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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Stryve Foods Inc | NASDAQ:SNAX | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.0174 | 0.90% | 1.9474 | 1.67 | 2.30 | 2.299 | 1.64 | 1.93 | 53,447 | 21:00:23 |
Chris Boever, Chief Executive Officer, commented, “The record revenue quarter, although challenging, demonstrated a growing consumer demand of the better for you, air dried meat snack category, as well as our Stryve family of brands. As a fellow shareholder, I am proud of all that the team has accomplished and confident that we are well-positioned for the future with the changes we are making. I am impressed with the quality of our products along with the passion, pride, and talent in the organization. Together they have created an on-trend business that has tremendous upside potential.
“In addition, I am excited to announce a major Restructuring Plan to build on the positives, accelerate gross margins, and deliver a profitable business in the future. This plan not only includes a goal to reduce operating expenses in the second half by greater than 50% year-over-year, but also includes an introduction of a productivity program, focused on quality growth, efficiencies, and disciplined execution. Additionally, a key piece of the plan is a continuous price action review process, which has already resulted in our recent announcement of a second price increase this year which will take effect in the coming months.
“Although we have reduced the Company’s full year net sales guidance range to $35 million to $37 million, we felt this was necessary to ensure sustainable, quality sales and margins. Finally, I am thrilled to announce that when pairing the near-term demand outlook for our products with these organizational changes, we expect the business to reach an inflection point of profitability during the first half of 2023,” Boever concluded.
Alex Hawkins, Chief Financial Officer, said “Despite record high revenues in second quarter, financial results were adversely impacted by a substantial, limited-time promotional program that took place in Q2’22. While this nationwide program was successful in driving household penetration and important trial with our target consumers, it came at a substantial cost, which resulted in significantly negative gross profits. This margin pressure was compounded by several significant, one-time, reserves and write downs for non-core assets as well as certain accruals mostly related to the Restructuring Plan.
“Looking forward, we are encouraged by our early Q3 results as we are seeing meaningful gross margin recovery. We view this as a testament to our plan and the non-recurring nature of many of the pressures we faced in the second quarter.
“Finally, I’m excited to share we are under letter of intent to secure in excess of $20M in non-dilutive, committed borrowing capacity through a combination of facilities. We believe this, plus our cash and positive net working capital position will provide the business with sufficient runway to achieve our plans to support margins, enhance productivity, and reduce expenses, all of which we expect will result in a significantly improved financial position moving forward,” commented Hawkins.
Second Quarter Highlights
1 Adjusted EBITDA and Adjusted loss per share are a non-GAAP financial measure as defined and reconciled to GAAP below.
First Six Months Highlights
1 Adjusted EBITDA and Adjusted loss per share are a non-GAAP financial measure as defined and reconciled to GAAP below.
Conference Call The Company will conduct a conference call today at 10:00 a.m. Eastern Time to discuss financial and operating results for the quarter ended June 30, 2022. To access the call live by phone, dial (855) 327-6837 and ask for the Stryve Foods call at least 10 minutes prior to the start time. A telephonic replay will be available through August 22, 2022, by calling (844) 512-2921 and using passcode ID: 10019507#. A webcast of the call will also be available live and for later replay on the Company’s Investor Relations website at https://ir.stryve.com/news-events.
About Stryve Foods, Inc.Stryve is an emerging healthy snacking and food company that manufactures, markets and sells highly differentiated healthy snacking and food products that Stryve believes can disrupt traditional snacking and CPG categories. Stryve’s mission is “to help Americans eat better and live happier, better lives.” Stryve offers convenient products that are lower in sugar and carbohydrates and higher in protein than other snacks and foods. Stryve’s current product portfolio consists primarily of air-dried meat snack products marketed under the Stryve®, Kalahari®, Braaitime®, and Vacadillos® brand names. Unlike beef jerky, Stryve’s all-natural air-dried meat snack products are made of beef and spices, are never cooked, contain zero grams of sugar*, and are free of monosodium glutamate (MSG), gluten, nitrates, nitrites, and preservatives. As a result, Stryve’s products are Keto and Paleo diet friendly. Further, based on protein density and sugar content, Stryve believes that its air-dried meat snack products are some of the healthiest shelf-stable snacks available today.
