The following is a summary of the Stryve Foods, Inc. (SNAX) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Stryve Foods reported Q1 2024 net sales of $4.6 million, a slight decrease compared to the same period last year.

• Gross profit for the quarter was $1.2 million, an increase from the gross profit of $0.96 million in the same period last year.

• Operating expenses reduced by 22.7% to $4.0 million from the year ago period.

• The operating loss saw a 29% reduction to $3 million compared to the same quarter last year.

• The net loss was $3.9 million, an improvement from $4.6 million in the prior year period.

• The adjusted EBITDA loss for the first quarter was $2.3 million, improved from a loss of $3.5 million in the year-ago quarter.

• The company's cash position at the end of Q1 2024 was approximately $0.4 million.

Business Progress:

• Stryve Foods has seen significant improvements in strategic areas, such as their new packaging initiative, dramatically enhancing retail velocity.

• The quality of products has improved, leading to a better consumer experience and operational efficiencies.

• Waste has reduced while the overall cost structure is more efficient.

• The company regained its position for the Vacadillos brand at Costco's Southeast division.

• The focus is strongly on new distribution and expansion of distribution footprint.

• There is a robust innovation pipeline for further brand and category expansion.

• Investments in technology and processes are ongoing to enhance agility and expand margins.

• Stryve's 2024 target for net sales ranges between $24 million to $30 million.

More details: Stryve Foods IR

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