Byrna is a debt-free, patent-protected self-defense turnaround whose valuation has collapsed, leaving major upside if new leadership fixes DTC conversion and executes retail expansion.
Overview
Byrna is at a pivotal transition point: founder Bryan Ganz has retired, new CEO Conn Davis is tasked with operational discipline, and the company is absorbing a painful Q1 2026 earnings miss. Revenue grew 10.9%, but EPS, cash flow, margins, and DTC conversion all deteriorated, triggering a roughly 50% share-price decline. Despite near-term pressure, Byrna retains a debt-free balance sheet, patented technology, domestic manufacturing, and a large self-defense market opportunity, making the stock a speculative turnaround candidate.