Byrna Technologies Inc (BYRN) 2025 Q3 法說會逐字稿

Good morning. Welcome to Byrna's fiscal third-quarter 2025 earnings conference call. My name is Donna, 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. Following their remarks, we will open the call to questions.

早安.歡迎參加 Byrna 2025 財政年度第三季財報電話會議。我叫唐娜，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。在他們發言之後，我們將開始提問。

Earlier today, Byrna released results for its fiscal third quarter ended August 31, 2025. A copy of the press release is available on the company's website. Before turning the call over to Bryan Ganz, Byrna Technology's Chief Executive Officer, I will read the Safe Harbor statement.

今天早些時候，Byrna 公佈了截至 2025 年 8 月 31 日的第三財季業績。新聞稿副本可在該公司網站上查閱。在將電話轉給 Byrna 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。

I will now turn the call over to Byrna's CEO, Mr. Ganz.

現在我將把電話轉給 Byrna 的執行長 Ganz 先生。

Thank you, operator, 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 third quarter ended August 31, 2025.

謝謝接線生，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 8 月 31 日的第三財季的財務業績和業務亮點。

I'll start today by turning the call over to our CFO, Lauri Kearnes, who will review our financial results for the period. Following her remarks, I'll discuss the operational highlights that drove our 35% year over year revenue growth and continued GAAP and non-GAAP EBITDA profitability for the quarter.

今天，我首先將電話轉給我們的財務長 Lauri Kearnes，他將審查我們本期的財務表現。在她講話之後，我將討論推動我們本季營收年增 35% 以及繼續保持 GAAP 和非 GAAP EBITDA 盈利的營運亮點。

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

在我們開始回答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。勞裡。

Thank you, Bryan, and good morning, everyone. Let's review our financial results for the fiscal third quarter ended August 31, 2025. The net revenue for Q3 2025 was $28.2 million, a 35% increase from the $20.9 million reported in the fiscal third quarter of 2024. The $7.2 million increase was driven largely by strong change store and dealer sales tied to our expanding retail presence.

謝謝你，布萊恩，大家早安。讓我們回顧一下截至 2025 年 8 月 31 日的第三財季的財務表現。2025 年第三季的淨收入為 2,820 萬美元，比 2024 財年第三季的 2,090 萬美元成長 35%。720 萬美元的成長主要得益於我們不斷擴大的零售業務帶來的強勁的零售店和經銷商銷售。

The success of our new advertising initiatives and broader brand adoption. Web traffic began to build late in the quarter and has continued into fiscal Q4. Gross profit for Q3 2025 was $16.9 million or 60% of net revenue compared to $13 million or 62% of net revenue for Q3 2024. Gross margin performance reflects the changing channel mix, which saw a much stronger dealer and international sales for the quarter.

我們的新廣告計劃和更廣泛的品牌採用取得了成功。網路流量在本季末開始增加，並持續到第四財季。2025 年第三季的毛利為 1,690 萬美元，佔淨收入的 60%，而 2024 年第三季的毛利為 1,300 萬美元，佔淨收入的 62%。毛利率表現反映了通路組合的變化，本季經銷商和國際銷售額均大幅增加。

The onetime start-up costs associated with the Compact Launcher release and related manufacturing ramp-up costs as well as the start of ammo manufacturing in Fort Wayne. We anticipate that the Compact Launcher and ammo margins will continue to grow as production volumes increase and manufacturing processes become more efficient.

與緊湊型發射器發布相關的一次性啟動成本和相關製造提升成本以及在韋恩堡開始彈藥製造。我們預計，隨著產量的增加和製造流程的效率的提高，緊湊型發射器和彈藥的利潤率將繼續增長。

Operating expenses for Q3 2025 were $14.1 million compared to $12.2 million for Q3 2024. The increase in operating expenses was driven primarily by increased variable selling expenses and discretionary marketing investment to support the growth. Net income for Q3 2025 was $2.2 million, up from $1 million for Q3 2024.

2025 年第三季的營運費用為 1,410 萬美元，而 2024 年第三季的營運費用為 1,220 萬美元。營業費用的增加主要是由於可變銷售費用的增加以及為支持增長而進行的可自由支配的營銷投資。2025 年第三季的淨收入為 220 萬美元，高於 2024 年第三季的 100 萬美元。

This increase was driven by the overall increase in product sales. We continue to expect our effective tax rate to be approximately 23% for the year. Adjusted EBITDA and non-GAAP metric totaled $3.7 million, which was up from $1.9 million for Q3 2024. Cash, cash equivalents and marketable securities at August 31, 2025, totaled $9 million compared to $25.7 million at November 30, 2024.

這一增長是由產品銷售整體成長所推動的。我們繼續預計今年的有效稅率約為 23%。調整後的 EBITDA 和非 GAAP 指標總計 370 萬美元，高於 2024 年第三季的 190 萬美元。截至 2025 年 8 月 31 日的現金、現金等價物及有價證券總額為 900 萬美元，而 2024 年 11 月 30 日為 2,570 萬美元。

Cash has been increasing since the end of the third quarter, which primarily reflects just normal seasonal working capital timing and collection subsequent to quarter end as well as the planned drawdown of inventory. We expect the drawdown of inventory and increasing cash to accelerate throughout the fourth quarter. The company has no current or long-term debt. Accounts receivable on August 31, 2025, totaled $8.9 million compared to $2.6 million at November 30, 2024, driven largely by the increase in dealer sales.

自第三季末以來，現金一直在增加，這主要反映了季度末之後正常的季節性營運資本時間和收集以及計劃中的庫存減少。我們預計第四季庫存減少和現金增加將會加速。該公司沒有當前或長期債務。2025 年 8 月 31 日的應收帳款總額為 890 萬美元，而 2024 年 11 月 30 日為 260 萬美元，主要得益於經銷商銷售額的成長。

Inventory at August 31, 2025, totaled $34.1 million compared to $20 million at November 30, 2024. Reflecting our strategic builds ahead of the holiday season and the Compact Launcher rollout. Mix dynamics this quarter favored the Byrna SD more than initially anticipated, leading to additional purchases of SD-related parts.

截至 2025 年 8 月 31 日的庫存總額為 3,410 萬美元，而 2024 年 11 月 30 日的庫存總額為 2,000 萬美元。反映了我們在假期和 Compact Launcher 推出之前的策略建設。本季的組合動態比最初預期的更有利於 Byrna SD，從而導致對 SD 相關零件的額外購買。

We saw the high point of inventory at the end of July with the reduction since that time of over $3.5 million. We expect inventory to normalize as we move through the peak season and into fiscal Q1 2026.

我們看到庫存在 7 月底達到最高點，自那時起庫存減少了 350 多萬美元。我們預計，隨著旺季的到來和 2026 財年第一季的到來，庫存將恢復正常。

I'll now turn it back to Bryan.