Stryve distributes its products in major retail channels, primarily in North America, including grocery, club stores and other retail outlets, as well as directly to consumers through its ecommerce websites and through the Amazon platform.For more information about Stryve, visit www.stryve.com or follow us on social media at @stryvebiltong.
* All Stryve Biltong and Vacadillos products contain zero grams of added sugar, with the exception of the Chipotle Honey flavor of Vacadillos, which contains one gram of sugar per serving.
Cautionary Note Regarding Forward-Looking StatementsCertain statements made herein are “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “anticipate”, “may”, “will”, “would”, “could”, “intend”, “aim”, “believe”, “anticipate”, “continue”, “target”, “milestone”, “expect”, “estimate”, “plan”, “outlook”, “objective”, “guidance” and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters, including, but not limited to, statements regarding Stryve’s plans, strategies, objectives, targets and expected financial performance. These forward-looking statements reflect Stryve’s current views and analysis of information currently available. This information is, where applicable, based on estimates, assumptions and analysis that Stryve believes, as of the date hereof, provide a reasonable basis for the information and statements contained herein. These forward-looking statements involve various known and unknown risks, uncertainties and other factors, many of which are outside the control of Stryve and its officers, employees, agents and associates. These risks, uncertainties, assumptions and other important factors, which could cause actual results to differ materially from those described in these forward-looking statements, include: (i) the inability to achieve profitability due to commodity prices, inflation, supply chain interruption, transportation costs and/or labor shortages; (ii) the ability to recognize the anticipated benefits of the Business Combination or meet financial and strategic goals, which may be affected by, among other things, competition, supply chain interruptions, the ability to pursue a growth strategy and manage growth profitability, maintain relationships with customers, suppliers and retailers and retain its management and key employees; (iii) the risk that retailers will choose to limit or decrease the number of retail locations in which Stryve’s products are carried or will choose not to carry or not to continue to carry Stryve’s products; (iv) the possibility that Stryve may be adversely affected by other economic, business, and/or competitive factors; (v) the effect of the COVID-19 pandemic on Stryve; (vi) the possibility that Stryve may not achieve its financial outlook and (vii) other risks and uncertainties described in the Company’s public filings with the SEC. Actual results, performance or achievements may differ materially, and potentially adversely, from any projections and forward-looking statements and the assumptions on which those projections and forward-looking statements are based.
Investor Relations Contact:Three Part Advisors, LLCSandy Martin or Phillip Kuppersmartin@threepa.com or pkupper@threepa.com214-616-2207 or 817-368-2556
-Financial Statements Follow-
Stryve Foods, Inc. | ||||||||||||||||
Unaudited Condensed Consolidated Statement of Operations | ||||||||||||||||
(In thousands, except share and per share data) | ||||||||||||||||
