What Byrna Technologies, Inc. told the SEC could break it.

As of Nov 30, 2025, two customers accounted for ~47% of total accounts receivable (up from 36% a year earlier), concentrating credit exposure as Byrna shifts toward wholesale/retail channels.

“As of November 30, 2025 , two of the Company's customers accounted for approximately 47 % of total accounts receivable.”

Byrna imports some product components from China and other countries; U.S. tariffs on those imports may force price increases or margin sharing and disrupt its supply chain and expanding international sales.

“These tariffs currently affect some of the components of our products we import from China and other countries, and we may be required to raise our prices on those products due to the tariffs or share the cost of such tariffs with our customers, which could harm our operating performance.”

Byrna's kits depend on projectile/ammunition availability, some of which comes from sole-source suppliers (projectiles were historically sole-sourced from South Africa); unavailability would delay kit shipments. The company has begun internalizing U.S. projectile manufacturing to reduce this dependency.

“Sale of our personal security devices and kits depends on the continued availability of our ammunition, some of which is dependent on sole source suppliers. Our introductory product is purchased most often as a “kit” including the Byrna SD and CL launchers and samples of our various projectiles. Unavailability of projectiles could delay shipment of kits and materially and adversely affect our operations.”