Stryve Foods, Inc. - SNAX STOCK NEWS

Stryve Foods, Inc. (NASDAQ: SNAX) announced securing an additional $4.1 million in funding to enhance its growth. The financing, in the form of secured promissory notes, will support the company's working capital needs and aid in ramping up quality distribution. CEO Chris Boever highlighted significant improvements in the company's cost model and operational efficiencies, while CFO Alex Hawkins specified that the notes carry an annual interest rate of 12%. Additionally, the financing involves warrants that allow lenders to purchase shares of Stryve's Class A common stock, illustrating investor confidence in the company's strategy. Stryve aims to disrupt traditional snacking categories with its health-oriented products. The announcement aligns with the company's mission to help consumers lead healthier lives through nutritious snacking options.

Stryve Foods, the premium air-dried meat snack company, continues to enhance its footprint in the healthy snack market. Recently, Vacadillos, its rapidly growing brand, introduced a new flavor, Chipotle Honey, alongside Chili Lime and Habanero air-dried meat sticks. These innovative products are now available nationwide at 7-Eleven, highlighting the company's expansion strategy. CEO Chris Boever emphasized the mission to provide better-for-you snack options while setting high taste standards. Stryve's offerings are air-dried, contain zero added sugars (except for Chipotle Honey), and cater to health-conscious consumers. The company aims to disrupt traditional snacking with its unique, high-protein products. Stryve distributes through various channels, including e-commerce and retail outlets across North America.

Stryve Foods reported a full-year 2022 net sales of $29.9 million, reflecting a modest decline from $30.1 million in 2021. The fourth quarter net loss was $4.5 million with an adjusted EBITDA loss of $3.5 million. Despite the challenges, the company implemented significant operational changes, including a 55% reduction in operating expenses and product rationalization leading to a stable gross margin of 22.3%. For 2023, Stryve anticipates net sales between $28 million and $34 million, indicating potential growth of over 40% in core revenues. A conference call will detail the financial results further.

Stryve Foods, Inc. (NASDAQ: SNAX) will announce its fiscal 2022 fourth quarter and full-year results on April 3, 2023, before market opening. A conference call is scheduled for 9:00am ET on the same day. In this session, management will discuss 2022 performance and provide fiscal 2023 guidance on key financial metrics. The company highlights achievements in product quality, retail strategy, and brand positioning that are expected to drive significant growth in revenue and margins starting in Q2 2023.

Stryve Foods, Inc. (NASDAQ: SNAX) announced key metrics for the fiscal year 2022, projecting net sales to fall between $29 million and $32 million. This guidance is primarily impacted by the recent SKU rationalization program, which resulted in the exit of the Stryve Nutrition portfolio. Notably, the company reported a 27% increase in retail sales year-over-year and improved distribution points by 33%.

Furthermore, the fourth quarter of 2022 saw significant operational improvements, including a 50% reduction in operating expenses compared to the previous year, alongside a notable decrease in adjusted EBITDA losses.