Strive INVESTOR PRESENTATION NOVEMBER 2022 FORWARD LOOKING STATEMENTS FORWARD LOOKING STATEMENTS Certain statements made in this presentation (the "Presentation") 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", "continue", "target", "milestone", "expect", "estimate", "pl ...

Stryve Foods, Inc. (NASDAQ:SNAX) Q3 2022 Earnings Conference Call November 14, 2022 4:30 PM ET Company Participants Sandy Martin - IR, Three Part Advisors, LLC Chris Boever - CEO Alex Hawkins - CFO Conference Call Participants Alex Fuhrman - Craig-Hallum Capital Group Brian Holland - Cowen Operator Good afternoon and welcome to the Stryve Foods Third Quarter 2022 Earnings Call. [Operator Instructions] I would now like to turn the conference over to Sandy Martin, Three Part Advisors. Please go ahead. Sandy M ...

[Part I. Financial Information](index=3&type=section&id=Part%20I.%20Financial%20Information) This section presents the company's unaudited condensed consolidated financial statements, management's discussion and analysis of financial performance, market risk disclosures, and an assessment of internal controls [Unaudited Condensed Consolidated Financial Statements](index=3&type=section&id=Item%201.%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) The unaudited condensed consolidated financial statements present Stryve Foods, Inc.'s financial position as of September 30, 2022, and its performance for the three and nine months then ended [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of September 30, 2022, total assets increased to **$39.3 million**, liabilities decreased to **$19.2 million**, and stockholders' equity rose to **$20.2 million** Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | Sep 30, 2022 (Unaudited) | Dec 31, 2021 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalent | $4,355 | $2,217 | | Inventory, net | $8,927 | $7,216 | | Total current assets | $17,953 | $15,039 | | Total Assets | $39,340 | $36,775 | | **Liabilities & Equity** | | | | Total current liabilities | $7,076 | $11,848 | | Total Liabilities | $19,182 | $20,333 | | Total Stockholders' Equity | $20,158 | $16,442 | | Total Liabilities and Stockholders' Equity | $39,340 | $36,775 | [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Net sales decreased in Q3 2022 but net loss improved, while nine-month net sales increased slightly but gross and net losses significantly widened Statement of Operations Summary (in thousands, except per share data) | Metric | Q3 2022 | Q3 2021 | Nine Months 2022 | Nine Months 2021 | | :--- | :--- | :--- | :--- | :--- | | Sales, net | $6,170 | $9,062 | $24,537 | $23,248 | | Gross (Loss) Margin | $1,384 | $3,254 | $(1,917) | $9,513 | | Operating Loss | $(4,748) | $(8,169) | $(27,881) | $(19,773) | | Net Loss | $(4,968) | $(8,711) | $(28,636) | $(20,033) | | Basic and diluted loss per share | $(0.16) | $(0.48) | $(0.94) | $(1.56) | [Condensed Consolidated Statements of Changes in Stockholders' Equity](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Stockholders'%20Equity) Stockholders' equity increased to **$20.2 million** by September 30, 2022, primarily due to a **$32.3 million** PIPE investment, offset by a **$28.6 million** net loss - A PIPE investment added **$32.3 million** to additional paid-in capital in the first quarter of 2022[12](index=12&type=chunk) - The accumulated deficit grew from **$84.1 million** at the beginning of the year to **$112.7 million** by September 30, 2022, reflecting the net losses incurred during the period[12](index=12&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Operating activities used **$25.5 million** in cash for the nine months ended September 30, 2022, while financing activities provided **$30.0 million**, resulting in a **$2.1 million** increase in cash Cash Flow Summary (in thousands) | Cash Flow Activity | Nine Months Ended Sep 30, 2022 | Nine Months Ended Sep 30, 2021 | | :--- | :--- | :--- | | Net cash used in operating activities | $(25,534) | $(27,624) | | Net cash used in investing activities | $(2,281) | $(833) | | Net cash provided by financing activities | $29,952 | $41,254 | | **Net change in cash and cash equivalents** | **$2,137** | **$12,798** | | Cash at end of period | $4,355 | $13,390 | [Notes to Unaudited Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) The notes detail liquidity challenges, new borrowing capacity, significant accounting policies, debt structures, shareholder equity changes, related-party transactions, and potential litigation - The company incurred a net loss of approximately **$28.6 million** and used **$25.5 million** in cash from operating activities during