Stryve Foods, Inc. Reports Full Year Fiscal 2023 Results
- Improved full-year adjusted EBITDA loss by 52.9% year-over-year.
- New brand packaging led to a 31.7% increase in retail sales velocity.
- Retail performance outperforms the meat snack category with significant growth.
- Strategic transformation in 2023 focused on quality revenue streams and operating leverage.
- Fiscal year 2024 outlook sets net sales guidance with expectations for substantial gross margin improvement.
- Renewed line of credit, extended bridge notes, and terminated ATM equity facility to enhance liquidity needs.
- Net sales declined in the fourth quarter of 2023 due to discontinuation of non-profitable accounts and rationalization of low-quality revenue.
- Gross profit loss in the fourth quarter was primarily due to lower volumes and increased trade accruals.
- Operating loss increased in the fourth quarter of 2023 compared to the previous year.
- Net loss per share increased in the fourth quarter of 2023 compared to the previous year.
Insights
Examining Stryve Foods' reported increase in retail sales velocity, which is a critical measure of a brand's performance at the point of sale, the data is indicative of the company's successful rebranding and packaging strategies. The 31.7% year-over-year rise in this metric for the Stryve brand suggests that the new packaging has been well received by consumers, potentially leading to increased shelf turnover and higher revenue per store.
Furthermore, the company's focus on core revenue streams and the rationalization of underperforming SKUs and accounts are strategic moves aimed at improving unit economics. This could lead to a more sustainable business model with the potential for increased profitability over the long term. The guidance for fiscal year 2024 implies a significant growth in net sales, which might attract investor interest as it suggests confidence in the company's strategic direction and market positioning.
The reported 52.9% improvement in Adjusted EBITDA Loss is a strong indicator of Stryve Foods' enhanced financial discipline and operational efficiency. This turnaround is particularly noteworthy given the broader context of the snack food industry, where margins can be thin and competition is intense. Investors should note the company's strategic decision to prioritize quality over quantity in its revenue streams, which appears to be paying off in terms of margin improvement.
Additionally, the extension of the asset-based line of credit and the strategic extension of maturing bridge notes provide the company with financial flexibility. This maneuvering enhances Stryve's ability to pursue growth opportunities without the immediate pressure of refinancing. The termination of the ATM equity facility also suggests a shift towards less dilutive financing strategies, which could be favorable for current shareholders.
Within the competitive landscape of the healthy snacking sector, Stryve Foods' operational pivot to focus on high-quality growth and operating leverage is noteworthy. The air-dried meat snack industry is a niche but growing segment and Stryve's positioning as a leader in this space is reinforced by its reported market share increase. The emphasis on product innovation and strategic market penetration is essential for maintaining a competitive edge and Stryve's efforts here could lead to increased brand loyalty and market share.
However, the reported net sales decline due to the discontinuation of non-profitable accounts and rationalization of revenue streams must be carefully managed to ensure that the pursuit of quality does not overly constrain the volume necessary for sustained growth. The balance between quality and volume will be critical for Stryve's continued success in the industry.
Improved Full-Year Adj. EBITDA Loss by
New Stryve Brand Packaging Driving
FY 2024 Guidance Implies Growth in Net Sales of Approximately
PLANO, Texas, April 01, 2024 (GLOBE NEWSWIRE) -- Stryve Foods, Inc. (“Stryve” or “the Company”) (NASDAQ: SNAX), an emerging healthy snacking platform and leader in the air-dried meat snack industry in the United States, today reports financial and operating results for the three months and twelve months ended December 31, 2023.
Retail Performance
In measured channels, the Company’s retail brands in the aggregate continue to outperform the overall meat snack category and that trend appears to be accelerating. The most recent 12-Week SPINS data reflects meaningful year-over-year improvement in measured channels for the Stryve family of brands with retail dollar sales increasing
An example of this can be most clearly seen in the Stryve brand, which has experienced the largest year-over-year increases in retail sales velocities with
2023 – A Year of Transformation
The Company has made great strides in its strategic transformation in 2023 showing meaningful year-over-year improvements in the quality of revenue with higher gross margins, lower operating expenses, and significantly narrowed losses. Management’s strategy, executed in 2023, was to transform the business to put it in a position to reap the benefits of high-quality growth and operating leverage. The Company reduced its topline considerably year-over-year in an effort to focus on quality core revenue streams, rationalize underperforming SKUS and accounts. In doing so, it has strengthened its unit economics and looks to move into the last phase of the overall transformation in 2024, accelerating quality growth.
Chris Boever, Chief Executive Officer, commented, “2023 marked a year of strategic transformation for Stryve, underpinned by our commitment to operational excellence and market expansion. We're thrilled to see our efforts translate into robust retail performance and strengthened relationships with our retail partners. As we move into 2024, we are energized to continue this momentum, focusing on product innovation and strategic market penetration to further solidify our leadership in the healthy snacking sector.”
Fiscal Year 2024 Outlook
For fiscal year 2024, Stryve Foods sets its net sales guidance in the range of
Alex Hawkins, Chief Financial Officer, said, “Our financial and operational discipline in 2023 has led to a
Line of Credit Renewal, Bridge Note Extensions, and At-the-Market (ATM) Equity Facility Termination
The Company is pleased to announce the renewal of its asset-based line of credit with Alterna Capital on the same terms for the next two years. That facility, with
“These extensions help to create some breathing room for us to operate with focused discipline on driving value in the business. Further, we believe that all of our shareholders will be pleased that we’ve stepped away from the ATM facility as we seek to secure more attractive means of financing to support our growth needs,” Hawkins concluded.
Fourth Quarter 2023 Highlights
- Net sales of
$2.9 million , compared to$5.4 million in the year-ago quarter. Net sales declined in part due to the Company’s discontinuation of non-profitable accounts, rationalization of low-quality revenue, which included the discontinuation of slow-moving and margin losing items some of which was still present in the prior year period. Further, the Company’s packaging transitions at certain key customers created a dynamic in the fourth quarter of 2023 where the old-packaging items were phased out of retailer inventories in advance of a January 2024 launch of the new items. - Gross profit loss of (
$0.1) million compared to gross profit of$1.2 million in the 2022 fourth quarter. Fourth quarter 2023 performance is primarily attributable to lower volumes leading to under absorption of costs in the Company’s manufacturing facilities compounded by increased trade accruals affecting net realized price, and liquidation sales of rationalized, obsolete, and slow-moving inventory in the quarter to support the Company’s packaging transition and phase-out of legacy items. - Operating loss of (
$4.2) million for the fourth quarter of 2023, compared to operating loss of ($4.3) million in the 2022 fourth quarter. - Interest expense of
$1.2 million for the 2023 fourth quarter includes approximately$0.5 million of non-cash interest expense related to the accounting treatment of the warrants connected to the promissory notes issued on April 19, 2023. - Net loss of (
$5.3) million , or ($2.19) per share, compared to a net loss of ($4.5) million , or ($2.17) per share, in the 2022 fourth quarter. - Adjusted loss per share3 of (
$1.90) for the fourth quarter of 2023, which compares favorably to adjusted loss per share of ($2.01) for the year-ago period. - Adjusted EBITDA loss3 of (
$3.4) million for the 2023 fourth quarter, compared to ($3.5) million in the prior year quarter.
Full Year 2023 Highlights
- Net sales of
$17.7 million , compared to$29.9 million in the year-ago comparable period. Net sales declined primarily due to the Company’s discontinuation of non-profitable accounts, rationalization of low-quality revenue, which included the discontinuation of slow-moving and lower margin items. - Gross profit of
$2.4 million , or13.7% of net sales, compared to negative gross profit of ($0.7) million in the 2022 period. This improvement is attributable to the pricing actions taken as part of the Company’s transformation, manufacturing efficiencies and productivity achieved throughout the year, and enhanced procurement strategies, offset partially by reduced volumes stemming from the strategic rationalization of revenue. - Operating loss of (
$15.4) million , compared to operating loss of ($32.1) million in the 2022 period. This improvement was driven by a$3.1 million of increased gross profit as well as an overall reduction in operating expenses of$13.6 million year-over-year. - Interest expense of
$3.6 million for the 2023 year includes approximately$1.4 million of non-cash interest expense related to the accounting treatment of the warrants connected to the promissory notes issued on April 19, 2023. - Net loss of (
$19.0) million , or ($8.59) per share, compared to a net loss of ($33.1) million , or ($16.18) per share, in 2022. - Adjusted loss per share3 of (
$7.34) for the 2023 full year, which compares favorably to adjusted loss per share of ($13.58) for the prior year period. - Adjusted EBITDA loss3 of (
$11.8) million for the 2023 full year, compared to ($25.0) million in the prior year period.
1 Source: SPINS data for the 12-week period ending February 25th, 2024.
2 Source: SPINS data for the 4-week period ending February 25th, 2024.
3 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 4:30 p.m. Eastern Time to discuss financial and operating results for the third quarter ended September 30, 2023. To access the call live by phone, dial (888) 886-7789 or (416) 764-8658 and ask for the Stryve Foods call at least 10 minutes prior to the start time. A telephonic replay will be available through November 28, 2023, by calling (844) 512-2921 and using passcode ID:148214195. 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 a premium air-dried meat snack company that is conquering the intersection of high protein, great taste, and health under the brands of Braaitime®, Kalahari®, Stryve®, and Vacadillos®. Stryve sells highly differentiated healthy snacking and food products in order to 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 also markets and sells human-grade pet treats under the brands Two Tails and Primal Paws, made with simple, all-natural ingredients and
Stryve distributes its products in major retail channels, primarily in North America, including grocery, convenience store, mass merchants, and other retail outlets, as well as directly to consumers through its ecommerce websites and through the Amazon and Wal*mart platforms. 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 Statements
Certain 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; (vii) risks around the Company’s ability to continue as a going concern and (viii) 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:
Investor Relations
ir@stryve.com
-Financial Statements Follow-
| Stryve Foods, Inc. | ||||||||||||||||
| Condensed Consolidated Statement of Operations | ||||||||||||||||
| (In thousands, except share and per share data) | ||||||||||||||||
| For The Three Months Ended December 31, | For The Year Ended December 31, | |||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||
| Unaudited | ||||||||||||||||
| SALES, net | $ | 2,887 | $ | 5,409 | $ | 17,710 | $ | 29,946 | ||||||||
| COST OF GOODS SOLD (exclusive of depreciation shown separately below) | 3,024 | 4,203 | 15,277 | 30,657 | ||||||||||||
| GROSS (LOSS) PROFIT | (137 | ) | 1,206 | 2,433 | (711 | ) | ||||||||||
| OPERATING EXPENSES | ||||||||||||||||
| Selling expenses | 1,934 | 1,801 | 7,452 | 14,674 | ||||||||||||
| Operations expense | 307 | 728 | 1,772 | 4,392 | ||||||||||||
| Salaries and wages | 1,218 | 2,469 | 6,423 | 10,505 | ||||||||||||
| Depreciation and amortization expense | 565 | 495 | 2,221 | 1,961 | ||||||||||||
| Gain on disposal of fixed assets | - | - | (10 | ) | (75 | ) | ||||||||||
| Total operating expenses | 4,024 | 5,493 | 17,858 | 31,457 | ||||||||||||
| OPERATING LOSS | (4,161 | ) | (4,287 | ) | (15,425 | ) | (32,168 | ) | ||||||||
| OTHER (EXPENSE) INCOME | ||||||||||||||||
| Interest expense | (1,148 | ) | (337 | ) | (3,632 | ) | (896 | ) | ||||||||
| Change in fair value of Private Warrants | 1 | 8 | 21 | 108 | ||||||||||||
| Other expense | - | - | (4 | ) | (259 | ) | ||||||||||
| Total other (expense) income | (1,147 | ) | (329 | ) | (3,615 | ) | (1,047 | ) | ||||||||
| NET LOSS BEFORE INCOME TAXES | (5,308 | ) | (4,616 | ) | (19,040 | ) | (33,215 | ) | ||||||||
| Income tax expense (benefit) | 3 | (111 | ) | 1 | (75 | ) | ||||||||||
| NET LOSS | $ | (5,311 | ) | $ | (4,505 | ) | $ | (19,041 | ) | $ | (33,140 | ) | ||||
| Loss per common share: | ||||||||||||||||
| Basic and diluted | $ | (2.19 | ) | $ | (2.17 | ) | $ | (8.59 | ) | $ | (16.18 | ) | ||||
| Weighted average shares outstanding: | ||||||||||||||||
| Basic and diluted | 2,429,329 | 2,078,731 | 2,215,417 | 2,048,185 | ||||||||||||
| Stryve Foods, Inc. | ||||||||
| Condensed Consolidated Balance Sheets | ||||||||
| (in thousands) | ||||||||
| December 31, | December 31, | |||||||
| 2023 | 2022 | |||||||
| ASSETS | ||||||||
| CURRENT ASSETS | ||||||||
| Cash and cash equivalent | $ | 369 | $ | 623 | ||||
| Accounts receivable, net | 2,092 | 2,489 | ||||||
| Inventory | 5,200 | 8,259 | ||||||
| Prepaid expenses and other current assets | 721 | 1,550 | ||||||
| Total current assets | 8,382 | 12,921 | ||||||
| Property and equipment, net | 7,151 | 8,817 | ||||||
| Right of use assets, net | 4,610 | 5,010 | ||||||
| Goodwill | 8,450 | 8,450 | ||||||
| Intangible assets, net | 4,120 | 4,362 | ||||||
| TOTAL ASSETS | $ | 32,713 | $ | 39,560 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| CURRENT LIABILITIES | ||||||||
| Accounts payable | $ | 4,460 | $ | 3,010 | ||||
| Accrued expenses | 2,688 | 1,728 | ||||||
| Current portion of lease liability | 362 | 328 | ||||||
| Line of credit, net of debt issuance costs | 3,568 | 1,046 | ||||||
| Promissory notes payable, net of debt discount and debt issuance costs | 2,914 | - | ||||||
| Promissory notes payable due to related parties, net of debt discount and debt issuance costs | 1,175 | - | ||||||
| Current portion of long-term debt and other short-term borrowings | 606 | 969 | ||||||
| Total current liabilities | 15,773 | 7,081 | ||||||
| Long-term debt, net of current portion, net of debt issuance costs | 3,476 | 3,696 | ||||||
| Lease liability, net of current portion | 4,372 | 4,734 | ||||||
| Financing obligation - related party operating lease | 7,500 | 7,500 | ||||||
| Deferred tax liability, net | - | 2 | ||||||
| Deferred stock compensation liability | - | 90 | ||||||
| Warrant liability | - | 21 | ||||||
| TOTAL LIABILITIES | 31,121 | 23,124 | ||||||
| COMMITMENTS AND CONTINGENCIES (Note 12) | ||||||||
| STOCKHOLDERS' EQUITY | ||||||||
| Preferred stock - | - | - | ||||||
| Class A common stock - | - | - | ||||||
| Class V common stock - | - | - | ||||||
| Additional paid-in-capital | 137,884 | 133,688 | ||||||
| Accumulated deficit | (136,292 | ) | (117,252 | ) | ||||
| TOTAL STOCKHOLDERS' EQUITY | 1,592 | 16,436 | ||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 32,713 | $ | 39,560 | ||||
| Stryve Foods, Inc. | ||||||||
| Condensed Consolidated Statement of Cash Flows | ||||||||
| (In thousands) | ||||||||
| For the Year Ended December 31, | ||||||||
| 2023 | 2022 | |||||||
| CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
| Net loss | $ | (19,041 | ) | $ | (33,140 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Depreciation expense | 1,979 | 1,719 | ||||||
| Amortization of intangible assets | 242 | 242 | ||||||
| Amortization of debt issuance costs | 341 | 30 | ||||||
| Amortization of debt discount | 1,375 | - | ||||||
| Amortization of right-of-use asset | 400 | 221 | ||||||
| Deferred income taxes | (2 | ) | (66 | ) | ||||
| Gain on disposal of fixed assets | (10 | ) | (75 | ) | ||||
| Prepaid media reserve | - | 1,489 | ||||||
| Bad debt expense | 698 | 372 | ||||||
| Stock based compensation expense | 1,156 | 1,079 | ||||||
| Change in fair value of Private Warrants | (21 | ) | (108 | ) | ||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable | (301 | ) | 39 | |||||
| Inventory | 3,059 | (1,043 | ) | |||||
| Income tax receivables and payables, net | 23 | (26 | ) | |||||
| Vendor deposits | - | 4 | ||||||
| Prepaid media spend | - | 46 | ||||||
| Prepaid expenses and other current assets | 830 | 705 | ||||||
| Accounts payable | 1,235 | (88 | ) | |||||
| Accrued liabilities | 937 | 119 | ||||||
| Operating lease obligations | (327 | ) | (168 | ) | ||||
| Net cash used in operating activities | $ | (7,427 | ) | $ | (28,649 | ) | ||
| CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
| Cash paid for purchase of equipment | (100 | ) | (3,759 | ) | ||||
| Cash received for sale of equipment | 11 | 124 | ||||||
| Net cash used in investing activities | $ | (89 | ) | $ | (3,635 | ) | ||
| CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
| PIPE capital raise | - | 32,311 | ||||||
| Exercise of Prefunded Warrants | - | 1 | ||||||
| Repurchase of member shares | - | - | ||||||
| Post closing adjustment of Business Combination Agreement | - | (238 | ) | |||||
| Proceeds from the issuance of common stock, net | 1,617 | - | ||||||
| Borrowings on long-term debt | - | 4,000 | ||||||
