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 six months ended
June 30, 2022.
Chris Boever, Chief Executive Officer,
commented, “The record revenue quarter, although
challenging, demonstrated a growing consumer demand of the better
for you, air dried meat snack category, as well as our Stryve
family of brands. As a fellow shareholder, I am proud of all that
the team has accomplished and confident that we are well-positioned
for the future with the changes we are making. I am impressed with
the quality of our products along with the passion, pride, and
talent in the organization. Together they have created an on-trend
business that has tremendous upside potential.
“In addition, I am excited to announce a major
Restructuring Plan to build on the positives, accelerate gross
margins, and deliver a profitable business in the future. This plan
not only includes a goal to reduce operating expenses in the second
half by greater than 50% year-over-year, but also includes an
introduction of a productivity program, focused on quality growth,
efficiencies, and disciplined execution. Additionally, a key piece
of the plan is a continuous price action review process, which has
already resulted in our recent announcement of a second price
increase this year which will take effect in the coming months.
“Although we have reduced the Company’s full
year net sales guidance range to $35 million to $37 million, we
felt this was necessary to ensure sustainable, quality sales and
margins. Finally, I am thrilled to announce that when pairing the
near-term demand outlook for our products with these organizational
changes, we expect the business to reach an inflection point of
profitability during the first half of 2023,” Boever concluded.
Alex Hawkins, Chief Financial Officer,
said “Despite record high revenues in second quarter,
financial results were adversely impacted by a substantial,
limited-time promotional program that took place in Q2’22. While
this nationwide program was successful in driving household
penetration and important trial with our target consumers, it came
at a substantial cost, which resulted in significantly negative
gross profits. This margin pressure was compounded by several
significant, one-time, reserves and write downs for non-core assets
as well as certain accruals mostly related to the Restructuring
Plan.
“Looking forward, we are encouraged by our early
Q3 results as we are seeing meaningful gross margin recovery. We
view this as a testament to our plan and the non-recurring nature
of many of the pressures we faced in the second quarter.
“Finally, I’m excited to share we are under
letter of intent to secure in excess of $20M in non-dilutive,
committed borrowing capacity through a combination of facilities.
We believe this, plus our cash and positive net working capital
position will provide the business with sufficient runway to
achieve our plans to support margins, enhance productivity, and
reduce expenses, all of which we expect will result in a
significantly improved financial position moving forward,”
commented Hawkins.
Second Quarter Highlights
- Net sales of $10.9 million,
increased 49% from $7.4 million versus the year ago quarter.
- Gross profit was negative ($4.4)
million for the quarter, compared to positive gross profit of $3.6
million or 48.7% of net sales in the 2021 quarter. The negative
gross margin during the second quarter was largely attributable to
price/mix on a large scale, but most significantly by a
limited-time, retailer specific promotional program.
- Operating loss of ($16.0) million,
compared to operating loss of ($5.0) million in the 2021 second
quarter. The material increase in the operating loss was mainly due
to unprofitable sales and volume-related operations expenses from
limited-time retailer specific promotional program, as well as
one-time charges related to the Company’s restructuring efforts in
the 2022 second quarter.
- Net loss of ($16.4) million, or
($0.53) per share, compared to a net loss of ($5.6) million, or
($0.55) per share, in the 2021 second quarter.
- Adjusted loss per share of ($0.39)
1 for the second quarter of 2022, was adjusted for restructuring
charges, stock-based compensation and other one-time items, which
compares favorably to Adjusted loss per share of ($0.58) for the
year ago period.
- Adjusted EBITDA loss1 of ($11.4)
million for the 2022 second quarter, compared to ($4.4) 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 Six Months Highlights
- Net sales of $18.4 million for the
first half, increased 30% from $14.2 million versus the year ago
period.
- Gross profit was negative ($3.3)
million for the first half, compared to positive gross profit of
$6.3 million, or 44.1% of net sales in the 2021 period.
- Operating loss of ($23.1) million
for the first half, compared to operating loss of ($11.6) million
in the 2021 prior year period. The material increase in the
operating loss was mainly due to unprofitable sales and
volume-related operations expenses from a second quarter
limited-time retailer specific promotional program. In addition,
significant one-time charges from restructuring efforts under new
leadership were recorded in the second quarter.