the nine months ended September 30, 2022[23](index=23&type=chunk) - In late Q3 2022, the company secured **$21 million** in non-dilutive, committed borrowing capacity to improve liquidity, with **$4.3 million** drawn as of September 30, 2022[24](index=24&type=chunk) - For the nine months ended September 30, 2022, one customer (Customer A) accounted for **36%** of consolidated sales[32](index=32&type=chunk) - The company entered into a sale and leaseback transaction for its manufacturing facility with a related party, accounted for as a financing obligation of **$7.5 million**[94](index=94&type=chunk)[96](index=96&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=23&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses strategic shifts to optimize spending and improve profitability, addressing supply chain issues and inflation, while securing new debt facilities to bolster liquidity - The company is an emerging healthy snacking company manufacturing and marketing air-dried meat snack products under brands like Stryve®, Kalahari®, Braaitime®, and Vacadillos®[106](index=106&type=chunk)[107](index=107&type=chunk) - The company experienced supply chain challenges and significant inflationary pressures on raw materials, packaging, transportation, and labor throughout the first three quarters of 2022[117](index=117&type=chunk)[118](index=118&type=chunk) - Under new CEO Chris Boever, management has reviewed the business to drive efficiencies, eliminate unnecessary expenses, and rationalize its customer and product portfolio to improve profitability[122](index=122&type=chunk)[125](index=125&type=chunk) - In Q3 2022, the company secured **$21 million** in committed borrowing capacity through new debt facilities to strengthen its liquidity position[119](index=119&type=chunk)[156](index=156&type=chunk) [Results of Operations – Three Months Ended September 30, 2022 vs 2021](index=27&type=section&id=Results%20of%20Operations%20%E2%80%93%20Three%20Months%20Ended%20September%2030%2C%202022%20Compared%20to%20Three%20Months%20Ended%20September%2030%2C%202021) Q3 2022 net sales fell **31.9%** to **$6.2 million**, but operating loss improved significantly to **$4.7 million** due to a **$5.3 million** reduction in operating expenses Q3 2022 vs Q3 2021 Financial Performance (in thousands) | Metric | Q3 2022 | Q3 2021 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Net sales | $6,170 | $9,062 | $(2,892) | -31.9% | | Gross profit | $1,384 | $3,254 | $(1,870) | -57.5% | | Gross Margin % | 22.4% | 35.9% | - | - | | Total operating expenses | $6,133 | $11,423 | $(5,290) | -46.3% | | Operating loss | $(4,749) | $(8,169) | $3,420 | 41.9% | | Net loss | $(4,967) | $(8,711) | $3,744 | 43.0% | - The decrease in net sales was primarily driven by the rationalization of low-quality revenue streams that were present in the prior year period[127](index=127&type=chunk) - Selling and marketing expenses decreased by **$3.2 million** due to reduced spending on digital media advertising and paid search[133](index=133&type=chunk) [Results of Operations – Nine Months Ended September 30, 2022 vs 2021](index=29&type=section&id=Results%20of%20Operations%20%E2%80%93%20nine%20months%20ended%20September%2030%2C%202022%20Compared%20to%20nine%20months%20ended%20September%2030%2C%202021) Nine-month net sales grew **5.5%** to **$24.5 million**, but gross profit turned to a **$(1.9) million** loss, and net loss widened to **$28.6 million** due to unfavorable product mix and promotions Nine Months 2022 vs 2021 Financial Performance (in thousands) | Metric | Nine Months 2022 | Nine Months 2021 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Net sales | $24,537 | $23,248 | $1,289 | 5.5% | | Gross profit (loss) | $(1,917) | $9,513 | $(11,430) | -120.1% | | Gross Margin % | (7.8)% | 40.9% | - | - | | Operating loss | $(27,881) | $(19,773) | $(8,108) | -41.0% | | Net loss | $(28,636) | $(20,033) | $(8,603) | -43.0% | - Gross-to-net dilution from promotions and discounts increased to **20.1%** of gross sales, up from **8.2%** in the prior year, largely due to a limited-time event that contributed over **$3.0 million** in coupons and deductions[136](index=136&type=chunk)[139](index=139&type=chunk) - Selling and marketing expenses fell by **$5.0 million** as the company reduced digital media and advertising spend[139](index=139&type=chunk) [Non-GAAP Financial Measures](index=31&type=section&id=Non-GAAP%20Financial%20Measures) The company uses non-GAAP measures like Adjusted EBITDA, which improved in Q3 2022 but worsened for the nine-month period, with adjustments for severance, write-downs, and stock-based