錄的銷售額，眾所周知，亞馬遜的成長速度比 byrna.com 更快。

As of May 27, however, the CL is now available on Amazon and is included in this week's Prime Day sales event. We believe that having the Compact Launcher on Amazon will significantly increase product visibility and will help support future sales growth.

然而，截至 5 月 27 日，CL 現已在亞馬遜上架，並參與了本週的 Prime Day 銷售活動。我們相信，在亞馬遜上推出 Compact Launcher 將顯著提高產品知名度，並有助於支持未來的銷售成長。

As a reminder, the fee on products sold through Amazon is 15%. That said, we are somewhat agnostic as to whether we sell through Amazon or byrna.com as our net margins are not that much different as there are several areas of savings on Amazon, including no credit card fees, no Shopify fees and lower outbound freight. Additionally, our advertising costs are significantly lower in Amazon.

提醒一下，透過亞馬遜銷售的產品的費用為 15%。話雖如此，我們對透過亞馬遜還是 byrna.com 銷售並不太確定，因為我們的淨利潤率並沒有太大差異，因為亞馬遜有幾個方面可以節省成本，包括無信用卡費用、無 Shopify 費用和更低的出站運費。此外，我們在亞馬遜的廣告成本明顯較低。

Lauri spoke about Sportsman's Warehouse. That was another important driver for last quarter. It was a solid start to our partnership with Sportsman's Warehouse. Q2 dealer sales, as Lauri mentioned, were up 106% or $3.9 million with the bulk of that coming from Sportsman's initial stocking order, which drove $2.4 million of the $3.9 million increase in dealer sales.

勞裡 (Lauri) 談到了 Sportsman's Warehouse。這是上個季度的另一個重要驅動因素。這是我們與 Sportsman's Warehouse 合作的良好開端。正如 Lauri 所提到的，第二季經銷商銷售額成長了 106%，即 390 萬美元，其中大部分來自 Sportsman 的初始庫存訂單，這推動了經銷商銷售額 390 萬美元成長中的 240 萬美元。

During the quarter, we launched 21 store-within-a-store locations, 14 of which have a Byrna supplied shooting pod. Another 34 stores have Byrna's point-of-sale display, which is a foresighted fixture. And finally, four more Sportsman's stores use Sportsman's supplied and caps to offer Byrna products. This brings the total number of Sportsman's locations that currently stock Byrna products to 59 stores.

在本季度，我們開設了 21 家店中店，其中 14 家配備了 Byrna 提供的射擊艙。另外 34 家商店擁有 Byrna 的銷售點展示裝置，這是一個有遠見的裝置。最後，另外四家 Sportsman 商店使用 Sportsman 提供的瓶蓋來提供 Byrna 產品。這使得目前 Sportsman's 銷售 Byrna 產品的門市總數達到 59 家。

Even in the locations that only have a Byrna point-of-sale display, or a Sportsman's supplied in cap, Sportsman's sales associates can let people test fire the Byrna in their archery range. And many of the Sportsman's locations have successfully taking advantage of this opportunity to allow potential customers to test fire the Byrna Launchers. And as a result, some of the POS locations that is the locations with just a point-of-sale display, are outperforming Sportsman's locations that have a Byrna shooting pod.

即使在僅有 Byrna 銷售點展示或 Sportsman 提供帽子的地方，Sportsman 的銷售助理也可以讓人們在他們的射箭場試射 Byrna。許多 Sportsman 門市都成功利用了這個機會，讓潛在客戶試射 Byrna 發射器。因此，一些 POS 地點（即僅有銷售點展示的地點）的表現優於擁有 Byrna 射擊艙的 Sportsman 地點。

We recently staffed 12 of the Sportsman's locations that have a store within a store with a Byrna representative or what we call our Byrna Geniuses. These are representatives that can walk customers through the less lethal experience. It is our intention to provide Byrna Geniuses for every store with a shooting pod. We believe that this in-store support will further strengthen sales going forward.

我們最近在 12 家 Sportsman's 門市中配備了 Byrna 代表或我們稱之為 Byrna Geniuses 的店員，這些門市都是店中店。這些代表可以引導顧客體驗不那麼致命的體驗。我們的目標是為每家擁有拍攝艙的商店提供 Byrna Geniuses。我們相信，這種店內支援將進一步加強未來的銷售。

I have to say that both Byrna and Sportsman's are pleased with the initial results of the partnership as sales have grown every single week since we started off the program. As a result, we are looking to add nine more shooting pods in Sportsman's best locations over the next several months. At the same time, Byrna and Sportsman's are working on outfitting an additional 72 stores with Byrna's POS displays, which would bring the total number of Sportsman stores that carry Byrna to approximately 140 locations by year-end.

我必須說，Byrna 和 Sportsman 都對合作的初步成果感到滿意，因為自從我們啟動該計劃以來，銷售額每週都在增長。因此，我們希望在未來幾個月內在 Sportsman 的最佳位置增加九個射擊艙。同時，Byrna 和 Sportsman's 正在合作為另外 72 家商店配備 Byrna 的 POS 顯示器，這將使到年底銷售 Byrna 的 Sportsman 商店總數達到約 140 家。

It is important that we bring on the remaining Sportsman's stores as quickly as possible as our celebrity endorsers, such as Tucker Carlson, are now telling their audiences that they can try and buy Byrna's range of non-lethal launches at their nearest Sportsman's Warehouse location.

重要的是，我們要盡快將剩餘的 Sportsman 商店帶上線，因為我們的名人代言人，例如塔克卡爾森，現在正在告訴他們的觀眾，他們可以在最近的 Sportsman's Warehouse 店嘗試購買 Byrna 系列非致命發射器。

Other outdoor and sporting goods chains are starting to take notice of the success that Sportsman's Warehouse is having with Byrna. And while Byrna cannot offer these chains of shooting experience due to our exclusive arrangements with Sportsman's Warehouse, we are seeing increased interest in Byrna, which is translating into more stores carrying Byrna.

其他戶外和體育用品連鎖店也開始注意到 Sportsman's Warehouse 與 Byrna 合作的成功。儘管由於與 Sportsman's Warehouse 的獨家協議，Byrna 無法提供這些射擊體驗鏈，但我們看到人們對 Byrna 的興趣日益濃厚，這意味著會有更多商店銷售 Byrna。

Specifically, Big 5 Sporting Goods, a chain with over 400 locations and Scheels, who are already carrying Byrna products, are growing the number of stores stocking Byrna. At the same time, they're expanding the range of products that each store will carry. We are also seeing interest from new chains that we've not worked before, including Dunham's Sports, a chain with 260 locations that is testing the market.