現在我將話題轉回給布萊恩。

Thank you, Lauri. First, an advertising update, our Q3 growth of 35% year over year is due to several factors, including the growth of our dealer network, the impact of our new advertising initiatives and the growing awareness of Byrna brands. In August, our AI-enabled advertising campaign expanded our reach across new channels that up until now, were off limits to Byrna.

謝謝你，勞裡。首先，廣告更新，我們第三季度同比增長 35%，這歸功於多種因素，包括經銷商網絡的增長、新廣告計劃的影響以及 Byrna 品牌知名度的不斷提高。8 月份，我們利用人工智慧進行廣告宣傳，擴大了我們的覆蓋範圍，透過了先前 Byrna 無法觸及的新管道。

The growing awareness generated by this advertising campaign, including the now iconic, We Don't Sell Bananas ad, lifted average daily sessions on byrna.com from 33,000 a day to more than 50,000 a day. That momentum is carried into early fiscal Q4 with web sessions on byrna.com, averaging 58,000 sessions per day in the month of September. This surge in web traffic has grown Byrna's opt-in e-mail list to 1.9 million subscribers.

此次廣告活動（包括如今已成為標誌性廣告的「我們不賣香蕉」）引發的認知度不斷提高，將 byrna.com 的平均每日訪問量從每天 33,000 次提升至每天 50,000 次以上。這一勢頭一直延續到第四財季初，byrna.com 的網路會話量在 9 月平均每天達到 58,000 次。網路流量的激增使得 Byrna 的選擇加入電子郵件清單的訂閱者數量增加到了 190 萬。

We plan to leverage this expanded audience to drive Q4 sales through targeted outreach for our October Black and Orange sale and our Black Friday, Cyber Monday promotions. The We Don't Sell Bananas ad was the first campaign we created with the help of AI. By combining this technology with our own proprietary processes, we can quickly generate professional quality commercials, refresh creative continuously and AV test variations at scale.

我們計劃利用擴大的受眾群體，透過針對十月黑色和橙色促銷以及黑色星期五、網路星期一促銷活動的有針對性的推廣來推動第四季度的銷售。「我們不賣香蕉」廣告是我們在人工智慧的幫助下創建的第一個廣告活動。透過將這項技術與我們自己的專有流程結合，我們可以快速產生專業品質的商業廣告，不斷更新創意並大規模進行 AV 測試變更。

This has also allowed us to adapt content to the requirements of cable and streaming networks more efficiently creating broader ad distribution opportunities and lowering customer acquisition costs. With these ads, we've also been able to secure placements on MLB, Major League Baseball streaming services and NFL airport displays among other networks.

這也使我們能夠更有效地調整內容以滿足有線和串流媒體網路的要求，創造更廣泛的廣告分發機會並降低客戶獲取成本。透過這些廣告，我們還能夠確保在美國職棒大聯盟 (MLB)、美國職棒大聯盟串流服務和 NFL 機場顯示器等其他網路上投放。

These mainstream opportunities on highly visible platforms have elevated brand recognition and acceptance. As these placements demonstrate our credibility and normalization of our product category, we fully expect that they will open the doors to additional mainstream networks with comparable demographics, further amplifying reach and conversion over time.

這些在高知名度平台上的主流機會提高了品牌認知度和接受度。由於這些投放證明了我們的可信度和產品類別的正常化，我們完全相信它們將為具有可比人口統計數據的更多主流網絡打開大門，從而進一步擴大覆蓋面和轉換率。

As expected, the added visibility and higher web traffic from these new ad campaigns initially lowered conversion rates. Traditionally, we have seen a 45-day average purchase cycle from initial exposure to the Byrna brand as most customers engage in multiple -- engaged with us multiple times before making a purchase. Now that we are in our third month of running the new advertising campaign, conversion rates are starting to tick up, and we expect to see continued improvement throughout the quarter as we trend back to our historical 1% mean.

正如預期的那樣，這些新廣告活動帶來的額外知名度和更高的網路流量最初降低了轉換率。傳統上，從首次接觸 Byrna 品牌開始，我們看到平均購買週期為 45 天，因為大多數客戶在購買之前都會與我們進行多次接觸。現在我們已經開展新的廣告活動第三個月了，轉換率開始上升，我們預計整個季度將繼續改善，並趨向於回到歷史 1% 的平均值。

Overall, this expanded media presence is fueling growth in both our e-commerce and retail channels. Speaking of our retail channels, we are excited to now be in more than 1,000 stores nationwide including our Big Box partners, premier dealers and our own retail stores as we gear up for the holiday season. As our brand awareness has grown, we've also seen steady growth with our retail partners. Particularly those partners that provide a shooting experience.

總體而言，擴大媒體影響力正在推動我們的電子商務和零售通路的成長。說到我們的零售通路，我們很高興現在全國有 1,000 多家商店，包括我們的大型合作夥伴、主要經銷商和我們自己的零售店，我們正在為假日季節做準備。隨著我們品牌知名度的不斷提高，我們的零售合作夥伴也實現了穩定成長。特別是那些提供射擊體驗的合作夥伴。

The benefit of our expanding physical presence is clear. When customers have the opportunity to fire the launcher, conversion rates improve dramatically. What's particularly interesting is the Byrna Compact Launcher, first released in May, has gained much greater traction in these experiential settings as customers can see and feel the difference in size and power. This has resulted in our brick-and-mortar partners selling a greater percentage of CL Launchers than SD Launchers, while the opposite is true for our online sales.

我們不斷擴大的實體存在所帶來的好處是顯而易見的。當客戶有機會啟動啟動器時，轉換率會顯著提高。特別有趣的是，5 月首次發布的 Byrna Compact Launcher 在這些體驗環境中獲得了更大的吸引力，因為客戶可以看到和感受到尺寸和功率的差異。這導致我們的實體合作夥伴銷售的 CL 啟動器的比例高於 SD 啟動器，而我們的線上銷售情況則相反。

At the same time, our company-owned stores, most of which opened earlier this year, are also performing in line with our expectations. For the month of September, our five retail stores operated an average annualized run rate of $725,000 with our sale of New Hampshire store slightly etching out our Las Vegas location to take the number one position.

同時，我們公司自營商店（其中大部分於今年稍早開業）的表現也符合我們的預期。9 月份，我們的五家零售店的平均年營業額為 725,000 美元，其中新罕布夏州門市的銷售額略高於拉斯維加斯門市，位居第一。

Interestingly, our Fort Wayne, Indiana location, our smallest and most remote store ranked third at an $800,000 annual run rate. These results validate the strong performance we saw at our first Las Vegas location and confirmed that our retail model is resonating across diverse markets. The quick ramp-up in sales across multiple stores reinforces the effectiveness and scalability of our approach as brand awareness continues to grow.