compensation Adjusted EBITDA Reconciliation (in thousands) | Metric | Q3 2022 | Q3 2021 | Nine Months 2022 | Nine Months 2021 | | :--- | :--- | :--- | :--- | :--- | | Net loss before income taxes | $(4,967) | $(8,711) | $(28,599) | $(20,033) | | EBITDA | $(4,259) | $(7,551) | $(26,574) | $(16,124) | | **Adjusted EBITDA** | **$(3,876)** | **$(6,926)** | **$(21,572)** | **$(17,142)** | - Key adjustments for the nine months of 2022 include **$1.6 million** for severances, **$2.6 million** for one-time reserves and write-downs, and **$0.8 million** for stock-based compensation[145](index=145&type=chunk)[147](index=147&type=chunk)[148](index=148&type=chunk) [Liquidity and Capital Resources](index=33&type=section&id=Liquidity%20and%20Capital%20Resources) The company's working capital was **$10.9 million** as of September 30, 2022, with **$25.5 million** cash used in operations, and new borrowing capacity secured to fund future operations - As of September 30, 2022, the company had working capital of **$10.9 million** and approximately **$5.2 million** of indebtedness[155](index=155&type=chunk) - Net cash used in operating activities was **$25.5 million** for the nine months ended September 30, 2022[155](index=155&type=chunk)[162](index=162&type=chunk) - The company believes cash from operations, working capital, and borrowing ability will be sufficient to fund projections for at least the next twelve months[159](index=159&type=chunk) [Quantitative and Qualitative Disclosures Regarding Market Risk](index=37&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20Regarding%20Market%20Risk) The company faces market risks including high customer concentration, interest rate exposure, significant raw material price volatility, and inflationary impacts on costs - Customer concentration risk is high, with Customer A representing **36%** of sales for the nine months ended September 30, 2022[183](index=183&type=chunk) - The company is subject to raw material risk, as its profitability depends on its ability to react to costs, primarily for beef, which are subject to factors beyond its control[186](index=186&type=chunk) - Inflation has had a material impact on the company's revenues and costs, and there is no assurance that mitigation strategies will be effective[187](index=187&type=chunk) [Controls and Procedures](index=38&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of September 30, 2022, with no material changes to internal control over financial reporting during Q3 2022 - The CEO and CFO concluded that as of September 30, 2022, the company's disclosure controls and procedures were effective[189](index=189&type=chunk) - No changes occurred during Q3 2022 that have materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[190](index=190&type=chunk) [Part II. Other Information](index=39&type=section&id=Part%20II.%20Other%20Information) This section details legal proceedings, updates on risk factors, unregistered equity sales, and other miscellaneous disclosures [Legal Proceedings](index=39&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently a party to any material legal proceedings but may be involved in claims arising in the ordinary course of business - The company is not currently a party to any material legal proceedings[193](index=193&type=chunk) [Risk Factors](index=39&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2021 - No material changes have been made to the risk factors from the company's 2021 Form 10-K[194](index=194&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=39&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q3 2022, the company issued **2.2 million** Class A common stock shares from pre-funded warrant exercises and exchanged over **4 million** Class V for Class A shares, exempt from registration - In Q3 2022, **2,200,000** pre-funded warrants were exercised for **2,200,000** shares of Class A common stock[195](index=195&type=chunk) - In Q3 2022, **4,014,012** shares of Class V common stock were exchanged for **4,014,012** shares of Class A common stock[196](index=196&type=chunk) [Defaults Upon Senior Securities](index=39&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) None - None[197](index=197&type=chunk) [Mine Safety Disclosures](index=39&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) Not applicable - Not applicable[198](index=198&type=chunk) [Other Information](index=39&type=section&id=Item%205.%20Other%20Information) None - None[199](index=199&type=chunk) [Exhibits](index=40&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the quarterly report, including CEO and CFO certifications and Inline XBRL data files

(MARK ONE) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarter ended June 30, 2022 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-38785 STRYVE FOODS, INC. (Exact Name of Registrant as Specified in Its Charter) (State or other jurisdiction of incorporation or organizatio ...

Financial Data and Key Metrics Changes - The second quarter of 2022 marked the largest revenue quarter in the company's history, with gross revenues of $14.8 million, nearly half of the total gross revenues achieved in the entire fiscal year 2021 [7] - Net sales for Q2 were $10.9 million, reflecting a 48.9% increase compared to the same quarter last year [25] - The gross profit loss for the quarter was $4.4 million, compared to a positive gross profit of $3.6 million in the prior year quarter [25] - The net loss for the quarter was $16.4 million, or $0.53 per share, compared to a net loss of $5.6 million, or $0.55 per share, in the prior year [28] - Adjusted EBITDA loss for Q2 was $11.4 million, compared to an adjusted EBITDA loss of $4.4 million a year ago [29] Business Line Data and Key Metrics Changes - The company experienced significant production and fulfillment volumes, nearly three times that of any prior quarter, primarily due to a time-specific event that placed products in a retailer for a limited period [20][21] - Challenges arose from higher input costs and execution issues, leading to negative gross margins for the quarter [22] Market Data and Key Metrics Changes - Consumer demand for better-for-you snacks continues to accelerate, particularly for products that deliver higher nutritional value without compromising taste [10] - The company has made progress in growing retail distribution across various formats, including convenience stores and supermarkets [12] Company Strategy and Development Direction - The company announced a major restructuring plan aimed at achieving profitability, simplifying the organization, and optimizing costs through disciplined project management [16] - The focus will be on increasing distribution, managing promotional investments, and prioritizing core portfolio optimization [38] - The company aims to transition from a founder-led organization to a true operating company, emphasizing accountability and execution excellence [18][34] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges faced in Q2 but expressed confidence in the company's ability to recover and improve margins moving forward [23][32] - The company anticipates reaching profitability during the first half of 2023, driven by a combination of optimizing expenses and improving gross margins [30][37] - Management highlighted the importance of learning from past operational challenges to drive future growth and efficiency [33] Other Important Information - The company is currently under a letter to secure over $20 million in committed non-dilutive borrowing capacity, which is expected to close in the near term [30][83] - The restructuring plan includes eliminating non-profitable revenues and rationalizing SKUs to optimize the product portfolio [38] Q&A Session Summary Question: Can you provide more detail on what specifically you're going to be pulling back on? - Management indicated that expense management, people management, and channel management will be the focus, with a targeted approach to eliminate non-value creating volumes [46] Question: Can you talk about the target to reach an inflection to profitability in the first half of next year? - Management confirmed that adjusted EBITDA will be the key metric, with a focus on optimizing expenses and improving gross margins [49] Question: Can you provide color around distribution progress in the quarter? - Management acknowledged that distribution gains were somewhat muted due to service disruptions but noted impressive growth on a broader basis [57] Question: How should we think about moderating beef costs flowing through the P&L? - Management explained that beef costs are influenced by input costs and yields, with ongoing efforts to optimize yield to improve margins [60] Question: Can you break out sales between the limited promotion and other sales? - Management stated that while they could not provide specific details, the promotion created significant national exposure and positive sell-through [66] Question: What is the timeline for the $20 million non-dilutive financing? - Management indicated that they are working diligently towards closing the financing in the near term, confirming that it will not have any dilutive features [83]

Commission file number: 001-38785 STRYVE FOODS, INC. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (MARK ONE) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarter ended March 31, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to (Exact Name of Registrant as Specified in Its Charter) (State or other jurisdiction of incorporation or organizati ...

Stryve Foods, Inc. (NASDAQ:SNAX) Q1 2022 Results Earnings Conference Call May 13, 2022 4:30 PM ET Company Participants Sandy Martin - Investor Relations, Three Part Advisors, LLC Joe Oblas - Chief Executive Officer Christopher Boever - Incoming Chief Executive Officer Alex Hawkins - Chief Financial Officer Conference Call Participants Alex Fuhrman - Craig-Hallum Capital Group Mike Grondahl - Northland Capital Markets Operator Greetings and welcome to Stryve Foods Incorporated First Quarter 2022 Earnings Cal ...

| --- | --- | --- | --- | --- | |-------|-------|-------|-------|------------------------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | INVESTOR PRESENTATION | | | | | | March 2022 | Disclaimer Forward Looking Statements Certain statements made in this presentation (the "Presentation") 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 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K Non-accelerated filer ☒ Smaller reporting company ☒ Emerging growth company ☒ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ (Mark One) ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 F ...

Stryve Foods, Inc. (NASDAQ:SNAX) Q4 2021 Earnings Conference Call March 28, 2022 4:30 PM ET Company Participants Austin Ke - General Counsel Joe Oblas - Chief Executive Officer Alex Hawkins - Chief Operating Officer and Chief Financial Officer. Conference Call Participants Mike Grondahl - Northland Capital Markets Alex Fuhrman - Craig-Hallum Operator Good afternoon. Thank you for standing by and welcome to the Fourth Quarter and Full Year 2021 Conference Call and Webcast for Stryve Foods, Inc. As a reminder ...