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 twelve months
ended December 31, 2022.
Chris Boever, Chief Executive Officer,
commented, “Our 2022 transformation is progressing as
planned. As we discussed last quarter, simplifying our business,
executing pricing actions and attacking operating expenses were
crucial components to building the foundation for our future. In
the fourth quarter, we successfully reduced operating expenses by
55%, implemented a customer and SKU rationalization eliminating low
quality sales. We streamlined the organizational structure and
delivered double digit improvement in pricing. While
there are still components of the transformation to complete, the
progress the team made has been impressive. I would like to thank
my Stryve teammates and the board for their efforts and
support.
“We have collaborated with our retail partners,
listened to the voice of the consumer, and have dramatically
improved our offerings to drive distribution and consumption. From
this, we have refreshed our packaging to work harder at retail and
invested to unlock huge advancements in our product quality. These
actions have been extremely well received by retailers across the
country, and as a direct result of these efforts, we will
experience significant distribution gains, starting in the second
quarter, across multiple retail channels, c-store, mass, natural,
and in grocery. In addition, our productivity program is now in
place, with several projects across the enterprise in motion. The
organization’s focus on the core portfolio, executing on the
fundamentals will deliver acceleration in revenues and margin
expansion starting in our second quarter.
“Looking back at Q4, we successfully maintained
stable gross margins in the back half, and again delivered our best
quarterly Adjusted EBITDA Loss in the Company’s
history. Our first pass productivity improvements have
shown up in our numbers with materially lower cash operating
expenses. I am confident that we will be able to drive further
positive financial outcomes this year.
“Based on 52-week data in measured channels
alone, we delivered retail sales growth of 27% in 2022, exceeding
the overall category performance, earning share. This was largely
attributed to our gains in distribution and price/mix acceleration.
We expect to continue to build on this progress, while maintaining
rigorous discipline on our execution. I am proud of what the team
has accomplished in 2022. The demands were challenging last year,
and the rewards of our efforts are beginning to show up with
improved execution, expanding distribution, and enhanced
merchandising of our great tasting, on-trend, healthier brands;
Stryve, Vacadillos, Kalahari, and Braaitime,” Boever concluded.
Alex Hawkins, Chief Financial Officer,
said, “This progress demonstrates our ability to
turnaround the business and drive meaningful improvements
throughout the organization. With significantly improved price/mix,
better procurement, and improving yields, we have made significant
strides in fixing our unit economics and have stabilized our gross
margins in the back half of 2022. We have also made significant
progress reducing cash operating expenses, which further narrows
losses and the monthly cash burn. We’ve established a leaner, more
productive organization, streamlined our operations and offerings
to accelerate to profitability in the future.
“As we outlined last quarter, we’ve removed a
significant amount of low-quality volume from the business. As
evidenced by our Q4 results, we believe the rationalized base
business is approximately $20M of run rate net sales upon which we
look to grow from in 2023. While the lower volumes have affected
our gross margins in the short term due to lower plant utilization,
it has allowed us to drive meaningful improvements throughout our
supply chain. And, as our plant volumes increase to support our
distribution wins in Q2, we expect to see a several-point
improvement in our gross margins. And subject to any externalities,
we expect that with consistent volumes gross margins to scale into
the mid-30s by year-end.
“In 2023, we expect we will be mostly flat with
the potential for some modest growth overall versus FY 2022.
However, when compared to our rationalized base, we’re projecting
in excess of 40% growth in our quality core revenues.
“Our full-year 2023 net sales projections are in
a range of $28 to $34 million with the first quarter representing
our turnarounds’ trough but looking directionally similar to the
last two quarters on top and bottom-line results. We expect to see
a step function change in revenue and margins beginning in our
second quarter as we fulfill our retail expansions. This ramp in
quality revenues from Q1 to Q2 requires a significant investment in
working capital, which has put pressure on our liquidity position.
We are addressing this dynamic carefully to ensure successful
execution because we believe that by doing so we will be able to
show dramatically improved operating results and growth trajectory
starting in Q2. Our estimates assume we navigate those dynamics and
these projections are based on our view of today’s macro climate
and could be adjusted if we see material changes or volatility in
macro conditions,” concluded Hawkins.
The results shown in this release are
preliminary pending the finalization of the Company’s 10-K and
represent management’s expectations of what the audited results
will be. The Company expects to file its completed 10-K in the
coming days.
