There's been a fraying of the social fabric in America. There's been an increase in crime, increase in civil unrest. We hear from a lot of people that they want to be able to protect themselves, but at the same time there is a huge outcry against the epidemic of gun violence in America, and that's gun violence both at the law enforcement level and also at the civilian level. We believe that we're part of the solution. We believe that Byrna is part of the solution to the epidemic of gun violence. Our mission is to provide both civilians and law enforcement officers with a safe, reliable, effective, but most importantly non-lethal alternative to firearms that will allow them to protect themselves, their family, their community without the need to resort to deadly force. Okay. We trade on the NASDAQ, stock symbol BYRN.
We're based out of Andover, Massachusetts. We've got 122 employees. We also have a factory in Fort Wayne, Indiana. Our products are made in America. We have our sales and marketing office, and we have our CMRO, Luan Pham here from Las Vegas. Our law enforcement office is in Houston, Texas. Our e-commerce office is in Orange County, California. So we're spread out a little bit. What is the size of this opportunity? You know, people are struggling to figure out how big is the TAM. The way we look at this is there are people on the far right of the 2A debate that when we go somewhere they yell at us like, "If it ain't lead, we ain't shooting it," and these people are never going to be our market.
I'm involved in a pretty, you know, liberal social enclave, and there are people there that say, "Oh my God, looks like a gun must be bad." But for the vast majority of Americans, for that, you know, what did Nixon call it? The moral majority. But for that center, the 60%-80% of Americans that are sane, reasonable, rational, that want to be able to protect themselves and their family but without resorting to deadly force, that's our market. And we figure it breaks down into about 65-70 million gun owners and 140 million non-gun owners. So $92 billion market on a first-time purchase. And our experience has been the lifetime value is a little over 2x the first-time purchase. So over the lifetime, that's a $184 billion market. What do you think we can?
We think that it is reasonable over time for us to get 10% of gun owners. I'm a gun owner. Luan is a gun owner. I've been a gun owner most of my adult life. But for most gun owners, you wonder, how quick would you be to pull the trigger? And the answer, if you're really honest with yourself, is likely not very quick. We all have a lot to lose. The cost of pulling that trigger is devastating, legally, financially, pretty much importantly psychologically. So I always wanted something that would be somewhere along the continuum of force, short of deadly force, because I knew I'd hesitate if it came right down to it. And if I hesitated, was that a fatal hesitation for me? And if I didn't hesitate, would I be making a fatal mistake?
And I often joke, "If I shoot the pistol in the driveway, I wonder if I'm doing that. If I shoot the pistol in the driveway, you know, nobody's going to jail. Nobody's going to the morgue. You know, [audio distortion] , but everybody's fine." And this allows you to have the confidence to be able to defend yourself. So again, when we first started off, I would go to these gun shows with a 3D-printed model, and I would basically say to them what I'm saying now. I don't know how quick I'd be to pull the trigger. And you'd see this nodding assent of the people surrounding the table. And I knew I wasn't alone.
I knew that there were other gun owners like me that wanted something that they could use to defend themselves without the risk of taking a life. And I say, I don't know if it's 2%, 5%, 10%. You know, interestingly, we've developed a good relationship with Sean Hannity, because he's been a spokesperson for us. And when I said this to Sean, Sean puts up his hand and says, "No, Bryan, I'm a gun owner too. And you and I, we represent 90% of gun owners. 90% of gun owners live in mortal fear of ever pulling the trigger." So we're just sort of conservatively saying, "We think over time, over the next 10 years, we can get 10% of the gun market." But there are also a lot of non-gun owners who, for whatever reason, philosophical, they have kids at home.
You know, if they're a man, their wife says to them, "You're never getting a gun in the house," but they still want a way to protect themselves. And we think we can get 5% of that market. So that says to us that that's a $6 billion opportunity for us on the first-time purchase over the next 10 years. So suffice it to say, there's a big market. There's a big opportunity. You know, there's probably 100 million families that have a gun in the house. You know, we've sold 200,000 of that. Okay. Law enforcement is also an opportunity, but it is not our primary focus at this point. We have 300 agencies that are carrying the Byrna domestically. We have done much better overseas, where agencies are much larger. Law enforcement is a slow sale.