| Repayments on long-term debt | (152 | ) | (5,031 | ) | ||||
| Borrowings on related party debt | 1,175 | - | ||||||
| Repayments on related party debt | - | - | ||||||
| Borrowings on short-term debt | 20,109 | 5,632 | ||||||
| Repayments on short-term debt | (15,190 | ) | (5,650 | ) | ||||
| Debt issuance costs | (256 | ) | (335 | ) | ||||
| Deferred offering costs | (39 | ) | - | |||||
| Payments in lieu of fractional shares in connection with the reverse stock split | (2 | ) | - | |||||
| Net cash provided by financing activities | $ | 7,262 | $ | 30,690 | ||||
| Net change in cash and cash equivalents | (254 | ) | (1,594 | ) | ||||
| Cash and cash equivalents at beginning of period | 623 | 2,217 | ||||||
| Cash and cash equivalents at end of period | $ | 369 | $ | 623 | ||||
| SUPPLEMENTAL INFORMATION: | ||||||||
| Cash paid for interest | $ | 1,572 | $ | 917 | ||||
| NON-CASH INVESTING AND FINANCING ACTIVITY: | ||||||||
| Non-cash commercial premium finance borrowing | $ | 843 | $ | 1,013 | ||||
| Right-of-use assets obtained in exchange for operating lease liabilities | $ | - | $ | 4,463 | ||||
| Issuance of warrants in connection with debt instrument | $ | 1,375 | $ | - | ||||
| Accrued fixed assets | $ | 215 | $ | - | ||||
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 Loss Before Income Taxes, and Net Loss, the most closely related GAAP financial measure. Reconciliation between EBITDA, Adjusted EBITDA, Adjusted Earnings per Share, Net Loss Before Income Taxes, and Net Loss are below:
| For The Three Months Ended December 31, | For The Year Ended December 31, | |||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||
| (In thousands) | ||||||||||||||||
| Net loss before income taxes | $ | (5,308 | ) | $ | (4,616 | ) | $ | (19,040 | ) | $ | (33,215 | ) | ||||
| Interest expense | 1,148 | 337 | 3,632 | 896 | ||||||||||||
| Depreciation and amortization expense | 565 | 495 | 2,221 | 1,961 | ||||||||||||
| EBITDA | $ | (3,595 | ) | $ | (3,784 | ) | $ | (13,187 | ) | $ | (30,358 | ) | ||||
| Additional Adjustments: | ||||||||||||||||
| Severances and One-Time Employee Related Costs | — | 82 | — | 1,713 | ||||||||||||
| One-Time Reserves and Write Downs | — | — | — | 2,562 | ||||||||||||
| Stock Based Compensation Expense | 208 | 242 | 1,156 | 1,052 | ||||||||||||
| ATM Facility Setup Fees/Expenses | — | — | 93 | — | ||||||||||||
| Legacy Product - Maui Relief Donations & Liquidation Sales | — | — | 157 | — | ||||||||||||
| Adjusted EBITDA | $ | (3,387 | ) | $ | (3,460 | ) | $ | (11,781 | ) | $ | (25,031 | ) | ||||
| For The Three Months Ended December 31, | For The Year Ended December 31, | |||||||||||||||
| (In thousands except share and per share information) | 2023 | 2022 | 2023 | 2022 | ||||||||||||
| Net loss | $ | (5,311 | ) | $ | (4,505 | ) | $ | (19,041 | ) | $ | (33,140 | ) | ||||
| Weighted average shares outstanding | 2,429,329 | 2,078,731 | 2,215,417 | 2,048,185 | ||||||||||||
| Basic & Diluted Net Loss per Share | $ | (2.19 | ) | $ | (2.17 | ) | $ | (8.59 | ) | $ | (16.18 | ) | ||||
| Additional Adjustments: | ||||||||||||||||
| Severances and One-Time Employee Related Costs | — | 0.04 | — | 0.84 | ||||||||||||
| One-Time Reserves and Write Downs | — | — | — | 1.25 | ||||||||||||
| Stock Based Compensation Expense | 0.09 | 0.12 | 0.52 | 0.51 | ||||||||||||
| Non-Cash Interest Attributable to Warrants Issued in Connection with Notes | 0.20 | — | 0.62 | — | ||||||||||||
| ATM Facility Setup Fees/Expenses | — | — | 0.04 | — | ||||||||||||
| Legacy Product - Maui Relief Donations & Liquidation Sales | — | — | 0.07 | — | ||||||||||||
| Adjusted Earnings per Share | $ | (1.90 | ) | $ | (2.01 | ) | $ | (7.34 | ) | $ | (13.58 | ) | ||||
FAQ
What was the percentage improvement in retail sales velocity due to new brand packaging?
What is the net sales guidance range set by Stryve Foods for fiscal year 2024?
Why did net sales decline in the fourth quarter of 2023?
What led to the gross profit loss in the fourth quarter of 2023?
Who is the Chief Executive Officer of Stryve Foods?
What is the ticker symbol for Stryve Foods?