Fourth Quarter 2022 Highlights
- Net sales of $5.4 million, compared
to $6.8 million in the year-ago quarter. Net sales
declined primarily due to the Company’s SKU rationalization
project, which included the discontinuation of slow-moving, lower
gross margin items and non-profitable
accounts.
- Gross profit of $1.2 million, or
22.3% of net sales, compared to gross profit of $755 thousand, or
11.0% of net sales, in the 2021 quarter. These results
still reflect a drag on gross margins stemming from reduced volume
and labor/overhead absorption in the quarter which management
believes should be alleviated in the second quarter of 2023 as new
distribution wins come online.
- Operating loss of ($4.3) million,
compared to operating loss of ($11.5) million in the 2021 fourth
quarter.
- Net loss of ($4.5) million, or
($0.14) per share, compared to a net loss of ($12.0) million, or
($0.58) per share, in the 2021 fourth quarter.
- Adjusted loss per share of ($0.13)
1 for the fourth quarter of 2022, which compares favorably to
Adjusted loss per share of ($0.55) for the year-ago period.
- Adjusted EBITDA loss1 of ($3.5)
million for the 2022 fourth quarter, compared to ($10.6) 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.
Full Year 2022 Highlights
- Net sales of $29.9 million for the
full year, compared to $30.1 million versus the prior year. Net
sales declined in part due to the Company’s SKU rationalization
project in the back half, which included the discontinuation of
slow-moving, lower gross margin items and non-profitable
accounts.
- Gross profit (loss) of ($711)
thousand for 2022, compared to gross profit of $10.3 million, or
34.1% of net sales in the 2021 period. The decline in gross profit
year-over-year was due to a combination of 1) a channel-to-market
shift from direct-to-consumer to retail stores; 2) margin pressure
from inflation on all input costs and prior leadership’s hesitation
to implement price increases; 3) significant promotional activity
primarily from a limited-time retailer-specific event that occurred
in the second quarter of 2022. These challenges to gross margin
have been addressed by new leadership through price increases, SKU
and customer portfolio rationalization, and other productivity
initiatives.
- Operating loss of ($32.2) million
for the year, compared to an operating loss of ($31.3) million in
the 2021 prior year period. Although second half cash operating
expenses were reduced by more than 50% compared to the prior year,
2022 included non-cash write-offs of certain non-core assets and
significant one-time charges from restructuring efforts under new
leadership that were recorded, primarily in the second quarter of
the year.
- Net loss of ($33.1) million, or
($1.08) per share for the year, compared to a net loss of ($32.0)
million, or ($2.16) per share in the 2021 prior year
period.
- Adjusted loss per share of ($0.91)
1 for the full year of 2022, was adjusted for restructuring
charges, stock-based compensation, and other items, which compares
favorably to Adjusted loss per share of ($2.19) for the year-ago
period.
- Adjusted EBITDA loss1 of ($25.0)
million for the year, compared to a ($27.8) 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 9:00 a.m. Eastern Time to
discuss financial and operating results for the quarter and full
year ended December 31, 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 April 17, 2023, by calling (844) 512-2921 and
using passcode ID:10176514. 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;
(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:Three Part Advisors,
LLCSandy Martin or Phillip
Kuppersmartin@threepa.com or pkupper@threepa.com214-616-2207
or 817-778-8339
-Financial Statements
Follow-
Stryve Foods,
Inc.Unaudited Condensed Consolidated Statements of
Operations(in thousands, except share and per
share data)
|
|
For The Three MonthsEnded
December 31, |
|
For The YearEnded
December 31, |
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
(In thousands) |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
SALES, net |
|
$ |
5,409 |
|
|
$ |
6,834 |
|
|
$ |
29,946 |
|
|
$ |
30,082 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COST OF GOODS SOLD (exclusive
of depreciation shown separately below) |
|
|
4,203 |
|
|
|
6,079 |
|
|
|
30,657 |
|
|
|
19,814 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS (LOSS) MARGIN |
|
$ |
1,206 |
|
|
$ |
755 |
|
|
$ |
(711 |
) |
|
$ |
10,268 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling expenses |
|
$ |
1,801 |
|
|
$ |
8,252 |
|
|
$ |
14,674 |
|
|
$ |
26,125 |
|
Operations expense |
|
|
728 |
|
|
|
1,258 |
|
|
|
4,392 |
|
|
|
4,522 |
|
Salaries and wages |
|
|
2,469 |
|
|
|
2,299 |
|
|
|
10,505 |
|
|
|
9,276 |
|
Depreciation and amortization
expense |
|
|
495 |
|
|
|
428 |
|
|
|
1,961 |
|
|
|
1,622 |
|
One-time prepaid media
reserve |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Gain) / loss on disposal of
fixed assets |
|
|
(0 |
) |
|
|
33 |
|
|
|
(75 |
) |
|
|
11 |
|
Total operating expenses |
|
|
5,493 |
|
|
|
12,270 |
|
|
|
31,457 |
|
|
|
41,556 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING LOSS |
|
|
(4,287 |
) |
|
|
(11,515 |
) |
|
|
(32,168 |
) |
|
|
(31,288 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER (EXPENSE) INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(337 |
) |
|
|
(313 |
) |
|
|
(896 |
) |
|
|
(3,028 |
) |
PPP loan forgiveness |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,670 |
|
Change in fair value of
Private Warrants |
|
|
8 |
|
|
|
40 |
|
|
|
108 |
|
|
|
253 |
|
Gain on debt
extinguishment |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
545 |
|
Other (expense) income |
|
|
- |
|
|
|
(139 |
) |
|
|
(259 |
) |
|
|
(112 |
) |
Total other (expense)
income |
|
|
(329 |
) |
|
|
(412 |
) |
|
|
(1,047 |
) |
|
|
(672 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET LOSS BEFORE INCOME
TAXES |
|
|
(4,616 |
) |
|
|
(11,927 |
) |
|
|
(33,215 |
) |
|
|
(31,960 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes |
|
|
(111 |
) |
|
|
30 |
|
|
|
(75 |
) |
|
|
30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET LOSS |
|
$ |
(4,505 |
) |
|
$ |
(11,957 |
) |
|
$ |
(33,140 |
) |
|
$ |
(31,990 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
$ |
(0.14 |
) |
|
$ |
(0.58 |
) |
|
$ |
(1.08 |
) |
|
$ |
(2.16 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
|
31,180,959 |
|
|
|
20,585,732 |
|
|
|
30,722,769 |
|
|
|
14,821,319 |
|
Stryve Foods,
Inc.Unaudited Condensed Consolidated Balance
Sheets(in thousands)
|
|
December 31, |
|
December 31, |
|
|
2022 |
|
2021 |
(In thousands) |
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
|
|
|
Cash and cash equivalent |
|
$ |
623 |
|
|
$ |
2,217 |
|
Accounts receivable, net |
|
|
2,489 |
|
|
|
3,113 |
|
Inventory, net |
|
|
8,259 |
|
|
|
7,216 |
|
Prepaid media spend, net of reserve |
|
|
- |
|
|
|
450 |
|
Prepaid expenses and other current assets |
|
|
1,551 |
|
|
|
2,043 |
|
Total current assets |
|
|
12,922 |
|
|
|
15,039 |
|
|
|
|
|
|
|
|
|
|
Property and equipment,
net |
|
|
8,817 |
|
|
|
6,826 |
|
Right of use asset, net |
|
|
5,010 |
|
|
|
767 |
|
Deferred Tax Asset |
|
|
- |
|
|
|
- |
|
Goodwill |
|
|
8,450 |
|
|
|
8,450 |
|
Intangible asset, net |
|
|
4,362 |
|
|
|
4,604 |
|
Prepaid media spend, net of
