Stryve Foods Posts 71% Sales Growth In Q2

by Shivani Kumaresan, Benzinga Staff Writer

August 17, 2021 5:51 AM | 1 min read | Make a Comment

Stryve Foods Inc SNAX reported second-quarter FY21 sales growth of 71.8% year-on-year, to $7.35 million.
Wholesale revenue increased 57% Y/Y, and e-commerce gained 55%.
Gross profit rose 148.3% Y/Y to $3.6 million with a profit margin expanding 1500 basis points to 48.7%.
Operating expense increased 65.2% Y/Y to $1.0 million. Selling and marketing expenses increased 87.0% to $4.3 million.
The operating loss widened to $(4.97) million, and the net loss deepened to $(5.56) million.
The company held $1.2 million in cash and equivalents as of June 30, 2021.
On July 20, 2021, Stryve Foods, LLC and Andina completed their business combination, and formed Stryve Foods.
Outlook: Stryve Foods sees FY21 sales of $31 million - $34 million.
Price Action: SNAX shares closed lower by 0.44% at $6.85 on Monday.