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 and nine months ended
September 30, 2022.
Chris Boever, Chief Executive Officer,
commented, “I am pleased with the progress we have made on
our transformation, the results of which can be seen in the
improvement in margins, operating expenses, and performance in
measured channels. We have improved Q3 to a respectable 22.4% gross
margin versus negative Q2 gross margins -- and delivered the best
quarter in the Company’s history in terms of Adjusted EBITDA. Our
productivity initiatives are underway across the organization to
further drive positive financial outcomes.
“We have launched a consumer-focused renovation
and innovation agenda, highlighting our points of difference, which
are designed to enable expansion with our highly valued retail
partners. We expect to build on the momentum in the measured
channels while maintaining focused discipline on our execution. We
are building capabilities across the organization, improving our
execution and expanding distribution of our great tasting,
on-trend, healthier brands; Stryve, Vacadillos, and Kalahari to an
expanding consumer base.
“I am excited to welcome Chris Whitehair to our
Stryve Board, he brings a wealth of strategic expertise in the CPG
space. I’d like to also thank my Stryve teammates for their
unrelenting efforts and commitment to this change agenda, as
together, we are unlocking the potential of our great portfolio of
brands. We are excited and inspired each day to make more progress
toward our profitability goals for 2023,” Boever concluded.
Alex Hawkins, Chief Financial Officer,
said, “This quarter illustrates the positive changes we’re
driving throughout our business. With significantly improved
price/mix, better procurement and improving yields, we have made
great progress toward recovering our gross margins. We also have
made meaningful progress on our restructuring plans with a 46%
reduction in our operating expenses, which greatly narrows losses
and the monthly cash burn. We’ve established a leaner organization
and have simplified our operations and offerings to facilitate
focused execution.
“Within our productivity agenda, we are
continuously assessing opportunities to drive long-term value. An
example of this is the acceleration of our SKU rationalization
program. We identified and rationalized a meaningful amount of
revenue that was not aligned with our expectations of healthy
margins or cash conversion. While this will pull revenue down in
the short term, it will allow us to allocate resources to drive
productivity and prioritized execution with a clear focus on our
core business. Accordingly, with the highlighted transformational
initiatives, higher-quality revenue base, accelerated SKU
rationalization, and absent any significant externalities, we are
revising our full-year net sales estimates to a range of $29 to $32
million with modest sequential improvements expected for our fourth
quarter Adjusted EBITDA loss.
“Also in the third quarter, we successfully
secured $21M of non-dilutive, committed borrowing capacity through
a combination of facilities that augments our liquidity to support
the business as we execute on our initiatives,” concluded
Hawkins.
Third Quarter Highlights
- Net sales of $6.2 million compared
to $9.1 million in the year-ago quarter.
- Gross profit of $1.4 million or
22.4% of net sales compared to gross profit of $3.3 million or
35.9% of net sales in the 2021 quarter.
- Operating loss of ($4.7) million,
compared to operating loss of ($8.2) million in the 2021 third
quarter.
- Net loss of ($4.97) million, or
($0.16) per share, compared to a net loss of ($8.71) million, or
($0.48) per share, in the 2021 third quarter.
- Adjusted loss per share of ($0.15)
1 for the third quarter of 2022, was adjusted for stock-based
compensation and other items, which compares favorably to Adjusted
loss per share of ($0.44) for the year-ago period.
- Adjusted EBITDA loss1 of ($3.88)
million for the 2022 third quarter, compared to ($6.93) million in
the prior year quarter.
1 Adjusted EBITDA and Adjusted loss per share are a non-GAAP
financial measure as defined and reconciled to GAAP below.
First Nine Months Highlights
- Net sales of $24.5 million for the
nine months, increased 5.6% from $23.2 million versus the year-ago
period.
- Gross profit was negative of ($1.9)
million for the first nine months, compared to a positive gross
profit of $9.5 million, or 40.9% of net sales in the 2021 period.
The decline in gross profit year-over-year is primarily
attributable to a limited-time retailer-specific promotional event
that occurred in the second quarter of 2022.
- Operating loss of ($27.9) million
for the first nine months, compared to operating loss of ($19.8)
million in the 2021 prior year period. The 2022 period
included significant one-time charges from restructuring efforts
under new leadership that were recorded in the first nine months
totaling $4.2 million, mostly during the second quarter.
- Net loss of ($28.64) million, or
($0.94) per share for the first nine months, compared to a net loss
of ($20.03) million, or ($1.56) per share, in the 2021 prior year
period.
- Adjusted loss per share of ($0.77)1
for the first nine months of 2022, was adjusted for restructuring
charges, stock-based compensation and other items, which compares
favorably to Adjusted loss per share of ($1.63) for the year-ago
period.
- Adjusted EBITDA loss1 of ($21.57)
million for the first nine months, compared to a ($17.14) million
Adjusted EBITDA loss in the comparable period.
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 4:30 p.m. Eastern Time to
discuss financial and operating results for the quarter ended
September 30, 2022. To access the call live by phone, dial (844)
826-3035 and ask for the Stryve Foods call at least 10 minutes
prior to the start time. A telephonic replay will be
available through November 21, 2022, by calling (844) 512-2921 and
using passcode ID: 10172618#. 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.com 214-616-2207 or 817-778-8339
-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 |
|
For The Nine Months Ended |
|
|
September 30, |
|
September 30, |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
|
(unaudited) |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
SALES, net |
|
$ |
6,170 |
|
|
$ |
9,062 |
|
|
$ |
24,537 |
|
|
$ |
23,248 |
|
|
|
|
|
|
|
|
|
|
COST OF GOODS SOLD (exclusive of depreciation shown separately
below) |
|
|
4,786 |
|
|
|
5,808 |
|
|
|
26,454 |
|
|
|
13,735 |
|
|
|
|
|
|
|
|
|
|
GROSS (LOSS) MARGIN |
|
$ |
1,384 |
|
|
$ |
3,254 |
|
|
$ |
(1,917 |
) |
|
$ |
9,513 |
|
|
|
|
|
|
|
|
|
|
OPERATING EXPENSES |
|
|
|
|
|
|
|
|
Selling expenses |
|
$ |
2,640 |
|
|
$ |
5,827 |
|
|
$ |
12,872 |
|
|
$ |
17,873 |
|
Operations expense |
|
|
1,085 |
|
|
|
1,234 |
|
|
|
3,664 |
|
|
|
3,264 |
|
Salaries and wages |
|
|
1,940 |
|
|
|
3,973 |
|
|
|
8,036 |
|
|
|
6,977 |
|
Depreciation and amortization expense |
|
|
518 |
|
|
|
402 |
|
|
|
1,466 |
|
|
|
1,194 |
|
Gain on disposal of fixed assets |
|
|
(50 |
) |
|
|
(13 |
) |
|
|
(74 |
) |
|
|
(22 |
) |
Total operating expenses |
|
|
6,133 |
|
|
|
11,423 |
|
|
|
25,964 |
|
|
|
29,286 |
|
|
|
|
|
|
|
|
|
|
OPERATING LOSS |
|
|
(4,749 |
) |
|
|
(8,169 |
) |
|
|
(27,881 |
) |
|
|
(19,773 |
) |
|
|
|
|
|
|
|
|
|
OTHER (EXPENSE) INCOME |
|
|
|
|
|
|
|
|
Interest expense |
|
|
(190 |
) |
|
|
(758 |
) |
|
|
(559 |
) |
|
|
(2,715 |
) |
PPP loan forgiveness |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,670 |
|
Change in fair value of Private Warrants |
|
|
15 |
|
|
|
213 |
|
|
|
100 |
|
|
|
213 |
|
Gain on debt extinguishment |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
545 |
|
Other (expense) income |
|
|
(43 |
) |
|
|
3 |
|
|
|
(259 |
) |
|
|
27 |
|
Total other (expense) income |
|
|
(218 |
) |
|
|
(542 |
) |
|
|
(718 |
) |
|
|
(260 |
) |
|
|
|
|
|
|
|
|
|
NET LOSS BEFORE INCOME TAXES |
|
|
(4,967 |
) |
|
|
(8,711 |
) |
|
|
(28,599 |
) |
|
|
(20,033 |
) |
|
|
|
|
|
|
|
|
|
Income taxes |
|
|
1 |
|
|
|
- |
|
|
|
37 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
NET LOSS |
|
$ |
(4,968 |
) |
|
$ |
(8,711 |
) |
|
$ |
(28,636 |
) |
|
$ |
(20,033 |
) |
|
|
|
|
|
|
|
|
|
Loss per common share: |
|
|
|
|
|
|
|
|
Basic and diluted |
|
$ |
(0.16 |
) |
|
$ |
(0.48 |
) |
|
$ |
(0.94 |
) |
|
$ |
(1.56 |
) |
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
Basic and diluted |
|
|
30,991,943 |
|
|
|
18,263,099 |
|
|
|
30,568,431 |
|
|
|
12,878,733 |
|
Stryve Foods, Inc. |
Unaudited Condensed Consolidated Balance
Sheets |
(in thousands) |
|
|
|
|
|
|
|
September 30, |
|
|
December 31, |
|
|
2022 |
|
|
2021 |
(In thousands) |
|
(Unaudited) |
|
(audited) |
ASSETS |
|
|
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
|
|
|
Cash and cash equivalent |
|
$ |
4,355 |
|
|
$ |
2,217 |
|
Accounts receivable, net |
|
|
2,143 |
|
|
|
2,900 |
|
Inventory, net |
|
|
8,927 |
|
|
|
7,216 |
|
Prepaid media spend, net of reserve |
|
|
- |
|
|
|
450 |
|
Prepaid expenses and other current assets |
|
|
2,528 |
|
|
|
2,256 |
|
Total current assets |
|
|
17,953 |
|
|
|
15,039 |
|
|
|
|
|
|
|
|
|
|
Property and equipment, net |
|
|
7,896 |
|
|
|
6,826 |
|
Right of use asset, net |
|
|
618 |
|
|
|
767 |
|
Goodwill |
|
|
8,450 |
|
|
|
8,450 |
|
Intangible asset, net |
|
|
4,423 |
|
|
|
4,604 |
|
Prepaid media spend, net of reserve and net of current portion |
|
|
- |
|
|
|
1,085 |
|
Other assets |
|
|
- |
|
|
|
4 |
|
TOTAL ASSETS |
|
$ |
39,340 |
|
|
$ |
36,775 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
2,544 |
|
|
$ |
3,098 |
|
Accrued expenses |
|
|
2,635 |
|
|
|
1,635 |
|
Current portion of lease liability |
|
|
215 |
|
|
|
168 |
|
Line of credit |
|
|
123 |
|
|
|
3,500 |
|
Current portion of long-term debt |
|
|
1,559 |
|
|
|
3,447 |
|
Total current liabilities |
|
|
7,076 |
|
|
|
11,848 |
|
|
|
|
|
|
|
|
|
|
Long-term debt, net of current portion |
|
|
3,471 |
|
|
|
120 |
|
Lease liability, net of current portion |
|
|
436 |
|
|
|
599 |
|
Financing obligation - related party operating lease |
|
|
7,500 |
|
|
|
7,500 |
|
Deferred tax liability, net |
|
|
67 |
|
|
|
67 |
|
Deferred stock compensation liability |
|
|
603 |
|
|
|
71 |
|
Warrant liability |
|
|
29 |
|
|
|
128 |
|
TOTAL LIABILITIES |
|
|
19,182 |
|
|
|
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, 22,964,806 and 8,633,755 shares issued and outstanding,
respectively |
|
|
2 |
|
|
|
1 |
|
Class V common stock - $0.0001 par value, 200,000,000 shares
authorized, 7,488,343 and 11,502,355 shares issued and
outstanding |
|
|
1 |
|
|
|
1 |
|
Additional paid-in-capital |
|
|
132,902 |
|
|
|
100,551 |
|
Accumulated deficit |
|
|
(112,747 |
) |
|
|
(84,111 |
) |
TOTAL STOCKHOLDERS' EQUITY |
|
|
20,158 |
|
|
|
16,442 |
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
|
$ |
39,340 |
|
|
$ |
36,775 |
|
|
|
|
|
|
|
|
|
|
Stryve Foods, Inc. |
Unaudited Condensed Consolidated Statement of Cash
Flows |
(In thousands) |
|
|
Nine Months Ended |
|
|
Sept 30, 2022 |
|
Sept 30, 2021 |
(In thousands) |
|
(unaudited) |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(28,636 |
) |
|
$ |
(20,033 |
) |
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
|
|
|
|
|
Depreciation expense |
|
|
1,284 |
|
|
|
1,009 |
|
Amortization of intangible assets |
|
|
182 |
|
|
|
185 |
|
Amortization of debt issuance costs |
|
|
- |
|
|
|
546 |
|
Amortization of right-of-use asset |
|
|
149 |
|
|
|
- |
|
Gain on disposal of fixed assets |
|
|
(74 |
) |
|
|
- |
|
Gain on debt extinguishment |
|
|
- |
|
|
|
(545 |
) |
Prepaid media reserve |
|
|
1,489 |
|
|
|
- |
|
Obsolete inventory reserve |
|
|
861 |
|
|
|
- |
|
Interest income on members loan receivable |
|
|
- |
|
|
|
(27 |
) |
Bad debt expense |
|
|
323 |
|
|
|
514 |
|
Forgiveness on paycheck protection program loan |
|
|
- |
|
|
|
(1,670 |
) |
Stock based compensation expense |
|
|
810 |
|
|
|
- |
|
Change in fair value of Private Warrants |
|
|
(100 |
) |
|
|
(213 |
) |
Forgiveness of Notes Receivable |
|
|
- |
|
|
|
1,701 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
435 |
|
|
|
(4,332 |
) |
Inventory |
|
|
(2,572 |
) |
|
|
(2,141 |
) |
Vendor deposits |
|
|
4 |
|
|
|
- |
|
Prepaid media spend |
|
|
45 |
|
|
|
(171 |
) |
Prepaid expenses and other current assets |
|
|
(64 |
) |
|
|
(2,236 |
) |
Accounts payable |
|
|
(554 |
) |
|
|
(357 |
) |
Accrued liabilities |
|
|
1,000 |
|
|
|
147 |
|
Operating lease payments |
|
|
(116 |
) |
|
|
- |
|
Net cash used in operating activities |
|
$ |
(25,534 |
) |
|
$ |
(27,623 |
) |
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
Cash paid for purchase of equipment |
|
|
(2,321 |
) |
|
|
(898 |
) |
Cash received for sale of equipment |
|
|
41 |
|
|
|
65 |
|
Net cash used in investing activities |
|
$ |
(2,280 |
) |
|
$ |
(833 |
) |
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
Investment from Andina |
|
|
- |
|
|
|
36,136 |
|
PIPE capital raise |
|
|
32,311 |
|
|
|
- |
|
Exercise of Prefunded Warrants |
|
|
1 |
|
|
|
- |
|
Repurchase of member shares |
|
|
- |
|
|
|
(100 |
) |
Post closing adjustment of BCA |
|
|
(238 |
) |
|
|
- |
|
Borrowings on long-term debt |
|
|
3,940 |
|
|
|
- |
|
Repayments on long-term debt |
|
|
(4,989 |
) |
|
|
(4,231 |
) |
Borrowings on related party debt |
|
|
- |
|
|
|
9,294 |
|
Repayments on related party debt |
|
|
- |
|
|
|
(7,890 |
) |
Borrowings on short-term debt |
|
|
1,136 |
|
|
|
19,694 |
|
Repayments on short-term debt |
|
|
(2,000 |
) |
|
|
(11,142 |
) |
Debt issuance costs |
|
|
(209 |
) |
|
|
(507 |
) |
Net cash provided by financing activities |
|
$ |
29,952 |
|
|
$ |
41,254 |
|
|
|
|
|
|
|
|
|
|
Net change in cash and cash equivalents |
|
|
2,138 |
|
|
|
12,798 |
|
Cash and cash equivalents at beginning of
period |
|
|
2,217 |
|
|
|
592 |
|
Cash and cash equivalents at end of period |
|
$ |
4,355 |
|
|
$ |
13,389 |
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL INFORMATION: |
|
|
|
|
|
|
|
|
Cash paid for interest |
|
$ |
402 |
|
|
$ |
2,848 |
|
NON-CASH INVESTING AND FINANCING ACTIVITY: |
|
|
|
|
|
|
|
|
Non-cash retirement of Bridge Notes |