- Net loss of ($23.7) million, or
($0.78) per share for the first half, compared to a net loss of
($11.3) million, or ($1.12) per share, in the 2021 prior year
period.
- Adjusted loss per share of ($0.62)
1 for the first half of 2022, was adjusted for restructuring
charges, stock-based compensation and other one-time items, which
compares favorably to Adjusted loss per share of ($1.28) for the
year ago period.
- Adjusted EBITDA loss1 of ($17.6)
million for the first half, compared to a ($10.2) 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 10:00 a.m. Eastern Time to
discuss financial and operating results for the quarter ended June
30, 2022. To access the call live by phone, dial (855) 327-6837 and
ask for the Stryve Foods call at least 10 minutes prior to the
start time. A telephonic replay will be available through August
22, 2022, by calling (844) 512-2921 and using passcode ID:
10019507#. 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.com214-616-2207
or 817-368-2556
-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 June 30, |
|
For The Six Months Ended June 30, |
|
|
|
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
(unaudited) |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
SALES, net |
|
$ |
10,946 |
|
|
$ |
7,351 |
|
|
$ |
18,367 |
|
|
$ |
14,186 |
|
|
|
|
|
|
|
|
|
|
COST OF GOODS SOLD (exclusive of depreciation shown separately
below) |
|
|
15,371 |
|
|
|
3,770 |
|
|
|
21,668 |
|
|
|
7,927 |
|
|
|
|
|
|
|
|
|
|
GROSS (LOSS) MARGIN |
|
$ |
(4,425 |
) |
|
$ |
3,581 |
|
|
$ |
(3,301 |
) |
|
$ |
6,259 |
|
|
|
|
|
|
|
|
|
|
OPERATING EXPENSES |
|
|
|
|
|
|
|
|
Selling expenses |
|
$ |
4,717 |
|
|
$ |
5,593 |
|
|
$ |
8,743 |
|
|
$ |
12,047 |
|
Operations expense |
|
|
1,350 |
|
|
|
970 |
|
|
|
2,580 |
|
|
|
2,030 |
|
Salaries and wages |
|
|
3,510 |
|
|
|
1,602 |
|
|
|
6,096 |
|
|
|
3,003 |
|
Depreciation and amortization expense |
|
|
503 |
|
|
|
397 |
|
|
|
948 |
|
|
|
792 |
|
Prepaid media reserve |
|
|
1,489 |
|
|
|
- |
|
|
|
1,489 |
|
|
|
- |
|
Gain on disposal of fixed assets |
|
|
(24 |
) |
|
|
(10 |
) |
|
|
(24 |
) |
|
|
(9 |
) |
Total operating expenses |
|
|
11,545 |
|
|
|
8,552 |
|
|
|
19,831 |
|
|
|
17,863 |
|
|
|
|
|
|
|
|
|
|
OPERATING LOSS |
|
|
(15,970 |
) |
|
|
(4,971 |
) |
|
|
(23,133 |
) |
|
|
(11,604 |
) |
|
|
|
|
|
|
|
|
|
OTHER (EXPENSE) INCOME |
|
|
|
|
|
|
|
|
Interest expense |
|
|
(181 |
) |
|
|
(1,147 |
) |
|
|
(369 |
) |
|
|
(1,957 |
) |
PPP loan forgiveness |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,670 |
|
Change in fair value of Private Warrants |
|
|
40 |
|
|
|
- |
|
|
|
85 |
|
|
|
- |
|
Gain on debt extinguishment |
|
|
- |
|
|
|
545 |
|
|
|
- |
|
|
|
545 |
|
Other (expense) income |
|
|
(215 |
) |
|
|
12 |
|
|
|
(215 |
) |
|
|
24 |
|
Total other (expense) income |
|
|
(356 |
) |
|
|
(590 |
) |
|
|
(499 |
) |
|
|
282 |
|
|
|
|
|
|
|
|
|
|
