Tue, May 14, 9:29 PM (73 days ago)
Stryve Foods, Inc. reported its financial results for the quarter ended March 31, 2024. Key highlights include: 1. **Revenue**: Net sales were $4.6 million, consistent with the same period in 2023. 2. **Gross Profit**: Increased to $1.0 million from $0.96 million in Q1 2023, with a gross margin improvement to 22.1% from 20.7%. 3. **Operating Expenses**: Decreased by 22.2% year-over-year to $4.0 million, driven by cost reduction and efficiency initiatives. 4. **Net Loss**: Reduced to $3.9 million from $4.6 million in Q1 2023. 5. **Cash Flow**: Net cash used in operations was $0.8 million, a significant improvement from $2.6 million in the prior year. 6. **Liquidity**: The company raised $1.6 million through unsecured promissory notes in April 2024 to support operations, with $1.1 million from related parties. 7. **Debt**: Total indebtedness stood at $11.8 million with an asset-based line of credit balance of $3.9 million and a term loan balance of $4.0 million. 8. **Future Outlook**: The company continues to focus on improving operational efficiencies and expanding its distribution footprint to drive growth and profitability. Overall, Stryve Foods is making progress in reducing losses and improving cash flow, supported by strategic cost management and recent financing activities.