具體來說，擁有 400 多家門市的連鎖店 Big 5 Sporting Goods 和 Scheels 已經在銷售 Byrna 產品，並且正在增加銷售 Byrna 的門市數量。同時，他們正在擴大每家商店銷售的產品範圍。我們也看到了一些以前從未合作過的新連鎖店的興趣，其中包括 Dunham's Sports，一家擁有 260 家分店的連鎖店，正在測試市場。

Perhaps most interesting to me is we are seeing interest from chains that serve new markets such as farming and ranching. This quarter, both Rural King, with 123 stores and Family Farm & Home with 73 stores will be putting Byrna in a number of their stores as they test the market.

對我來說最有趣的可能是我們看到了服務農業和畜牧業等新市場的連鎖店的興趣。本季度，擁有 123 家門市的 Rural King 和擁有 73 家門市的 Family Farm & Home 都將在自己的一些門市中引入 Byrna 以測試市場。

Standing our brick-and-mortar footprint is critically important in the current market environment, as the retail market generally and the firearms industry specifically are facing economic headwinds due to falling consumer confidence driven in part by uncertainty over interest rates and the effect of tariffs.

在當前的市場環境下，維持我們的實體店影響力至關重要，因為零售市場，尤其是槍支行業，正面臨經濟逆風，部分原因是由於利率不確定性和關稅的影響導致消費者信心下降。

By growing the number of outdoor and sporting goods stores carrying Byrna and by expanding the range of products that they carry and perhaps, most importantly, by expanding the markets that we're able to go after such as the farm and ranch market, we can continue to grow our top and bottom line even in the wake of a softer retail environment.

透過增加銷售 Byrna 的戶外用品和體育用品商店的數量，擴大其銷售的產品範圍，或許最重要的是，擴大我們能夠涉足的市場，例如農場和牧場市場，即使在零售環境疲軟的情況下，我們也可以繼續增加營收和利潤。

For our company-owned stores, these stores have performed exceptionally well and are ahead of where we anticipated them to be at this point in the year. Just five months after opening our stores in Scottsdale, Nashville, and Fort Wayne are already profitable, and we expect our Salem store to become profitable in the near future. When combined, all five of our retail stores averaged $69,000 in sales in May, which annualizes to approximately $800,000 per store, which is way above their breakeven point. We are incredibly encouraged by the success of these stores.

對於我們公司自營的商店而言，這些商店的表現非常出色，並且超出了我們今年預期的水平。開業僅五個月後，我們在斯科茨代爾、納許維爾和韋恩堡的商店就已實現盈利，我們預計塞勒姆商店也將在不久的將來實現盈利。綜合起來，我們所有五家零售店 5 月份的平均銷售額為 69,000 美元，每家店的年銷售額約為 800,000 美元，遠高於盈虧平衡點。這些商店的成功讓我們感到非常鼓舞。

Scottsdale, in particular, is already running at the same level as our long-standing Las Vegas store. While we don't have any immediate plans to expand our company-owned store model, we see long-term potential for these stores in select markets that are not really served by our retail partners. We also want to use what we learned at our company-owned stores to assist our premier dealers that are running a very similar type of store to our retail stores.

尤其是斯科茨代爾店，其營運水準已與我們長期經營的拉斯維加斯店處於同一水平。雖然我們目前沒有任何擴大公司自營商店模式的計劃，但我們認為這些商店在我們的零售合作夥伴尚未真正服務的特定市場中具有長期潛力。我們也希望利用我們在公司自營商店學到的知識來幫助經營與我們的零售店非常相似的商店的優質經銷商。

We are in the process of rolling out a revised premier dealer program with more generous pricing, including price protection in exchange for higher annual commitments. On the international markets, we generated $2.6 million in international sales this quarter. This is an 86% increase from the prior year period. This included a onetime bump in royalties from our partners in Latin America.

我們正在推出一項修訂後的優質經銷商計劃，該計劃將提供更優惠的定價，包括以更高的年度承諾換取價格保護。在國際市場上，本季我們的國際銷售額為 260 萬美元。這比去年同期增長了 86%。其中包括拉丁美洲合作夥伴的一次性版稅增加。

As you may remember, last year, we sold our ownership stake in Byrna LatAm, while retaining an option to buy back the entire company. Byrna LatAm is now simply a distributor and Byrna licensee. Under our agreement, we both sell product to Byrna LatAm, and we earn a royalty income on products they produce under license from Byrna which includes the Byrna SD, the Byrna Mission 4, and certain ammo.

您可能還記得，去年我們出售了在 Byrna LatAm 的所有權股份，但保留了回購整個公司的選擇。Byrna LatAm 現在只是一家分銷商和 Byrna 授權商。根據我們的協議，我們都向 Byrna LatAm 銷售產品，並且我們從他們根據 Byrna 許可生產的產品中獲得特許權使用費收入，其中包括 Byrna SD、Byrna Mission 4 和某些彈藥。

We are extremely encouraged by the success that Byrna LatAm is seeing in South America. And as a result, we do expect to exercise our call option at some point in the future where Byrna LatAm is both consistently profitable and honestly compass a US public company audit.

Byrna LatAm 在南美洲的成功令我們深受鼓舞。因此，我們確實希望在未來某個時候行使我們的看漲期權，屆時 Byrna LatAm 既能持續盈利，又能誠實地通過美國上市公司審計。

To support our growth, we've continued to expand our marketing efforts. Last month, we brought on Tucker Carlson to our roster of celebrity influencers. Tucker, like Sean Hannity and other successful influencers has a large audience of primarily conservative listeners. So far, the early results of the partnership have been encouraging. We are also currently in ongoing discussions to bring on a few marquee celebrity endorsers that have enormous audiences that cover a much wider swath of the American public. And we will keep you informed of our progress as these negotiations progress.