For The Three Months Ended June 30, | For The Six Months Ended June 30, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
(unaudited) | (unaudited) | |||||||||||||||
SALES, net | $ | 10,946 | $ | 7,351 | $ | 18,367 | $ | 14,186 | ||||||||
COST OF GOODS SOLD (exclusive of depreciation shown separately below) | 15,371 | 3,770 | 21,668 | 7,927 | ||||||||||||
GROSS (LOSS) MARGIN | $ | (4,425 | ) | $ | 3,581 | $ | (3,301 | ) | $ | 6,259 | ||||||
OPERATING EXPENSES | ||||||||||||||||
Selling expenses | $ | 4,717 | $ | 5,593 | $ | 8,743 | $ | 12,047 | ||||||||
Operations expense | 1,350 | 970 | 2,580 | 2,030 | ||||||||||||
Salaries and wages | 3,510 | 1,602 | 6,096 | 3,003 | ||||||||||||
Depreciation and amortization expense | 503 | 397 | 948 | 792 | ||||||||||||
Prepaid media reserve | 1,489 | - | 1,489 | - | ||||||||||||
Gain on disposal of fixed assets | (24 | ) | (10 | ) | (24 | ) | (9 | ) | ||||||||
Total operating expenses | 11,545 | 8,552 | 19,831 | 17,863 | ||||||||||||
OPERATING LOSS | (15,970 | ) | (4,971 | ) | (23,133 | ) | (11,604 | ) | ||||||||
OTHER (EXPENSE) INCOME | ||||||||||||||||
Interest expense | (181 | ) | (1,147 | ) | (369 | ) | (1,957 | ) | ||||||||
PPP loan forgiveness | - | - | - | 1,670 | ||||||||||||
Change in fair value of Private Warrants | 40 | - | 85 | - | ||||||||||||
Gain on debt extinguishment | - | 545 | - | 545 | ||||||||||||
Other (expense) income | (215 | ) | 12 | (215 | ) | 24 | ||||||||||
Total other (expense) income | (356 | ) | (590 | ) | (499 | ) | 282 | |||||||||
NET LOSS BEFORE INCOME TAXES | (16,326 | ) | (5,561 | ) | (23,632 | ) | (11,322 | ) | ||||||||
Income taxes | 29 | - | 36 | - | ||||||||||||
NET LOSS | $ | (16,355 | ) | $ | (5,561 | ) | $ | (23,668 | ) | $ | (11,322 | ) | ||||
Loss per common share: | ||||||||||||||||
Basic and diluted | $ | (0.53 | ) | $ | (0.55 | ) | $ | (0.78 | ) | $ | (1.12 | ) | ||||
Weighted average shares outstanding: | ||||||||||||||||
Basic and diluted | 30,946,486 | 10,139,422 | 30,355,697 | 10,141,928 |
Stryve Foods, Inc. | ||||||||
Unaudited Condensed Consolidated Balance Sheets | ||||||||
(in thousands) | ||||||||
June 30, | December 31, | |||||||
2022 | 2021 | |||||||
(Unaudited) | (audited) | |||||||
ASSETS | ||||||||
CURRENT ASSETS | ||||||||
Cash and cash equivalent | $ | 5,011 | $ | 2,217 | ||||
Accounts receivable, net | 4,256 | 2,900 | ||||||
Inventory, net | 6,653 | 7,216 | ||||||
Prepaid media spend, net of reserve | - | 450 | ||||||
Prepaid expenses and other current assets | 1,689 | 2,256 | ||||||
Total current assets | 17,609 | 15,039 | ||||||
Property and equipment, net | 8,015 | 6,826 | ||||||
Right of use asset, net | 669 | 767 | ||||||
Deferred Tax Asset | - | - | ||||||
Goodwill | 8,450 | 8,450 | ||||||
Intangible asset, net | 4,483 | 4,604 | ||||||
Prepaid media spend, net of reserve and net of current portion | - | 1,085 | ||||||
Other assets | - | 4 | ||||||
TOTAL ASSETS | $ | 39,226 | $ | 36,775 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
CURRENT LIABILITIES | ||||||||
Accounts payable | $ | 2,557 | $ | 3,098 | ||||
Accrued expenses | 2,568 | 1,635 | ||||||
Current portion of lease liability | 211 | 168 | ||||||
Line of credit | - | 3,500 | ||||||
Current portion of long-term debt | 122 | 3,447 | ||||||
Total current liabilities | 5,458 | 11,848 | ||||||
Long-term debt, net of current portion | 36 | 120 | ||||||
Lease liability, net of current portion | 491 | 599 | ||||||
Financing obligation - related party operating lease | 7,500 | 7,500 | ||||||