NET LOSS BEFORE INCOME TAXES |
|
|
(16,326 |
) |
|
|
(5,561 |
) |
|
|
(23,632 |
) |
|
|
(11,322 |
) |
|
|
|
|
|
|
|
|
|
Income taxes |
|
|
29 |
|
|
|
- |
|
|
|
36 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
NET LOSS |
|
$ |
(16,355 |
) |
|
$ |
(5,561 |
) |
|
$ |
(23,668 |
) |
|
$ |
(11,322 |
) |
|
|
|
|
|
|
|
|
|
Loss per common share: |
|
|
|
|
|
|
|
|
Basic and diluted |
|
$ |
(0.53 |
) |
|
$ |
(0.55 |
) |
|
$ |
(0.78 |
) |
|
$ |
(1.12 |
) |
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
Basic and diluted |
|
|
30,946,486 |
|
|
|
10,139,422 |
|
|
|
30,355,697 |
|
|
|
10,141,928 |
|
Stryve Foods, Inc. |
Unaudited Condensed Consolidated Balance
Sheets |
(in thousands) |
|
|
|
|
|
|
|
June 30, |
|
December 31, |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
(Unaudited) |
|
(audited) |
ASSETS |
|
|
|
|
CURRENT ASSETS |
|
|
|
|
Cash and cash equivalent |
|
$ |
5,011 |
|
|
$ |
2,217 |
|
Accounts receivable, net |
|
|
4,256 |
|
|
|
2,900 |
|
Inventory, net |
|
|
6,653 |
|
|
|
7,216 |
|
Prepaid media spend, net of reserve |
|
|
- |
|
|
|
450 |
|
Prepaid expenses and other current assets |
|
|
1,689 |
|
|
|
2,256 |
|
Total current assets |
|
|
17,609 |
|
|
|
15,039 |
|
|
|
|
|
|
Property and equipment, net |
|
|
8,015 |
|
|
|
6,826 |
|
Right of use asset, net |
|
|
669 |
|
|
|
767 |
|
Deferred Tax Asset |
|
|
- |
|
|
|
- |
|
Goodwill |
|
|
8,450 |
|
|
|
8,450 |
|
Intangible asset, net |
|
|
4,483 |
|
|
|
4,604 |
|
Prepaid media spend, net of reserve and net of current portion |
|
|
- |
|
|
|
1,085 |
|
Other assets |
|
|
- |
|
|
|
4 |
|
TOTAL ASSETS |
|
$ |
39,226 |
|
|
$ |
36,775 |
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
Accounts payable |
|
$ |
2,557 |
|
|
$ |
3,098 |
|
Accrued expenses |
|
|
2,568 |
|
|
|
1,635 |
|
Current portion of lease liability |
|
|
211 |
|
|
|
168 |
|
Line of credit |
|
|
- |
|
|
|
3,500 |
|
Current portion of long-term debt |
|
|
122 |
|
|
|
3,447 |
|
Total current liabilities |
|
|
5,458 |
|
|
|
11,848 |
|
|
|
|
|
|
Long-term debt, net of current portion |
|
|
36 |
|
|
|
120 |
|
Lease liability, net of current portion |
|
|
491 |
|
|
|
599 |
|
Financing obligation - related party operating lease |
|
|
7,500 |
|
|
|
7,500 |
|
Deferred tax liability, net |
|
|
67 |
|
|
|
67 |
|
Deferred stock compensation liability |
|
|
505 |
|
|
|
71 |
|
Warrant liability |
|
|
43 |
|
|
|
128 |
|
TOTAL LIABILITIES |
|
|
14,100 |
|
|
|
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, 16,750,794 and 8,633,755 shares issued and outstanding,
respectively |
|
|
2 |
|
|
|
1 |
|
Class V common stock - $0.0001 par value, 200,000,000 shares
authorized, 11,502,355 shares issued and outstanding |
|
|
1 |
|
|
|
1 |
|
Additional paid-in-capital |
|
|
132,902 |
|
|
|
100,551 |
|
Accumulated deficit |
|
|
(107,779 |
) |
|
|
(84,111 |
) |
TOTAL STOCKHOLDERS' EQUITY |
|
|
25,126 |
|
|
|
16,442 |