有趣的是，我們位於印第安納州韋恩堡的店鋪是我們最小、最偏遠的商店，年營業額為 80 萬美元，排名第三。這些結果驗證了我們在拉斯維加斯第一家門市的強勁表現，並證實了我們的零售模式在不同的市場引起了共鳴。隨著品牌知名度的不斷提高，多家門市銷售額的快速成長增強了我們方法的有效性和可擴展性。

For comparison purposes, it's important to note that last year, our retail store sales were included in our e-commerce figures as transactions were processed through Shopify. This year, we developed and implemented our own proprietary POS system built in-house with the help of AI, allowing retail stores to be recorded separately.

為了進行比較，值得注意的是，去年我們的零售店銷售額已包含在我們的電子商務數據中，因為交易是透過 Shopify 處理的。今年，我們藉助人工智慧開發並實施了我們自己內部建構的專有POS系統，可以對零售店進行單獨記錄。

We chose to develop our own POS solution after determining the available off-the-shelf third-party systems could not truly meet our operational requirement. The successful development of this system highlights how AI has dramatically reduced the cost and time needed to develop in-house apps and accounting systems.

在確定現有的現成的第三方系統無法真正滿足我們的營運要求後，我們選擇開發自己的 POS 解決方案。該系統的成功開發凸顯了人工智慧如何大幅降低開發內部應用程式和會計系統所需的成本和時間。

While we don't have immediate plans to expand the company-owned retail model broadly, we see additional long-term potential in select flagship markets. These stores also serve as hubs for training community events, product testing and direct customer feedback, and they help foster grassroots engagement and word-of-mouth momentum around the Byrna brands.

雖然我們目前沒有計劃廣泛擴展公司自有零售模式，但我們看到部分旗艦市場具有額外的長期潛力。這些商店還充當培訓社區活動、產品測試和直接客戶回饋的中心，並有助於促進 Byrna 品牌的基層參與和口碑傳播。

To support our demand, we've been carefully monitoring production and inventory levels. As Lauri mentioned, we've seen a shift in our launcher sales mix. With the initial launch of the Compact Launcher in May, where there was a pent-up demand for the Compact Launcher, the SD has now become about 50% of our sales, and the CL accounts for around 30% of our sales.

為了滿足我們的需求，我們一直在仔細監控生產和庫存水準。正如勞裡 (Lauri) 所提到的，我們的啟動器銷售組合發生了變化。隨著緊湊型發射器於 5 月首次推出，市場對緊湊型發射器的需求被壓抑，SD 現已占我們銷售額的 50% 左右，CL 占我們銷售額的 30% 左右。

Beyond its lower price point, the SD performs well on Amazon, thanks to its long-standing presence and more than 1,000 reviews. As a result, we've increased our orders for SD parts to be adequately prepared for the holiday season. we expect our inventory levels to reach a more normalized level after the peak season.

除了價格較低之外，SD 在亞馬遜上的表現也很好，這要歸功於其長期的存在和超過 1,000 條評論。因此，我們增加了 SD 零件的訂單，以便為假期做好充分準備。我們預計旺季過後我們的庫存水準將達到更正常的水準。

We also recently implemented new proprietary shop floor management system at our factory, designed to enhance factory efficiency and strengthen first pass yield. With the introduction of the new Byrna Compact Launcher and the start-up of our Fort Wayne ammo manufacturing facility, we experienced the typical short-term inefficiencies that come with ramping new products and operations which temporarily reduces gross margins in both our ammo and larger production facilities.

我們最近還在工廠實施了新的專有車間管理系統，旨在提高工廠效率和增強一次通過率。隨著新型 Byrna 緊湊型發射器的推出以及我們位於韋恩堡的彈藥製造工廠的啟動，我們經歷了隨著新產品和新運營的增加而出現的典型的短期效率低下，這暫時降低了我們的彈藥和大型生產設施的毛利率。

However, by developing and deploying our own extremely robust shop floor factory management system, which again was built entirely in-house. We were able to virtually eliminate the labor and overhead variances in the month of September. As these efficiencies continue to flow through, we expect to significantly reduce the unfavorable labor and overhead variances we experienced in Q3, as we drive gross margin percentages towards our target of 63% to 65% next year.

然而，透過開發和部署我們自己極其強大的車間工廠管理系統，該系統也是完全在內部建構的。我們幾乎能夠消除九月份的勞動力和管理費用差異。隨著這些效率的不斷提高，我們預計將大幅減少第三季遇到的不利勞動力和管理費用差異，同時我們將推動毛利率朝著明年 63% 至 65% 的目標邁進。

Well Byrna has always been at the vanguard of innovation when it comes to CO2 powered less lethal launcher market. The company is breaking new ground with the development products that will take Byrna beyond simply being a less lethal weapons company. In fact, we have modified our mission statement to reflect this broader focus.

在二氧化碳驅動的非致命發射器市場中，Byrna 一直處於創新的前沿。該公司正在開闢新的產品領域，這將使 Byrna 不再只是一家非致命武器公司。事實上，我們已經修改了我們的使命宣言以反映這一更廣泛的關注點。

Our mission statement now reads: to provide civilians and security professionals with safe, reliable and effective, less lethal alternatives to traditional firearms that will allow Byrna's customers to protect and defend themselves, their families and their communities, without the need to resort to lethal force.

我們的使命宣言現在如下：為平民和安全專業人員提供安全、可靠、有效、低致命性的傳統槍支替代品，使 Byrna 的客戶能夠保護和捍衛自己、家人和社區，而無需訴諸致命武力。

And to provide them with the technology-based systems and solutions that will help protect them in their homes, their vehicles and when out in public. We strongly believe that by combining recent advances in the area of SOS alert capabilities, along with the intended development of compact communication and recording devices and the advances in AI.

並為他們提供基於技術的系統和解決方案，幫助他們在家中、車輛中以及在公共場所保護他們。我們堅信，透過結合 SOS 警報功能領域的最新進展，以及緊湊型通訊和記錄設備的預期發展以及人工智慧的進步。

With the incredible stopping power of Byrna's launchers and sprays, we can provide additional protection and functionality to our users. Today, there are many devices that have SOS alert capabilities. Yet in those critical situations where someone needs to protect themselves against an immediate threat, an SOS alert system by itself is not enough as even in the best of circumstances, help is many minutes away.

憑藉 Byrna 發射器和噴霧器令人難以置信的製止力，我們可以為使用者提供額外的保護和功能。如今，許多設備都具有 SOS 警報功能。然而，在人們需要保護自己免受直接威脅的危急情況下，僅靠 SOS 警報系統是不夠的，因為即使在最好的情況下，救援也需要幾分鐘的時間。

In these instances, you must be your own first responder, which highlights the need for tools to both contact the authorities and provide the proven ability to protect oneself and ones family when the situation calls for it. Accordingly, we see tremendous opportunity to combine existing SOS alert technology with Byrna's proven safe, reliable and effective launchers and sprays giving customers the ability to both neutralize a threat and contact help.