為了支持我們的成長，我們不斷擴大行銷力度。上個月，我們將塔克卡爾森 (Tucker Carlson) 納入了我們的名人影響者名單。塔克與肖恩·漢尼提以及其他成功的影響者一樣，擁有大量以保守派為主的聽眾。到目前為止，雙方合作的早期成果令人鼓舞。目前，我們也正在討論引進幾位擁有龐大受眾群體、接觸更廣泛美國大眾的知名名人代言人。隨著談判的進展，我們將隨時向大家通報進度。

In addition to expanding our influencer strategy, we have begun using AI to quickly scale content production and increase the frequency of our advertising across various platforms. This has helped us produce more tailored content, both faster and more efficiently as we react to the acceptability and effectiveness of our ads.

除了擴大我們的影響者策略之外，我們還開始使用人工智慧來快速擴大內容製作規模並增加我們在各個平台上的廣告頻率。這有助於我們在對廣告的可接受性和有效性做出反應時更快、更有效率地製作出更有針對性的內容。

I am not sure if you've seen our new [Banana] commercial in which potential victims are carrying a Banana rather than a Byrna. Not only does this allow us to get around the sensors that won't permit advertising that chose weapon, it is sufficiently intriguing to get people to come to our website to see what the Byrna really is.

我不知道您是否看過我們的新 [香蕉] 廣告，其中潛在受害者攜帶的是香蕉而不是 Byrna。這不僅使我們能夠繞過不允許投放選擇武器廣告的傳感器，而且還足夠吸引人們訪問我們的網站，了解 Byrna 的真正含義。

This piece of creative, which has proven extremely effective and is generating a very high ROAS was produced entirely using AI programs allowing us to produce a 30-second commercial in hours at essentially no cost that would have otherwise taken several months and would have cost several hundred thousand dollars to produce.

這個創意已被證明非常有效，並且產生了非常高的 ROAS，它完全使用人工智慧程式製作，使我們能夠在幾小時內製作出 30 秒的廣告，而且幾乎沒有任何成本，否則製作這些廣告將需要幾個月的時間，並且需要花費數十萬美元。

Next month, we plan to introduce Byrna Care. Byrna Care will be a source of recurring revenue in which we will offer to replace the Byrna Launcher, no questions asked, if it is lost, stolen, damaged, or complicated. This will be our first foray into the recurring revenue model, which we hope to augment next year when we install a chipset in the CL that we'll be able to contact the authorities in the event that the launcher is used in self-defense.

下個月，我們計劃推出 Byrna Care。Byrna Care 將成為經常性收入的來源，如果 Byrna Launcher 遺失、被竊、損壞或出現問題，我們將無條件為您更換。這是我們首次嘗試經常性收入模式，我們希望明年在 CL 中安裝晶片組來增強這種模式，這樣當發射器被用於自衛時，我們就能聯繫當局。

We also saw an uptick this quarter during the ICE protest in June. As many television new stations were covering events, less lethal was at the forefront of the national conversation and Byrna nationally appeared as a trusted leader in this space. These type of events further normalize less lethal market and highlight Byrna's role in the personal safety market.

在 6 月的 ICE 抗議活動期間，本季我們也看到了成長趨勢。隨著許多電視台紛紛報道此類事件，低致命性事件成為全國熱議的焦點，而伯納在全國範圍內被視為該領域值得信賴的領導者。此類事件進一步規範了低致命性市場，並凸顯了 Byrna 在個人安全市場中的作用。

The continued normalization of our product category generally and Byrna specifically has allowed us to garner significant earned media. In fact, last night, I was on the NBC evening news to discuss tariffs which drove thousands of incremental sessions. The night before I was on Fox News also discussing tariffs.

我們的產品類別（尤其是 Byrna）的持續正常化使我們獲得了大量的媒體報導。事實上，昨晚我在 NBC 晚間新聞中討論了關稅問題，這引發了數千次增量會議。前一天晚上，我在福克斯新聞也討論了關稅問題。

As we move into the second half of the year, we are actively working to keep our production in line with demand. Ahead of the Compact Launcher debut, production was running at 24,000 units a month. as we work to build up inventory.

隨著進入下半年，我們正在積極努力確保生產滿足需求。在緊湊型發射器首次亮相之前，每月的產量為 24,000 台。我們正在努力建立庫存。

We now have a solid inventory position in place. We've reduced production to a steady state of 15,000 units per month across all of our various launches. And we have the ability to adjust to changes in demand on a real-time basis. Following the Compact Launcher debut, we've seen what we expected, which is some cannibalization of the LE Launcher given the relatively small price difference between the LE at $479 and the Compact Launcher at $549. This has caused customers to gravitate to the Compact Launcher.

我們現在擁有穩固的庫存狀況。我們已將所有產品的產量降低至每月 15,000 台的穩定狀態。我們有能力即時適應需求的變化。在 Compact Launcher 首次亮相後，我們看到了我們所期望的，即 LE Launcher 的一些蠶食，因為 LE 的售價為 479 美元，而 Compact Launcher 的售價為 549 美元，兩者之間的價格差異相對較小。這使得客戶對緊湊型發射器產生了興趣。

Honestly, the Compact Launcher has better margins. So we're just as happy to see people gravitating away from the LE to the CL. The CL in fact, is 38% smaller, 36% lighter than the Byrna SD, our entry point launcher, yet it is just as powerful in terms of energy density or joules per square inch as our most powerful launcher, the Byrna LE. It's also 27% narrower than our current pistols, which make it ideal to conceal carry.

老實說，Compact Launcher 的利潤率更高。因此，我們很高興看到人們從 LE 轉向 CL。事實上，CL 比我們的入門級發射器 Byrna SD 小 38%，輕 36%，但就能量密度或每平方英寸焦耳而言，它與我們最強大的發射器 Byrna LE 一樣強大。它也比我們目前的手槍窄 27%，非常適合隱蔽攜帶。

As I said, we don't really mind the cannibalization as the CL helps our margins with a 7 to 8 percentage point advantage over the other launchers. Additionally, we've shifted production away from traditional assembly lines to a more efficient assembly pod-based manufacturing system which is reducing our labor requirements and improving our first pass yield. This initiative, along with our onshoring or reshoring initiatives is improving, as I said, first pass yield, reducing manufacturing variances and improving quality.