|
|
|
|
|
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
|
$ |
39,226 |
|
|
$ |
36,775 |
|
Stryve Foods, Inc. |
Unaudited Condensed Consolidated Statement of Cash
Flows |
(In thousands) |
|
|
Six Months Ended |
|
|
June 30, 2022 |
|
June 30, 2021 |
|
|
(unaudited) |
|
(unaudited) |
|
|
|
|
|
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
Net loss |
|
$ |
(23,668 |
) |
|
$ |
(11,322 |
) |
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
|
Depreciation expense |
|
|
827 |
|
|
|
667 |
|
Amortization of intangible assets |
|
|
121 |
|
|
|
124 |
|
Amortization of debt issuance costs |
|
|
- |
|
|
|
281 |
|
Gain on disposal of fixed assets |
|
|
(24 |
) |
|
|
(9 |
) |
Gain on debt extinguishment |
|
|
- |
|
|
|
(545 |
) |
Prepaid media reserve |
|
|
1,489 |
|
|
|
- |
|
Amortization of right-of-use asset |
|
|
98 |
|
|
|
- |
|
Interest income on members loan receivable |
|
|
- |
|
|
|
(24 |
) |
Bad debt expense |
|
|
289 |
|
|
|
263 |
|
Forgiveness on paycheck protection program loan |
|
|
- |
|
|
|
(1,670 |
) |
Stock based compensation expense |
|
|
712 |
|
|
|
- |
|
Change in fair value of Private Warrants |
|
|
(85 |
) |
|
|
- |
|
Changes in operating assets and liabilities: |
|
|
|
|
Accounts receivable |
|
|
(1,644 |
) |
|
|
(2,728 |
) |
Inventory |
|
|
563 |
|
|
|
(1,433 |
) |
Vendor deposits |
|
|
4 |
|
|
|
- |
|
Prepaid media spend |
|
|
45 |
|
|
|
(171 |
) |
Prepaid expenses and other current assets |
|
|
566 |
|
|
|
(800 |
) |
Accounts payable |
|
|
(540 |
) |
|
|
1,645 |
|
Accrued liabilities |
|
|
933 |
|
|
|
279 |
|
Operating lease payments |
|
|
(65 |
) |
|
|
- |
|
Net cash used in operating activities |
|
$ |
(20,379 |
) |
|
$ |
(15,443 |
) |
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
Cash paid for purchase of equipment |
|
|
(2,033 |
) |
|
|
(249 |
) |
Cash received for sale of equipment |
|
|
41 |
|
|
|
74 |
|
Net cash used in investing activities |
|
$ |
(1,992 |
) |
|
$ |
(175 |
) |
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
PIPE capital raise |
|
|
32,311 |
|
|
|
- |
|
Exercise of Prefunded Warrants |
|
|
- |
|
|
|
- |
|
Repurchase of member shares |
|
|
- |
|
|
|
(100 |
) |
Post closing adjustment of BCA |
|
|
(238 |
) |
|
|
- |
|
Repayments on long-term debt |
|
|
(4,908 |
) |
|
|
(4,361 |
) |
Borrowings on related party debt |
|
|
- |
|
|
|
9,294 |
|
Repayments on related party debt |
|
|
- |
|
|
|
(7,794 |
) |
Borrowings on short-term debt |
|
|
- |
|
|
|
19,695 |
|
Repayments on short-term debt |
|
|
(2,000 |
) |
|
|
- |
|
Debt issuance costs |
|
|
- |
|
|
|
(507 |
) |
|
|
|
|
|
Net cash provided by financing activities |
|
$ |
25,165 |
|
|
$ |
16,227 |
|
|
|
|
|
|
Net change in cash and cash equivalents |
|
|
2,794 |
|
|
|
609 |
|
Cash and cash equivalents at beginning of period |
|
|
2,217 |
|
|
|
592 |
|
Cash and cash equivalents at end of period |
|
$ |
5,011 |
