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Stryve Foods (SNAX) investor relations material

Stryve Foods Q3 2024 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2024 earnings summary13 Nov, 2024

Executive summary

  • Net sales grew 36.4% year-over-year to $5.7 million in Q3 2024, driven by increased retail velocity, expanded distribution, and strong consumer demand.

  • Gross margin improved to 21.7% from 13.3% in Q3 2023, reflecting product mix optimization, pricing, and transformation initiatives.

  • Operating loss narrowed to $2.3 million from $3.7 million year-over-year, with net loss improving to $3.1 million from $4.8 million.

  • Adjusted EBITDA loss improved by 31.5% to $1.7 million, showing consistent quarter-over-quarter improvement.

  • $2.9 million equity raise completed to support inventory, working capital, and distribution expansion.

Financial highlights

  • Q3 2024 net sales: $5.7 million (+36.4% YoY); nine months: $16.5 million (+11% YoY).

  • Q3 2024 gross profit: $1.2 million (21.7% margin); nine months: $3.9 million (23.9% margin).

  • Q3 2024 operating expenses: $3.5 million, down 15.9% year-over-year; nine months: $11.5 million, down 17% year-over-year.

  • Q3 2024 net loss: $3.1 million ($0.95/share); nine months: $10.0 million ($3.22/share).

  • Cash used in operations for nine months: $5.1 million; cash at period end: $183K.

Outlook and guidance

  • Strong sequential and year-over-year growth expected in Q4, with potential to approach or exceed 100% year-over-year growth.

  • No formal guidance for the remainder of 2024 due to timing of capital raise, but underlying demand remains robust.

  • Additional capital of $6–7 million may be needed to reach breakeven and support 2025 distribution wins.

  • Breakeven targeted at $9–10 million in quarterly net sales with gross margins in the high 30s to low 40s.

  • Management expects further margin expansion and net loss reduction as transformation initiatives mature.

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Frequently asked questions

Stryve Foods, Inc. manufactures, markets, and sells snacking products in North America. It offers beef biltong snacks; chicken and bacon bites; cheese and meat varieties; jerky strips; turkey bites; and Tuscan-style jerky sticks under the Stryve brand.

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