The company's financial position is increasingly vulnerable, evidenced by a total debt load of $28.1 million against a current ratio of only 0.38 as of 2024Q3.
| Total Current Assets | 8.7M | 8.38M | 12.92M | 15.04M | 5.42M | 360.6K | 156.28K | 35.84K | 35.84K |
| Cash & Short-Term Investments | 183.36K | 369.11K | 623K | 2.22M | 591.63K | 352.52K | 0 | 0 | 0 |
| Cash Only | 183.36K | 369.11K | 623K | 2.22M | 591.63K | 352.52K | 0 | 0 | 0 |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 2.86M | 2.09M | 2.49M | 3.11M | 679.06K | 0 | 0 | 0 | 0 |
| Days Sales Outstanding | 48.16 | 43.11 | 30.33 | 37.77 | 14.58 | - | - | - | - |
| Inventory | 4.88M | 5.2M | 8.26M | 7.22M | 3.37M | 1.76M | 0 | 0 | 0 |
| Days Inventory Outstanding | 104.74 | 124.24 | 98.33 | 132.93 | 110.94 | 48.37 | - | - | - |
| Other Current Assets | 782.98K | 260.43K | 668.15K | 906.25K | 337.67K | -1.76M | 156.28K | 35.84K | 35.84K |
| Total Non-Current Assets | 22.75M | 24.33M | 26.64M | 21.74M | 20.82M | 110.15M | 0 | 35.84K | 35.84K |
| Property, Plant & Equipment | 10.37M | 11.76M | 13.83M | 7.59M | 6.85M | 7.14M | 0 | 0 | 0 |
| Fixed Asset Turnover | 1.75x | 1.51x | 2.17x | 3.96x | 2.48x | 1.51x | - | - | - |
| Goodwill | 8.45M | 8.45M | 8.45M | 8.45M | 8.45M | 8.45M | 0 | 0 | 0 |
| Intangible Assets | 3.94M | 4.12M | 4.36M | 4.6M | 4.96M | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 110.15M | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 0 | 0 | 1.09M | 557.21K | -15.59M | 0 | 35.84K | 35.84K |
| Total Assets | 31.46M | 32.71M | 39.56M | 36.78M | 26.24M | 110.51M | 156.28K | 35.84K | 35.84K |
| Asset Turnover | 0.61x | 0.54x | 0.76x | 0.82x | 0.65x | 0.10x | - | - | - |
| Asset Growth % | -63.12% | -17.31% | 7.57% | 40.17% | -76.26% | 70614.46% | 336.05% | 0% | - |
| Total Current Liabilities | 22.99M | 15.77M | 7.08M | 11.85M | 31.7M | 5.72K | 160.27K | 25.06K | 24.64K |
| Accounts Payable | 6.58M | 4.46M | 3.01M | 3.1M | 3.84M | 0 | 0 | 0 | 0 |
| Days Payables Outstanding | 121.26 | 106.55 | 35.84 | 57.06 | 126.27 | - | - | - | - |
| Short-Term Debt | 13.02M | 8.26M | 2.02M | 6.95M | 26.15M | 0 | 106.5K | 22.15K | 15.84K |
| Deferred Revenue (Current) | 46.42K | 46.42K | 0 | 34.23K | 0 | -9.17M | 72.24K | -2.92K | -8.8K |
| Other Current Liabilities | 346 | 1.32M | 133 | 206.59K | 1.41M | 8.03M | -28.54K | 2.92K | 8.8K |
| Current Ratio | 0.38x | 0.53x | 1.82x | 1.27x | 0.17x | 63.01x | 0.98x | 1.43x | 1.45x |
| Quick Ratio | 0.17x | 0.20x | 0.66x | 0.66x | 0.06x | -245.20x | 0.98x | 1.43x | 1.45x |
| Cash Conversion Cycle | 31.64 | 60.8 | 92.83 | 113.64 | -0.76 | - | - | - | - |
| Total Non-Current Liabilities | 14.85M | 15.35M | 16.04M | 8.49M | 3.87M | 14.66M | 188.81K | 25.06K | 24.64K |
| Long-Term Debt | 3.24M | 3.48M | 3.7M | 119.54K | 3.87M | 14.66M | 0 | 0 | 0 |
| Capital Lease Obligations | 46.99M | 11.87M | 12.23M | 8.1M | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 140 | 35 | 1K | 67.22K | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 154 | 0 | 110.45K | 199.57K | 0 | 0 | 0 | 25.06K | 24.64K |
| Total Liabilities | 37.83M | 31.12M | 23.12M | 20.33M | 35.57M | 5.72K | 160.27K | 25.06K | 24.64K |
| Total Debt | 28.11M | 23.97M | 18.27M | 15.33M | 30.02M | 20.72M | 106.5K | 22.15K | 15.84K |
| Net Debt | 27.93M | 23.6M | 17.65M | 13.12M | 29.43M | 20.37M | 106.5K | 22.15K | 15.84K |
| Debt / Equity | -0.00x | 15.06x | 1.11x | 0.93x | - | 0.19x | - | 2.06x | 1.41x |
| Debt / EBITDA | -3.01x | - | - | - | - | 29.48x | 0.73x | 0.43x | 1.76x |
| Net Debt / EBITDA | -2.99x | - | - | - | - | 28.98x | 0.73x | 0.43x | 1.76x |
| Interest Coverage | -3.69x | -4.24x | -36.08x | -9.56x | -4.31x | - | - | - | - |
| Total Equity | -6.38B | 1.59M | 16.44M | 16.44M | -9.34M | 110.5M | -4K | 10.78K | 11.2K |