|
$ |
- |
|
|
$ |
10,857 |
|
Non-cash commercial premium finance borrowing |
|
$ |
1,013 |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
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 |
|
Nine Month Period Ended |
|
Nine Month Period Ended |
|
|
Sept 30, 2022 |
|
Sept 30, 2021 |
|
Sept 30, 2022 |
|
Sept 30, 2021 |
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
(In thousands) |
|
|
|
|
|
|
|
|
Net loss before income taxes |
|
$ |
(4,967 |
) |
|
$ |
(8,711 |
) |
|
$ |
(28,599 |
) |
|
$ |
(20,033 |
) |
Interest
expense |
|
|
190 |
|
|
|
758 |
|
|
|
559 |
|
|
|
2,715 |
|
Depreciation
and amortization |
|
|
518 |
|
|
|
402 |
|
|
|
1,466 |
|
|
|
1,194 |
|
EBITDA |
|
$ |
(4,259 |
) |
|
$ |
(7,551 |
) |
|
$ |
(26,574 |
) |
|
$ |
(16,124 |
) |
Additional Adjustments: |
|
|
|
|
|
|
|
|
PPP loan forgiveness |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(1,670 |
) |
Severances and One-Time Employee Related Costs |
|
285 |
|
|
|
- |
|
|
|
1,631 |
|
|
|
- |
|
One-Time Reserves and Write Downs |
|
|
- |
|
|
|
- |
|
|
|
2,562 |
|
|
|
- |
|
Business combination expenses |
|
|
- |
|
|
|
(1,077 |
) |
|
|
- |
|
|
|
- |
|
Stock based compensation expense |
|
|
98 |
|
|
|
- |
|
|
|
810 |
|
|
|
- |
|
Non-cash compensation expense |
|
|
- |
|
|
|
1,701 |
|
|
|
- |
|
|
|
1,701 |
|
Comparability adjustment - Public vs. Private |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(1,049 |
) |
Adjusted EBITDA |
|
$ |
(3,876 |
) |
|
$ |
(6,926 |
) |
|
$ |
(21,572 |
) |
|
$ |
(17,142 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Month Period Ended |
|
Three Month Period Ended |
|
Nine Month Period Ended |
|
Nine Month Period Ended |
|
|
Sept 30, 2022 |
|
Sept 30, 2021 |
|
Sept 30, 2022 |
|
Sept 30, 2021 |
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
(In thousands except share and per share information) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss |
|
$ |
(4,968 |
) |
|
$ |
(8,711 |
) |
|
$ |
(28,636 |
) |
|
$ |
(20,033 |
) |
Weighted
average shares outstanding |
|
|
30,991,943 |
|
|
|
18,263,099 |
|
|
|
30,568,431 |
|
|
|
12,878,733 |
|
Basic & Diluted Net Loss per Share |
|
$ |
(0.16 |
) |
|
$ |
(0.48 |
) |
|
$ |
(0.94 |
) |
|
$ |
(1.56 |
) |
Additional Adjustments: |
|
|
|
|
|
|
|
|
PPP loan forgiveness |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(0.13 |
) |
Severances and One-Time Employee Related Costs |
|
0.01 |
|
|
|
- |
|
|
|
0.05 |
|
|
|
- |
|
One-Time Reserves and Write Downs |
|
|
- |
|
|
|
- |
|
|
|
0.08 |
|
|
|
- |
|
Business combination expenses |
|
|
- |
|
|
|
(0.06 |
) |
|
|
- |
|
|
|
- |
|
Stock based compensation expense |
|
|
0.00 |
|
|
|
- |
|
|
|
0.03 |
|
|
|
- |
|
Non-cash compensation expense |
|
|
- |
|
|
|
0.09 |
|
|
|
- |
|
|
|
0.13 |
|
Comparability adjustment - Public vs. Private |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(0.08 |
) |
Adjusted
Earnings per Share |
|
$ |
(0.15 |
) |
|
$ |
(0.44 |
) |
|
$ |
(0.77 |
) |
|
$ |
(1.63 |
) |
|
|
|
|
|
|
|
|
|
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