Byrna Technologies Inc (BYRN) 2025 Q4 法說會逐字稿

Good morning. Welcome to Byrna's Fiscal fourth quarter and full year 2025 earnings conference call. My name is Kevin, and I'll 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 the remarks, we'll open the call for questions.

早安.歡迎參加 Byrna 公司 2025 財年第四季及全年業績電話會議。我叫凱文，我將擔任您今天通話的接線生。今天出席本次演講的有公司執行長 Bryan Ganz 和財務長 Lauri Kearnes。發言結束後，我們將開放提問環節。

Earlier today, Byrna released results for its fiscal fourth quarter and full year ended November 30, 2025. A copy of the press release is available on the company's website. Before turning the call over to Bryan Ganz, Byrna Technologies' Chief Executive Officer, I'll read the Safe Harbor statement.

今天早些時候，Byrna 公佈了截至 2025 年 11 月 30 日的第四財季和全年業績。新聞稿副本可在公司網站上查閱。在將電話轉交給 Byrna Technologies 的執行長 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. 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.

今天的一些討論內容包含前瞻性陳述。實際結果可能與今天所作的聲明有重大差異。有關可能影響這些預測和假設的風險因素的更完整描述，請參閱 Byrna 最新的 10-K 和 10-Q 文件。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聲明的義務。由於本次電話會議將涉及非GAAP業績，請造訪我們網站ir.byrna.com的投資者關係部分查看新聞稿，以了解有關前瞻性陳述以及非GAAP業績與GAAP業績的調節的更多資訊。

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

現在我將把電話交給 Byrna 的執行長 Bryan Ganz。先生，請繼續。

Thank you, Kevin, and thank you, everyone, for joining us today. This morning, we issued a press release providing our financial results and business highlights for the fiscal fourth quarter and full year ended November 30, 2025.

謝謝凱文，也謝謝各位今天蒞臨。今天上午，我們發布了一份新聞稿，介紹了截至 2025 年 11 月 30 日的第四財季和全年財務業績及業務亮點。

I'll start this morning 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 $35.2 million in revenue and continued GAAP and non-GAAP EBITDA profitability for the fourth quarter. I'll then offer insights into our strategy moving forward before we open the call to questions from our covering research analysts.

今天上午，我將首先把電話轉交給我們的財務長勞瑞·科恩斯，她將回顧我們這段時期的財務表現。在她發言之後，我將討論推動我們第四季度實現 3520 萬美元收入以及持續 GAAP 和非 GAAP EBITDA 盈利的營運亮點。接下來，我將就我們未來的策略提出一些見解，之後我們將開放電話會議，接受我們負責該領域的研究分析師的提問。

Thank you, Bryan, and good morning, everyone. Let's review our financial results for fiscal Q4 and the full year ended November 30, 2025. Net revenue for Q4 2025 was $35.2 million, a 26% increase from the $28 million reported in the fiscal fourth quarter of 2024. The $7.2 million increase is primarily due to strong dealer and chain store performance with direct-to-consumer and international channels contributing solid year-over-year growth. The comparison also reflects growth over a particularly strong fiscal fourth quarter of 2024 when demand was elevated around the US election.

謝謝你，布萊恩，大家早安。讓我們回顧一下截至 2025 年 11 月 30 日的第四財季和全年財務表現。2025 年第四季淨收入為 3,520 萬美元，比 2024 財年第四季報告的 2,800 萬美元成長了 26%。720萬美元的成長主要歸功於經銷商和連鎖店的強勁表現，而直接面向消費者和國際通路也貢獻了穩健的同比增長。這項比較也反映了 2024 財年第四季（美國大選前後需求旺盛）的強勁成長。

For the full year 2025, net revenue totaled $118.1 million, up 38% from $85.8 million in 2024. This increase was driven by the company's expanded brand visibility, the broadening physical retail presence and the successful launch of the Byrna CL.

2025 年全年淨收入總計 1.181 億美元，較 2024 年的 8,580 萬美元成長 38%。這一成長得益於公司品牌知名度的提升、實體零售業務的拓展以及 Byrna CL 的成功上市。

Gross profit for Q4 2025 was $21.1 million or 60% of net revenue compared to $17.6 million or 63% of net revenue for Q4 2024. The increase in gross profit was driven by the increase in overall sales. Gross margin decline was primarily due to the greater mix of dealer and chain store sales as well as the continued amortization of start-up costs associated with the introduction of the CL Launcher and transfer of the ammunition factory from South Africa to Fort Wayne, Indiana.

2025 年第四季毛利為 2,110 萬美元，佔淨收入的 60%，而 2024 年第四季毛利為 1,760 萬美元，佔淨收入的 63%。毛利的成長是由整體銷售額的成長所推動的。毛利率下降主要是由於經銷商和連鎖店銷售佔比增加，以及與 CL 發射器的推出和彈藥廠從南非轉移到印第安納州韋恩堡相關的啟動成本的持續攤銷。

For the full year 2025, gross profit was $71.5 million or 61% of net revenue compared to $52.8 million or 62% of net revenue for the same period in 2024. This $18.7 million increase in gross profit was due to the increase in total revenue for the year. The 1% decrease in gross profit margin was once again primarily due to the amortization of product costs associated with the introduction of the groundbreaking new CL Launcher and the start-up of our new ammunition facility in Fort Wayne, Indiana.

2025 年全年毛利為 7,150 萬美元，佔淨收入的 61%，而 2024 年同期毛利為 5,280 萬美元，佔淨收入的 62%。毛利增加1870萬美元是由於全年總收入增加。毛利率下降 1% 主要還是由於推出突破性的新型 CL 發射器以及在印第安納州韋恩堡啟動新的彈藥工廠相關的產品成本攤銷所致。

Closing the South African operation is expected to save the company $1.5 million in 2026. Byrna expects margin improvement in fiscal 2026 as onetime start-up costs associated with the new CL Launcher and the new ammunition factory are completed. Additionally, we implemented a broad-based price increase of 4% to 5% as of February 1, 2026. And at the same time, we introduced the new Byrna CL XL, expanding the number of variants for the high-margin Byrna CL Launcher.

關閉南非業務預計將在 2026 年為公司節省 150 萬美元。Byrna 預計 2026 財年利潤率將有所提高，因為與新的 CL 發射器和新的彈藥廠相關的一次性啟動成本將完成。此外，我們從 2026 年 2 月 1 日起實施了 4% 至 5% 的全面漲價。同時，我們推出了新款 Byrna CL XL，擴大了高利潤 Byrna CL 啟動器的型號數量。

Operating expenses for Q4 2025 were $17.1 million compared to $13.5 million for Q4 2024. The increase reflected higher advertising expenses and marketing costs to support the rollout of more than 500 additional chain store locations in Q4. The company also increased headcount in its marketing and engineering department as part of its strategic investment in exciting new products and the new markets they will open for Byrna. This investment is expected to drive significant growth starting later in 2026 and beyond.

2025 年第四季的營運費用為 1,710 萬美元，而 2024 年第四季的營運費用為 1,350 萬美元。這一增長反映了為支持第四季度新增 500 多家連鎖店而增加的廣告支出和行銷成本。作為對令人興奮的新產品及其將為 Byrna 開闢的新市場的策略性投資的一部分，該公司還增加了行銷和工程部門的人員數量。預計這項投資將從 2026 年下半年開始推動顯著成長。

For the full year 2025, operating expenses were $59.6 million compared to $46.1 million for the same period in 2024, reflecting a 29% year-over-year increase to support our growth. The $13.5 million increase supported the revenue increase and was used to drive consumer awareness of both Byrna and the less lethal product category. At the same time, the company invested in retail, marketing and engineering.

2025 年全年營運支出為 5,960 萬美元，而 2024 年同期為 4,610 萬美元，年增 29%，以支持我們的成長。1350萬美元的成長支持了收入的成長，並用於提高消費者對Byrna和毒性較小的產品類別的認識。同時，該公司也投資了零售、行銷和工程領域。

Net income for Q4 2025 was $3.4 million compared to $9.7 million for Q4 2024. This decrease was primarily driven by a $5.6 million income tax benefit that occurred in the prior year period. The tax benefit arose from the release of tax valuation allowances related to net operating loss carry forwards and other tax assets. For the full year 2025, net income was $9.7 million, down from $12.8 million in the prior year period. Excluding the $5.6 million tax benefit from Q4 2024, net income improved by $2.5 million.

2025 年第四季淨收入為 340 萬美元，而 2024 年第四季淨收入為 970 萬美元。這一下降主要是由於去年獲得的 560 萬美元所得稅優惠。稅務優惠源自於釋放與淨營業虧損結轉和其他稅務資產相關的稅務估值準備金。2025 年全年淨收入為 970 萬美元，低於去年同期的 1,280 萬美元。不計入 2024 年第四季 560 萬美元的稅收優惠，淨收入增加了 250 萬美元。

Adjusted EBITDA, a non-GAAP metric for Q4 2025, totaled $6 million compared to $5 million in Q4 2024. This brings adjusted EBITDA for the full year 2025 to $16.8 million compared to $11.5 million in the prior year.

2025 年第四季調整後的 EBITDA（非 GAAP 指標）總計 600 萬美元，而 2024 年第四季為 500 萬美元。這使得 2025 年全年的調整後 EBITDA 達到 1,680 萬美元，而前一年為 1,150 萬美元。

Cash, cash equivalents and marketable securities at November 30, 2025, totaled $15.5 million compared to $25.7 million at November 30, 2024. Inventory at November 30, '25, totaled $32.7 million compared to $20 million at November 30, 2024. We expect the end of the fiscal first quarter to be a low point in inventory, and then we will begin to build it back up to support the ramping demand.