You know, there's a lot of bureaucracy, politics, and so forth. But our goal is to have 10% of our revenues come from law enforcement. Okay. So this is really what we sell. I mean, there's, it's a broad array of product that we sell, but this is sort of the standard. These are our less lethal pistols. These are very technologically advanced products. So, my 19 has 38 pieces in it. This has 114 pieces, and it has to hold air at 800 PSI. So there's quite a lot of technology that went into this. There's multiple pieces that create somewhat of a moat, the most important of which is our first trigger Pull-Pierce technology, which means that we do not pierce the CO2 until the trigger is pulled. Why is that important?
Well, for anybody that's ever used a paintball gun or anything with CO2, you know when you pierce it, it goes, "Tss." It's now started to leak out. 24, 48 hours, it'll be gone, which means your law enforcement is now a paintball gun. So in order for it to be effective, you have to do one of two things: either, you know, change the CO2 every day, which is not really practical, or, you know, don't pierce it until you need it, which is also not really practical. It's, you know, when you need it, you need it. It's not, "Hold on, Mr. Bad Guy. Give me a couple minutes here.
I got to get my CO2 in." So the ability to keep that unpunctured for a day, a week, a month, a year, for 10 years, and it's ready to deploy when you pull the trigger is a game changer. There is no company that does that that's patented. There was another company that had come up with technology for the second trigger pull. So you pull the trigger and pierce it, and then you pull it again and fire it. We bought that company. So we now own both patents. Okay. This is the Byrna SD. It retails for $379. There is a more advanced version called the Byrna LE, which was designed originally for law enforcement but, you know, actually has become a very popular, civilian product, probably represents 40% of our sales. That sells for $479.
It also tells us that the price point is not an obstacle. We are much more expensive than all the other similar-type products on the market. At $479, we're getting to the price where you can buy a gun. But people are choosing the Byrna despite the fact that it is an expensive product. And at these levels, our margins on the launchers are in the 60%-70% range for at MSRP. And our margins for the ammo is in the 75%-85% range. So the very this last quarter, we came in at 58%. I've been telling the street that over the next, you know, three years, we expect to be in the low to mid-60s, and that's kind of our terminal gross profit margin. We also have pistols, rifles. These are prepared for law enforcement, because this is certainly not concealed carry.
You know, the one rifle is very good for home defense. What I leave for my wife when I'm traveling by the front door, it is a very point-and-shoot, easy capability. The one rifle is the M4 tactical rifle. This is what's really preferred by law enforcement. It's also used, interestingly, to you know, initially break a window and then launch these pepper rounds into the room to get people to come out. So it's all about how do we de-escalate the situation using these less lethal products? So what are we shooting? We shoot projectiles. The projectiles are either a hard plastic, sort of a marble, weighs three grams, and it will not pierce the skin. It hurts like hell. Leaves a hell of a bruise. There's actually a great video of me getting hit very early on when I'm getting my employees to get hit.
The boss took one for the team, and I'm jumping down, you know, cursing, and then you show a welt on my leg like this. So these hard plastic rounds were originally designed for training, and for breaking glass. They'll break a car window. They'll break a window in a home, but also a good round for self-defense. And most of the time, it is adequate for self-defense. There are certainly situations where you have a very motivated assailant where the kinetic round is not enough. And for those, we have these chemical irritant rounds, both what we call pepper, which is an OC round. OC is oleoresin capsicum . It is a naturally occurring pepper. It is very effective, but we also have the Byrna Max round, which is a combination of OC and CS. And CS is tear gas.
This is more effective, and this round has a 9% concentration. Law enforcement prefers the MAX rounds. When you get hit by this round, and there's hundreds, if not thousands, of videos online of people getting hit, you almost immediately you involuntarily shut your eyes. So we call it blindness, but of course, it's just you're closing your eyes because it's stinging so hard. You're in respiratory distress. Most people drop whatever they're holding. They kind of fall to their ground. They're rubbing their hands into their eyes. It lasts 20-30 minutes, giving people time to get away. And that's a good urge. You know, don't stand over them like Dirty Harry saying, you know, "Make my day." You know, the idea here is to give you a chance to get away and call for help.