|
|
$ |
1,201 |
|
|
|
|
|
|
SUPPLEMENTAL INFORMATION: |
|
|
|
|
Cash paid for interest |
|
$ |
403 |
|
|
$ |
1,507 |
|
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 |
|
Six Month Period Ended |
|
Six Month Period Ended |
|
|
June 30, 2022 |
|
June 30, 2021 |
|
June 30, 2022 |
|
June 30, 2021 |
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
(in thousands) |
|
|
|
|
|
|
|
|
Net loss before income taxes |
|
$ |
(16,326 |
) |
|
$ |
(5,561 |
) |
|
$ |
(23,632 |
) |
|
$ |
(11,322 |
) |
Interest expense |
|
|
181 |
|
|
|
1,147 |
|
|
|
369 |
|
|
|
1,957 |
|
Depreciation and amortization |
|
|
503 |
|
|
|
397 |
|
|
|
948 |
|
|
|
792 |
|
EBITDA |
|
$ |
(15,642 |
) |
|
$ |
(4,017 |
) |
|
$ |
(22,315 |
) |
|
$ |
(8,573 |
) |
Additional Adjustments: |
|
|
|
|
|
|
|
|
PPP loan forgiveness |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(1,670 |
) |
Severances and One-Time Employee Related Costs |
|
|
1,346 |
|
|
|
- |
|
|
|
1,425 |
|
|
|
- |
|
One-Time Reserves and Write Downs |
|
|
2,562 |
|
|
|
- |
|
|
|
2,562 |
|
|
|
- |
|
Business combination expenses |
|
|
- |
|
|
|
193 |
|
|
|
- |
|
|
|
1,077 |
|
Stock based compensation expense |
|
|
384 |
|
|
|
- |
|
|
|
712 |
|
|
|
- |
|
Comparability adjustment - Public vs. Private |
|
|
- |
|
|
|
(527 |
) |
|
|
- |
|
|
|
(1,049 |
) |
Adjusted EBITDA |
|
$ |
(11,350 |
) |
|
$ |
(4,351 |
) |
|
$ |
(17,616 |
) |
|
$ |
(10,215 |
) |
|
|
Three Month Period Ended |
|
Three Month Period Ended |
|
Six Month Period Ended |
|
Six Month Period Ended |
|
|
June 30, 2022 |
|
June 30, 2021 |
|
June 30, 2022 |
|
June 30, 2021 |
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
(In thousands except share and per share
information) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(16,354 |
) |
|
$ |
(5,561 |
) |
|
$ |
(23,668 |
) |
|
$ |
(11,322 |
) |
Weighted average shares outstanding |
|
|
30,946,486 |
|
|
|
10,139,422 |
|
|
|
30,355,697 |
|
|
|
10,141,928 |
|
Basic & Diluted Net Loss per Share |
|
$ |
(0.53 |
) |
|
$ |
(0.55 |
) |
|
$ |
(0.78 |
) |
|
$ |
(1.12 |
) |
Additional Adjustments: |
|
|
|
|
|
|
|
|
PPP loan forgiveness |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.16 |
) |
Severances and One-Time Employee Related Costs |
|
|
0.04 |
|
|
|
— |
|
|
|
0.05 |
|
|
|
— |
|
Reserves and Write Downs |
|
|
0.08 |
|
|
|
— |
|
|
|
0.08 |
|
|
|
— |
|
Business combination expenses |
|
|
— |
|
|
|
0.02 |
|
|
|
— |
|
|
|
0.11 |
|
Stock based compensation expense |
|
|
0.01 |
|
|
|
— |
|
|
|
0.02 |
|
|
|
— |
|
Comparability adjustment - Public vs. Private |
|
|
- |
|
|
|
(0.05 |
) |
|
|
— |
|
|
|
(0.10 |
) |
Adjusted Earnings per Share |
|
$ |
(0.39 |
) |
|
$ |
(0.58 |
) |
|
$ |
(0.62 |
) |
|
$ |
(1.28 |
) |
|
|
|
|
|
|
|
|
|
Stryve Foods (NASDAQ:SNAX)
Historical Stock Chart
From Mar 2024 to Apr 2024
Stryve Foods (NASDAQ:SNAX)
Historical Stock Chart
From Apr 2023 to Apr 2024