截至 2025 年 11 月 30 日，現金、現金等價物及有價證券總額為 1,550 萬美元，而截至 2024 年 11 月 30 日為 2,570 萬美元。截至 2025 年 11 月 30 日，庫存總額為 3,270 萬美元，而截至 2024 年 11 月 30 日，庫存總額為 2,000 萬美元。我們預計第一財季末庫存將處於低谷，然後我們將開始逐步恢復庫存，以滿足不斷增長的需求。

Subsequent to quarter end, the company entered into a $20 million credit facility with Texas Capital Bank. This is made up of a $5 million revolving line of credit and a $15 million delayed term draw. This credit facility is intended to support strategic growth initiatives, including potential acquisitions.

季度末之後，該公司與德州資本銀行簽訂了 2,000 萬美元的信貸協議。這包括 500 萬美元的循環信貸額度和 1500 萬美元的延期付款。此信貸額度旨在支持策略性成長計劃，包括潛在的收購。

I will now pass the call back to Bryan for additional insights into our performance.

現在我將把電話轉回給布萊恩，讓他對我們的表現提供更多見解。

Thank you, Lauri. Fiscal 2025 was truly a landmark year for Byrna. We scaled Byrna from a largely direct-to-consumer business model, driven by conservative leaning celebrity endorsers into a more diversified multi-platform model focused on reaching a broader audience through our nationwide dealer base and expanded advertising opportunities.

謝謝你，勞裡。2025財年對Byrna來說真是個具有里程碑意義的年份。我們把 Byrna 從主要依靠保守派名人代言的直接面向消費者的商業模式，發展成為更加多元化的多平台模式，專注於透過我們遍布全國的經銷商網絡和擴大的廣告機會來接觸更廣泛的受眾。

For the year, we achieved a remarkable 38% revenue growth, and we finished the year up 26% in the fourth quarter, even when compared to an extremely strong 2025 Q4 that benefited from the uncertainty surrounding the election last year. The 38% year-over-year growth came on the heels of our extraordinary 100% plus growth in 2024, demonstrating the continued momentum of Byrna and the growing acceptance of less lethal personal safety solutions as a mainstream product category.

今年，我們實現了令人矚目的 38% 的營收成長，第四季也實現了 26% 的成長，即使與去年受益於選舉不確定性的 2025 年第四季相比，這一數字仍然非常強勁。2024 年，我們實現了超過 100% 的驚人增長，而今年又實現了 38% 的同比增長，這表明 Byrna 的發展勢頭依然強勁，並且非致命性個人安全解決方案作為主流產品類別正日益被人們接受。

The strong results we delivered in Q4 capped off what has been an exceptional year of execution across all areas of the business. Let me start by discussing our brick-and-mortar outlets, which have been one of the key drivers of our growth this past year.

我們在第四季取得的強勁業績，為公司各個業務領域卓越的一年畫上了圓滿的句號。首先，我想談談我們的實體店，它們是過去一年我們成長的關鍵驅動力之一。

For 2025, Byrna's brick-and-mortar sales increased from $15.2 million in fiscal year '24 to $31 million in fiscal year 2025, an increase of more than 100%. This represents approximately half of our year-over-year revenue growth in 2025. This increase was the result of strong performance across all areas of Byrna's brick-and-mortar dealer base, with our show dealers up 20.9%, our premier dealers up 40.4% our traditional dealers, which include both chain stores and independent dealers serviced both directly and through distributors, up 73.4% and Byrna's company-owned retail stores up 186.5%. From a dollar standpoint, the largest contributor to our extremely strong brick-and-mortar performance was our chain store sales as we expanded from around 200 chain store locations at the start of 2025 to approximately 900 locations by year-end.

2025 年，Byrna 的實體店銷售額從 2024 財年的 1,520 萬美元成長到 2025 財年的 3,100 萬美元，增幅超過 100%。這大約相當於我們 2025 年年成長收入的一半。這一增長得益於 Byrna 實體經銷商基礎各個領域的強勁表現，其中展會經銷商增長了 20.9%，高級經銷商增長了 40.4%，傳統經銷商（包括連鎖店和獨立經銷商，無論直接還是通過分銷商提供服務）增長了 73.4%，Byrna 公司自營零售店增長了 186.5%。從美元的角度來看，我們實體店業績非常強勁的最大貢獻者是連鎖店的銷售額，因為我們從 2025 年初的約 200 家連鎖店擴展到年底的約 900 家。

Of particular importance was our partnership with Sportsman's Warehouse, which we kicked off halfway through 2025. What makes Sportsman so special is the ability for their customers to test fire the complete range of Byrna's handheld launchers as part of our Try Before You Buy campaign. Due to the success of this initiative, Sportsman's is rolling out the Byrna program to all but a handful of their locations this year, giving virtually all of Sportsman's customers the opportunity to test via the Byrna launchers in 2026.

其中最重要的是我們與 Sportsman's Warehouse 的合作，我們在 2025 年中啟動了這項合作。Sportsman 的特別之處在於，作為「先試後買」活動的一部分，他們的客戶可以試用 Byrna 的全系列手持式發射器。由於這項舉措取得了成功，Sportsman's 今年將在除少數幾家門市外的所有門市推廣 Byrna 計劃，讓 Sportsman's 的幾乎所有顧客都有機會在 2026 年通過 Byrna 發射器進行測試。

In addition, we will be installing our self-contained shooting pods in a number of additional Sportsman's Warehouse locations, essentially doubling in 2026, the number of stores outfitted with Byrna's custom enclosed shooting experience. We expect the growth in our brick-and-mortar sales to continue unabated in 2026 due to three factors: First, our sales were heavily back-end loaded as most of the locations carrying Byrna were not online until the third or fourth quarters of 2025. This year, we are starting out with 900 chain stores carrying Byrna. Second, we are going deeper with our current roster of dealers as they expand the range of Byrna products they offer, including our brand-new Byrna CL XL. Third, we are continuing to sign up new dealers as they see the success of our existing dealer base.

此外，我們將在多家 Sportsman's Warehouse 門市安裝我們獨立的射擊艙，到 2026 年，配備 Byrna 定制封閉式射擊體驗的門市數量將翻一番。我們預計，由於以下三個因素，我們的實體店銷售額將在 2026 年繼續保持成長勢頭：首先，我們的銷售額嚴重集中在後期，因為銷售 Byrna 的大多數門市直到 2025 年第三季或第四季才上線。今年，我們計劃先從900家連鎖店開始銷售Byrna產品。其次，我們正在與現有經銷商建立更深入的合作關係，因為他們正在擴大其提供的 Byrna 產品範圍，包括我們全新的 Byrna CL XL。第三，隨著我們現有經銷商基礎的成功，我們正在繼續招募新的經銷商。

At SHOT Show, we received verbal commitments from large chains representing an additional 500-plus locations. For the most part, these chains are in regions of the country where our current dealers do not have significant coverage, including most importantly, the state of Texas.

在 SHOT Show 展會上，我們獲得了來自大型連鎖店的口頭承諾，這些連鎖店將新增 500 多個門市。這些連鎖店大多位於我們現有經銷商覆蓋範圍較小的地區，其中最重要的是德克薩斯州。

Two years ago, as we look to expand our brick-and-mortar footprint, we contemplated rolling out up to 100 company-owned stores. While the five company-owned stores that we currently operate are extremely successful, generating approximately $800,000 in annual revenue on average, setting up these stores is expensive and time-consuming. In addition, finding landlords that will allow us to offer a shooting experience has been difficult.

兩年前，當我們考慮擴大實體店規模時，我們曾考慮開設多達 100 家公司自營門市。雖然我們目前經營的五家公司自營門市非常成功，平均每年產生約 80 萬美元的收入，但開設這些門市既昂貴又耗時。此外，找到願意允許我們提供射擊體驗的房東也十分困難。

Through our strategic partnerships with big box retailers such as Sportsman's, we have been able to scale rapidly with minimal capital investments and without the hassle of securing and building out new locations. And while our top line margin is slightly lower, selling through our dealers rather than our company-owned stores, our net margin is similar as there is very little in the way of ongoing operating costs once these stores have been set up and personnel have been hired and trained.

透過與 Sportsman's 等大型零售商建立策略合作夥伴關係，我們得以以最小的資本投入快速擴大規模，而無需費力尋找和建造新店面。雖然我們的營業利潤率略低，因為我們是透過經銷商而不是公司自營店進行銷售，但我們的淨利潤率與之類似，因為一旦這些商店建立起來，人員招募和培訓完畢，持續的營運成本就非常少。

The strong performance across these chain stores has been encouraging, particularly during the holiday season when both Sportsman's and Bass Pro set new weekly sales records for Byrna products. In fact, a few of the individual stores are approaching Byrna's company-owned stores in terms of top line revenue.

這些連鎖店的強勁表現令人鼓舞，尤其是在假期期間，Sportsman's 和 Bass Pro 都創下了 Byrna 產品新的每週銷售記錄。事實上，就營業額而言，有些獨立門市已經接近 Byrna 的直營店了。

In addition to the iconic chain stores that carry Byrna, there are another 600-plus brick-and-mortar locations where customers can purchase Byrna launchers. These locations are comprised of independent dealers, premier dealers, show dealers and company-owned retail stores. Altogether, they bring our total footprint to more than 1,500 retail locations where you can touch, feel and often shoot a Byrna before you buy. And as I mentioned, we expect that number to grow to approximately 2,000 locations in 2026.

除了銷售 Byrna 的標誌性連鎖店外，還有 600 多家實體店可供顧客購買 Byrna 發射器。這些地點包括獨立經銷商、高級經銷商、展會經銷商和公司自營零售店。總計，我們的產品涵蓋範圍超過 1500 個零售點，您可以在購買前觸摸、感受並經常拍攝 Byrna 產品。正如我之前提到的，我們預計到 2026 年，這個數字將成長到大約 2000 個地點。

With respect to our company-owned retail stores, we rolled out four new locations in the second quarter of 2025. These stores ramped quickly, delivering a strong performance for the year. Our Byrna owned and operated flagship locations in Las Vegas, Scottsdale, Nashville, Salem and Fort Wayne are generating approximately $800,000 in annualized sales per store on average. These locations, along with our Sportsman's Warehouse and premier dealers have demonstrated the strength of the experiential retail model and validated the economics of operating our own stores.

