Stryve Foods, Inc. Reports Fiscal 2024 Third Quarter Results

Core Insights - Stryve Foods, Inc. reported a 36.4% increase in net sales year-over-year, reaching $5.7 million in Q3 2024, alongside a gross profit increase of 122.1%, resulting in a gross margin of 21.7% compared to 13.3% in the prior year [2][10][11]. Financial Performance - The company achieved a gross profit of $1.2 million in Q3 2024, up from $0.6 million in Q3 2023, reflecting improved productivity and operational efficiency [10][11]. - Operating loss narrowed to $2.3 million in Q3 2024 from $3.6 million in the same quarter of 2023, indicating a 36.8% improvement [11][15]. - Net loss for Q3 2024 was $3.1 million, or $0.95 per share, compared to a net loss of $4.8 million, or $2.14 per share, in Q3 2023 [11][35]. - Adjusted EBITDA loss improved by 31.5% to $1.7 million in Q3 2024 from $2.5 million in the prior-year quarter [12]. Strategic Initiatives - Stryve expanded its distribution network, securing placements with major retailers such as BJ's Wholesale, Wawa, and Circle K, which reflects strong demand for its products [3][5]. - The company raised $2.9 million in gross proceeds through a public offering to support increased order volume and working capital needs [8][9]. - A strategic partnership with Dot Foods was announced to enhance distribution and streamline operations, expected to begin in Q4 2024 [6]. Year-to-Date Performance - For the nine months ended September 30, 2024, net sales reached $16.5 million, an 11.2% increase compared to the same period in 2023 [13]. - Gross profit for the nine months was $3.9 million, up from $2.6 million in the prior year, driven by a better sales mix and operational improvements [14]. - The operating loss for the nine months improved by 33.1% to $7.5 million from $11.3 million in the previous year [15]. Product Development - Stryve launched a new high-protein pet treat brand, High Steaks, in response to consumer demand for clean-label pet snacks, indicating a commitment to innovation and category expansion [7].