在這些情況下，您必須成為自己的第一個回應者，這凸顯了需要工具來聯繫當局並在情況需要時提供保護自己和家人的可靠能力。因此，我們看到了將現有的 SOS 警報技術與 Byrna 經過驗證的安全、可靠和有效的發射器和噴霧劑相結合的巨大機會，使客戶能夠消除威脅並獲得幫助。

We believe that integrating SOS alert connectivity into Byrna's suite of self-defense devices through products that either fit on the picatinny rail or are built into our spray or alarm devices. These connected devices will dramatically enhance the value proposition for Byrna's customers by giving them the ability to summon help if they are under threat.

我們相信，透過安裝在皮卡汀尼導軌上或內建在我們的噴霧或警報設備中的產品，將 SOS 警報連接整合到 Byrna 的自衛設備套件中。這些連網設備將大大提升 Byrna 客戶的價值主張，使他們能夠在受到威脅時尋求協助。

This should not only serve to deter any would-be attacker and provide valuable third-party corroboration of the threat, but also defend themselves and their family should the situation demand it. This evolution of our safety devices to include the ability of alerting authorities and capturing the events will strengthen the Byrna ecosystem, increase customer engagement and create the foundation for new technology-driven recurring revenue streams.

這不僅可以阻止任何潛在的攻擊者並提供有價值的第三方威脅佐證，而且還可以保護自己和家人（如果情況需要）。我們的安全設備不斷改進，包括向當局發出警報和捕捉事件的能力，這將加強 Byrna 生態系統，提高客戶參與度，並為新的技術驅動的經常性收入流奠定基礎。

At the same time, this initiative has the potential to broaden our already large addressable market by reaching into the population of tens of millions of firearms owners, many of whom may be interested in connected less lethal safety solutions that they can easily affix to the picatinny rail of their firearm when they feel that they may need that extra layer of protection.

同時，這項措施有可能擴大我們已經很大的潛在市場，涵蓋數千萬槍枝擁有者，其中許多人可能對連網的非致命安全解決方案感興趣，當他們覺得需要額外的保護時，可以輕鬆地將這些解決方案固定在槍枝的皮卡汀尼導軌上。

Even modest adoption within this group could meaningfully expand awareness and usage of Byrna's technology. Together, these efforts could create a compelling entry point and an expanded opportunity for the adoption of Byrna technology. We have been working on this project for almost a year, and we are steadily advancing the development of our connected safety platform is an effort that continues to build momentum as we move closer to bringing this vision to market due to recent AI-driven advances in coding.

即使該群體中採用程度不高，也能顯著擴大人們對 Byrna 技術的認識和使用。總之，這些努力可以為 Byrna 技術的採用創造一個引人注目的切入點和擴大機會。我們已經在這個專案上工作了將近一年，我們正在穩步推進我們的互聯安全平台的開發，隨著我們越來越接近將這一願景推向市場，由於最近人工智慧驅動的編碼進步，這項努力將繼續增強勢頭。

Our success in developing several proprietary programs, including our own POS application and our shop floor factory management system reinforced our confidence in our ability to develop the apps needed to be able to have our devices communicate with established SOS alert systems that have become so popular in recent years.

我們成功開發了多個專有程序，包括我們自己的 POS 應用程式和車間工廠管理系統，這增強了我們開發所需應用程式的能力的信心，這些應用程式可以使我們的設備與近年來非常流行的現有 SOS 警報系統進行通訊。

In addition to this connected platform opportunity, Byrna is also developing the next generation of products that extend beyond our current lineup and address new segments of the less lethal and personal safety markets. This generation includes new value-oriented launchers and self-defense products designed to make Byrna solutions accessible to a broader audience, including a younger demographic and more cost conscious consumers.

除了這個互聯平台機會之外，Byrna 還在開發下一代產品，這些產品將超越我們現有的產品線，並滿足低致命性和個人安全市場的新領域。這一代產品包括新的以價值為導向的發射器和自衛產品，旨在使更廣泛的受眾能夠使用 Byrna 解決方案，包括更年輕的人群和更注重成本的消費者。

As part of this strategy, we plan to introduce a value-focused 61 caliber launcher in 2026 targeted at budget-minded consumers and first-time buyers exploring less lethal protection. We also expect to launch a simplified, highly portable protection device in 2026 that marries the form factor of Byrna's iconic launchers with the stopping power Byrna's line of BGR self-defense sprays.

作為該策略的一部分，我們計劃在 2026 年推出一款注重價值的 61 口徑發射器，主要針對注重預算的消費者和尋求低致命性保護的首次購買者。我們也預計將於 2026 年推出一款簡化、高度便攜的防護裝置，將 Byrna 標誌性發射器的外型與 Byrna BGR 自衛噴霧系列的煞車力相結合。

These two products are designed to expand Byrna's reach to customers that may not be able to afford Byrna's existing range of launchers while maintaining our core focus on safety, reliability and effective less lethal protection. On the consumables side, we plan to expand upon this theme of making our products available to more cost-conscious consumers, to our ammunition offering, by introducing more affordable inert and kinetic practice rounds to both compete against cheap foreign imports and encourage frequent training and repeat purchases.

這兩款產品旨在擴大 Byrna 的覆蓋範圍，吸引那些可能無法負擔 Byrna 現有發射器系列的客戶，同時保持我們對安全性、可靠性和有效的非致命保護的核心關注。在消耗品方面，我們計劃擴大這個主題，讓我們的產品能夠提供給更注重成本的消費者，透過推出更實惠的惰性和動能練習彈，既可以與廉價的外國進口產品競爭，又可以鼓勵頻繁訓練和重複購買。

We will, of course, continue to offer our premium ammunition lines for professional and enthusiast users. And we believe that this balance between accessibility and performance ensures that we are meeting the needs of every customer from those just discovering less lethal options, to experience users demanding top-tier accuracy and dependability. Byrna has proven that we are the leader in providing safe and effective very reliable, less lethal protection for consumers.

當然，我們將繼續為專業用戶和愛好者提供優質的彈藥系列。我們相信，可訪問性和效能之間的平衡確保我們能夠滿足每位客戶的需求，從剛剛發現不太致命的選擇的客戶，到要求頂級準確性和可靠性的體驗用戶。Byrna 已證明，我們是向消費者提供安全、有效、可靠、低致命性保護的領導者。

We are still in the very early innings of penetrating this market. As we continue to make inroads, it is essential that we offer a variety of less lethal products at a range of price points that meet the needs of a diverse customer base and provide Byrna with the opportunity to generate recurring revenue over time. Looking ahead, we are confident that our new advertising programs and our expanded retail footprint position Byrna for a strong finish to the year.