就我們公司自營零售店而言，我們在 2025 年第二季推出了四家新店。這些門市迅速擴張，全年業績表現強勁。我們 Byrna 在拉斯維加斯、斯科茨代爾、納許維爾、塞勒姆和韋恩堡擁有和經營的旗艦店，平均每家門市的年銷售額約為 80 萬美元。這些門市，連同我們的 Sportsman's Warehouse 和頂級經銷商，都證明了體驗式零售模式的優勢，並驗證了我們自有門市的經濟效益。

In addition to the strong economics, these stores have also allowed us to gain valuable information about our customers. While we don't have immediate plans for the wholesale expansion of company-owned -- of the company-owned store model, we are open to establishing additional stores in select markets where we do not have adequate representation. We see our company-owned stores as a valuable test bed for merchandising strategies, customer sales techniques and product launches that we can then share with our premier dealer and strategic retail partners.

除了經濟效益顯著外，這些門市還讓我們獲得了有關客戶的寶貴資訊。雖然我們目前沒有大規模擴張公司自營門市模式的計劃，但我們願意在部分市場開設更多門市，以彌補我們門市數量的不足。我們將公司自營門市視為商品銷售策略、客戶銷售技巧和產品發布的重要試驗場，然後我們可以與我們的一級經銷商和戰略零售合作夥伴分享這些經驗。

To support Sportsman's Warehouse and our other dealers that offer a shooting experience, in 2025, we intentionally directed people from our website to our company-owned stores and to authorize Byrna dealers that offer a shooting experience. While this may be considered a cardinal sin in the world of e-commerce and likely had some impact on our byrna.com growth rate this year, the strategy allowed us to prime the pump by giving our dealers a kick start.

為了支持 Sportsman's Warehouse 和我們其他提供射擊體驗的經銷商，2025 年，我們有意引導人們從我們的網站前往我們公司自營的商店，並授權 Byrna 經銷商提供射擊體驗。雖然這在電子商務領域可能被視為大忌，並且可能對我們今年的 byrna.com 成長率產生了一定影響，但該策略讓我們能夠透過給經銷商一個啟動資金來推動業務成長。

At the same time, we're able to take advantage of the substantially higher conversion rate at brick-and-mortar locations when customers have an opportunity to test via the Byrna. As a result of this initiative and the rollout of 600 additional brick-and-mortar locations, brick-and-mortar dealers were the fastest-growing segment of our business in '25, as I said, growing more than 100% year-over-year and climbing from 17.7% of sales in 2024 to 26.7% of sales in 2025. We expect this to continue throughout 2026 and well into 2027 as brick-and-mortar dealers should remain the fastest-growing domestic consumer segment of our business. Although still a small part of our overall business, international sales also continue to show strong momentum, generating 66% growth from the prior year.

同時，當顧客有機會透過 Byrna 進行測試時，我們能夠利用實體店更高的轉換率。由於這項措施以及新增 600 家實體店，實體店經銷商成為我們 2025 年業務增長最快的部分，正如我所說，同比增長超過 100%，銷售額佔比從 2024 年的 17.7% 攀升至 2025 年的 26.7%。我們預計這種情況將持續到 2026 年，並延續到 2027 年，因為實體店經銷商仍將是我們業務中成長最快的國內消費群體。儘管國際銷售額在我們整體業務中所佔比例仍然很小，但其成長勢頭依然強勁，比前一年增長了 66%。

With regard to our DTC channels, both byrna.com and amazon.com continued to show strong momentum throughout the fiscal year, growing by 18.4% despite our Try Before You Buy campaign, where we intentionally sent online customers to authorized Byrna dealers. Amazon continues to grow faster than byrna.com, clocking in at 46.9% year-over-year growth for the year. This was due in part to the fact that only byrna.com had a dealer locator that urged consumers to try before they buy at one of our company-owned stores or authorized dealer locations. As a result of this faster growth in 2025, Amazon now accounts for 28.6% of our DTC sales, up from 23.2% last year.

就我們的 DTC 通路而言，byrna.com 和 amazon.com 在整個財年都保持了強勁的成長勢頭，儘管我們開展了「先試後買」活動（我們有意將線上客戶引導至 Byrna 授權經銷商），但其增長率仍達到了 18.4%。亞馬遜的成長速度持續超過 byrna.com，今年的年成長率為 46.9%。部分原因是，只有 byrna.com 擁有經銷商定位器，鼓勵消費者在我們公司自營商店或授權經銷商處試用後再購買。由於 2025 年成長速度加快，亞馬遜目前占我們 DTC 銷售額的 28.6%，高於去年的 23.2%。

As we mentioned in the past, we are somewhat agnostic about whether the sale takes place on amazon.com and byrna.com as our net margins are somewhat similar due to the savings in advertising, freight, credit card processing fees and Shopify fees. Also, due to Amazon's quicker delivery times for its prime customers, we typically see a boost in Amazon sales as we get closer to Christmas because they can deliver in time for Christmas for an additional four to five days longer than we can at byrna.com.

正如我們之前提到的，我們對銷售是在 amazon.com 還是 byrna.com 上持中立態度，因為節省了廣告費、運費、信用卡手續費和 Shopify 費用，我們的淨利潤率大致相同。此外，由於亞馬遜為其 Prime 客戶提供更快的送貨速度，我們通常會在聖誕節臨近時看到亞馬遜的銷售額增長，因為他們可以比 byrna.com 多提前四到五天送達聖誕節商品。

The overall increase in sales in 2025, especially in the second half of the year, can be attributed in part to the effectiveness of our AI-enabled advertising campaigns, including our now iconic We Don't Sell Bananas commercial. With these ads, we are able to easily modify our content to meet the different requirements of cable and streaming networks where we could not previously advertise. This allowed us to expand the number of channels where we could advertise, allowing for broader distribution to a wider audience.

2025 年整體銷售額的成長，尤其是在下半年，部分原因要歸功於我們人工智慧廣告活動的有效性，包括我們現在標誌性的「我們不賣香蕉」廣告。借助這些廣告，我們可以輕鬆修改內容，以滿足有線電視和串流媒體網路的不同要求，而我們以前無法在這些平台上投放廣告。這使我們能夠擴大廣告投放管道的數量，從而實現更廣泛的受眾覆蓋範圍。

This has resulted in Byrna being able to secure a Super Bowl commercial spot in the Pittsburgh market for the game this coming Sunday. This will be the first time we're able to run an ad of this prominence, and we are optimistic that we will not only generate immediate sales but also build brand awareness. This year, the purpose is to test the effectiveness of advertising in this iconic event in a single regional market. If it proves to be cost effective, we look to expand our Super Bowl advertising budget significantly in 2027.

這使得拜爾納得以在匹茲堡市場為即將到來的周日的超級盃比賽爭取到一個商業廣告位。這將是我們第一次能夠投放如此高調的廣告，我們樂觀地認為，這不僅會立即帶來銷量，還會提升品牌知名度。今年，目的是在一個區域市場測試在這場標誌性活動中投放廣告的效果。如果證明具有成本效益，我們計劃在 2027 年大幅增加超級盃廣告預算。

The Super Bowl ad is just one more example of our willingness to be creative as we look to new ways of getting our message out. Several years ago, when we were banned from advertising on Meta and Google properties, we turned to our celebrity endorsement model with an emphasis on conservative leaning radio talk show personalities. This program continues to be an important part of our marketing strategy.

超級盃廣告只是我們不斷尋求新的方式來傳遞訊息的另一個例子。幾年前，當我們被禁止在 Meta 和 Google 的產品上投放廣告時，我們轉向了名人代言模式，重點是傾向保守派的廣播脫口秀主持人。該項目仍然是我們行銷策略的重要組成部分。

Our roster has remained relatively unchanged this past year, but we are pleased to welcome back Dan Bongino. Dan stepped away from the podcast during his time with the administration. But prior to his departure, he was one of our highest performing influencers. We are excited to resume work with Dan and his team and believe his return will provide meaningful promotional impact for the brand, especially as we expect him to draw a large audience interested to hear about his time in the administration.

過去一年我們的陣容基本上保持不變，但我們很高興丹邦吉諾回歸。丹在擔任政府職務期間退出了播客節目。但在他離開之前，他是我們表現最出色的影響者之一。我們很高興能與丹和他的團隊重新合作，並相信他的回歸將為品牌帶來有意義的宣傳效果，尤其是我們預計他會吸引大量對他在政府部門工作經歷感興趣的受眾。

As part of our effort to expand our marketing advertisement to broaden our consumer reach, we are exploring product placement opportunities. Byrna recently was featured in an unsolicited cameo appearance on the HBO hit, I Love LA, underscoring the progress that we have made over the last few years in making Byrna part of the mainstream conversation regarding personal self-defense. This has led to our decision to help finance a small independent film that will prominently feature our launchers. Viewer of this film will see the product in use in numerous real-life scenarios.

為了擴大行銷廣告覆蓋率，提升消費者影響力，我們正在探索產品置入機會。Byrna 最近在 HBO 熱門劇《我愛洛杉磯》中意外客串出演，這凸顯了我們在過去幾年中取得的進展，使 Byrna 成為有關個人自衛的主流討論的一部分。因此，我們決定資助一部小型獨立電影，這部電影將重點介紹我們的發射器。觀看這部影片的觀眾將看到該產品在眾多真實場景中的應用。

More importantly, we will be able to show the product being used in advertisements that promote the movie, something we cannot do when we advertise the product itself. These advertisements will drive people to the website for the movie where they will be able to watch the full trailer listen to interviews with actors discussing the Byrna and the value of non-lethal self-defense and see the products that were used in the film. We view this initiative as a creative way to reach a new audience, leverage on-screen talent and further expand the awareness of Byrna and the less lethal product category.