正如我所說的，我們並不介意這種蠶食，因為 CL 可以幫助我們實現比其他發射器高出 7 到 8 個百分點的利潤率。此外，我們已將生產從傳統的裝配線轉移到更高效的基於裝配艙的製造系統，這減少了我們的勞動力需求並提高了我們的首次通過率。正如我所說，這項措施以及我們的在岸或回岸措施正在提高首次通過率、減少製造差異並提高品質。

Looking ahead, while we expect consumer sentiment to remain subdued, which may impact what I referred to as same-store sales, I believe that we will continue to grow our top line between 25% and 40% as a result of more stores carrying an increasing array of Byrna products. And as a result of the continued normalization of our product category and the impact of earned media.

展望未來，雖然我們預期消費者情緒將保持低迷，這可能會影響我所說的同店銷售額，但我相信，隨著更多商店銷售越來越多的 Byrna 產品，我們的營業額將繼續增長 25% 至 40%。並且由於我們的產品類別的持續正常化和贏得媒體的影響。

We also plan to roll out several variations of our new CL Launcher, both up and down the pricing spectrum as we target a broader demographic. This is going to result in our cash position rebounding quickly as our inventory levels normalize over the coming months and quarters. While the third quarter is typically a slower period for Byrna, we continue to focus on executing against operational priorities, expanding market awareness and setting the stage for a strong finish to the year.

我們還計劃推出新 CL Launcher 的多個版本，價格範圍包括高低，以滿足更廣泛的人群需求。隨著我們的庫存水準在未來幾個月和幾個季度內恢復正常，這將導致我們的現金狀況迅速反彈。雖然第三季通常是 Byrna 的較慢時期，但我們仍將繼續專注於執行營運重點、擴大市場知名度並為今年的強勁收官奠定基礎。

That concludes my prepared remarks. Daryl, I'll turn it back to you for questions.

我的準備好的發言到此結束。達裡爾，我會把問題轉回給你。

(Operator Instructions)

（操作員指示）

Matt Koranda, ROTH Capital Partners.

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

Hey, guys. Good morning. Maybe just wanted to start off with the June trends that you mentioned, Bryan, in your prepared remarks, I think you said maybe you saw some strengths around the civil unrest that we saw in June.

嘿，大家好。早安.布萊恩，也許我只是想從您提到的 6 月份趨勢開始，在您準備好的發言中，我想您說過，也許您看到了 6 月份社會騷亂中的一些優勢。

Maybe -- could you give us a sense for growth in June and quarter-to-date? And I think you mentioned at the end of your prepared remarks there, 25% to 40% is sort of the sustained growth rate you expect. Is that sort of the range we can kind of pencil in for the near term?

也許——您能告訴我們 6 月份和本季迄今的成長情況嗎？我想您在準備好的發言結束時提到過，25% 到 40% 是您預期的持續成長率。這是我們近期可以預期的範圍嗎？

Yeah, Matt, thanks for the question. We did see strength during the week where the riots were occurring in Los Angeles, but that's not surprising. Whenever there is civil unrest, we see much stronger sales. I would say during that week, sales were probably up by 40% versus the prior week. That said, it's a very transitory trend. It happened that week during the riot and then sales returned exactly to where they were before the riots.

是的，馬特，謝謝你的提問。在洛杉磯發生騷亂的那一周，我們確實看到了力量，但這並不奇怪。每當發生社會動亂時，我們就會看到更強勁的銷售動能。我想說，那一周的銷售額可能比前一周增長了 40%。話雖如此，這只是一個暫時的趨勢。這件事發生在騷亂發生的那一周，之後銷售額就恢復到了騷亂之前的水準。

You can use 25% to 40%. Last quarter, we were up 41%, slightly more, but I think 25% to 40% is a very good range for the year. So yeah, I would work with that. Again, as I said, there is some softness that we're seeing in the market and that other CEOs that I speak to are seeing in the market. That said, we are growing dramatically in terms of our distribution channel, the number of celebrity endorsers and the places where you can buy Byrna. So I think even in a softer market, 25% to 40% is a safe bet.

您可以使用 25% 到 40%。上個季度，我們的成長率為 41%，略高一些，但我認為 25% 至 40% 是今年非常好的範圍。是的，我會這麼做。再說一遍，正如我所說，我們看到市場出現了一些疲軟跡象，而且我交談過的其他執行長也看到了同樣的情況。話雖如此，我們的分銷管道、名人代言人數量以及 Byrna 的購買地點都在急劇增長。因此我認為即使在市場疲軟的情況下，25% 到 40% 也是一個安全的選擇。

Okay. Fair enough. And then maybe just since you mentioned softness in the prepared remarks and here in the Q&A. Curious, where do you see that showing up, I guess? Is that like in between promotional periods where you're on promotion with some of the launchers? Is that the trade down into sort of maybe the SD from people that might have bought the CL? Just curious maybe if you could expand on the comments there.

好的。很公平。然後也許只是因為您在準備好的發言和問答中提到了柔軟度。好奇，我猜你認為它出現在哪裡？這是否就像在促銷期間對某些啟動器進行促銷一樣？這是否意味著那些購買了 CL 的人可能會選擇購買 SD 呢？只是好奇你是否可以擴展那裡的評論。

Sure. We are a very, very data-driven company. We analyze, in great detail, the activity of all of the people that come on to our website, how much time they spend on a page, what pages they look at, abandoned cart rates. What we're seeing are indications inside our numbers that for example, we're seeing a slightly higher level of abandoned carts. There's a little bit of sticker shock when people are seeing pricing.

當然。我們是一家非常注重數據驅動的公司。我們詳細分析了訪問我們網站的所有人的活動，他們在一個頁面上花費了多少時間，他們瀏覽了哪些頁面，以及購物車放棄率。我們從數據中看到一些跡象，例如，我們看到購物車廢棄率略有上升。當人們看到價格時，會感到有點震驚。

So although we are seeing growth, and on the surface, it looks like there's no issues. You can see underlying in terms of some of the particular statistics of people's activity on the website that it's softer. And also, we're just seeing this and talking to our customers that the market is a little bit softer right now. And I don't think that's a surprise to anybody.

因此，儘管我們看到了增長，但從表面上看，似乎沒有任何問題。您可以從網站上某些特定的人們活動統計數據中看出，它更加柔和。而且，我們看到了這一點，並與我們的客戶溝通，目前市場有點疲軟。我認為這對任何人來說都不足為奇。

That said, we are also in the summer and in our industry, there's kind of the dog days of summer. So this is a traditionally slower quarter. Nevertheless, we do expect to see significant growth this quarter.

