While our online advertising efforts in August generated some additional sales, the results were initially muted as we had yet to understand how to optimize our spend. We commenced our online advertising efforts in August and commenced advertising on the Sean Hannity afternoon drive time radio show on September 5th. At the same time, we kicked off a non-social media online advertising effort. So, rather than rely on social media sites to reach new potential customers, as almost every business does today, we started advertising on talk radio. We have responded to these challenges by pivoting, completely changing our advertising strategy. ![]() Specifically, daily sales, which at average $55,000 through March, declined by 20% in Q3, falling to just $44,000 a day.Īnd our new customer acquisition rate declined from 55% in the period prior to the advertising ban to just 50% in Q3. However, by the third quarter, we encountered a significant decline in sales and in new customer acquisitions. It took several more months for the advertising ban to negatively impact sales due to what we call the tail effect, where consumers that were reached prior to the advertising ban continue to come back to the Byrna site to make purchases. In April, just after the advertising ban, that number dropped to 10,570 daily web sessions. ![]() In the period from Decemthrough March 31, 2023, while we could still advertise on these platforms, we averaged approximately 24,000 daily web sessions on. When these major platforms imposed their advertising bans, it had an immediate negative impact on daily web sessions. And interestingly, Twitter, the self-proclaimed last bastion of free speech, also banned Byrna advertising two months later. This significant decline was due primarily to the advertising restrictions imposed by Meta and Google in March of this year. As we previously announced a few weeks ago, our total revenue for the third quarter was just $7.1 million, down from $12.4 million in the same period last year. And as usual, we will open the floor to questions from our publishing analysts at the end of the presentation. ![]() And following that, I'll offer additional insights into our performance and our forward-looking strategy. Afterwards, I'll pass the call over to David to discuss our financial results in greater detail. To begin today's call, however, I'd like to share some highlights and recent developments, including a discussion of the actions we're taking to address the recent DTC marketing challenges. This morning, we filed our 10-Q with the SEC and issued a press release providing our financial results for the fiscal third quarter ended August 31, along with key business accomplishment. And thank you everyone for joining us today. No, I’ll like to turn the call over to Byrna’s CEO, Bryan Ganz. The company assumes no obligation to update forward-looking statements as a result of new information, future events or otherwise.Īs this call will include references to non-GAAP results, please see the press release in the Investor Relations section of our website, ir. for further information regarding forward-looking statements and reconciliations of non-GAAP results to GAAP results. 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. Actual results could differ materially from the statements made today. ![]() Some discussions made held today include forward-looking statements. Copy of the press release is available on the company's website.īefore turning the call over to Bryan Ganz, Byrna Technologies’ Chief Executive Officer, I will read the Safe Harbor statement. Earlier today, Byrna released results for its fiscal third quarter ended August 31st, 2023. Following the remarks, we’ll open the call for questions. Joining us for today’s presentation are the Company’s CEO, Bryan Ganz, and CFO, David North. My name is Rob and I’ll be your operator for today’s call. Welcome to the Byrna’s Fiscal Third Quarter 2023 Earnings Conference Call. ( NASDAQ: BYRN) Q3 2023 Earnings Conference Call Octo9:00 AM ETīryan Ganz - Chief Executive Officer, President and Director
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |