Stryve Foods, Inc. (“Stryve” or “the Company”) (NASDAQ: SNAX), an
emerging healthy snack and eating platform disrupting traditional
consumer packaged goods (CPG) categories, and a leader in the
air-dried meat snack industry in the United States, today reports
financial and operating results for the three months and nine
months ended September 30, 2023.
The Company’s products in the aggregate continue
to outperform the category in measured channels. The most recent
24-week SPINS data reflects meaningful year-over-year improvement
in measured channels with retail dollar sales increasing 21.0%,
total distribution points expanding 9.9%, and equivalized price-mix
improving 16.4%1. These metrics are derived from check-out register
scan data and management believes they are indicative that the
Company’s strategy is resonating with consumers and retailers
alike.
Chris Boever, Chief Executive Officer,
commented, “I am very pleased with the progress we are
making on our transformation and the improved foundation we have
built. We have made tremendous strides in our cost structure, cash
management, pricing, and operating model. In addition, we have
significantly improved our quality and are now progressing with our
growth plans, inclusive of brand positioning and packaging. The
response from the retailer community has been positive, further
energizing my enthusiasm to deliver on our growth potential. Our
simplification initiative includes streamlining our portfolio, a
component of which includes SKU rationalization and packaging
refresh. I’m excited to share that work is nearing completion as we
transition to the new packaging. While early, indicators reflect a
significant improvement in retail velocity in response to the new
packaging.
Further, as I have consistently stated, total
points of distribution will be a key metric of progress and a
leading indicator for growth. I am pleased to share that our
distribution points are growing at 13.4% in the most recent 12-week
data2. In addition, in the coming weeks we expect to announce
several new customer wins as well as expansions with existing
customers all of which would be incremental growth in
distribution,” Boever remarked.
Alex Hawkins, Chief Financial Officer,
said, “We have reduced our total operating expenses by
31.4% in the third quarter, resulting in a 23.1% improvement in our
operating loss despite the lower, rationalized, sales volume when
compared to the prior year period. In addition, we have managed our
inventory levels down by approximately $2.1 million from Q2’23,
further evidence of our improved management of cash, positively
contributing to cash flow from operations. We have and will
continue to opportunistically raise funds through the utilization
of our ATM facility to support our liquidity. Also, I am pleased to
share that we have worked closely with our lenders and that as of
this month, we have increased our ability to utilize previously
untapped borrowing capacity on our line of credit, thereby creating
additional near-term liquidity for the business,” Hawkins
concluded.
Boever continued, “We have
rebuilt the entire organization in a short period of time,
streamlining and prioritizing the value drivers. We are positioned,
better than ever, to capitalize on the consumer benefits of our
brands. Our points of difference are on-trend and as we reach
scale, combined with the significantly improved operating model and
cost structure, we will deliver a profitable business in the near
future.”
Third Quarter 2023 Highlights
- Net sales of $4.2 million, compared to $6.2 million in the
year-ago quarter, down 32.3%. 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 margin losing items. Further,
last year’s third quarter period was benefited by a non-normal
increase in shipments as the business caught up from network-wide
out-of-stocks attributable to the execution challenges the Company
encountered during the second quarter of 2022. This catch-up
dynamic did not exist in the third quarter of 2023.
- Gross profit of $0.6 million, or 13.3% of net sales, compared
to gross profit of $1.4 million in the 2022 third quarter. The
decline is primarily attributable to lower volumes leading to under
absorption of costs in the Company’s manufacturing facilities. Also
contributing to the decline is the liquidation sales of
rationalized, obsolete, and slow-moving inventory in the
quarter.
- Operating loss of ($3.7) million, compared to operating loss of
($4.8) million in the 2022 third quarter.
- Announced a 1-for-15 reverse stock split of the Company’s
issues and outstanding Class A and Class V common stock that was
effective July 14, 2023.
- Interest expense of $1.1 million for the 2023 third 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 ($4.8) million, or ($2.14) per share, compared to a
net loss of ($5.0) million, or ($2.40) per share, in the 2022 third
quarter.
- Adjusted loss per share3 of ($1.66) for the third quarter of
2023, which compares favorably to adjusted loss per share of
($2.21) for the year-ago period.