我們仍處於進入該市場的初期階段。隨著我們不斷取得進展，我們必須提供各種價格範圍內的低致命性產品，以滿足不同客戶群的需求，並為 Byrna 提供隨著時間推移產生經常性收入的機會。展望未來，我們相信，我們的新廣告計劃和擴大的零售足跡將使 Byrna 在今年取得強勁的成績。

September sales were strong and that momentum, combined with the upcoming holiday shopping season supports our expectation for full year fiscal 2025 revenue growth to be between 35% and 40%. The timing of this year's Black Friday and Cyber Monday sales, which fall over the final weekend of our fiscal year with Cyber Monday landing at the start of fiscal year 2026 is expected to drive exceptionally high order volume.

9 月的銷售表現強勁，這一勢頭加上即將到來的假期購物季，支持了我們對 2025 財年全年收入增長 35% 至 40% 之間的預期。今年的黑色星期五和網路星期一促銷時間恰逢我們財年的最後一個週末，而網路星期一恰逢 2026 財年開始，預計這將帶來異常高的訂單量。

These sales days consistently generate strong demand, with Byrna shipping thousands of packages a day during this period. With the fiscal year-end ending on Sunday after Thanksgiving, the precise timing of order fulfillment will determine whether certain sales are reported in Q4 or Q1 but either way, we expect this activity to contribute to a strong finish to 2025 and also set the stage for a fast start to fiscal year 2026.

這些銷售日持續產生強勁的需求，在此期間，Byrna 每天運送數千個包裹。由於財年末將於感恩節後的周日結束，訂單履行的確切時間將決定某些銷售額是在第四季度還是第一季度報告，但無論如何，我們預計這一活動將有助於 2025 年的強勁收官，並為 2026 財年的快速起步奠定基礎。

The strong results so far this year demonstrate both our effective execution and the scale of the opportunity in front of us. The continued expansion of our launcher customer base is a critical foundation for our larger vision of building a personal safety platform that extends our model with services and connected capabilities to complement our best-in-class, less lethal to launchers, sprays and alarms with recurring service-based revenue as we look to integrate Byrna more deeply into consumer safety routines.

今年迄今為止的強勁業績證明了我們的有效執行和我們面前的機會的規模。發射器客戶群的持續擴大是我們建立個人安全平台更大願景的關鍵基礎，該平台透過服務和連接功能擴展我們的模型，以補充我們一流的、對發射器、噴霧劑和警報器致命性較低的產品，並提供基於服務的經常性收入，我們希望將 Byrna 更深入地融入消費者安全日常工作中。

We believe that we are only at the beginning of penetrating a large and expanding market. We are laying the groundwork for sustained multiyear growth, and we look forward to updating you on our progress against this road map in the quarters to come.

我們相信，我們才剛開始進入一個龐大且不斷擴大的市場。我們正在為持續多年的成長奠定基礎，我們期待在未來幾季向您通報我們根據該路線圖取得的進展。

That concludes my prepared remarks. Operator?

我的準備好的發言到此結束。操作員？

(Operator Instructions)

（操作員指示）

Jeff Van Sinderen, B. Riley Securities.

Jeff Van Sinderen，B. Riley 證券公司。

And great to hear of the continued business momentum. Bryan, maybe you could just touch on thoughts on adding new influencers. I know that's something that has been discussed, maybe touch on areas of focus there.

很高興聽到業務持續保持良好勢頭。布萊恩，也許你可以談談關於增加新影響者的想法。我知道這是已經討論過的事情，也許會觸及那裡的重點領域。

Okay. So in the end of 2023, we kicked off our celebrity influencer campaign with Sean Hannity. And since that time, it's expanded to approximately a dozen conservative radio talk show hosts. We believe that at this point, we have a sufficient number of conservative radio talk show hosts, and we are looking to expand beyond that universe.

好的。因此，在 2023 年底，我們與 Sean Hannity 一起啟動了名人影響力活動。從那時起，該節目已擴展到大約十幾位保守派電台脫口秀主持人。我們相信，目前我們已經有足夠數量的保守派電台脫口秀主持人，我們正在尋求超越這個範圍的擴展。

Towards that end, you may have noticed that we recently brought on board a new director by the name of Adam Roth. Adam was Head of Sales and Marketing for Nike North America before he retired. And he brings with him a wealth of knowledge regarding celebrity influencers or what Nike called brand ambassadors.

為此，您可能已經注意到，我們最近聘請了一位名叫亞當·羅斯 (Adam Roth) 的新董事。亞當退休前曾擔任耐吉北美銷售和行銷主管。他還帶來了有關名人新聞工作者或耐吉所謂的品牌大使的豐富知識。

In fact, I was just on the phone with Adam yesterday, as we are putting together a plan and pitch deck for going after a whole new host of brand ambassadors or celebrity endorsers for Byrna, that will help us expand beyond our existing customer demographic. At this point, I cannot share with you the names of anybody that we're talking to but we are well into this process.

事實上，我昨天剛與亞當通了電話，因為我們正在製定一個計劃和宣傳平台，為 Byrna 尋找一群新的品牌大使或名人代言人，這將幫助我們擴大現有客戶群。目前，我無法透露我們正在交談的任何人的姓名，但我們已經進入這一進程。

Okay. That's great to hear. And then maybe if you can just touch on the latest -- I think there's another CL launcher that's planned and then also just give us an update, if you could, on the lower price point unit that you plan to roll out?

好的。聽到這個消息真是太好了。然後，也許您可以談談最新消息——我認為還有另一個 CL 啟動器正在計劃中，然後如果可以的話，也請向我們介紹一下您計劃推出的低價位單元的最新消息？

Yeah. Jeff, I'm not sure what you mean by another CL launcher that's planned. The next new launcher that's going to be coming out will be the 61 caliber price point launcher, which will come out sometime next year. And it will be largely based on the CL design. It will be similar in size to the existing CL.

是的。傑夫，我不確定你所說的計劃中的另一個 CL 啟動器是什麼意思。即將推出的下一個新發射器將是 61 口徑價格點發射器，將於明年某個時候推出。並且它將主要基於 CL 設計。它的大小將與現有的 CL 相似。

But there are no different variations of the CL that are going to be coming out. In terms of the basic box, the price point launcher that we brought out. Interestingly, it has not been as popular as we would have expected. We still sell both the basic box configuration, which is just the launcher by itself with no accessories as well as what we call the universal or ready kit which comes with CO2 and ammunition and an extra magazine, so that you can buy simply the ready kit and you already use it.

但 CL 不會有其他不同版本問世。就基本盒子而言，我們推出了價格點啟動器。有趣的是，它並沒有像我們預期的那樣受歡迎。我們仍然銷售基本盒式配置，即只有發射器本身而沒有任何配件，以及我們所說的通用或現成套件，它配有二氧化碳和彈藥以及一個額外的彈匣，這樣您只需購買現成套件就可以使用它。

That is still probably 90% of our sales. So initially, we were concerned that maybe the price point was too high. The market has clearly voted with their pocket book and said, no, your $540.99 price point is perfect.