更重要的是，我們可以在宣傳電影的廣告中展示產品的使用情況，這是我們在宣傳產品本身時無法做到的。這些廣告會將人們引流到電影的網站，在那裡他們可以觀看完整的預告片，收聽演員們討論 Byrna 以及非致命性自衛的價值的採訪，並看到電影中使用的產品。我們認為這項措施是一種富有創意的方式，可以接觸到新的受眾，利用螢幕人才，並進一步擴大人們對 Byrna 和非致命性產品類別的認識。

I'd also like to address our manufacturing initiatives this past year. To support our continued growth, we are increasing monthly production by 33%. We ramped up -- temporarily ramped up production early in 2025 to support the launch of the Compact Launcher. We are now making permanent changes and refinements to our assembly process, moving from an assembly line process to more -- to more efficient production cells that allow each employee to perform a greater number of operations. This has improved product quality and boosted morale, which should ultimately result in improved margins, margins, which will be further enhanced as we scale production.

我還想談談我們過去一年在製造業的舉措。為了支持我們的持續成長，我們將每月產量提高33%。為了支援緊湊型發射器的推出，我們在 2025 年初暫時提高了產量。我們現在正在對組裝流程進行永久性的改變和改進，從管線組裝流程轉向更有效率的生產單元，使每位員工能夠執行更多的操作。這提高了產品質量，提升了員工士氣，最終應該能夠提高利潤率，隨著我們擴大生產規模，利潤率還會進一步提高。

As a reminder, our Fort Wayne facility has the flexibility to significantly increase output as needed by going to a second or even third shift. With the production cells, we can also easily flex production between the compact launcher, the Byrna SD and Byrna LE models based on real-time demand trends.

再次提醒大家，我們位於韋恩堡的工廠可以根據需要靈活地透過開設第二班甚至第三班來大幅提高產量。借助生產單元，我們還可以根據即時需求趨勢，輕鬆地在緊湊型發射器、Byrna SD 和 Byrna LE 型號之間靈活調整生產。

I'm also pleased to report that our new ammo factory in Fort Wayne is now the most advanced payload projectile ammunition factory in the world. We can produce both 0.61 caliber and 0.68 caliber ammunition in a lights off hermetically sealed clean rooms. With our new capabilities, the highly anticipated 12-gauge payload rounds will be going into production this month.

我很高興地報告，我們在韋恩堡新建的彈藥廠現在是世界上最先進的有效載荷彈丸彈藥廠。我們可以在完全密封的無燈潔淨室中生產 0.61 口徑和 0.68 口徑的彈藥。憑藉我們新的生產能力，備受期待的 12 號口徑有效載荷彈藥將於本月投入生產。

As we continue to refine our proprietary robotic assembly, welding, inspecting and packing equipment, we are seeing continued productivity gains. And for the first time since we opened the US ammo factory, we are generating favorable manufacturing variances.

隨著我們不斷改進專有的機器人組裝、焊接、檢測和包裝設備，我們看到生產效率持續提高。自從我們開設美國彈藥廠以來，我們第一次實現了有利的生產差異。

I would now like to speak about our new product development. The release of the Compact Launcher in May was a pivotal moment for Byrna. This launcher represents the most revolutionary less lethal launcher ever made because of its small form factor and significant stopping power. Never in the history of less lethal weapons has so much stopping power been available in such a small piece of real estate. It is the only truly concealable less launch less lethal launcher on the market today.

現在我想談談我們的新產品開發情況。5 月發布的 Compact Launcher 對 Byrna 來說是一個轉捩點。由於體積小巧且制止力強，這款發射器是迄今為止最具革命性的非致命性發射器。在非致命性武器的歷史上，從未有過如此強大的製止力集中在如此小的一塊區域內。它是目前市面上唯一真正可隱藏、發射量少、致命性低的發射器。

Anything designed for self-defense, of course, is only a value if you have it when you need it. Most alterations occur outside the home. It was for this reason that we wanted to give our customers something that they could always carry with them and the concealability of the CL launcher has been the driving force behind its success.

當然，任何用於自衛的物品，只有在你需要它的時候才能發揮作用。大多數改建工程都在房屋外進行。正因如此，我們希望為客戶提供一款他們可以隨時隨身攜帶的產品，而 CL 發射器的隱藏性正是其成功的驅動力。

We are now excited to announce that we are releasing a second variant of the CL, the CL XL. This slightly larger model is still concealable. It will feature, however, a larger magazine with a 7 plus 1 shot capacity, greater overall shot capacity and more power than the base CL. With the CL XL, customers can quickly fire 15 shots in rapid succession, if necessary. This enhanced version of the CL was developed based on feedback we received from our customers. And as a result, it is no surprise that the CL XL was an overwhelming hit at SHOT Show where we debuted it just a few weeks ago.

我們很高興地宣布，我們將推出 CL 的第二個變體——CL XL。這款稍大的型號仍然便於隱藏。不過，它將配備一個更大的彈匣，容量為 7+1 發，總彈容量更大，威力也比基本 CL 更大。使用 CL XL，顧客如有必要，可以快速連續發射 15 發子彈。這款增強版的 CL 是根據我們從客戶收到的回饋而開發的。因此，CL XL 在幾週前我們首次亮相的 SHOT Show 上大獲成功也就不足為奇了。

At Byrna, of course, we never sleep as evidenced by the introduction of the CL in May and now the CL XL. We are constantly looking at ways to improve our launchers and our accessories to enhance the user experience. Towards that end, I'm pleased to report that just this week, we assembled the first production prototype of our next-generation launcher, and I plan to test fire it next week. It is essentially the same size as the CL but will feature a modular design that will allow us to easily install different engines in the same chassis.

當然，在 Byrna，我們從不休息，5 月推出的 CL 和現在的 CL XL 就是最好的證明。我們一直在尋找改進發射器和配件的方法，以提升使用者體驗。為此，我很高興地報告，就在本週，我們組裝了下一代發射器的第一個生產原型，我計劃下週進行試射。它的尺寸與 CL 基本相同，但採用模組化設計，使我們能夠在同一底盤上輕鬆安裝不同的引擎。

In this way, we can offer different levels of performance, of course, at different price points using the same chassis in much the same way that Porsche does with its 911 model. Most importantly, this new launcher will have far fewer parts, be easier and quicker to assemble and most importantly, cost around 40% less to produce.

這樣一來，我們就可以使用相同的底盤，以不同的價格提供不同性能等級的產品，就像保時捷使用其 911 車型一樣。最重要的是，這款新型發射器零件數量更少，組裝起來更容易、更快捷，最重要的是，生產成本降低了約 40%。

Moving to a single chassis that can accept different engines, we can reach the price point, midpoint and high-end points of the less lethal market with a single platform. This will significantly simplify factory operations and dramatically reduce component inventory. We plan to start rolling out the price point launch version of this revolutionary new modular launcher towards the end of 2026, quickly followed by our mid-level and high-level variants.

透過採用可容納不同引擎的單一底盤，我們可以用一個平台滿足低致命性市場的價格點、中端和高端市場需求。這將大大簡化工廠運營，並大幅減少零件庫存。我們計劃在 2026 年底開始推出這款革命性新型模組化啟動器的入門級版本，隨後迅速推出中階和進階版本。

With regard to accessories, every so often, I get a call from a Byrna customer, Byrna owner that has used their launcher in a case of self-defense and yet they get arrested as the assailant claims that the Byrna owner attacked them. If there are no witnesses, it becomes the case of he said, she said.

關於配件方面，我時不時會接到 Byrna 顧客或 Byrna 擁有者的電話，他們曾在自衛中使用過自己的發射器，但卻被逮捕，因為襲擊者聲稱是 Byrna 擁有者襲擊了他們。如果沒有目擊證人，那就變成了各執一詞的局面。

To help combat that situation and provide Byrna owners with the proof that they acted in self-defense, Byrna will be bringing out a Byrna cam in late Q2 or Q3 of this year. Well, there are already cameras that fit on the picatinny rail of a handgun, these cameras today are very bulky and quite expensive as they must be able to withstand the rigors of firearm recoil. Since Byrna has no recoil, we can make a smaller, less expensive camera that will fit on the picatinny rail of our micro compact CL and sell for less than $200.

為了幫助應對這種情況，並為 Byrna 用戶提供他們採取自衛行動的證據，Byrna 將在今年第二季末或第三季推出 Byrna 攝影機。嗯，現在已經有可以安裝在手槍皮卡汀尼導軌上的相機了，但這些相機體積很大，價格也相當昂貴，因為它們必須能夠承受槍支後座力的衝擊。由於 Byrna 沒有後座力，我們可以製造一款更小、更便宜的相機，它可以安裝在我們微型緊湊型 CL 的皮卡汀尼導軌上，售價低於 200 美元。

When a Byrna owner needs to defend themselves, they can switch on the camera and capture the encounter on both video and audio if they so desire. If they are pointing their weapon at the ground, the camera will show that, allowing them to refute someone that claims he pointed his weapon at me. We introduced the product to our dealer council members last month, a meeting that I attended, and we received overwhelming and enthusiastic support. We have high hopes for this accessory when we introduce it in late Q2 or early Q3 as we continually look to enhance the user experience. Along the same line, I'm extremely excited about our new subscription-based products that should be the next evolution of Byrna.

