10 Worst Performing Defense Stocks So Far in 2025

6. Byrna Technologies Inc. (NASDAQ:BYRN)

YTD Decline in Share Price: -38.22%

Byrna Technologies Inc. (NASDAQ:BYRN) manufactures less-lethal equipment and munitions for personal security, private security firms, military, and law enforcement agencies.

The company enjoys high brand visibility through increased media exposure, which is helping in boosting consumer and law enforcement demand for its products. During the Q4 2024 earnings call on February 7, Byrna Technologies Inc. (NASDAQ:BYRN) reported a 101% increase in net revenue for the fiscal year. Net income also improved to $12.8 million from a net loss of $8.2 million in fiscal 2023.

In March this year, Byrna Technologies Inc. (NASDAQ:BYRN) announced that its first ammunition production facility in the United States was now operational in Fort Wayne, Indiana, with a capacity to produce 8 million rounds of its proprietary less-lethal ammunition per annum.

Despite these recent positive developments, Byrna Technologies Inc. (NASDAQ:BYRN)’s share price has tumbled this year, with a sharp 33% decline over the past month. While there is no conclusive reason behind the slump, its high P/E ratio may have sparked overvaluation concerns among investors.

With shares plunging by over 38% this year, Byrna Technologies Inc. (NASDAQ:BYRN) is one of the worst performing stocks in 2025.