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 PerformanceIn 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 18.9%,
total dollar velocities increasing 12.5%, and market share
increasing 8.3bps1. Each of those year-over-year measures was
exceeded in the most recent 4-Week SPINS data, which reflects an
increase in retail dollar sales of 24.4%, and increase in total
dollar velocities of 23.7%, and an increase in market share of
9.7bps2. Management believes that this acceleration is a sign of
the impact of the Company’s transformation efforts, and in
particular the new packaging and refreshed branding as well as the
significant improvements in quality that have been achieved.
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 31.7% and 39.3% increases
in the 12-week and 4-week periods, respectively. Retail sales
velocity is a measure of the amount of sales per store per week of
the brand(s) across all of the brand(s)’ distribution in measured
channels. Retail sales velocity and other retail metrics are
derived from check-out register scan data reported by retailers and
management believes they are indicative that the Company’s strategy
is resonating with consumers and retailers alike.
2023 – A Year of
TransformationThe 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 OutlookFor
fiscal year 2024, Stryve Foods sets its net sales guidance in the
range of $24 million to $30 million, with expectations for volume
acceleration contributing to substantial year-over-year gross
margin improvement and increasing each quarter as more volume comes
online.
Alex Hawkins, Chief Financial Officer,
said, “Our financial and operational discipline in 2023
has led to a 52.9% reduction in our Adj. EBITDA Loss for the year
and has laid a strong foundation for operating leverage as we grow.
Further, our gross profit improvement of $3.1 million
year-over-year is a great reflection of transformed unit economics,
especially when considering the absorption effects of our strategic
rationalization of revenue. As we continue into 2024, we expect to
see meaningfully reduced losses each quarter, accelerating as we
scale. At the high end of our sales guidance range, would expect to
see a breakeven point from an Adj. EBITDA standpoint during fourth
quarter, absent any significant externality or significant change
in beef prices. We have worked tirelessly to ensure that 2023 was
our year of transformation and to transition into 2024 with a
renewed emphasis on quality growth while remaining disciplined in
everything we do.”
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 $8.0 million in
committed borrowing capacity, was set to mature in September 2024
and is now contracted through March 2026. Additionally, in January
of 2024, the Company successfully negotiated the strategic
extension of $4.1 million of maturing bridge notes, providing
Stryve with up to another 12 months of time before maturity.
Lastly, the Company has terminated its ATM equity facility with
Craig Hallum Capital as it looks to secure less dilutive means to
augment its liquidity needs.
“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, or
13.7% 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 100% real beef with no fillers, preservatives, or
by-products.
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 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;
(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
Relationsir@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 EndedDecember 31, |
|
For The Year EndedDecember 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 - $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, 2,249,189 and 1,714,973 shares issued and outstanding
(net of 53,333 and 53,333 treasury shares), respectively |
|
|
- |
|
|
|
- |
|
Class V common stock - $0.0001 par value, 15,000,000 shares
authorized, 382,892 and 419,941 shares issued and outstanding |
|
|
- |
|
|
|
- |
|
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 EndedDecember 31, |
|
For The Year EndedDecember 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 EndedDecember 31, |
|
For The Year EndedDecember 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 |
) |
Stryve Foods (NASDAQ:SNAX)
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