這可能仍占我們銷售額的 90%。所以最初，我們擔心價格可能太高。市場顯然已經用他們的錢包投票說，不，你的 540.99 美元價格點是完美的。

Okay. That's an interesting development. So one other thing, if I could squeeze it in. Just wondering how ByrnaCare adoption is running in the early days.

好的。這是一個有趣的發展。還有一件事，如果我能擠出時間的話。只是想知道 ByrnaCare 在早期的採用情況如何。

ByrnaCare adoption is running in line with expectations. We have not yet been able to adopt our website to ask for people to buy ByrnaCare at the end of every purchase. This requires a little bit of a digital coding, and we think that will have even greater impact. But it's in line with expectations.

ByrnaCare 的採用情況符合預期。我們尚未能夠透過我們的網站要求人們在每次購買後購買 ByrnaCare。這需要一點數字編碼，我們認為這將產生更大的影響。但這符合預期。

Jeremy Hamblin, Craig-Hallum.

傑里米·漢布林、克雷格·哈勒姆。

And I'll add my congratulations. I want to come back to the success that you're seeing with the advertising campaign, the momentum you have in -- with web traffic, in particular, and just a commentary around expectations on conversion rates with the, what, 70%, 75% increase in web traffic that you're seeing sequentially. Can you just discuss a little bit more in terms of conversions that you were seeing and whether or not this campaign is reaching maybe a customer set that is outside of your traditional customer set, given kind of the viral nature of the campaign.

我還要表示祝賀。我想回到您在廣告活動中看到的成功，您在網路流量方面所取得的進展，以及對轉換率預期的評論，您所看到的網路流量連續成長了 70% 或 75%。您能否再多談談您所看到的轉換情況，以及考慮到該活動的病毒式傳播性質，這次活動是否可能涵蓋您傳統客戶群之外的客戶群。

Jeremy, thank you for the question. And honestly, that's the question we're asking ourselves every day as well. As we expand our -- the demographic that we're speaking to, will we see the same conversion rates. And the answer simply is that we don't know. What we do know is that the conversion rates will climb significantly from where they are.

傑里米，謝謝你的提問。老實說，這也是我們每天問自己的問題。隨著我們擴大目標人群，我們是否會看到相同的轉換率？答案很簡單：我們不知道。我們確實知道的是，轉換率將會大幅上升。

Because it does take some period of time for people to make a purchase, they come back to the website on average, 5 to 7 times before making a purchase. So we know that the first time we see incremental traffic, it's not going to result in incremental sales. We have started to see a climb in -- a climbing conversion rate. But interestingly, we're also continuing to see a climb in web sessions, Yesterday, our web sessions were 70,000 sessions, I think, for the third day in a row. So, as we're starting to see higher web sessions, we are, again, getting more and more new consumers on.

由於人們確實需要一段時間才能完成購買，因此他們平均會訪問網站 5 到 7 次才會進行購買。因此我們知道，第一次看到流量增量時，並不會帶來銷售增量。我們已經開始看到轉換率的攀升。但有趣的是，我們也繼續看到網路會話數量的攀升，昨天，我們的網路會話數量達到了 70,000 次，我想，這是連續第三天了。因此，隨著我們開始看到更高的網路會話，我們再次獲得了越來越多的新消費者。

So it is having a dampening effect on the conversion rate, while at the same time, those new consumers that came a month ago, two months ago are having a positive effect on conversion rate. Last year, during the months of October, November, our conversion rates approached 1.5%. They're always higher during the holiday season.

因此，它對轉換率產生了抑製作用，而同時，一個月前、兩個月前的新消費者對轉換率產生了積極影響。去年 10 月和 11 月，我們的轉換率接近 1.5%。在假日期間，價格總是會更高。

We don't need anything close to 1.5% this year when we're generating 70,000 sessions a day to hit our numbers. So to answer your question, is it going to get back to exactly where it was? We don't know, but we do know that it will be significantly higher than where it is currently, and we are already seeing that trend.

今年我們每天產生 70,000 個會話，因此我們不需要接近 1.5% 的成長率來達到我們的目標。那麼回答你的問題是，它會回到原來的位置嗎？我們不知道，但我們知道它將比現在高得多，而且我們已經看到了這種趨勢。

Great. That's helpful. And then just in terms of what you expect on channel mix here, in Q4. You've obviously had significant expansion in the number of wholesale doors you're selling into. But given this lift that you're seeing in traffic both at byrna.com and on Amazon, how should we be thinking about the mix of business here in Q4?

偉大的。這很有幫助。然後就您對第四季度通路組合的預期而言。顯然，你們的批發門市數量已經大幅增加。但考慮到 byrna.com 和亞馬遜的流量都出現了成長，我們應該如何考慮第四季的業務組合？

Jeremy, it's Lauri. Yeah, I mean, we will still continue to see strong dealer and chain store sales. We see additional orders coming in as they're ramping for the holidays as well. We still expect to see that strength there. That being said, we expect our DTC channels to be a higher percentage of overall sales than they were in Q3.

傑里米，我是勞裡。是的，我的意思是，我們仍將繼續看到強勁的經銷商和連鎖店銷售。我們看到，由於他們正在為假期做準備，所以訂單也在不斷增加。我們仍然期待在那裡看到這種力量。話雖如此，我們預計 DTC 通路在整體銷售額中所佔的比例將高於第三季。

Got it. Helpful. And then just last one for me. In terms of thinking about kind of the expense leverage that you're getting in the model, you saw OpEx really well contained here in the third quarter. As we look ahead, you saw what, $7.3 million year over year growth in sales, but OpEx was only up $2 million year over year in Q3. Should we expect that kind of expense leverage ratio to maintain here both in Q4, but then as we think about kind of projecting out in FY26 and beyond?

知道了。很有幫助。對我來說這是最後一個了。從模型中獲得的費用槓桿角度來看，您會發現第三季的營運支出得到了很好的控制。展望未來，您會看到，銷售額年增 730 萬美元，但第三季的營運支出僅年增 200 萬美元。我們是否應該預期這種費用槓桿率將在第四季度保持下去，但隨後我們考慮在 26 財年及以後進行預測？

Yeah. I mean, I think in Q4, it will be closed, we do ramp up some additional marketing from Q3. So we will continue to see that leverage maybe not quite to the extent. I mean, Q3 was a great quarter for us on leverage. Going into next year, will be some additional incremental labor for new positions and things we're hiring. But for the most part, we'll continue to see that leverage as we move forward. And really, this quarter, it was really just -- it was marketing expense and variable selling expense was really the increase. Everything else held pretty steady.