- Adjusted EBITDA loss3 of ($2.5) million for the 2023 third
quarter, compared to ($3.9) million in the prior year quarter.
First Nine Months 2023 Highlights
- Net sales of $14.8 million, compared to $24.5 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 $2.6 million, or 17.3% of net sales, compared
to negative gross profit of ($1.9) million in the 2022 period.
- Operating loss of ($11.3) million, compared to operating loss
of ($27.9) million in the 2022 period.
- Interest expense of $2.5 million for the 2023 first nine months
includes approximately $0.9 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 ($13.7) million, or ($6.41) per share, compared to
a net loss of ($28.6) million, or ($14.05) per share, in the 2022
nine-month period.
- Adjusted loss per share3 of ($5.44) for the nine months of
2023, which compares favorably to adjusted loss per share of
($11.60) for the prior year period.
- Adjusted EBITDA loss3 of ($8.4) million for the 2023 nine
months, compared to ($21.6) million in the prior year period.
1 Source: SPINS data for the 24-week period ending October 8th,
2023.2 Source: SPINS data for the 12-week period ending October
8th, 2023.3 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 brand Two Tails, 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 Ended September 30, |
|
For The Nine Months Ended September 30, |
|
|
|
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
(unaudited) |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
SALES,
net |
|
$ |
4,180 |
|
|
$ |
6,170 |
|
|
$ |
14,823 |
|
|
$ |
24,537 |
|
|
|
|
|
|
|
|
|
|
COST OF
GOODS SOLD (exclusive of depreciation shown separately below) |
|
|
3,624 |
|
|
|
4,786 |
|
|
|
12,253 |
|
|
|
26,454 |
|
|
|
|
|
|
|
|
|
|
GROSS PROFIT
(LOSS) |
|
|
556 |
|
|
|
1,384 |
|
|
|
2,570 |
|
|
|
(1,917 |
) |
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES |
|
|
|
|
|
|
|
|
Selling
expenses |
|
|
1,771 |
|
|
|
2,641 |
|
|
|
5,518 |
|
|
|
12,873 |
|
Operations
expense |
|
|
326 |
|
|
|
1,085 |
|
|
|
1,465 |
|
|
|
3,664 |
|
Salaries and
wages |
|
|
1,572 |
|
|
|
1,940 |
|
|
|
5,205 |
|
|
|
8,035 |
|
Depreciation
and amortization expense |
|
|
552 |
|
|
|
518 |
|
|
|
1,656 |
|
|
|
1,466 |
|
Gain on
disposal of fixed assets |
|
|
(11 |
) |
|
|
(50 |
) |
|
|
(11 |
) |
|
|
(74 |
) |
Total
operating expenses |
|
|
4,210 |
|
|
|
6,134 |
|
|
|
13,833 |
|
|
|
25,964 |
|
|
|
|
|
|
|
|
|
|
OPERATING
LOSS |
|
|
(3,654 |
) |
|
|
(4,750 |
) |
|
|
(11,263 |
) |
|
|
(27,881 |
) |
|
|
|
|
|
|
|
|
|
OTHER
(EXPENSE) INCOME |
|
|
|
|
|
|
|
|
Interest
expense |
|
|
(1,121 |
) |
|
|
(190 |
) |
|
|
(2,484 |
) |
|
|
(559 |
) |
Change in
fair value of Private Warrants |
|
|
1 |
|
|
|
15 |
|
|
|
20 |
|
|
|
100 |
|
Other
expense |
|
|
2 |
|
|
|
(43 |
) |
|
|
(5 |
) |
|
|
(259 |
) |
Total other
(expense) income |
|
|
(1,118 |
) |
|
|
(218 |
) |
|
|
(2,469 |
) |
|
|
(718 |
) |
|
|
|
|
|
|
|
|
|
NET LOSS
BEFORE INCOME TAXES |
|
|
(4,772 |
) |
|
|
(4,968 |
) |
|
|
(13,732 |
) |
|
|
(28,599 |
) |