當 Byrna 的主人需要自衛時，他們可以打開攝像頭，根據需要記錄下遭遇過程的視訊和音訊。如果他們把武器指向地面，攝影機就會拍到，這樣他們就可以反駁有人聲稱他把武器指向我的說法。上個月，我們向經銷商委員會成員介紹了這個產品，我參加了那次會議，並得到了壓倒性的熱情支持。我們對這款配件寄予厚望，預計將於第二季末或第三季初推出，因為我們將持續尋求提升用戶體驗。同樣，我對我們新的訂閱制產品感到非常興奮，這應該是 Byrna 的下一個發展階段。

Regarding the fiscal outlook, as we look ahead to fiscal 2026, we are confident in our ability to continue to deliver strong top line growth while expanding profitability. Our balance sheet is strong with cash increasing $6.5 million from $9 million at the end of Q3 to $15.5 million at the end of Q4 despite spending over $1 million buying back our own stock. We expect the cash balance to continue to grow throughout 2026 as sales are projected to increase year-over-year each quarter and as we work through the inventory that we built up in preparation of the CL launch that occurred halfway through 2025.

關於財政前景，展望 2026 財年，我們有信心在維持強勁營收成長的同時，擴大獲利能力。儘管我們花了超過 100 萬美元回購了自己的股票，但我們的資產負債表依然強勁，現金從第三季末的 900 萬美元增加到第四季末的 1550 萬美元，增加了 650 萬美元。我們預計，隨著銷售額預計每個季度同比增長，以及我們逐步消化為 2025 年年中推出 CL 產品而積累的庫存，現金餘額將在 2026 年繼續增長。

In addition to our strong and growing cash balance, we just announced a new $20 million credit facility with Texas Capital Bank. The $15 million is earmarked specifically for acquisitions and $5 million is for working capital should the need arise. While I do not have anything on the acquisition front that I can announce at this time, we are continually looking for strategic opportunities that would help us further our goals with regards to the development of new products, new markets and new technologies.

除了我們強勁且不斷增長的現金餘額外，我們剛剛宣布與德克薩斯資本銀行達成一項新的 2000 萬美元信貸協議。其中 1500 萬美元專門用於收購，500 萬美元作為營運資金，以備不時之需。雖然目前我在收購方面沒有任何可以宣布的消息，但我們一直在尋找策略機遇，以幫助我們進一步實現新產品、新市場和新技術開發的目標。

In conclusion, many of you are familiar with the Rule of 40, whereby growth companies should maintain growth rates and EBITDA margins that when added together exceed 40%. It is understood that as companies become larger, growth rates tend to moderate while at the same time, EBITDA margins expand. We have been well above the 40% threshold the last couple of years, and we expect to be well above this threshold in 2026 as we continue to grow revenues while simultaneously expanding our margins.

總之，你們中的許多人都熟悉“40法則”，即成長型公司應保持成長率和 EBITDA 利潤率總和超過 40%。人們普遍認為，隨著公司規模的擴大，成長率往往會放緩，同時 EBITDA 利潤率也會擴大。過去幾年，我們的利潤率一直遠高於 40% 的門檻，我們預計到 2026 年，隨著營收的持續成長和利潤率的不斷提高，我們的利潤率仍將遠高於這個門檻。

We exited fiscal 2025 with tremendous momentum, highlighted by the strong demand we saw on Black Friday and Cyber Monday. The timing of these events falling over the final weekend of fiscal 2025 and into the start of 2026, drove high order volumes and provided a good start for Q1 2026.

我們在 2025 財年結束時取得了巨大的發展勢頭，尤其是在黑色星期五和網路星期一期間的強勁需求。這些事件恰逢 2025 財年最後一個週末和 2026 財年年初，推動了訂單量激增，為 2026 年第一季開了個好頭。

Building on this strong start, there are several encouraging catalysts that bolster our outlook for fiscal 2026, including our expanded retail footprint, as we start the year with more than 1,500 brick-and-mortar locations carrying Byrna, strong post-holiday dealer restocking orders, increasing brand awareness driven by both more mainstream advertising placements and new creative ways of reaching the market and the continued development of new products, including the Byrna cam, our new modular launcher as well as subscription-based devices as we plan for another strong year.

在這一強勁開局的基礎上，有幾個令人鼓舞的催化劑增強了我們對 2026 財年的展望，包括我們不斷擴大的零售網絡，年初我們已有超過 1500 家實體店銷售 Byrna 產品；節後經銷商的補貨訂單強勁；透過更多主流廣告投放和新的創意市場接觸方式提高品牌知名度；相機、我們的新型模組化發射器以及訂閱式設備，我們計劃在新的一年裡再創佳績。

From a profitability standpoint, we are laser-focused on expanding gross margins in 2026. We expect to be able to increase margins by several percentage points due to: one, a more favorable product mix this year as the higher-margin Compact Launcher represents a growing share of our launcher sales; two, continued manufacturing efficiencies and the economies of scale that will reduce manufacturing costs; and three, the price increases that just went into effect a few days ago. On the operating expense side, while we continue to invest in marketing and selectively add headcount to support new initiatives, we expect to see meaningful leverage as our operating costs are projected to grow at a significantly slower rate than our revenue.

從獲利能力的角度來看，我們正全力以赴在 2026 年提高毛利率。由於以下原因，我們預計今年的利潤率將提高幾個百分點：一、產品組合更加有利，因為利潤率更高的緊湊型發射器在我們發射器銷售額中所佔份額越來越大；二、持續的生產效率和規模經濟將降低生產成本；三、幾天前剛生效的價格上漲。在營運費用方面，雖然我們繼續投資於行銷，並有選擇地增加人手以支持新舉措，但我們預計營運成本的成長速度將遠低於收入的成長速度，因此我們將獲得顯著的槓桿效應。

We remain in the very early innings of penetrating what we believe is a massive market. Today, there are more than 775,000 Byrna launchers in customers' hands. And we believe that the less lethal personal safety category is becoming more universally accepted, and Byrna is becoming widely recognized as the leader in the less lethal personal self defense space.

我們仍處於開拓我們認為的龐大市場的初期階段。如今，已有超過 775,000 台 Byrna 發射器在用戶手中。我們相信，非致命性個人安全防護類別正變得越來越普遍地被接受，而 Byrna 也正被廣泛認為是非致命性個人自衛領域的領導者。

Harvard Business School and Stanford released a study in October that looked at the attitudes of gun owners. Interestingly, they found that fully 43% of gun owners preferred a weapon that would incapacitate and not kill. As such, the Byrna was mentioned numerous times throughout the study, and we were the only less lethal company to be mentioned. This strong desire for nonlethal options, coupled with Byrna's growing recognition should allow Byrna to benefit as the less lethal market continues to expand. As we continue to normalize the category, expand our product offerings across multiple price points and build out a recurring revenue model, we see a clear and compelling path to sustained multiyear growth.

哈佛商學院和史丹佛大學在10月發布了一項研究，調查了槍枝擁有者的態度。有趣的是，他們發現，高達 43% 的槍支擁有者更喜歡能使人喪失行動能力而不是致人死亡的武器。因此，在整個研究中，Byrna 被多次提及，而我們是唯一被提及的致命性較低的公司。人們強烈希望選擇非致命性武器，加上 Byrna 品牌知名度不斷提高，隨著非致命性武器市場的持續擴張，Byrna 品牌應該會從中受益。隨著我們不斷規範品類，擴大產品供應範圍，涵蓋多個價格點，並建立經常性收入模式，我們看到了實現多年持續增長的清晰而令人信服的道路。

In closing, fiscal 2025 was truly a transformational year for Byrna. We achieved record revenues, expanded our retail presence to more than 1,500 stores nationwide, successfully released the compact launcher, brought ammunition production onshore and laid the foundation for new devices that we believe will significantly augment Byrna's growth in the years to come.

總之，2025 財年對 Byrna 來說真是個改變意義的年份。我們實現了創紀錄的收入，將零售業務擴展到全國 1500 多家門市，成功推出了緊湊型發射器，將彈藥生產轉移到國內，並為我們相信將在未來幾年顯著促進 Byrna 增長的新設備奠定了基礎。

I want to thank our team for their exceptional execution, our retail partners for their continued support, our endorsers and influencers for helping us reach new audience and most importantly, our customers who have embraced Byrna as their personal safety solution of choice. We appreciate your continued support and look forward to the year ahead.

我要感謝我們團隊的出色執行，感謝我們的零售合作夥伴的持續支持，感謝我們的代言人和影響者幫助我們接觸到新的受眾，最重要的是，感謝我們的客戶選擇 Byrna 作為他們首選的個人安全解決方案。感謝您一直以來的支持，我們期待新的一年。

Now before I open this up to Q&A, I want to address a question that I have been asked recently regarding my personal plans. As many of you know, my contract with Byrna is up later this year, and I turn 68 next month. First, let me assure everyone that I plan to remain involved for as long as the company needs me. As a significant shareholder, I have and will continue to have for some time, a substantial personal and financial stake in the future success of Byrna, and I remain 100% committed to the future success of the company.

在正式進入問答環節之前，我想先回答一個最近有人問過的關於我個人計劃的問題。正如你們許多人所知，我與 Byrna 的合約將於今年晚些時候到期，而我下個月就 68 歲了。首先，請容許我向大家保證，只要公司需要我，我就會一直參與其中。作為重要股東，我過去和將來都會在 Byrna 的未來成功中擁有相當大的個人和經濟利益，我將 100% 致力於公司的未來成功。

At the same time, the Board and I are conducting a process to identify my successor. I am pleased to report that we have made good progress. And as soon as we have something to announce, you will hear it directly from me. I want to emphasize that any future transition when it occurs, will be smooth and seamless as I will do whatever is necessary to ensure the company's ongoing success.

同時，董事會和我正在進行遴選我的繼任者的工作。我很高興地報告，我們取得了良好的進展。一旦有任何消息要宣布，我會第一時間通知你們。我想強調的是，未來任何過渡時期都將平穩順利，我將盡一切努力確保公司持續成功。

2025 was a great year for the company, and I'm doing everything I can to make sure that we keep up the momentum and continue building on the strong foundation we created as we execute our plan and work to make Byrna the undisputed world leader in the less lethal space.

2025 年對公司來說是輝煌的一年，我正在盡我所能確保我們保持這種勢頭，並在我們制定的堅實基礎上繼續發展，執行我們的計劃，努力使 Byrna 成為無可爭議的非致命性領域的全球領導者。

With that, I am now prepared to take questions from our covering analysts.

接下來，我將接受各位分析師的提問。

(Operator Instructions) Jeremy Hamblin, Craig-Hallum Capital.

（操作說明）傑里米·漢布林，克雷格-哈勒姆資本。

Thank you. Congrats on really strong results and a great year in '25. Turning to 2026. I thought I might start with the new CL XL Launcher and get a sense for the price point that you're expecting increased shot capability, can see the demand for that, but also just understand how does the margin profile for the CL XL compare to, let's say, the CL and your other launcher products?

謝謝。恭喜你們有如此優異的成績，2025年真是碩果累累的一年！展望2026年。我想先了解新款 CL XL 發射器，看看您期望的更高發射能力在這個價位上是否能得到滿足。我能理解市場對這種能力的需求，但也想了解 CL XL 的利潤率與 CL 以及您其他發射器產品相比如何？

That's a great question, Jeremy, and thank you very much for your kind remarks. The CL XL has about a 5/8 inch extension on it that allows it to accept a 12-gram CO2, which is much more readily available and also provides for greater shot capacity. It also accepts a 7 plus 1 round magazine. Now that magazine will fit in any CL. So existing owners can buy this 7 plus 1 magazine, and we think that there will be a strong aftermarket demand.

傑里米，這是一個很好的問題，非常感謝你的好評。CL XL 有一個大約 5/8 英寸的延長部分，可以容納 12 克 CO2，這種 CO2 更容易獲得，而且也提供了更大的射擊容量。它也可以使用7+1發彈匣。現在這本雜誌可以裝進任何CL雜誌盒裡了。因此，現有用戶可以購買這款 7+1 彈匣，我們認為售後市場會有強勁的需求。

In fact, I think most CL owners will probably buy at least one 7 plus 1 round magazine. With this 7 plus 1 round magazine and the 12-gram CO2, you would be able to quickly fire off 15 rounds with two magazines. It will also, because it has a barrel that's 5/8 inch longer, propel the projectile at 20 feet per second faster. This will give the projectile more force than the current CL. So for a launcher that has a 5/8 inch extension on the end of the barrel, all you're paying for is the Boost adapter, the slightly longer barrel, which is measured in pennies, and we're creating a 7 plus 1 magazine rather than the five-round magazine.

事實上，我認為大多數 CL 用戶可能至少會購買一個 7+1 發彈匣。使用這款 7+1 發彈匣和 12 克 CO2 氣瓶，兩個彈匣即可快速發射 15 發子彈。此外，由於其槍管長 5/8 英寸，因此其彈丸的發射速度將提高 20 英尺/秒。這將使彈丸比目前的CL具有更大的作用力。所以，對於槍管末端有 5/8 英寸延長段的發射器來說，你所支付的只是增壓適配器、稍長一點的槍管（價格以美分計算），而且我們製造的是一個 7+1 發的彈匣，而不是 5 發的彈匣。

As a result, there is not a significant cost difference between these two launches. We plan to introduce this at $579.99, so $30 more than the current CL. As such, the margins will be essentially identical to the current CL, but it is a strong value proposition for the consumer because if they were to buy the boost and the extra magazine separately, that would be an $80 increase.

因此，這兩次發射的成本差異並不大。我們計劃以 579.99 美元的價格推出這款產品，比目前的 CL 貴 30 美元。因此，利潤率將與目前的 CL 基本相同，但對於消費者來說，這是一個很強的價值主張，因為如果他們單獨購買增壓器和額外的彈匣，那將增加 80 美元。

Understood. Okay. And then in terms of other new products that you're launching this year, with the connected devices, can you give us a sense for how you're expecting to price the connected device products? And what you expect the kind of the cost uptake of that initiative to be and whether or not the potential to look at acquisition candidates is more or less related to connected devices or some other area of interest?

明白了。好的。那麼，關於您今年即將推出的其他新產品，特別是連網設備，您能否透露一下您預計如何為連網設備產品定價？您預計該計劃的成本承擔情況如何？以及潛在的收購目標與連網設備更多相關，還是更多地與其它感興趣的領域相關？

First, let me just say that we're really not at the stage where we can talk about the pricing of these products. We are certainly looking at products where maybe we give away the product for free if there is subscription-based revenue attached to it. But that's premature.

首先，我想說的是，我們目前還不處於討論這些產品定價的階段。我們當然會考慮一些產品，如果該產品有訂閱收入，我們可能會免費贈送該產品。但現在下結論還為時過早。

In terms of the build versus buy model, I mean, that's something that companies deal with all the time. We have a history of buying. We bought Fox Labs when we want to get into the pepper spray business. We bought Mission Less Lethal when we wanted to get into the long gun segment of the market. But we have not made any decisions on build versus buy. We are moving down the development path of these launches internally. But if the right strategic opportunity came up, we would certainly consider that.

至於自建還是外購模式，我的意思是，這是公司一直在處理的問題。我們有收購的歷史。我們收購 Fox Labs 是為了進軍胡椒噴霧業務。我們收購 Mission Less Lethal 是為了進軍長槍市場領域。但我們還沒有就自建還是購買做出任何決定。我們正在內部推動這些產品的研發工作。但如果出現合適的戰略機遇，我們當然會考慮。

Got it. And then just last one for me. You mentioned really strong reorder rates here at the start of Q1. You guys are in the last month of the quarter, and it sounds like you're expecting some pretty solid growth here in the quarter. Typically, there's a seasonality at play in which Q1 is not nearly as strong as Q4. Can we assume that that's likely to be the case again despite the clear increase in the number of retail doors that you're going to be selling through?

知道了。最後，我還要再來一個。您提到第一季初這裡的補貨率非常強勁。你們已經進入季度末的最後一個月了，聽起來你們預計本季會取得相當穩健的成長。通常情況下，存在季節性因素，第一季的業績遠不如第四季強勁。儘管您將透過零售通路銷售產品的數量大幅增加，但我們是否可以假設這種情況很可能會再次發生？

Q1 is clearly a very soft quarter as people are kind of spent from Christmas. And you're absolutely right. We will have a Q1 that well above last year's Q1 is well below Q4. So it will come in between Q4 and below Q4 and above last year's Q1.

第一季顯然是一個非常疲軟的季度，因為人們在聖誕節後都有些疲憊了。你說得完全正確。我們第一季的業績將遠高於去年第一季，但遠低於第四季。所以它的發佈時間會介於第四季和第四季之間，高於去年第一季。

Jeff Van Sinderen, B. Riley Securities.

Jeff Van Sinderen，B. Riley 證券公司。

Good morning, everyone. Let me add my congratulations. I guess if we could maybe just kind of expand on -- I know you gave us some comments on Q1. But you also gave some comments on gross margin. Maybe just any more color you can give us on what you expect for gross margin trend over the next couple of quarters?

各位早安。我也要向你表示祝賀。我想我們或許可以就此展開討論一下——我知道您在第一季給了我們一些評論。但您也對毛利率發表了一些看法。您能否再透露一下您對未來幾季毛利率趨勢的預期？

And then what do you think is a good range to contemplate for revenue growth for 2026? And then how would you expect EBITDA margins to develop this year considering gross margin expansion and OpEx leverage? I know there's a lot in there to unpack, but...

那麼，您認為2026年營收成長的合理範圍是多少？那麼，考慮到毛利率擴張和營運支出槓桿作用，您預計今年的 EBITDA 利潤率將如何發展？我知道這裡面有很多東西要解讀，但是…

You know what, since this is such a difficult question, I'm going to hand it over to Lauri and let her answer it.

你知道嗎，既然這個問題這麼難，我就把它交給勞裡來回答吧。

Jeff, let's start with the gross margin. So I think, last quarter, we talked about that we expected our gross margin near the end of 2026 to get up to the 63% to 65% range. And I think we're still looking at that range Obviously, we'll kind of incrementally grow that throughout the year. We ended the fourth quarter around 60%. So we expect to see that kind of continually grow.

傑夫，我們先從毛利率說起。所以我覺得，上個季度我們討論過，我們預計到 2026 年底，我們的毛利率將達到 63% 到 65% 的水平。我認為我們仍然會關注這個範圍。顯然，我們會在今年逐步擴大這個範圍。第四季末，我們的業績約為 60%。因此，我們預計這種成長勢頭將持續下去。

Obviously, the price increase helps us. And then the channel mix is built into some of that. So we know we have the channel mix kind of as a headwind against us. The price increase is a tailwind. But then obviously, overcoming some of these manufacturing inefficiencies that we had here last year are helping us go forward. So I think we're still expecting the same range with an increase throughout the year.

顯然，價格上漲對我們有利。然後，通道混合也內建其中。所以我們知道，頻道混合對我們來說有點像是逆風。價格上漲反而是利好因素。但很顯然，克服去年我們遇到的一些生產效率低下問題，正在幫助我們向前邁進。所以我認為我們仍然預期價格區間不變，並且全年價格會上漲。

As far as -- I mean, we're not giving revenue guidance. So I'll just say we're not doing that. We do expect to stay in growth mode. We expect, as we've said all along, as we increase our revenue, we expect to expand our EBITDA margins. We continually look for that positive leverage. So you saw this year, right? I mean, our adjusted EBITDA is growing at a faster pace than our revenue is growing, and that's what we want to continue to see going forward and that we plan to see.