reserve and net of current portion |
|
|
- |
|
|
|
1,085 |
|
Other assets |
|
|
- |
|
|
|
4 |
|
TOTAL ASSETS |
|
$ |
39,560 |
|
|
$ |
36,775 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
3,010 |
|
|
$ |
3,098 |
|
Accrued expenses |
|
|
1,728 |
|
|
|
1,635 |
|
Current portion of lease liability |
|
|
328 |
|
|
|
168 |
|
Line of credit |
|
|
1,046 |
|
|
|
3,500 |
|
Current portion of long-term debt |
|
|
969 |
|
|
|
3,447 |
|
Total current liabilities |
|
|
7,081 |
|
|
|
11,848 |
|
|
|
|
|
|
|
|
|
|
Long-term debt, net of current
portion |
|
|
3,697 |
|
|
|
120 |
|
Lease liability, net of
current portion |
|
|
4,734 |
|
|
|
599 |
|
Financing obligation - related
party operating lease |
|
|
7,500 |
|
|
|
7,500 |
|
Deferred tax liability,
net |
|
|
1 |
|
|
|
67 |
|
Deferred stock compensation
liability |
|
|
90 |
|
|
|
71 |
|
Warrant liability |
|
|
21 |
|
|
|
128 |
|
TOTAL LIABILITIES |
|
|
23,124 |
|
|
|
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, 25,727,783 and 8,633,755 shares issued and outstanding,
respectively |
|
|
2 |
|
|
|
1 |
|
Class V common stock - $0.0001 par value, 200,000,000 shares
authorized, 6,299,603 and 11,502,355 shares issued and outstanding,
respectively |
|
|
1 |
|
|
|
1 |
|
Additional paid-in-capital |
|
|
133,685 |
|
|
|
100,551 |
|
Accumulated deficit |
|
|
(117,252 |
) |
|
|
(84,111 |
) |
TOTAL STOCKHOLDERS'
EQUITY |
|
|
16,436 |
|
|
|
16,442 |
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
$ |
39,560 |
|
|
$ |
36,775 |
|
Stryve Foods,
Inc.Unaudited Condensed Consolidated Statement of
Cash Flows(in thousands)
|
|
Year Ended |
|
|
December 31,2022 |
|
December 31,2021 |
(In thousands) |
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(33,140 |
) |
|
$ |
(31,990 |
) |
Adjustments to reconcile net
loss to net cash used in operating activities: |
|
|
|
|
|
|
|
|
Depreciation expense |
|
|
1,719 |
|
|
|
1,376 |
|
Amortization of intangible assets |
|
|
242 |
|
|
|
245 |
|
Amortization of debt issuance costs |
|
|
30 |
|
|
|
533 |
|
Amortization of right-of-use asset |
|
|
221 |
|
|
|
170 |
|
Deferred income taxes |
|
|
(66 |
) |
|
|
- |
|
(Gain) loss on disposal of fixed assets |
|
|
(75 |
) |
|
|
11 |
|
Gain on debt extinguishment |
|
|
- |
|
|
|
(545 |
) |
Prepaid media reserve |
|
|
1,489 |
|
|
|
- |
|
Obsolete inventory reserve |
|
|
538 |
|
|
|
- |
|
Interest income on members loan receivable |
|
|
- |
|
|
|
(27 |
) |
Bad debt expense |
|
|
372 |
|
|
|
1,078 |
|
Forgiveness on paycheck protection program loan |
|
|
- |
|
|
|
(1,670 |
) |
Stock based compensation expense |
|
|
1,079 |
|
|
|
550 |
|
Change in fair value of Private Warrants |
|
|
(108 |
) |
|
|
(253 |
) |
Forgiveness of Notes Receivable |
|
|
- |
|
|
|
1,701 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
39 |
|
|
|
(3,512 |
) |
Inventory |
|
|
(1,581 |
) |
|
|
(3,843 |
) |
Income taxes receivables and payables, net |
|
|
(26 |
) |
|
|
11 |
|
Vendor deposits |
|
|
4 |
|
|
|
31 |
|
Prepaid media spend |
|
|
46 |
|
|
|
(787 |
) |
Prepaid expenses and other current assets |
|
|
705 |
|
|
|
(1,491 |
) |
Accounts payable |
|
|
(88 |
) |
|
|
(742 |
) |
Accrued liabilities |
|
|
119 |
|
|
|
1,049 |
|
Operating lease obligations |
|
|
(168 |
) |
|
|
(136 |
) |
Net cash used in operating activities |
|
$ |
(28,649 |
) |
|
$ |
(38,241 |
) |
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
Cash paid for purchase of equipment |
|
|
(3,759 |
) |
|
|
(1,435 |
) |
Cash received for sale of equipment |
|
|
124 |
|
|
|
67 |
|
Net cash used in investing activities |
|
$ |
(3,635 |
) |
|
$ |
(1,368 |
) |
|
|
|
|
|
|
|
|
|
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 Business Combination Agreement |