|
|
|
|
|
|
|
|
|
Income tax
expense (benefit) |
|
|
7 |
|
|
|
1 |
|
|
|
(2 |
) |
|
|
37 |
|
|
|
|
|
|
|
|
|
|
NET
LOSS |
|
$ |
(4,779 |
) |
|
$ |
(4,969 |
) |
|
$ |
(13,730 |
) |
|
$ |
(28,636 |
) |
|
|
|
|
|
|
|
|
|
Loss per
common share: |
|
|
|
|
|
|
|
|
Basic and
diluted |
|
$ |
(2.14 |
) |
|
$ |
(2.40 |
) |
|
$ |
(6.41 |
) |
|
$ |
(14.05 |
) |
|
|
|
|
|
|
|
|
|
Weighted
average shares outstanding: |
|
|
|
|
|
|
|
|
Basic and
diluted |
|
|
2,237,211 |
|
|
|
2,066,130 |
|
|
|
2,143,336 |
|
|
|
2,037,895 |
|
|
|
|
|
|
|
|
|
|
Stryve
Foods, Inc. |
Condensed
Consolidated Balance Sheets |
(in
thousands) |
|
|
|
|
|
|
|
September 30, |
|
December 31, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
(Unaudited) |
|
(audited) |
ASSETS |
|
|
|
|
CURRENT
ASSETS |
|
|
|
|
Cash and cash equivalent |
|
$ |
226 |
|
|
$ |
623 |
|
Accounts receivable, net |
|
|
3,046 |
|
|
|
2,488 |
|
Inventory, net |
|
|
6,273 |
|
|
|
8,259 |
|
Prepaid expenses and other current assets |
|
|
1,018 |
|
|
|
1,551 |
|
Total current assets |
|
|
10,563 |
|
|
|
12,921 |
|
|
|
|
|
|
Property and
equipment, net |
|
|
7,491 |
|
|
|
8,817 |
|
Right of use
asset, net |
|
|
4,713 |
|
|
|
5,010 |
|
Goodwill |
|
|
8,450 |
|
|
|
8,450 |
|
Intangible
asset, net |
|
|
4,180 |
|
|
|
4,362 |
|
TOTAL ASSETS |
|
$ |
35,397 |
|
|
$ |
39,560 |
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
CURRENT
LIABILITIES |
|
|
|
|
Accounts
payable |
|
$ |
3,971 |
|
|
$ |
3,010 |
|
Accrued expenses |
|
|
2,407 |
|
|
|
1,727 |
|
Current portion of lease liability |
|
|
350 |
|
|
|
328 |
|
Line of credit, net of debt issuance costs |
|
|
2,754 |
|
|
|
1,046 |
|
Promissory notes payable, net of debt discount and debt issuance
costs |
|
|
2,580 |
|
|
|
- |
|
Promissory notes payable due to related parties, net of debt
discount and debt issuance costs |
|
|
1,015 |
|
|
|
- |
|
Current portion of long-term debt and other short-term
borrowings |
|
|
736 |
|
|
|
969 |
|
Total current liabilities |
|
|
12,813 |
|
|
|
7,080 |
|
|
|
|
|
|
Long-term
debt, net of current portion, net of debt issuance costs |
|
|
3,520 |
|
|
|
3,697 |
|
Lease
liability, net of current portion |
|
|
4,468 |
|
|
|
4,734 |
|
Financing
obligation - related party operating lease |
|
|
7,500 |
|
|
|
7,500 |
|
Deferred tax
liability, net |
|
|
2 |
|
|
|
2 |
|
Deferred
stock compensation liability |
|
|
358 |
|
|
|
90 |
|
Warrant
liability |
|
|
1 |
|
|
|
21 |
|
TOTAL LIABILITIES |
|
|
29,662 |
|
|
|
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, 1,968,482 and 1,714,973 shares issued and outstanding,
respectively |
|
|
- |
|
|
|
- |
|
Class V common stock - $0.0001 par value, 15,000,000 shares
authorized, 405,313 and 419,941 shares issued and outstanding |
|
|
- |
|
|
|
- |
|
Additional paid-in-capital |
|
|
136,717 |
|
|
|
133,688 |
|
Accumulated deficit |
|
|
(130,982 |
) |
|
|
(117,252 |
) |
TOTAL
STOCKHOLDERS' EQUITY |
|
|
5,735 |
|
|
|
16,436 |
|
|
|
|
|
|
TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
$ |
35,397 |