In fact, we're working with another company, well-known company, to develop a chipset to go into the launcher so that our next-gen launchers will actually be able to call 911 when they're deployed. Because if you deploy them when you're out and about, something bad happens, you want to notify the police. Okay. And this ammo gives us good, recurring sales or recurring sales. We sell about 100 rounds a year for every launcher in the market. Okay. We also developed a 12-gauge round this last year, because the 12-gauge shotgun is the most popular weapon used for home defense. So for a $40 box of ammo, you can convert your 12-gauge shotgun into a less lethal launcher. Honestly, this has not taken off the way we expected it to take off, but we believe that the adoption will grow over time. Okay.
So for those of you that followed our story, you know we had an event last year that was somewhat of an existential threat to Byrna. So we started off getting a big leg up from Sean Hannity, who mentioned us, was a spokesperson for Byrna , was not a spokesman, didn't own any stock, but he loved the product. And he mentioned us on his evening news show back in 2020, and sales exploded. In 2019, our sales were $924,000. On June 9th of 2020, when he mentioned us, two-minute piece, we sold $8 million of product that night. Okay. And we've basically never looked back. That year, 2020, we ended up with $16.7 million in sales. The following year, we were at $42 million in sales.
This year, although we've not provided guidance, the analysts have a, I think, consensus estimate of around $70 million-$75 million in sales. But last year, March 22nd, we get kicked off of Facebook, Google, Instagram, all on the same day. We get kicked off of Twitter shortly after that, because we had a contraband product that we were selling. Now, we had always been in violation of the no-weapons policy on these social media platforms. But when we would get taken down, we would call them up and we'd say, "Hey, it's a matter of fact we're the non-lethal company." And they'd say, "Oh," and they'd put it back up. You know, they kicked it off. Well, now, since there's nobody left to call at these places and the ball's gone to the world, we've been banned.
When we were banned, as you can see in Q2 2023, sessions fell off the cliff. Fell off the cliff. We went from 25,000 sessions a day to down to as low as 10,000 sessions a day in July. We pulled our guidance, and it's one of the reasons I don't want to give guidance anymore. We pulled the stock collapsed. Cash was down $13 million. People were dead. One of our analysts downgraded the stock at $3. We traded it as low as $2.24. And we were, frankly, facing an existential threat because nobody knows what less lethal is yet. It's not big enough of a thing, and certainly nobody knows who Byrna is. So the question was, how do we restore these sessions? Well, with Luan and his team, we turned to more traditional forms of, or more I would say old-school forms of advertising, radio.
So we converted, and we started advertising with our old friend Sean Hannity. Sean introduced us to Bill O'Reilly, who introduced us to Glenn Beck, who introduced us to Judge Jeanine. And we built up this stable of, what I would call celebrity influencers, really taking a page out of Phil Knight's book. And it's worked out pretty well for Nike using celebrity influencers. As you can see, we started that September 5th, which was the first month of our Q4. We're a November fiscal filer. Q4, sessions started to move up. We were 33,000. In Q1 this year, we were 35,000. So far, in Q2, March and April, we're up to 37,000. So the original trend line has been restored. And, and again, one of the things that we were concerned about is, okay, now we're getting more sessions. Will we get the same conversion rate?
Well, if you look here, so our sessions from Q1 of 2023 to Q1 of 2024 were up 33%, from 25%-33.4%. More importantly, though, our conversion rate, in other words, how many people who come to the website are buying, went from 0.8%-1.04%, so a 24% increase. Okay. Our order value went from $317-$349 because we were getting a lot more new customers, and the new customers were buying a kit. Okay. So by getting up 10% in average order value, 33% in sessions, and 0.24% increase, combined to generate a 100% increase in sales, our DTC orders went from 7.2%-14.5%, up 100%, taking our overall revenues from $8.4 million in Q1 last year to $16.6 million this year. So it was a very good cycle. It wasn't just we had more people coming to the site.