|
|
(238 |
) |
|
|
- |
|
Borrowings on long-term debt |
|
|
4,000 |
|
|
|
200 |
|
Repayments on long-term debt |
|
|
(5,031 |
) |
|
|
(4,472 |
) |
Borrowings on related party debt |
|
|
- |
|
|
|
13,904 |
|
Repayments on related party debt |
|
|
- |
|
|
|
(7,612 |
) |
Borrowings on short-term debt |
|
|
5,632 |
|
|
|
14,884 |
|
Repayments on short-term debt |
|
|
(5,650 |
) |
|
|
(11,199 |
) |
Debt issuance costs |
|
|
(335 |
) |
|
|
(507 |
) |
Net cash provided by financing activities |
|
$ |
30,690 |
|
|
$ |
41,234 |
|
|
|
|
|
|
|
|
|
|
Net change in cash and cash equivalents |
|
|
(1,594 |
) |
|
|
1,625 |
|
Cash and cash equivalents at beginning of period |
|
|
2,217 |
|
|
|
592 |
|
Cash and cash equivalents at end of period |
|
$ |
623 |
|
|
$ |
2,217 |
|
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 MonthPeriod Ended |
|
Three MonthPeriod Ended |
|
Year ended |
|
Year ended |
|
|
Dec 31, 2022 |
|
Dec 31, 2021 |
|
Dec 31, 2022 |
|
Dec 31, 2021 |
|
|
|
|
|
|
|
|
|
(In thousands) |
|
|
|
|
|
|
|
|
Net loss before income taxes |
|
$ |
(4,617 |
) |
|
$ |
(11,927 |
) |
|
$ |
(33,215 |
) |
|
$ |
(31,960 |
) |
Interest expense |
|
|
337 |
|
|
|
313 |
|
|
|
896 |
|
|
|
3,028 |
|
Depreciation and
amortization |
|
|
495 |
|
|
|
428 |
|
|
|
1,961 |
|
|
|
1,622 |
|
EBITDA |
|
$ |
(3,785 |
) |
|
$ |
(11,186 |
) |
|
$ |
(30,358 |
) |
|
$ |
(27,310 |
) |
Additional
Adjustments*: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PPP loan forgiveness |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(1,670 |
) |
Severances and One-Time Employee Related Costs |
|
|
82 |
|
|
|
- |
|
|
|
1,713 |
|
|
|
- |
|
One-Time Reserves and Write Downs |
|
|
- |
|
|
|
- |
|
|
|
2,562 |
|
|
|
- |
|
Stock based compensation expense |
|
|
241 |
|
|
|
550 |
|
|
|
1,052 |
|
|
|
550 |
|
Non-cash compensation expense |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,701 |
|
Comparability adjustment - Public vs. Private |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(1,049 |
) |
Adjusted
EBITDA |
|
$ |
(3,461 |
) |
|
$ |
(10,637 |
) |
|
$ |
(25,031 |
) |
|
$ |
(27,779 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three MonthPeriod Ended |
|
|
|
Three MonthPeriod Ended |
|
|
|
Year Ended |
|
|
|
Year Ended |
|
|
|
|
Dec 31, 2022 |
|
|
|
Dec 31, 2021 |
|
|
|
Dec 31, 2022 |
|
|
|
Dec 31, 2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In
thousands except share and per share information) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(4,505 |
) |
|
$ |
(11,957 |
) |
|
$ |
(33,140 |
) |
|
$ |
(31,990 |
) |
Weighted average shares
outstanding |
|
|
31,180,959 |
|
|
|
20,585,732 |
|
|
|
30,722,769 |
|
|
|
14,821,319 |
|
Basic & Diluted
Net Loss per Share |
|
$ |
(0.14 |
) |
|
$ |
(0.58 |
) |
|
$ |
(1.08 |
) |
|
$ |
(2.16 |
) |
Additional Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PPP loan forgiveness |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(0.11 |
) |
Severances and One-Time Employee Related Costs |
|
|
0.00 |
|
|
|
- |
|
|
|
0.06 |
|
|
|
- |
|
One-Time Reserves and Write Downs |
|
|
- |
|
|
|
- |
|
|
|
0.08 |
|
|
|
- |
|
Stock based compensation expense |
|
|
0.01 |
|
|
|
0.03 |
|
|
|
0.03 |
|
|
|
0.04 |
|
Non-cash compensation expense |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
0.11 |
|
Comparability adjustment - Public vs. Private |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(0.07 |
) |
Adjusted Earnings per
Share |
|
$ |
(0.13 |
) |
|
$ |
(0.55 |
) |
|
$ |
(0.91 |
) |
|
$ |
(2.19 |
) |
Stryve Foods (NASDAQ:SNAX)
Historical Stock Chart
From Jun 2024 to Jul 2024
Stryve Foods (NASDAQ:SNAX)
Historical Stock Chart
From Jul 2023 to Jul 2024