|
|
$ |
39,560 |
|
|
|
|
|
|
Stryve
Foods, Inc. |
Condensed
Consolidated Statement of Cash Flows |
(In
thousands) |
|
|
For The Nine
Months |
|
|
Ended September 30, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
(unaudited) |
|
|
|
|
|
CASH
FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
Net
loss |
|
$ |
(13,731 |
) |
|
$ |
(28,636 |
) |
Adjustments
to reconcile net loss to net cash used in operating
activities: |
|
|
|
|
Depreciation expense |
|
|
1,474 |
|
|
|
1,284 |
|
Amortization of intangible assets |
|
|
182 |
|
|
|
182 |
|
Amortization of debt issuance costs |
|
|
223 |
|
|
|
- |
|
Amortization of debt discount |
|
|
881 |
|
|
|
- |
|
Amortization of right-of-use asset |
|
|
297 |
|
|
|
149 |
|
Gain on disposal of fixed assets |
|
|
(10 |
) |
|
|
(74 |
) |
Prepaid media reserve |
|
|
- |
|
|
|
1,489 |
|
Bad debt expense |
|
|
199 |
|
|
|
323 |
|
Stock based compensation expense |
|
|
948 |
|
|
|
810 |
|
Change in fair value of Private Warrants |
|
|
(20 |
) |
|
|
(100 |
) |
Changes in operating assets and liabilities: |
|
|
|
|
Accounts receivable |
|
|
(756 |
) |
|
|
434 |
|
Inventory |
|
|
1,985 |
|
|
|
(1,711 |
) |
Vendor deposits |
|
|
- |
|
|
|
4 |
|
Prepaid media spend |
|
|
- |
|
|
|
46 |
|
Prepaid expenses and other current assets |
|
|
533 |
|
|
|
(64 |
) |
Accounts payable |
|
|
961 |
|
|
|
(554 |
) |
Accrued liabilities |
|
|
680 |
|
|
|
1,000 |
|
Operating lease obligations |
|
|
(244 |
) |
|
|
(116 |
) |
Net cash used in operating activities |
|
$ |
(6,398 |
) |
|
$ |
(25,534 |
) |
|
|
|
|
|
CASH
FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
Cash paid for purchase of equipment |
|
|
(150 |
) |
|
|
(2,322 |
) |
Cash received for sale of equipment |
|
|
11 |
|
|
|
41 |
|
Net cash used in investing activities |
|
$ |
(139 |
) |
|
$ |
(2,281 |
) |
|
|
|
|
|
CASH
FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
PIPE capital raise |
|
|
- |
|
|
|
32,311 |
|
Exercise of Prefunded Warrants |
|
|
- |
|
|
|
1 |
|
Post closing adjustment of Business Combination Agreement |
|
|
- |
|
|
|
(238 |
) |
Proceeds from the issuance of common stock, net |
|
|
1,016 |
|
|
|
- |
|
Borrowings on long-term debt |
|
|
- |
|
|
|
3,940 |
|
Repayments on long-term debt |
|
|
(121 |
) |
|
|
(4,989 |
) |
Borrowings on related party debt |
|
|
1,175 |
|
|
|
- |
|
Borrowings on short-term debt |
|
|
16,556 |
|
|
|
1,136 |
|
Repayments on short-term debt |
|
|
(12,269 |
) |
|
|
(2,000 |
) |
Debt issuance costs |
|
|
(176 |
) |
|
|
(209 |
) |
Deferred offering costs |
|
|
(39 |
) |
|
|
- |
|
Payments in lieu of fractional shares in connection with the
reverse stock split |
|
|
(2 |
) |
|
|
- |
|
Net cash provided by financing activities |
|
$ |
6,140 |
|
|
$ |
29,952 |
|
|
|
|
|
|
Net change in cash and cash equivalents |
|
|
(397 |
) |
|
|
2,137 |
|
Cash and cash equivalents at beginning of period |
|
|
623 |
|
|
|
2,217 |
|
Cash and cash equivalents at end of period |
|
$ |
226 |
|
|
$ |
4,354 |
|
|
|
|
|
|
SUPPLEMENTAL INFORMATION: |