| Equity Growth % | -111648.85% | -90.32% | -0.04% | 276.1% | -108.45% | 2764773.51% | -137.1% | -3.79% | - |
| Book Value per Share | -1945.02 | 0.72 | 7.70 | 12.25 | -7.46 | 32.07 | -0.00 | 0.00 | 0.00 |
| Total Shareholders' Equity | -6.38B | 1.59M | 16.44M | 16.44M | -9.34M | 110.5M | -4K | 10.78K | 11.2K |
| Common Stock | 335K | 262 | 3K | 2.01K | 1.01K | 105.5M | 287 | 287 | 287 |
| Retained Earnings | -146.29M | -136.29M | -117.25M | -84.11M | -52.12M | 1.73M | -29K | -14.22K | -13.8K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | -132M | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity and insolvency
As reported in recent financial filings, Stryve Foods has seen its equity position collapse into negative territory, reaching -$6.4 billion by 2024Q3, a trend that underscores the severe and persistent erosion of the company's capital base due to ongoing operational losses and mounting debt obligations.
The transition from positive equity to a significant deficit suggests that the company has exhausted its internal capital, leaving it entirely dependent on external financing to sustain operations. This trajectory indicates that the business model has failed to reach a self-sustaining scale, placing the company in a precarious position regarding long-term viability.
Based on the latest quarterly data, the company's cash and equivalents have dwindled to a mere $183,400, representing a critical liquidity shortfall that leaves virtually no buffer against operational shocks or the high fixed costs associated with the Madill manufacturing facility.
With a current ratio of 0.38, the company is unable to cover its short-term liabilities with existing liquid assets, signaling an acute risk of insolvency. Investors should monitor the company's ability to secure immediate bridge financing, as the current cash runway appears insufficient to support ongoing operations.
According to balance sheet disclosures, the company maintains $8.4 million in goodwill alongside $10.4 million in net PPE, which together constitute the majority of the $31.5 million asset base, raising significant concerns regarding the potential for future impairment charges if retail velocity continues to decline.
The reliance on specialized manufacturing assets suggests that the company's asset base is highly illiquid and difficult to monetize in a distress scenario. If the company cannot improve its throughput, these assets may be subject to significant write-downs, further damaging the already negative equity position.
As indicated by the financial statements, the company's total debt has climbed to $28.1 million as of 2024Q3, creating a debt-to-asset burden that is increasingly unsustainable given the company's inability to generate positive operating cash flow to service these obligations.
The accumulation of debt in the face of declining revenue and negative equity suggests that the company is leveraging its balance sheet to fund survival rather than growth. This structure warrants further investigation into the terms of these liabilities, as the risk of a debt-for-equity swap or restructuring appears elevated.
Quick answers to the most common questions about buying SNAX stock.
As of 2023, Stryve Foods, Inc. (SNAX) had total assets of $32.7M including $8.4M in current assets.
Stryve Foods, Inc. (SNAX) carries total debt of $24.0M, offset by $0.4M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Stryve Foods, Inc. (SNAX) has total shareholders' equity (book value) of $1.6M ($0.72 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Stryve Foods, Inc. (SNAX) reported a current ratio of 0.53x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.