至於──我的意思是，我們不提供營收預期。所以我就說我們不會那樣做。我們預計將繼續保持成長勢頭。正如我們一直以來所說，我們預計隨著收入的成長，我們的 EBITDA 利潤率也將擴大。我們一直在尋找這種積極的槓桿作用。所以你看到了今年的情況，對吧？我的意思是，我們調整後的 EBITDA 成長速度比營收成長速度更快，這也是我們希望繼續看到並計劃看到的。

And just -- I mean, as Lauri said, we're not giving guidance. The one little bit of guidance I will give is that, as I said, if you look at our growth rates and EBITDA -- adjusted EBITDA margins were well above 40%. We suspect, project, plan that they'll be well above 40% this year as well.

我的意思是，就像勞裡說的那樣，我們不提供指導。我唯一要給出的指導是，正如我所說，如果你看看我們的成長率和 EBITDA——調整後的 EBITDA 利潤率遠高於 40%。我們懷疑、預測、計劃今年這一比例也將遠高於 40%。

Okay. That's helpful. I appreciate that. And then is there anything more you could tell us about the modular product plans? And then also, is there a recurring component that might be associated with the cam product that you're introducing?

好的。那很有幫助。我很感激。那麼，關於模組化產品計劃，您還有什麼可以告訴我們的嗎？此外，您介紹的凸輪產品是否有某種重複出現的組件？

First off, the modular product, we are extraordinarily excited about. Let me just say that our 0.61 caliber Byrna CL has been extremely popular, and the popularity is growing. Although it is not the majority of our launchers in units, it is in terms of dollars. And if you look at the locations where you can test fire the launcher, the CL is by far our biggest seller. So when people have a chance to actually hold it and fire it, the CL is extremely important.

首先，我們對這款模組化產品感到無比興奮。我只想說，我們的 0.61 口徑 Byrna CL 非常受歡迎，而且受歡迎程度還在增加。雖然從數量上看它不是我們大多數的發射器，但從美元上看它卻是。如果你看看可以試射發射器的地點，CL 是我們迄今為止最暢銷的發射器。所以當人們有機會真正握住它並開火時，CL 就顯得極為重要了。

What we've demonstrated is that we can go to a narrower launcher with the 0.61 caliber round and still be extremely effective. The reason 0.68 caliber is so popular is this industry started with the conversion of paintball guns. But honestly, 0.61 caliber makes much more sense. It allows us to create a concealable launcher and still have sufficient stopping power and payload to take down an assailant. Our goal is to come up with a range of -- the entire range based on our 0.61-caliber platform.

我們已經證明，使用 0.61 口徑的子彈，即使使用更窄的發射器，也能取得非常好的效果。0.68口徑之所以如此受歡迎，是因為這個行業最初是由彩彈槍改裝而來。但說實話，0.61口徑更有意義。它使我們能夠製造出一種可隱藏的發射器，同時仍具有足夠的製止力和有效載荷來擊倒襲擊者。我們的目標是推出一系列產品——基於我們 0.61 口徑平台的整個產品系列。

And what we've been working on for the last year or so is a launcher where we (technical difficulty)

過去一年左右，我們一直在開發的是一款啟動器，我們（技術難題）

Pardon me, are you able to hear me?

請問，您聽得到我說話嗎？

I can hear you now.

我現在能聽到你說話了。

I do apologize. I did lose the speaker line. Just give me one moment, please. This is the operator, please do not disconnect.

我深表歉意。我的揚聲器線路斷了。請給我一秒鐘時間。這裡是接線員，請不要掛斷電話。

This is the operator, please do not disconnect. I'm reconnecting the speaker line now.

這裡是接線員，請不要掛斷電話。我現在正在重新連接揚聲器線路。

Ladies and gentlemen, I'm reconnecting the speaker line. Please proceed.

女士們先生們，我正在重新連接揚聲器線。請繼續。

Okay. I'm sorry. I didn't realize that the line had cut out. Jeff, where did I lose you? Or where did you lose me?

好的。對不起。我沒意識到線路斷了。傑夫，我跟你走散了嗎？或者，你是在哪裡弄丟我的？

Sure. No, you were speaking about the range of products based on the 0.61caliber platform and then you cut off.

當然。不，你剛才在談論基於 0.61 口徑平台的各種產品，然後就突然中斷了。

So look, what I said is Lauri and the accounting team are very excited about it because with a single chassis, we will have far fewer components. A lot of these components will be able to be used across the entire platform. So we will have a much simpler inventory, smaller inventory and the cost, both the BOM, the bill of materials and the time it takes to build the launcher will be significantly lower. So we expect to be able to see significant savings in the cost of these launches and significant reduction in the inventory that we need to carry.

所以你看，我剛才說的是，Lauri 和會計團隊對此感到非常興奮，因為使用單一機箱，我們將需要更少的組件。這些組件中的許多都可以在整個平台上使用。因此，我們的庫存將更加簡單，庫存量也會減少，成本（包括物料清單和發射器的製造時間）將顯著降低。因此，我們預計這些產品上市的成本將大幅降低，我們需要持有的庫存也將大幅減少。

As I said, the first fireable prototype version is being built this week. I expect to fire it with the team. next week, I'm sure we'll go through a number of iterations, but we are very confident that we'll be able to release this launcher before the end of 2026.

正如我所說，第一個可發射的原型版本正在本週製造中。我預計下週會和團隊一起測試。我相信我們會經歷多次迭代，但我們非常有信心在2026年底前發布這款啟動器。

And then I think in relatively rapid succession, we would come out with the midpoint and high end of the market. But our first goal is to come out with something that's less expensive so that we can address the price point end of the market while maintaining or frankly, improving margins.

然後我認為，在相對較短的時間內，我們會得到市場的中點和高端價格。但我們的首要目標是推出價格較低的產品，以便在維持甚至提高利潤率的同時，滿足市場的價格需求。

Did you say -- somehow, I thought you said something about a 40% reduction in cost to manufacture, did I miss that?

你剛才說——我好像記得你說過製造成本會降低 40%，是我錯過了嗎？

No, you got that absolutely correct. So far, the BOM that we have today is 40% less than the BOM for our current launches, which are all relatively similar. So yeah, it's a significant savings.

沒錯，你完全正確。目前，我們今天的物料清單比我們目前推出的產品的物料清單減少了 40%，而這些產品都相對相似。是的，這能省下一大筆錢。

We don't know the exact savings in labor, but we know that it's a much simpler design to build. So we expect to see both a savings in labor and an improvement in first pass yield. And the improvement in first pass yield will result in, one, better quality; but two, more efficiency in terms of producing the launchers. There will be fewer launchers that have to go through a rework.

我們不知道具體能節省多少人工成本，但我們知道這種設計建造起來要簡單得多。因此，我們預期既能節省勞動成本，又能提高一次合格率。一次合格率的提高將帶來兩方面的好處：一是品質的提升；二是發射器生產效率的提升。需要進行改造的發射器數量將會減少。

Matt Koranda, ROTH Capital Partners.

Matt Koranda，ROTH Capital Partners。

Good morning. Several have been asked, but I guess maybe we'll focus on the retail expansion for a moment here. It just sounds like you're focused on both deepening the relationships with the existing chain stores that you have, but you also mentioned another, I think, 500 locations, some coming in Texas. Just wanted to hear a little bit about how you think about the contribution of growth in that channel between existing and new partners and how that translates to growth this year.

早安.已經有人問過好幾個問題了，不過我想我們不妨暫時把重點放在零售擴張上。聽起來您似乎專注於加深與現有連鎖店的關係，但您也提到了另外 500 家門市，其中一些將在德克薩斯州開設。我想聽聽您如何看待現有合作夥伴和新合作夥伴在該管道的成長貢獻，以及這如何轉化為今年的成長。

All right. Lauri, can you handle that?

好的。勞裡，你能應付得了嗎？

Hi, Matt. So I think that we're expecting both. We're expecting both this expansion with more chain stores, but also really deepening the chain stores that we have. So as we said, we started the year at just over 200 chain stores. We ended at 900. So halfway -- the first half of the year, we didn't have most of those stores last year. So we'll see expansion with that.

嗨，馬特。所以我覺得我們兩者都有可能。我們預計此次擴張將帶來更多連鎖店，同時也將真正深化我們現有的連鎖店業務。正如我們所說，年初的時候我們只有 200 多家連鎖店。我們最後定格在900分。所以到了年中——也就是上半年，我們去年還沒有這些店。所以我們將會看到業務擴張。

I think also working with all of these retail partners with the new products, getting kind of product and inventory optimized and making sure that they have the support that they need, whether that be retail stands, whatever information that they need to continue to help with the sell-through. So I think we've got both of those factors going into 2026.

我認為，與所有這些零售合作夥伴一起推廣新產品，優化產品和庫存，並確保他們獲得所需的支持，無論是零售展位，還是他們需要的任何信息，以繼續幫助他們進行銷售，也至關重要。所以我認為，到 2026 年，這兩個因素都會對我們產生影響。

Okay. Makes sense. I wanted to hear a little bit more about the rollout of the camera or connected product that you mentioned and have discussed a little bit. It sounds like, potentially, midyear is sort of the timing. Do you need to acquire anything to launch midyear? Or can you do this organically entirely?

好的。有道理。我想更詳細地了解您提到的、也略作討論過的攝影機或連網產品的推出情況。聽起來，年中可能是比較適合的時機。年中啟動專案需要購置什麼設備嗎？或者你能完全以自然的方式做到這一點嗎？

And then also, I guess, maybe, Bryan, if you could talk about how this could open up incremental advertising channels for you? I know that you're limited in sort of the channels that you can advertise the launchers on, but would the connected device open up a new channel for you?