|
|
|
|
Cash paid for interest |
|
$ |
1,160 |
|
|
$ |
402 |
|
NON-CASH INVESTING AND FINANCING ACTIVITY: |
|
|
|
|
Non-cash commercial premium finance borrowing |
|
$ |
843 |
|
|
$ |
1,013 |
|
Issuance of warrants in connection with debt instrument |
|
$ |
1,375 |
|
|
$ |
- |
|
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:
|
|
|
|
|
|
|
|
|
|
|
For The Three MonthsEnded September 30, |
|
For The Nine MonthsEnded September 30, |
|
|
|
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
(In thousands) |
|
(unaudited) |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
Net loss
before income taxes |
|
$ |
(4,772 |
) |
|
$ |
(4,967 |
) |
|
$ |
(13,733 |
) |
|
$ |
(28,599 |
) |
Interest
expense |
|
|
1,121 |
|
|
|
190 |
|
|
|
2,484 |
|
|
|
559 |
|
Depreciation
and amortization expense |
|
|
552 |
|
|
|
518 |
|
|
|
1,656 |
|
|
|
1,466 |
|
EBITDA |
|
$ |
(3,099 |
) |
|
$ |
(4,259 |
) |
|
$ |
(9,593 |
) |
|
$ |
(26,574 |
) |
Additional
Adjustments: |
|
|
|
|
|
|
|
|
Severances and One-Time Employee Related Costs |
|
|
— |
|
|
|
285 |
|
|
|
— |
|
|
|
1,631 |
|
One-Time Reserves and Write Downs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,562 |
|
Stock Based Compensation Expense |
|
|
330 |
|
|
|
98 |
|
|
|
948 |
|
|
|
810 |
|
ATM Facility Setup Fees/Expenses |
|
|
93 |
|
|
|
— |
|
|
|
93 |
|
|
|
— |
|
Legacy Product - Maui Relief Donations & Liquidation Sales |
|
|
157 |
|
|
|
— |
|
|
|
157 |
|
|
|
— |
|
Adjusted EBITDA |
|
$ |
(2,519 |
) |
|
$ |
(3,876 |
) |
|
$ |
(8,395 |
) |
|
$ |
(21,571 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The Three Months Ended September 30, |
|
For The Nine Months Ended September 30, |
|
|
|
(In thousands except share and per share
information) |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
Net
loss |
|
$ |
(4,779 |
) |
|
$ |
(4,968 |
) |
|
$ |
(13,731 |
) |
|
$ |
(28,636 |
) |
Weighted
average shares outstanding |
|
|
2,237,211 |
|
|
|
2,066,130 |
|
|
|
2,143,336 |
|
|
|
2,037,895 |
|
Basic & Diluted Net Loss per Share |
|
$ |
(2.14 |
) |
|
$ |
(2.40 |
) |
|
$ |
(6.41 |
) |
|
$ |
(14.05 |
) |
Additional
Adjustments: |
|
|
|
|
|
|
|
|
Severances and One-Time Employee Related Costs |
|
|
— |
|
|
|
0.14 |
|
|
|
— |
|
|
|
0.80 |
|
One-Time Reserves and Write Downs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1.26 |
|
Stock Based Compensation Expense |
|
|
0.15 |
|
|
|
0.05 |
|
|
|
0.44 |
|
|
|
0.39 |
|
Non-Cash Interest Attributable to Warrants Issued in Connection
with Notes |
|
|
0.22 |
|
|
|
— |
|
|
|
0.41 |
|
|
|
— |
|
ATM Facility Setup Fees/Expenses |
|
|
0.04 |
|
|
|
— |
|
|
|
0.04 |
|
|
|
— |
|
Legacy Product - Maui Relief Donations & Liquidation Sales |
|
|
0.07 |
|
|
|
— |
|
|
|
0.07 |
|
|
|
— |
|
Adjusted Earnings per Share |
|
$ |
(1.66 |
) |
|
$ |
(2.21 |
) |
|
$ |
(5.44 |
) |
|
$ |
(11.60 |
) |
|
|
|
|
|
|
|
|
|
Stryve Foods (NASDAQ:SNAX)
Gráfica de Acción Histórica
De Ago 2024 a Sep 2024
Stryve Foods (NASDAQ:SNAX)
Gráfica de Acción Histórica
De Sep 2023 a Sep 2024