是的。我的意思是，我認為它將在第四季度關閉，我們確實從第三季開始加大了一些額外的行銷。因此，我們將繼續看到槓桿作用可能還沒有達到那麼大的程度。我的意思是，第三季對於我們的槓桿率來說是一個非常好的季度。進入明年，我們將為新職位和新招募的人員增加一些額外的勞動力。但在大多數情況下，隨著我們不斷前進，我們將繼續看到這種影響力。事實上，本季度，行銷費用和變動銷售費用確實有所增加。其餘一切都保持相當穩定。

Great. I'll hop out and congrats and look forward to seeing the development.

偉大的。我會跳出來表示祝賀並期待看到事態發展。

Matt Koranda, ROTH Capital Partners.

馬特‧科蘭達 (Matt Koranda)，羅仕證券資本合夥公司 (ROTH Capital Partners)。

I guess you sort of tangentially addressed it earlier, Bryan, but I just wanted to put a finer point on sort of how the guidance fits with the lift that you've seen in web traffic. So I guess if I just look at the mid-20-year guide, d it would suggest about 25% growth in the fourth quarter, but the web traffic numbers are pretty substantially above that. So maybe just hit those two things together. I assume the answer is generally conversion and being conservative there, but maybe just a little bit more color on that would be great.

布萊恩，我想你之前可能已經間接提到了這一點，但我只是想更詳細地說明一下該指導如何與你在網路流量中看到的提升相適應。因此，我想如果我只看 20 年中期指南，它會顯示第四季度的成長約為 25%，但網路流量數字卻遠高於這個數字。所以也許只需將這兩件事結合起來即可。我認為答案通常是轉換並且保持保守，但也許再多一點色彩就更好了。

Yeah. As we said before, it will take us some time for our conversion rates to get back to mean of 1%. And we have seen this happen time and time and time again, where we see a significant spike in web sessions, and it takes some period of time for the conversion rate to catch up. But in every case, it ultimately does catch up. So we don't believe that we're going to get back to our normal conversion rate in Q4. And in fact, web sessions are growing daily. But we do expect that it will occur over time. And I think we have to be cognizant of that it's going to take some time for that to happen.

是的。正如我們之前所說，我們的轉換率需要一些時間才能恢復到 1% 的平均值。我們一次又一次地看到這種情況發生，我們看到網路會話數量大幅增加，而轉換率需要一段時間才能趕上。但無論哪種情況，它最終都會趕上來。因此，我們認為第四季的轉換率不會恢復正常。事實上，網路會話每天都在成長。但我們確實預計它會隨著時間的推移而發生。我認為我們必須認識到這需要一些時間。

Okay. And then maybe just a tool at your disposal will be promotions. So just any thoughts that you have heading into the holiday on sort of the promotional posture that we're considering, any shift in strategy that we might consider to drive improved conversion that would sort of help with the web traffic you're seeing?

好的。那麼，也許您可以使用的工具就是促銷。那麼，對於我們正在考慮的促銷策略，您對假期到來有何看法？我們可能會考慮改變策略來提高轉換率，從而對您所看到的網路流量有所幫助嗎？

Every year at this time of year, we have two separate sales. We have kind of an early Black Friday sale, which is our Byrna black and orange sale that happens at the end of October. And there's always a big conversion during that period of time.

每年這個時候，我們都會舉辦兩次單獨的促銷活動。我們有一個早期的黑色星期五促銷活動，即十月底舉行的 Byrna 黑色和橙色促銷活動。且在此期間總會發生重大轉變。

And then we have the traditional Black Friday, Cyber Monday sale that happens starting the Wednesday before Thanksgiving. This year is a little bit of an issue because this period of time, these six days represent 40% of our sales in November. So it's an enormous amount of sales that are happening in the last six days of the month. One of which is Thanksgiving, and we're closed.

然後我們有傳統的黑色星期五、網路星期一促銷，從感恩節前的星期三開始。今年有點問題，因為這段時間，這六天佔了我們 11 月銷售額的 40%。因此，每月最後六天的銷售量非常大。其中一個是感恩節，我們關門了。

And then when we come back for three days, we're going to have to get something like 6,000 or 7,000 packages out the door. So my only concern is how many of those packages can we get out the door and what ends up falling into Q1.

然後，當我們回來三天時，我們將不得不把大約 6,000 或 7,000 個包裹送出門。所以我唯一關心的是，我們能推出多少這樣的套餐，以及最終會為第一季帶來什麼影響。

Okay. Understood. Maybe just curious for an update on how to think about the wholesale expansion into the end of this year and next. I know you mentioned 1,000 doors. I think you're in as of the end of the third quarter. Where do you think things will shake out by the end of this fiscal year? And do we have any kind of stretch goals for next year in terms of doors that we'd enter.

好的。明白了。也許只是好奇想知道如何考慮今年年底和明年的批發擴張。我知道你提到了 1,000 扇門。我認為你是在第三季末加入的。您認為本財政年度結束情況將如何改變？就我們進入的領域而言，我們對明年有什麼延伸目標嗎？

Lauri, do you want to take that?

勞裡，你想接受這個嗎？

Yeah. Hi, Matt. So where we are right now, we think we're pretty well positioned. We want to make sure we don't become too saturated. So we're probably mostly holding where we are on our current retail footprint. We'll continue to work with all of our partners to make sure we help them with better conversion, better tools. And I think we'll hold at that point. Perhaps there will be more later as Bryan said, we may look for special markets where we put additional corporate stores in some of those markets. But right now, we feel pretty good as far as where we are on the retail store.

是的。你好，馬特。因此，就目前而言，我們認為我們的定位相當不錯。我們希望確保我們不會變得太飽和。因此，我們可能主要維持目前的零售足跡。我們將繼續與所有合作夥伴合作，確保為他們提供更好的轉換和更好的工具。我認為我們會堅持這一點。也許以後還會有更多，正如布萊恩所說，我們可能會尋找特殊市場，並在其中一些市場開設額外的公司商店。但就目前而言，就我們在零售店的現狀而言，我們感覺相當不錯。

Yeah. If I can just add, Matt, I think -- our team has done an amazing job working with our partners. And I think at this point, we have a very, very good footprint of stores. There are in large certain areas where we're not as -- we're not represented as well as we should be. And we will likely open up Byrna retail stores in those areas.

是的。馬特，如果我可以補充一點的話，我認為——我們的團隊與合作夥伴的合作做得非常出色。我認為目前我們的門市覆蓋率非常非常好。在某些領域，我們並沒有得到應有的重視。我們很可能會在這些地區開設 Byrna 零售店。

But I think the bigger issue for us and our focus for 2026 is going to be expanding our existing relationships. We have seen Bass Pro, for example, increased the number of SKUs that they're offering. They're offering additional colors, they're offering additional models. And this is having a significant impact on their weekly sales.

