Byrna Technologies Inc. Segments Disclosure
| 19. | SEGMENT AND GEOGRAPHICAL DISCLOSURES |
Effective for the fiscal year ended November 30, 2025, the Company adopted ASU 2023‑07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. As a result, the Company expanded its segment disclosures to provide information about significant segment channel expenses, other segment items, and the measures used by the Company’s Chief Operating Decision Maker (“CODM”) in evaluating segment performance. Beginning in fiscal 2025, the Company manages its operations through reportable channels: (1) Direct‑to‑Consumer (“DTC”) – includes sales through the Company’s e‑commerce websites, Amazon storefronts, and Company‑operated retail stores, and (2) Wholesale ("dealer/distributor") – includes sales to distributors, law‑enforcement agencies, retailers, and international distributors.
The CEO, who is also the CODM, evaluates sales channel performance primarily based on sales channel revenue less cost of sales and gross margin. Operating expenses, including marketing and variable expenses, executive compensation, public company costs, certain IT infrastructure costs, share‑based compensation, and items not allocable to a specific segment, are reported as Other Items. No segment‑specific balance sheet information is regularly reviewed by the CODM; therefore, the Company does not report segment assets or segment liabilities.
The tables below (in thousands) summarize the Company’s revenue, long-lived assets and total assets as of November 30, 2025 and 2024, respectively by geographic region. The Company’s long-lived assets consist of intangible assets, property and equipment, right of use assets, and deposits for equipment:
| Revenue | U.S./Mexico | South Africa | Europe/South America/Asia | Canada | Total | |||||||||||||||
| 2025 | $ | 106,128 | $ | 1,365 | $ | 8,114 | $ | 2,513 | $ | 118,120 | ||||||||||
| 2024 | $ | 78,932 | $ | 198 | $ | 4,156 | $ | 2,470 | $ | 85,756 | ||||||||||
| Long-lived assets | US | South Africa | Total | |||||||||
| 2025 | $ | 14,256 | $ | 93 | $ | 14,349 | ||||||
| 2024 | $ | 10,966 | $ | 896 | 11,862 | |||||||
| Total Assets | US | South Africa | Canada | Total | ||||||||||||
| 2025 | $ | 80,160 | $ | 3,990 | $ | 338 | $ | 84,488 | ||||||||
| 2024 | $ | 66,794 | $ | 5,128 | $ | — | $ | 71,922 | ||||||||
The table below (in thousands) summarize the Company’s revenue by reportable sales channel as of November 30, 2025:
| Year Ended | ||||||||||||
| November 30, 2025 | ||||||||||||
| DTC | Wholesale | Total | ||||||||||
| Revenue | $ | 76,572 | $ | 41,548 | $ | 118,120 | ||||||
| COS | 26,493 | 20,157 | 46,650 | |||||||||
| Gross Margin | $ | 50,079 | $ | 21,391 | $ | 71,470 | ||||||
| Gross Margin % | 65.4 | % | 51.5 | % | 60.5 | % | ||||||
| Operating Expenses | $ | 59,632 | ||||||||||
| Profit from operations | $ | 11,838 | ||||||||||
| Operating Margin % | 10.0 | % | ||||||||||
The table below (in thousands) summarize the Company’s revenue by reportable sales channel as of November 30, 2024:
| Year Ended | ||||||||||||
| November 30, 2024 | ||||||||||||
| DTC | Wholesale | Total | ||||||||||
| Revenue | $ | 65,856 | $ | 19,900 | $ | 85,756 | ||||||
| COS | 22,863 | 10,121 | $ | 32,984 | ||||||||
| Gross Margin | $ | 42,993 | $ | 9,779 | $ | 52,772 | ||||||
| Gross Margin % | 65.3 | % | 49.1 | % | 61.5 | % | ||||||
| Operating Expenses | $ | 46,101 | ||||||||||
| Profit from operations | $ | 6,671 | ||||||||||
| Operating Margin % | 7.8 | % | ||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 5, 2026 | Showing above |
| 2024 | Feb 7, 2025 | |
| 2023 | Feb 14, 2024 | |
| 2022 | Feb 9, 2023 | |
| 2021 | Feb 11, 2022 | |
| 2020 | Feb 26, 2021 | |
| 2019 | May 18, 2020 | |
| 2018 | Mar 1, 2019 | |
| 2017 | Mar 15, 2018 | |
| 2016 | Mar 13, 2017 | |
| 2015 | Feb 29, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.