Stryve Foods, Inc. Pre-Announces Select Fourth Quarter and Full Year 2022 Metrics
February 16 2023 - 5:00PM
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
pre-announces key metrics for the full year and fourth quarter
ended December 31, 2022. The Company’s fiscal 2022 full earnings
report and Form 10-K are expected to be released on or before March
31, 2023, and the timing of Full Year 2022 results, as well as the
related earnings conference call in March, will be sent as a
separate release.
FY 2022 Pre-Announce Metrics and Other Key
Updates:
- Management expects to report full
year 2022 net sales within the previously issued guidance range of
$29 to $32 million.
- Full year 2022 net sales expected
at the lower-to-middle of the guidance range based on previously
discussed SKU rationalization program.
- Part of the rationalization program
included exiting certain Stryve Nutrition SKUs during the fourth
quarter of 2022 with the Company fully exiting the Stryve Nutrition
portfolio in 2023.
- Business transformation on track as
evidenced by the preliminary results for the fourth quarter of 2022
as follows:
- Gross margin for the fourth quarter
of 2022 in line with the third quarter of 2022;
- Operating expenses for the fourth
quarter of 2022 reduced more than 50% compared to the prior year
period;
- Significantly reduced Adjusted
EBITDA Loss in the fourth quarter of 2022 compared to the prior
year period.
- Based on SPINS data, the Company’s
brand portfolio shows retail sales up 27% year-over-year for the
52-week period ending December 31st, 2022, with total points of
distribution growing by 33% over the same timeframe.
- Management expects to provide
fiscal year 2023 select financial guidance, including commentary on
the Company’s growth, operating, and capital plans during the
upcoming fourth quarter and full year earnings conference call in
March.
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 Contacts:Three Part
Advisors, LLCSandy Martin or Phillip Kupper214-616-2207
or 817-368-2556
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