話雖如此，我們也正處於夏季，在我們的行業中，這是一種酷暑。因此，傳統上這是一個較為緩慢的季度。儘管如此，我們確實預計本季將出現顯著成長。

Okay. Fair enough. And then maybe just last one for me. When we think about the ramp-up with Sportsman's, you threw out a lot of numbers in the prepared remarks in terms of locations that you'll be expanding to. Can you just clarify in terms of shop-in-shops where we're going to be at the end of the third quarter. Is that number 22? It's the 10 in addition to the 12 that you currently have?

好的。很公平。這也許只是我的最後一個了。當我們考慮與 Sportsman's 合作擴大業務時，您在準備好的演講中就您將要擴展到的地點給出了很多數字。您能否就店中店的狀況說明一下我們在第三季末的計劃？那是 22 號嗎？這是在您目前擁有的 12 個基礎上加上 10 個嗎？

And maybe just curious about sort of -- you mentioned there might even be some performance at the POS locations that's even better than where the shooting pods are, which I assume are shop-in-shops. Maybe just is there a big relative difference between POS locations and shop-in-shops? Trying to get a sense for how we should think about the ramp-up there as you get to the -- I think you said 140 locations overall.

也許只是好奇——您提到 POS 地點的表現甚至可能比射擊艙更好，我猜是店中店。也許 POS 地點和店中店之間確實存在很大的相對差異？試著了解一下，當您到達時，我們應該如何考慮那裡的增長——我想您說的是總共 140 個地點。

Okay. So keep in mind that there is a difference between store within a store and shooting pods. So every shooting pod is part of a store within a store but not every store within a store has a shooting pod. So currently, there are 14 shooting pods, but there are 22 store within a store locations. The ones that don't have a shooting pod, have a whole Byrna store, but they use the archery range for the try before you buy experience.

好的。因此請記住，店中店和射擊艙之間是有區別的。因此，每個射擊艙都是店中店的一部分，但並非每個店中店都有射擊艙。目前，共有 14 個射擊艙，但店內有 22 個射擊艙。那些沒有射擊艙的商店，有整個 Byrna 商店，但他們使用射箭場來讓您在購買之前嘗試。

We have an additional nine shooting pods that have been constructed. There are going to be shipped to Sportsman's that will be installed in their best locations. So they will go from 24 store within a store to 33 store within a store, of which there will be 14 plus the 9, there'll be 23 shooting pod locations.

我們已經建造了另外九個射擊艙。它們將被運送到 Sportsman's 並安裝在最佳位置。因此，他們將從 24 家店中店增加到 33 家店中店，其中將有 14 家加上 9 家，總共有 23 個射擊艙位置。

The other locations have just this point-of-sale display. So there is no shelving and store experience, but there's a point-of-sale display and there is an archery range. So in some of these stores with point-of-sale display and the archery range, we are seeing them actually outperform some of the other locations with store that have a store within a store.

其他地方只有這個銷售點展示。因此，這裡沒有貨架和商店體驗，但有銷售點展示和射箭場。因此，我們發現，在一些設有銷售點展示和射箭場的商店中，它們的表現實際上優於其他一些設有店中店的商店。

Now obviously, we need to understand why? Is it a function of these are just better Sportsman's locations? They have more traffic? Is it a function of the personnel? Are they simply better salespeople and they're getting people into the archery range? We are in the process of putting people on the road going to all of the Sportsman's locations to really spend time understanding the -- understand the operational effectiveness of each of the stores, both those stores that are doing well and those stores that are not doing well.

現在顯然我們需要了解為什麼？這些是否只是更好的運動員位置的功能？他們的流量更大嗎？這是人員的職能嗎？他們只是更優秀的銷售人員，並能吸引人們進入射箭場嗎？我們正在安排人員前往所有 Sportsman 門市，真正花時間了解每家門市的營運效率，包括經營良好的門市和經營不佳的門市。

We are also providing spiffs to the store employees to give them some incentive to sell the Byrna product because, look, for Sportsman's and Bass Pro and Big 5, they are in the business of filling demand. They are not in the business of creating demand. Byrna is in the business of creating demand. So the thing that's interesting for Sportsman's Warehouse and for the other locations is they have an opportunity to sell to customers that may have walked into the store not even knowing what Byrna is, not thinking about buying a Byrna. They have an opportunity to take their existing customer and augment the lifetime value of that customer.

我們也向商店員工提供獎金，以激勵他們銷售 Byrna 產品，因為對於 Sportsman's、Bass Pro 和 Big 5 來說，他們的業務就是滿足需求。他們並不從事創造需求的業務。Byrna 的業務是創造需求。因此，對於 Sportsman's Warehouse 和其他門市來說，有趣的是，他們有機會向那些走進商店卻不知道 Byrna 是什麼、也沒有想過購買 Byrna 的顧客銷售產品。他們有機會吸引現有客戶並增加該客戶的終身價值。

To do that, we need an educated sales force. We need a motivated sales force. That's the purpose of, one, providing Byrna Geniuses; and two, spiffing the sales personnel. So we are in the very, very early innings of this program with Sportsman's Warehouse. I do not see any reason, honestly, why these locations that have hundreds of people a day coming into them cannot be as effective as our retail stores, which have tens of people a day coming into them.

為了實現這一目標，我們需要一支受過良好教育的銷售團隊。我們需要一支積極進取的銷售團隊。這樣做的目的一是提供 Byrna Geniuses，二是提升銷售人員的品質。因此，我們與 Sportsman's Warehouse 合作的這個項目才剛開始。說實話，我看不出這些每天有數百人光顧的場所有什麼理由不能像我們的零售店那樣高效，因為零售店每天有數十人光顧。

So we're doing $800,000 annually on average with our retail stores that are in a strip mall and have a dozen people walking in the front door. We certainly should be able to do $300,000, $400,000, $500,000 a day in the -- certainly in the bigger Sportsman's stores, but it's not going to happen overnight. It is going to take some work as we educate the sales team as we build out the stores.

因此，我們位於購物中心內的零售店每年平均收入為 80 萬美元，每家門市都有十幾個顧客。我們當然應該能夠在大型 Sportsman 商店每天創造 30 萬美元、40 萬美元、50 萬美元，但這不會在一夜之間實現。我們在建造商店的同時也要對銷售團隊進行培訓，這需要做一些工作。

But we do expect to have probably 140 of the 146 stores and virtually all of the major Sportsman's stores. We do expect to have Byrna presence, whether it's the form of a POS display or whether it's a store within a store that uses an archery range or whether it's a store within a store that uses a shooting pod, we will be in essentially all of the Sportsman's stores by the end of the year.