Deferred tax liability, net | 67 | 67 | ||||||
Deferred stock compensation liability | 505 | 71 | ||||||
Warrant liability | 43 | 128 | ||||||
TOTAL LIABILITIES | 14,100 | 20,333 | ||||||
COMMITMENTS AND CONTINGENCIES | ||||||||
STOCKHOLDERS' EQUITY | ||||||||
Preferred stock - $0.0001 par value, 10,000,000 shares authorized, 0 shares issued and outstanding | - | - | ||||||
Class A common stock - $0.0001 par value, 400,000,000 shares authorized, 16,750,794 and 8,633,755 shares issued and outstanding, respectively | 2 | 1 | ||||||
Class V common stock - $0.0001 par value, 200,000,000 shares authorized, 11,502,355 shares issued and outstanding | 1 | 1 | ||||||
Additional paid-in-capital | 132,902 | 100,551 | ||||||
Accumulated deficit | (107,779 | ) | (84,111 | ) | ||||
TOTAL STOCKHOLDERS' EQUITY | 25,126 | 16,442 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 39,226 | $ | 36,775 |
Stryve Foods, Inc. | ||||||||
Unaudited Condensed Consolidated Statement of Cash Flows | ||||||||
(In thousands) | ||||||||
Six Months Ended | ||||||||
June 30, 2022 | June 30, 2021 | |||||||
(unaudited) | (unaudited) | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Net loss | $ | (23,668 | ) | $ | (11,322 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
Depreciation expense | 827 | 667 | ||||||
Amortization of intangible assets | 121 | 124 | ||||||
Amortization of debt issuance costs | - | 281 | ||||||
Gain on disposal of fixed assets | (24 | ) | (9 | ) | ||||
Gain on debt extinguishment | - | (545 | ) | |||||
Prepaid media reserve | 1,489 | - | ||||||
Amortization of right-of-use asset | 98 | - | ||||||
Interest income on members loan receivable | - | (24 | ) | |||||
Bad debt expense | 289 | 263 | ||||||
Forgiveness on paycheck protection program loan | - | (1,670 | ) | |||||
Stock based compensation expense | 712 | - | ||||||
Change in fair value of Private Warrants | (85 | ) | - | |||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable | (1,644 | ) | (2,728 | ) | ||||
Inventory | 563 | (1,433 | ) | |||||
Vendor deposits | 4 | - | ||||||
Prepaid media spend | 45 | (171 | ) | |||||
Prepaid expenses and other current assets | 566 | (800 | ) | |||||
Accounts payable | (540 | ) | 1,645 | |||||
Accrued liabilities | 933 | 279 | ||||||
Operating lease payments | (65 | ) | - | |||||
Net cash used in operating activities | $ | (20,379 | ) | $ | (15,443 | ) | ||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Cash paid for purchase of equipment | (2,033 | ) | (249 | ) | ||||
Cash received for sale of equipment | 41 | 74 | ||||||
Net cash used in investing activities | $ | (1,992 | ) | $ | (175 | ) | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
PIPE capital raise | 32,311 | - | ||||||
Exercise of Prefunded Warrants | - | - | ||||||
Repurchase of member shares | - | (100 | ) | |||||
Post closing adjustment of BCA | (238 | ) | - | |||||
Repayments on long-term debt | (4,908 | ) | (4,361 | ) | ||||
Borrowings on related party debt | - | 9,294 | ||||||
Repayments on related party debt | - | (7,794 | ) | |||||
Borrowings on short-term debt | - | 19,695 | ||||||
Repayments on short-term debt | (2,000 | ) | - | |||||
Debt issuance costs | - | (507 | ) | |||||
Net cash provided by financing activities | $ | 25,165 | $ | 16,227 | ||||
Net change in cash and cash equivalents | 2,794 | 609 | ||||||
Cash and cash equivalents at beginning of period | 2,217 | 592 | ||||||
Cash and cash equivalents at end of period | $ | 5,011 | $ | 1,201 | ||||