另外，布萊恩，我想，或許你能談談這能為你開闢哪些新的廣告管道嗎？我知道你們在推廣啟動器方面有一定的管道限制，但是連接設備能否為你們開闢新的管道呢？

First, with regard to the cameras, this is something we've been working on for some period of time. This, of course, will not be built in-house. This is something that we have been commissioning with a third-party vendor, specifically designed for the Byrna. As I said, there are cameras available today that work with firearms, but they're much bulkier, bigger, bulkier and much, much more expensive.

首先，關於攝影機方面，我們已經為此努力了一段時間。當然，這不會是內部開發的。這是我們委託第三方供應商專門為 Byrna 設計的。正如我所說，現在市面上有一些可以與槍支配合使用的相機，但它們體積更大、更笨重，而且價格也貴得多。

Again, I feel strongly that this will come out either late Q2, May or sometime June, July. This will not be a connected device. This will be just a camera where you can record something and download it if you want to use it. So we have much greater visibility on that.

我再次強烈認為，這款產品會在第二季末、5 月或 6 月、7 月發布。這將是一個連網設備。這只是一個可以錄影的鏡頭，如果你想用的話，可以下載錄影檔案。因此，我們對此有了更清晰的了解。

With regard to connected devices, this is a more complicated area. This is an area that we've not been involved in. The technology is new for us. And although we've made great progress, and I'm hopeful that we'll see this as a contribution for '26. It's premature for us to put a date on when we would be able to release that device.

至於連網設備，這是一個更為複雜的領域。這是我們之前沒有涉足的領域。這項技術對我們來說是全新的。儘管我們已經取得了很大的進步，但我希望我們能將此視為對 2026 年的貢獻。現在就確定何時能夠發布該設備還為時過早。

Now having said that, you're absolutely right, both the camera and any device or frankly, any accessory, we can advertise everywhere. So I'm sure you've all heard the commercial for Life Alert. I've fallen and I can't get up. So these type of devices or cameras, we can advertise in places we could not advertise the Byrna. And I think that it is really important as we look for creative ways to get the word out that we can find new products that will expand our advertising.

話雖如此，您說得完全正確，無論是相機還是任何設備，或者坦白說，任何配件，我們都可以到處做廣告。我相信你們都聽過 Life Alert 的廣告。我跌倒了，起不來了。因此，我們可以在以前無法投放 Byrna 廣告的地方投放這類裝置或相機的廣告。我認為，當我們尋找創新的宣傳方式時，找到能夠擴大廣告範圍的新產品至關重要。

The other thing that's somewhat interesting about it is that it will allow us to go after the market for consumers that might not buy a weapon and get them into the ecosystem. So we're hopeful that if we could provide something to somebody that wants a panic button, then maybe down the road, we could sell them a Byrna. So yeah, it's something that the team is working on. It's an important strategy for us, but it's premature for us to put a particular date as to when it's going to come out.

另一個比較有趣的地方在於，它使我們能夠開拓那些可能不會購買武器的消費者市場，並將他們納入這個生態系統。所以我們希望，如果我們能為需要緊急按鈕的人提供一些東西，那麼將來也許我們就能賣給他們一台 Byrna。是的，這是團隊正在努力的方向。這對我們來說是一項重要的策略，但現在就確定具體的發布日期還為時過早。

Okay. Maybe just last one on the modular launcher. Just wanted to hear a little bit about how that slots in with the existing assortment. It sounds like there's probably a lower price point, one that could kind of fill out the existing assortment. Could you also manufacture the SD, LE and CL on that -- like on that chassis on that platform? Is that how we should be thinking about it as it may replace the existing assortment over time? Or is it really just an entirely new platform?

好的。或許只是模組化發射機上的最後一個。只是想了解它如何融入現有的產品系列。聽起來好像還有更低的價格區間，可以完善現有的產品系列。你們能否也用那個底盤和那個平台生產 SD、LE 和 CL 型號？我們應該這樣考慮嗎？因為它可能會隨著時間的推移取代現有的產品系列？還是它其實是一個全新的平台？

It's both. I think that there are going to be certain customers that want the 0.68-caliber launchers. The rounds have 27% more payload. Just as you see that although 9-millimeter is the most popular handgun, there are still people that want a 44 or 45. So we would not have any plans to discontinue these launches.

兩者兼具。我認為肯定會有一些顧客想要 0.68 口徑的發射器。這些彈藥的有效載荷增加了 27%。正如你所看到的，雖然 9 毫米手槍是最受歡迎的，但仍然有人想要 44 或 45 口徑的手槍。因此，我們沒有任何停止這些發射的計劃。

But we do believe that they will be alongside the launchers. There will be a launcher that's 0.61 caliber that is priced at relatively the same level as the SD. There'll be a launcher that is 0.61 caliber that will be priced relatively similar to the LE. And then ultimately, we'll have to make a decision on the CL because that's already 0.61 caliber. That is potentially the only launcher where the new platform may be the next gen of the launcher.

但我們相信它們會和發射器在一起。將會有一款口徑為 0.61 的發射器，其價格與 SD 大致相同。將會有一款口徑為 0.61 的發射器，其價格與 LE 版本大致相同。最後，我們也要對 CL 做出決定，因為它的口徑已經是 0.61 了。這可能是唯一新平台代表下一代啟動器的啟動器。

That said, the CL just came out recently. It's extremely popular. So I think that this still has a couple of year run ahead of it before we would replace it. But we do think that these things will augment it. They'll be incremental to our existing line.

也就是說，CL是最近才推出的。它非常受歡迎。所以我認為它還能再用幾年，之後我們才會考慮更換它。但我們認為這些因素會起到促進作用。它們將作為我們現有產品線的補充。

Jon Hickman, Ladenburg Thalmann.

喬恩希克曼，拉登堡塔爾曼。

Can you hear me okay?

你聽得清楚我說話嗎？

We can, Jon.

可以，喬恩。

So congratulations. Nice quarter, nice year. Can you elaborate a little bit more on this? Most of my questions have all been answered, of course. But talk about the movie a little bit. When do you expect this to come out? Do you have a working title? Is it direct to TV or...

恭喜你。本季表現不錯，今年也不錯。能再詳細解釋一下嗎？當然，我的大部分問題都已經得到了解答。但還是稍微聊聊這部電影吧。你預計什麼時候發布？你有暫定的標題嗎？是直接在電視上播出嗎？還是…

Okay. So with regard to the movie, it is expected to come out later this year. That said, we're not that interested in the success of the film itself. We are more interested in the advertising capabilities it provides to us. Now we do have 1.9 million e-mail subscribers, and we will certainly push them to see the movie. The goal would be for it to be released in a small theatrical release, maybe 400 theaters, but primarily on one of the streaming services.

好的。至於這部電影，預計將於今年晚些時候上映。也就是說，我們對電影本身的成功與否並不太感興趣。我們更感興趣的是它能為我們提供哪些廣告功能。現在我們有 190 萬電子郵件訂閱用戶，我們一定會努力讓他們去看這部電影。目標是小規模院線發行，也許在 400 家影院上映，但主要還是在串流服務平台發行。

But honestly, Jon, we're not really involved in that. That's the producer of the film. What we have is the BTS, the behind-the-scenes rights. So whenever they're filming a scene that involves the Byrna, we have our own people there, and they're taking video of these stars using the Byrna. We then get an opportunity to interview them. And those interviews will be on the movie site.

但說實話，喬恩，我們並沒有真正參與其中。那是這部電影的製片人。我們現在擁有的是幕後花絮權（BTS）。所以每當他們拍攝涉及 Byrna 的場景時，我們都會派人到場，拍攝這些明星使用 Byrna 的影片。然後我們有機會採訪他們。這些採訪內容將會在電影網站上發布。

So again, we'll be able to advertise, send people to the movie site where they'll hear about people using the Byrna, their experience, their thoughts on less lethal -- and there'll also be an ability to see the weapons that were used in the film and then to go to the Byrna website. So it is really more of an advertising platform for us. That said, I hope the movie does very, very well.

所以，我們再次能夠進行宣傳，引導人們訪問電影網站，在那裡他們可以了解使用 Byrna 的人的經歷、他們對非致命武器的看法——還可以看到電影中使用的武器，然後訪問 Byrna 網站。所以對我們來說，它實際上更像是一個廣告平台。也就是說，我希望這部電影能有非常非常好的成績。

Okay. Is there a title?

好的。有標題嗎？

There's only a working title. And honestly, I can't share that.

目前只有一個暫定標題。說實話，我不能透露。

Okay. Well, the rest of my questions -- one more. You said that you repeated the 40% kind of gross margin or gross margin improvement. But you said something about -- I'll just take the rest of my questions offline.

好的。好了，我剩下的問題──最後一個。你說過你又實現了 40% 的毛利率或毛利率提升。但你剛才提到了一些事——我剩下的問題還是私下問吧。

Okay. Thanks, Jon.

好的。謝謝你，喬恩。

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

我們的問答環節結束了。我想把發言權交還給甘茲先生，讓他再補充一些內容或總結發言。

I just want to thank everyone. We really appreciate your continued interest in Byrna. And again, I want to thank our investors, our customers, our vendors, our partners and very importantly, our employees. This journey is only possible because of their tremendous support and their firm belief in our mission of saving lives. So thank you very much.

我只想感謝大家。我們非常感謝您一直以來對Byrna的關注。再次感謝我們的投資者、客戶、供應商、合作夥伴，以及非常重要的—我們的員工。這段旅程之所以能夠實現，全賴於他們的大力支持和對我們拯救生命使命的堅定信念。非常感謝。

Thank you for joining us today for Byrna's fiscal fourth quarter and full year 2025 conference call. You may now disconnect.

感謝您今天參加 Byrna 2025 財年第四季及全年業績電話會議。您現在可以斷開連線了。