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Stryve Foods, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in net sales to $5.7 million from $4.2 million in the same quarter the previous year. The increase is attributed to significant rises in brand sell-through velocities.
Cost of goods sold for the quarter was $4.5 million, representing 78.3% of sales, compared to 86.7% in the same quarter of the previous year. Productivity and yield improvements partially offset inflationary pressures on inputs.
The company reported a gross profit of $1.2 million for the quarter, compared to $0.6 million in the previous year, with the improvement attributed to better absorption and expanded margins.
Selling expenses decreased to $1.2 million from $1.8 million, driven by efforts to reduce corporate overhead.
Net loss for the quarter was $3.1 million, down from $4.8 million in the previous year. The decrease is primarily due to improved gross profit and decreased total operating expenses.
The company issued $3.4 million in unsecured promissory notes during the first nine months of 2024 to fund operations, with $1.7 million from related parties.
Stryve Foods entered into a Securities Purchase Agreement in November 2024, raising approximately $2.9 million in gross proceeds before estimated offering expenses.
Stryve Foods is addressing liquidity constraints and evaluating strategies to enhance its liquidity position, including potential equity offerings and extending debt terms.
The company continues to focus on improving product quality, optimizing spending, and expanding distribution to drive growth and improve financial performance.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Stryve Foods Inc. Warrant quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.