但我認為，對我們來說更大的問題以及我們 2026 年的重點是擴大我們現有的關係。例如，我們看到 Bass Pro 增加了其提供的 SKU 數量。他們提供更多顏色、更多型號。這對他們的每週銷售額產生了重大影響。

This is what we need to do with all of our partners to make sure that they're doing as well as they can in each store. And I think there's huge opportunities for growth within the existing footprint. And not that we will not take on more partners, we will, but we need to be very selective about it because putting 2 stores right next to each other is not helpful.

這就是我們需要與所有合作夥伴一起做的事情，以確保他們在每家商店都表現得盡可能好。我認為在現有業務範圍內存在著巨大的成長機會。並不是說我們不會接納更多的合作夥伴，我們會的，但我們需要非常謹慎地選擇，因為把兩家商店放在一起並沒有什麼幫助。

Okay. Makes a ton of sense. Maybe if I could just sneak one more in. You mentioned the SOS and connected platform, which sounds really exciting. And I'm curious, when do you think loosely that could become sort of commercially available to consumers? Would that be a next year event? Or is that something like a '27, fiscal '27 thing?

好的。非常有道理。也許我可以再偷偷地進去一個。您提到了 SOS 和連接平台，這聽起來確實令人興奮。我很好奇，您認為什麼時候這種產品可以向消費者商業化銷售？這會是明年的活動嗎？還是這就像 27 年、財政 27 年的事？

No, it will be a next year event. But keep in mind that it is going to be phased. So that -- and let me just say, all of this technology exists. These SOS alert systems, RapidSOS, Noonlight, there's a lot of these services out there already. The hardware technology already exists.

不，這將是明年的活動。但請記住，這將是分階段的。所以——我只想說，所有這些技術都存在。這些 SOS 警報系統、RapidSOS、Noonlight，已經有很多這樣的服務了。硬體技術已經存在。

What we are doing is packaging in a format to work with Byrna's products. So there are some things that we are very far along on that will certainly be released in 2026, there are other sort of more aspirational products that we have that may not come out until 2027.

我們正在進行的是以適合 Byrna 產品的格式進行包裝。因此，有些產品我們已經取得了很大進展，肯定會在 2026 年發布，而其他一些更具抱負的產品可能要到 2027 年才會推出。

But unlike the development of a brand-new launcher, where there's a lot of technology that has to be developed from scratch, this is really taking existing technology and adapting it for use with Byrna's suite of products. So this will happen much more quickly than traditional development projects.

但與開發全新的啟動器不同，開發全新的啟動器需要從頭開始開發許多技術，而這實際上是利用現有技術並對其進行調整以適應 Byrna 的產品套件。因此這將比傳統的開發項目發生得更快。

Jon Hickman, Ladenburg Thalmann.

喬恩希克曼、拉登堡塔爾曼。

I just wanted to follow up from one of the last questions. But how are you -- could you elaborate on whole Sportsman's Warehouse. Are you complete with them, are you still rolling out stores? Are you adding more shooting lanes? Can you talk about that a little bit?

我只是想繼續回答最後一個問題。但你好嗎——你能詳細說明一下整個 Sportsman's Warehouse 嗎？你們完成這些了嗎？你們還在開店嗎？你們會增加更多的射擊道嗎？能稍微談一下這個嗎？

Hi, Jon, it's Lauri. Yeah, I think we're on track on where we expect to be with Sportsman's. They have a mix of different presence in different stores, they're working through some of their stores and their markets to determine what works best. What we found is the stores where we put the shooting pod seems to help drive additional demos, additional conversion in those stores. So that's really something that's driving well. Now that doesn't fit in all of their stores due to their footprint and what works in different markets. So we're continuing to support them. We feel great about the partnership with them. And like I said, we've got a various mix, but we're on track and well positioned.

嗨，喬恩，我是勞裡。是的，我認為我們正在朝著 Sportsman's 所期望的方向前進。他們在不同的商店中混合使用不同的產品，他們正在透過一些商店和市場來確定哪種產品最有效。我們發現，放置拍攝艙的商店似乎有助於推動這些商店的更多演示和更多轉換。所以這確實是一件很有推動力的事情。由於他們的足跡和在不同市場運作的方式，這並不適合他們所有的商店。因此我們會繼續支持他們。我們對與他們的合作感到非常高興。正如我所說的，我們擁有多種組合，但我們正走在正軌上，並且處於有利地位。

How many SKUs are they carrying?

他們有幾個 SKU？

They carry most of our SKUs. There are obviously a few accessories and things that they don't. But they carry all of the various launchers, they carry our ammo, they carry CO2 and a number of accessories and sprays as well. I don't know the exact number, but it's pretty much our full product line.

他們擁有我們的大部分 SKU。顯然，他們沒有一些配件和東西。但是他們攜帶了各種發射器、彈藥、二氧化碳以及一些配件和噴霧劑。我不知道確切的數字，但這幾乎是我們的全部產品線。

And Jon, I think the big takeaway from, that Lauri said, is that this shooting pod has proven to be very, very effective. Now we have an agreement with Sportsman's where this is exclusive to them. So unfortunately, we don't have the shooting experience in some of the other partners that we work with. But the shooting pods have been very effective, and the stores that have the pods have done extremely well.

喬恩，我認為勞裡所說的最重要的一點是，這種射擊艙已被證明非常非常有效。現在我們與 Sportsman's 達成了一項協議，這項服務對他們來說是獨家的。因此不幸的是，我們合作的其他一些夥伴沒有這樣的拍攝經驗。但射擊艙非常有效，擁有射擊艙的商店的表現也非常好。

I don't know. Maybe you can't answer this. Are you in Cabela's or are you trying to get in to Cabela's?

我不知道。或許你無法回答這個問題。您在 Cabela's 嗎？或者您想進入 Cabela's 嗎？

Yeah. Yeah, Cabela's is actually -- Yeah. Cabela's is part of Bass Pro. So last October, we actually went on a national basis with Bass Pro Cabela's. So we are in all of their stores.

是的。是的，Cabela 實際上是——是的。Cabela's 是 Bass Pro 的一部分。因此，去年十月，我們實際上與 Bass Pro Cabela's 一起在全國範圍內開展了活動。所以我們出現在他們所有的商店裡。

Thank you. 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。我們的問答環節到此結束。現在我想把電話轉回給甘茨先生，請他作最後發言。

Donna, thank you very much, and I just want to thank everybody on the call for taking the time. And we will, of course, keep everybody apprised on these very exciting new projects that we're working on. Thank you very much.

唐娜，非常感謝你，我只想感謝電話裡的每一個人抽出時間。當然，我們會讓每個人都了解我們正在進行的這些非常令人興奮的新項目。非常感謝。

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

謝謝。感謝您參加今天的 Byrna 2025 財年第三季電話會議。您現在可以斷開連線。