We had more people coming to the site that were converting at a higher rate and buying more product. Okay. The go-to strategy, as you can see, we are primarily a consumer company and an e-com company. Although we are building more and more of a retail presence, we have focused on this model of Premier Dealers . And I mentioned on the earnings call, they were actually looking, perhaps to even franchise this concept. We think that going forward for the next couple of years, this retail concept will start to grow. They will become a more important part of our presence and also law enforcement. So our financial snapshot, as again I mentioned, we're at $16 million, gross profit of $9.6 million.
We actually posted net income for the first time, small but an inflection point, and adjusted EBITDA, backing out cash, stock comp, and things like that, of 1.2%. We have $24 million in cash at the end of the quarter. We mentioned it's now over $25 million. Net income of $30 million. There is no debt on the company, and at this point, there's no need for us to raise additional funds. So what I'll leave you with is, what's next? The biggest issue that we have is the size of the launcher. It's, although it's the smallest in the market, still a little bulky. Next year, we're introducing the compact launcher, which will be three-quarters of the size of the current launcher. It'll be the size, for any of you who are gun owners, of a SIG P365, which is a micro compact.
It'll fit easily in your jacket pocket. It'll be easy for people with smaller hands, women to manage, and it'll be easy to conceal, carry. We believe that this will be a game-changer. When SIG Sauer brought out their P365, they sold five times as many pistols as they did prior to that. Okay. The investment thesis, we think we're still at a very attractive valuation. We believe, while we may not be in the first inning, we're certainly in the very early innings of this journey. We've only attacked a very small segment of the market. I would just ask any of you here, had you heard of Byrna prior to hearing about it as an investment? The answer is probably no. We have a long way to go. We're probably, you know, a 2% or 3%, you know, brand recognition.
We've got, you know, strong societal tailwinds, and, you know, we've now passed that inflection point where we're starting to benefit from operating leverage. So we've got a minute or two. I don't know if there's any question.
Two quick questions. I might have missed one. I have three brothers that own these, and four friends. Okay. So you do know about it, yes. They like it like you can't believe. Target practice is in the blood . One, have you considered going back to advertising on Twitter because of how they're working with advertisers is very aggressive? And two, can you carry this right now other than concealed?
Okay. I'm going to let you, Luan, answer this.
So we've gone back to Twitter, but they still have the same category guidelines.
I mean, Elon might be saying what he's saying, but his advertising protocols are still that similar of Meta. One thing that, I must say, is that, you know, for the TAM, if you look at the TAM, it's real about accessibility. Our product doesn't require—it's legal in all 50 states, does not require background checks, or permits to carry. And, you know, it's—you can take it on the plane and check luggage without having to declare a weapon. So that's where we believe the growth can be. It's just folks that are not ready to graduate to or have a gun, but looking for something that can defend themselves without having complex.
Can you have a breakdown of which states allow you to have which?
Yes.
On our website, under the FAQs, there's a table that will say where you can carry the launcher, where you can carry which ammo, and where you can carry the pepper sprays. Because we also sell pepper spray. There's a whole bunch of other products that we sell that are, you know, ancillary to this but also in the personal self-defense space.
Well, our website also does geo recognition. So if you're from New York and you can't get chemical irritant rounds, New York State, then you'll be presented with what's available in your particular state. And we communicate that clearly, throughout the shopping journey.
Yes.
Do you have all your products, and do you still feel you needed a real gun?
You know what? I used to carry my Glock with me wherever I went. I don't anymore.
But we are not saying that you should not have a real gun. We think that this is an addition, not, you know, a replacement.
As a bona fide gun owner, I would say if there were intruders in my home, if I started off with less lethal response to de-escalate the situation and get them to leave, if they continue to persist, then we transition to lethal. And that's a much safer.
They're giving us a stop sign here.
I'm sorry.
But we will be right outside and happy to take some more questions in the hallway out here.