SUPPLEMENTAL INFORMATION: | ||||||||
Cash paid for interest | $ | 403 | $ | 1,507 |
Reconciliation of GAAP to Non-GAAP Information
Stryve uses non-GAAP financial information and believes it is useful to investors as it provides additional information to facilitate comparisons of historical operating results, identify trends in operating results, and provide additional insight on how the management team evaluates the business. Stryve’s management team uses EBITDA, Adjusted EBITDA, and Adjusted Earnings Per Share to make operating and strategic decisions, evaluate performance and comply with indebtedness related reporting requirements. Below are details on this non-GAAP measure and the non-GAAP adjustments that the management team makes in the definition of EBITDA, Adjusted EBITDA and Adjusted Earnings Per Share. Stryve believes this non-GAAP measure should be considered along with net income (loss), the most closely related GAAP financial measure. A reconciliation between EBITDA and net income (loss) is below:
Three Month Period Ended | Three Month Period Ended | Six Month Period Ended | Six Month Period Ended | |||||||||||||
June 30, 2022 | June 30, 2021 | June 30, 2022 | June 30, 2021 | |||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||
(in thousands) | ||||||||||||||||
Net loss before income taxes | $ | (16,326 | ) | $ | (5,561 | ) | $ | (23,632 | ) | $ | (11,322 | ) | ||||
Interest expense | 181 | 1,147 | 369 | 1,957 | ||||||||||||
Depreciation and amortization | 503 | 397 | 948 | 792 | ||||||||||||
EBITDA | $ | (15,642 | ) | $ | (4,017 | ) | $ | (22,315 | ) | $ | (8,573 | ) | ||||
Additional Adjustments: | ||||||||||||||||
PPP loan forgiveness | - | - | - | (1,670 | ) | |||||||||||
Severances and One-Time Employee Related Costs | 1,346 | - | 1,425 | - | ||||||||||||
One-Time Reserves and Write Downs | 2,562 | - | 2,562 | - | ||||||||||||
Business combination expenses | - | 193 | - | 1,077 | ||||||||||||
Stock based compensation expense | 384 | - | 712 | - | ||||||||||||
Comparability adjustment - Public vs. Private | - | (527 | ) | - | (1,049 | ) | ||||||||||
Adjusted EBITDA | $ | (11,350 | ) | $ | (4,351 | ) | $ | (17,616 | ) | $ | (10,215 | ) |
Three Month Period Ended | Three Month Period Ended | Six Month Period Ended | Six Month Period Ended | |||||||||||||
June 30, 2022 | June 30, 2021 | June 30, 2022 | June 30, 2021 | |||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||
(In thousands except share and per share information) | ||||||||||||||||
Net loss | $ | (16,354 | ) | $ | (5,561 | ) | $ | (23,668 | ) | $ | (11,322 | ) | ||||
Weighted average shares outstanding | 30,946,486 | 10,139,422 | 30,355,697 | 10,141,928 | ||||||||||||
Basic & Diluted Net Loss per Share | $ | (0.53 | ) | $ | (0.55 | ) | $ | (0.78 | ) | $ | (1.12 | ) | ||||
Additional Adjustments: | ||||||||||||||||
PPP loan forgiveness | — | — | — | (0.16 | ) | |||||||||||
Severances and One-Time Employee Related Costs | 0.04 | — | 0.05 | — | ||||||||||||
Reserves and Write Downs | 0.08 | — | 0.08 | — | ||||||||||||
Business combination expenses | — | 0.02 | — | 0.11 | ||||||||||||
Stock based compensation expense | 0.01 | — | 0.02 | — | ||||||||||||
Comparability adjustment - Public vs. Private | - | (0.05 | ) | — | (0.10 | ) | ||||||||||
Adjusted Earnings per Share | $ | (0.39 | ) | $ | (0.58 | ) | $ | (0.62 | ) | $ | (1.28 | ) | ||||
1 Year Stryve Foods Chart |
1 Month Stryve Foods Chart |
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