但我們確實希望擁有 146 家商店中的 140 家，以及幾乎所有主要的 Sportsman 商店。我們確實希望 Byrna 能夠出現在所有 Sportsman 商店中，無論是以 POS 展示的形式，還是使用射箭場的店中店，還是使用射擊艙的店中店，到今年年底，我們基本上都會出現在所有 Sportsman 商店中。

Okay. Super clear and very helpful. I'll leave it there.

好的。非常清晰，非常有幫助。我就把它留在那裡。

Jeff Van Sinderen, B. Riley Securities.

Jeff Van Sinderen，B. Riley 證券公司。

Good morning, everyone. A little bit of a tough question but wondering how you're thinking about the evolution of channel mix in second half with all the moving parts?

大家早安。這個問題有點難，但想知道您如何看待下半年通路組合在所有活動部件下的演變？

As I said, we are seeing -- and in Q2, we saw our fastest growth in brick-and-mortar. We think brick-and-mortar will continue to be the faster-growing segment of Byrna. Within the DTC segment of the business, the online segment of the business, we expect Amazon to continue to grow at a faster rate than Byrna. When we talk about DTC, one of the things we didn't really focus on is that Sportsman's also has a DTC operation. And whereas Byrna has 1 million-plus visitors a month coming to our website, Sportsman's has 7.5 million people a month coming to their website.

正如我所說，我們看到——在第二季度，實體店的成長速度最快。我們認為實體店將繼續成為 Byrna 成長較快的部分。在 DTC 業務領域，即線上業務領域，我們預計亞馬遜將繼續以比 Byrna 更快的速度成長。當我們談論 DTC 時，我們並沒有真正關注的一件事是 Sportsman 也有 DTC 操作。Byrna 網站每月有超過 100 萬的訪客，而 Sportsman's 網站每月有 750 萬人造訪。

We are really expert in DTC operations. This is not Sportsman's primary focus. For them, DTC is generally people that order a firearm and then have to go to a Sportsman's to pick it up. So our team is working very closely with the Sportsman's team to help them really improve their online presence, particularly for Byrna because they have access to 7.5 million people a month that probably very little overlap with the 1 million people a month that we have access to. So there's a huge untapped market for Byrna through the Sportsman's Warehouse e-commerce effort.

我們是 DTC 營運的真正專家。這不是 Sportsman 的主要關注點。對他們來說，DTC 通常是指人們訂購槍支然後必須去 Sportsman's 取槍。因此，我們的團隊正在與 Sportsman 團隊密切合作，幫助他們真正提高線上影響力，特別是對於 Byrna 而言，因為他們每月可以接觸到 750 萬人，這與我們每月可以接觸到的 100 萬人幾乎沒有重疊。因此，透過 Sportsman's Warehouse 電子商務業務，Byrna 擁有一個巨大的未開發市場。

So again, I think we're going to see faster growth in brick-and-mortar than we see online. With the online segment, we'll see faster growth with Amazon than with Byrna. And I do think sort of the wildcard will be Sportsman's, is this going to be a few sales a day? Or is this going to be 100 sales a day. The jury is out right now, but I think there's enormous potential there.

因此，我認為我們將看到實體店的成長速度比線上成長更快。在線上領域，我們將看到亞馬遜的成長速度比 Byrna 更快。我確實認為 Sportsman's 會成為一種未知數，每天的銷售量會是幾輛嗎？或者說每天的銷售量是 100 輛。目前還沒有定論，但我認為這裡有巨大的潛力。

Okay. And then in Sportsman's, just a point of clarification. The stores with the pods -- I know there's moving parts too with more pods coming in. But the stores with the pods versus the archery ranges, just -- I wasn't clear on the performance there. Were you saying that the archery range performance was sometimes greater than the store with the pod performance?

好的。然後在運動員中，只需要澄清一點。帶有豆莢的商店——我知道隨著更多豆莢的進入，也會有活動部件。但是帶有吊艙的商店與帶有射箭場的商店相比，我不清楚那裡的表現。您是說射箭場的表現有時比有吊艙的商店的表現更好嗎？

We don't have enough data yet, Jeff, to say that conclusively. It would make no sense to me that the archery range would perform better than the pod because the pod is graphically and cosmetically, it looks great. It's got glass windows on the side. It's placed in the center of the store. When you're there, you hear the bang, bang, bang when it hits the targets. So it draws people into the pod in a way that the archery range does not.

傑夫，我們還沒有足夠的數據來得出這樣的結論。對我來說，射箭場的表現會比吊艙更好是沒有意義的，因為吊艙在圖形和外觀上看起來很棒。側面有玻璃窗。它位於商店的中心。當你在那裡時，你會聽到它擊中目標時發出的砰、砰、砰的聲音。因此，它以射箭場做不到的方式吸引人們進入吊艙。

That said, most things with business come down to human beings. I think when we get the Byrna Geniuses into these stores, we will -- the store should perform more efficiently, more effectively, and we'll have a much better sense. But my guess is, all things being equal, the stores with the shooting pods will perform the best. But it's too early yet to say that conclusively.

話雖如此，但商業中的大多數事情都歸結於人。我認為，當我們將 Byrna Geniuses 引入這些商店時，商店的運作效率會更高、更有效，我們也會有更好的意識。但我的猜測是，在其他條件相同的情況下，配備射擊艙的商店的表現會最好。但現在下結論還為時過早。

Okay. Makes sense. And then I just -- I wonder if you could touch just finally on your mention of the new iterations of the CL, anything you can elaborate on there?

好的。有道理。然後我只是——我想知道您是否可以最後談談您提到的 CL 的新版本，您可以詳細說明一下嗎？

Okay. So we came out with a particular model of CL with fiber optic sights in a ready kit. We are looking to move both up and down the pricing spectrum. So the CL comes ready to be equipped with a red dot sight with laser sights, with Hogue Grips, and we expect to bring out a more bespoke version of the CL.

好的。因此，我們推出了一款配備光纖瞄準器的 CL 特定型號。我們希望提高或降低定價範圍。因此，CL 準備配備帶有雷射瞄準器的紅點瞄準器和 Hogue Grips，我們希望推出更客製化的 CL 版本。

At the same time, we expect to bring out a lower-priced version of the CL that isn't a -- doesn't come with fiber optic sights, it comes in a more basic box. Doesn't come with additional CO2 and ammo and magazines so that we can catch a broader spectrum of our customer base.

同時，我們希望推出價格較低的 CL 版本，它不配備光纖瞄準器，而是裝在一個更基本的盒子裡。沒有附帶額外的二氧化碳、彈藥和彈匣，以便我們能夠吸引更廣泛的客戶群。

We recognize that $550 is expensive. We can see it at checkout where there is a higher abandoned cart rate the more expensive the sale is. Somebody goes to checkout in a $700 sale, there can be sticker shock. So we want to be able to price the CL across a broader range of prices. We've done this with our other launchers. We came out with a basic box for the SD. That performed very well. We're just applying that same strategy to the CL and that will probably happen later this quarter.

我們認識到 550 美元很貴。我們可以在結帳時看到，購物車放棄率越高，銷售額就越高。有人在 700 美元的促銷活動中去結帳，可能會感到價格震驚。因此，我們希望能夠在更廣泛的價格範圍內對 CL 進行定價。我們已經用其他啟動器實現了這一點。我們為 SD 推出了一款基本盒子。表現非常好。我們只是將同樣的策略應用於 CL，這可能會在本季晚些時候發生。

Okay. Thank you for taking my questions and continued success.

好的。感謝您回答我的問題並繼續取得成功。

(Operator Instructions)

（操作員指示）

Jon Hickman, Ladenburg Thalmann.

喬恩希克曼、拉登堡塔爾曼。

Hey. Bryan, could you elaborate a little bit on your comments about recurring revenue with the CL? Is this like an insurance program? That's my first question.

嘿。布萊恩，您能否詳細說明一下您對 CL 經常性收入的評論？這就像保險計劃嗎？這是我的第一個問題。

Yeah, sure. I'm going to let Lauri take that because honestly, so much of this first thing is back office, and I'll let her talk about this. And then I'll talk about the more SaaS aspect of the recurring revenue model.

是的，當然。我要讓勞裡來處理這件事，因為說實話，這件事的大部分內容都是後台事務，我會讓她來談論這件事。然後我將討論更多經常性收入模式的 SaaS 方面。

Okay. Hi, Jon. Yeah. The Byrna Care that we're going to come out with is it's kind of like an insurance policy, it's really just think of the insurance policy and extended warranties. So people will pay a monthly fee, they can pay an annual amount or monthly. So we're kind of working on the back end to get this kind of set up for the recurring, right?

好的。你好，喬恩。是的。我們將要推出的 Byrna Care 有點像保險單，它實際上只是考慮保險單和延長保固。因此人們會支付月費，他們可以按年或按月支付。所以我們正在後端進行一些工作，以便為重複操作做好這種設置，對嗎？

So subscription fee that gets auto charged to their card. And yes, if they lose it, if it's stolen, if it breaks for any reason and previously like our current warranty only covers if you use Byrna Ammo, Byrna CO2. So this one, we won't restrict it for that. So it will be a way that they can pay a monthly fee, and it is an expensive product, so that they can have coverage of that.

因此訂閱費用會自動從他們的卡中扣除。是的，如果他們丟失了它，如果它被盜了，如果它因任何原因損壞了，並且之前像我們目前的保固只涵蓋您使用 Byrna Ammo、Byrna CO2。因此，我們不會對此進行限制。因此，這將是一種他們可以支付月費的方式，而且它是一種昂貴的產品，這樣他們就可以獲得保障。

Similar to any other products when you go and check out and they say, do you want the protection plan. That's really what it is. So we'll be recurring, and we're just working on setting up kind of that auto charge capability.

與任何其他產品類似，當您去結帳時，他們會問您是否需要保護計劃。事實確實如此。因此我們會重複進行，我們只是在努力設定那種自動充電功能。

And interestingly, one of the -- I get people to get through to the CEO of Byrna. And unfortunately, one of the reasons people get through to me is they've got some sob story where the thing fell off the boat into the water. I lost it. I can't afford to get a new -- there's a lot of people for whom they end up either damaging or losing their Byrna. We've actually had a bunch that were stolen. So this is a way to address that problem and also to start the recurring revenue model.

有趣的是，其中之一——我讓人們聯繫上了 Byrna 的執行長。不幸的是，人們聯繫我的原因之一是他們有一些悲慘的故事，例如那個東西從船上掉進水裡。我把它弄丟了。我買不起新的——很多人最終要么損壞了 Byrna，要么丟失了他們的 Byrna。事實上，我們已經有一堆東西被偷了。所以這是解決該問題並啟動經常性收入模式的一種方法。

The much bigger source of recurring revenue though will be next year when we start installing a chipset in the Byrna. This is something that we've been working on and had planned from the very beginning of the development of the CL. And what we want to be able to do -- and this is not cutting-edge technology. The technology exists. But what we want to be able to do is to have your Byrna be able to speak with your phone.

不過，更大的經常性收入來源將是明年，屆時我們開始在 Byrna 中安裝晶片組。這是我們從 CL 開發之初就致力於併計劃的事情。我們想要做的是——這並不是尖端技術。這項技術是存在的。但我們希望能夠讓您的 Byrna 能夠與您的手機對話。

So that if you're out and about and it set the self-defense mode, for example, out in Boston with my Byrna and walking with my wife and I get accosted, I use my Byrna. It will immediately speak to my phone, geo-locate with my phone, contact a call center that will contact preprogram numbers, either 911 or potentially if you're a student, maybe campus security or you're a family member. And that's something that maybe is $599 a month.

因此，如果你外出時設定了自衛模式，例如，在波士頓帶著我的 Byrna 和我的妻子一起散步時，如果我被搭訕，我就會使用我的 Byrna。它會立即與我的手機通話，透過我的手機進行地理定位，聯繫呼叫中心，該呼叫中心會聯繫預先設定的號碼，可能是 911，或者如果你是學生，可能是校園保安或你的家人。這大概是每月 599 美元。

There have been other things we're looking at, like the ability to talk to your smart home. So Jon, you're at home and your wife says, I hear something downstairs, you pull the Byrna out, you take the safety off. It talks to your smart home turns on all the lights, $399 a month.

我們正在研究其他東西，例如與智慧家庭對話的能力。喬恩，你在家裡，你的妻子說，我聽到樓下有動靜，你把伯納拉出來，把保險裝置關掉。它可以與您的智慧家庭對話並打開所有燈，每月 399 美元。

So these are not new ideas. These are ideas that are used. And frankly, I think there are other companies that are currently doing similar things. But we think given the fact that there's already over 650,000 Byrnas in the market, I mean, this is something where we're going to have tens of thousands of customers, they're going to want to be able to take it to the next step and have their Byrna be a smart launcher that is able to speak with their smart home or their phone.

所以這些都不是新想法。這些都是被使用的想法。坦白說，我認為其他公司目前正在做類似的事情。但我們認為，鑑於市場上已經有超過 650,000 個 Byrna，我的意思是，我們將擁有數以萬計的客戶，他們希望能夠更進一步，讓他們的 Byrna 成為一個能夠與他們的智能家居或手機對話的智能啟動器。

Okay. I think Lauri, could you also elaborate, it sounds like from Bryan's remarks that there are some cost savings that are non-recurring costs due to the launch of the CL and inventory and the ramp in the manufacturing that now (technical difficulty) can you help us out with our kind of model for the coming quarter as far as the expenses go?

好的。我認為 Lauri，您能否也詳細說明一下，從 Bryan 的評論來看，由於 CL 和庫存的推出以及製造的提升，有一些成本節省是非經常性成本，現在（技術難題）您能否就費用而言，幫助我們制定下一季度的模型？

Sure, Jon. So really, the expenses we had a few hundred thousand dollars of extra expenses in the quarter, just specifically because of the Compact Launcher release. That being said, it will really be probably replaced in Q3 with increased marketing spend. As we move through the year, we increased our marketing spend. So I don't know that you'll see a much change on the OpEx.

當然，喬恩。因此，實際上，由於 Compact Launcher 的發布，我們在本季增加了數十萬美元的額外支出。話雖如此，它很可能會在第三季度透過增加行銷支出來取代它。隨著時間的推移，我們增加了行銷支出。所以我不知道你是否會看到營運支出發生很大的變化。

On the inventory side of things, we did use a lot of cash to build our inventory. As you saw, it's kind of a record high inventory at the end of the quarter. And we've reduced our production, and we expect through the balance of this year to start to pull that inventory levels down and increase our cash position.

在庫存方面，我們確實使用了大量現金來建立庫存。正如您所看到的，本季末的庫存創下了歷史新高。我們已經減少了產量，我們預計今年餘下的時間將開始降低庫存水準並增加現金部位。

Okay. I got that. Now -- could you elaborate on why you think the Scottsdale store is doing so well kind of vis-a-vis expectations and your other stores or other experiences?

好的。我明白了。現在——您能否詳細說明為什麼您認為斯科茨代爾商店的表現如此出色，與預期以及您的其他商店或其他經驗相比如何？

First, it's a great location. It's a very, very heavily trafficked street. I think the traffic on that street is probably 2x the traffic on the street in front of our other stores.

首先，它的位置非常好。這是一條交通非常繁忙的街道。我認為那條街上的交通量可能是我們其他商店前街道交通量的兩倍。

Secondly, it's just a good market. Scottsdale has got a lot of people with our demographic, gun owners, more conservative population. It is a wealthy community. And as I said there's always -- part of it is the human element. We have a couple of very good salespeople in Scottsdale, and it's telling us that we've got to continue to find good salespeople in all of our various stores. But it is encouraging for us to see that there wasn't something unique about Las Vegas.

其次，這是一個很好的市場。斯科茨代爾有許多與我們類似的人，他們都是槍枝擁有者，人口結構也比較保守。這是一個富裕的社區。正如我所說，其中總是有一部分是人為因素。我們在斯科茨代爾有幾位非常優秀的銷售人員，這告訴我們，我們必須繼續在我們所有的商店中尋找優秀的銷售人員。但令人鼓舞的是，我們看到拉斯維加斯並沒有什麼獨特之處。

Our biggest concern with Las Vegas doing well, is it just people that won 10 grand at the craps table last night that went in and bought a launcher, and the answer is no. All of the stores have done well. I'll tell you the little engine that could, though is Fort Wayne. Fort Wayne is a relatively small community. It is not a particularly wealthy community.

我們對拉斯維加斯表現最好的最大擔憂是，是否只有昨晚在擲骰子賭桌上贏了 1 萬美元的人才會進去購買發射器，而答案是否定的。所有商店的業績都很好。不過，我要告訴你，這個小型引擎就是韋恩堡。韋恩堡是一個相對較小的社區。這不是一個特別富裕的社區。

It is doing extremely well. It's even outperforming the Salem store despite the fact that its footprint is probably half of what the Salem store is. So yeah, it's -- there's a lot of factors with each store. But overall, the performance is extremely encouraging. And it's encouraging not just for our retail stores, it's encouraging for what we can do with premier dealers. It's encouraging for what we should be able to do at Sportsman's Warehouse. It's telling us that this model works.

它表現得非常好。儘管它的佔地面積可能只有塞勒姆商店的一半，但它的表現甚至超過了塞勒姆商店。是的，每個商店都有很多因素。但整體而言，表現極為令人鼓舞。這不僅對我們的零售店來說是令人鼓舞的，而且對我們與頂級經銷商的合作也是令人鼓舞的。這對我們能在 Sportsman's Warehouse 所做的事情來說是一件令人鼓舞的事情。它告訴我們這個模型是有效的。

Okay. Thanks. That's it for me.

好的。謝謝。對我來說就是這樣。

Thank you. At this time, this concludes our question-and-answer session. I'd now like to turn the call back over to Mr. Ganz for his closing remarks.

謝謝。至此，我們的問答環節就結束了。現在我想把電話轉回給甘茨先生，請他作最後發言。

Daryl, thank you very much. And I just want to thank all of our investors and customers for their support, and we will keep you apprised of our progress. Thank you very much.

達裡爾，非常感謝你。我只想感謝所有投資者和客戶的支持，我們會隨時向你們通報我們的進展。非常感謝。

Thank you for joining us today for Byrna's fiscal second-quarter 2025 conference call. You may now disconnect.

感謝您今天參加 Byrna 2025 財政年度第二季電話會議。您現在可以斷開連線。