Revenue volatility remains high with a 36.4% growth spike in 2024Q3, yet this fails to offset a -54.6% net margin that highlights a persistent struggle to scale production efficiently.
| Sales/Revenue | 19.36M | 17.71M | 29.95M | 30.08M | 17M | 10.77M | 0 | 0 | 0 |
| Revenue Growth % | -4.29% | -40.86% | -0.45% | 76.93% | 57.86% | - | - | - | - |
| Cost of Goods Sold | 17.34M | 15.28M | 30.66M | 19.81M | 11.1M | 13.31M | 0 | 0 | 0 |
| COGS % of Revenue | - | 86.26% | 102.37% | 65.87% | 65.27% | 123.57% | - | - | - |
| Gross Profit | 2.03M | 2.43M | -711K | 10.27M | 5.9M | -2.54M | 0 | 0 | 0 |
| Gross Margin % | 10.46% | 13.74% | -2.37% | 34.13% | 34.73% | -23.57% | - | - | - |
| Gross Profit Growth % | - | 442.19% | -106.93% | 73.9% | 332.53% | - | - | - | - |
| Operating Expenses | 15.51M | 17.86M | 31.53M | 41.54M | 20.16M | 386.68K | 14.77K | 424 | 13.8K |
| OpEx % of Revenue | - | 100.84% | 105.3% | 138.1% | 118.59% | 3.59% | - | - | - |
| Selling, General & Admin | 12.16M | 15.65M | 25.18M | 39.92M | 18.87M | 386.68K | 14.77K | 424 | 0 |
| SG&A % of Revenue | - | 88.35% | 84.08% | 132.71% | 111% | 3.59% | - | - | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 3.35M | 2.21M | 6.35M | 1.62M | 1.29M | 0 | 0 | 0 | 13.8K |
| Operating Income | -11.7M | -15.43M | -32.17M | -31.29M | -14.27M | -387K | -14.77K | -424 | -13.8K |
| Operating Margin % | -60.43% | -87.1% | -107.42% | -104.01% | -83.94% | -3.59% | - | - | - |
| Operating Income Growth % | - | 52.05% | -2.81% | -119.23% | -3587.86% | -2519.82% | -3383.96% | 96.93% | - |
| EBITDA | -9.35M | -12.8M | -29.99M | -29.67M | -12.98M | 703K | 146.37K | 52.09K | 9.02K |
| EBITDA Margin % | -48.3% | -72.3% | -100.13% | -98.62% | -76.36% | 6.53% | - | - | - |
| EBITDA Growth % | 28.23% | 57.3% | -1.08% | -128.52% | -1946.66% | 380.29% | 180.98% | 477.77% | - |
| D&A (Non-Cash Add-back) | 2.35M | 2.62M | 2.18M | 1.62M | 1.29M | 1.09M | 161.14K | 52.52K | 22.82K |
| EBIT | -12.04M | -15.41M | -32.32M | -28.93M | -14.24M | 1.76M | 0 | 0 | 0 |
| Net Interest Income | -3.26M | -3.63M | -895.76K | -3.03M | -3.3M | 2.14M | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 2.14M | 0 | 0 | 0 |
| Interest Expense | 3.26M | 3.63M | 895.76K | 3.03M | 3.3M | 0 | 0 | 0 | 0 |
| Other Income/Expense | -3.6M | -3.62M | -1.05M | -671.73K | -3.27M | 0 | 0 | 0 | 0 |
| Pretax Income | -15.3M | -19.04M | -33.22M | -31.96M | -17.55M | 1.76M | -14.77K | -424 | -13.8K |
| Pretax Margin % | -79% | -107.51% | -110.92% | -106.24% | -103.21% | 16.36% | - | - | - |
| Income Tax | 13.11K | 965 | -74.52K | 30.27K | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | -0.09% | -0.01% | 0.22% | -0.09% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -15.31M | -19.04M | -33.14M | -31.99M | -17.55M | -296K | -14.77K | -424 | -13.8K |
| Net Margin % | -79.07% | -107.52% | -110.67% | -106.34% | -103.21% | -2.75% | - | - | - |
| Net Income Growth % | 16.04% | 42.54% | -3.59% | -82.31% | -5828.04% | -1903.79% | -3383.96% | 96.93% | - |
| Net Income (Continuing) | -15.31M | -19.04M | -33.14M | -31.99M | -17.55M | 1.76M | -14.77K | -424 | -13.8K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -4.67 | -8.59 | -16.20 | -32.40 | -14.01 | -0.09 | -0.01 | -0.00 | -0.01 |
| EPS Growth % | 35.8% | 46.98% | 50% | -131.26% | -16209.66% | - | - | - | - |
| EPS (Basic) | - | -8.59 | -16.20 | -32.40 | -14.01 | -0.09 | -0.01 | -0.00 | -0.01 |
| Diluted Shares Outstanding | 3.28M | 2.21M | 2.13M | 1.34M | 1.25M | 3.45M | 2.5M | 2.5M | 2.5M |
| Basic Shares Outstanding | 3.28M | 2.21M | 2.05M | 988.09K | 1.25M | 3.45M | 2.5M | 2.5M | 2.5M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Liquidity and operational insolvency
As indicated by the quarterly financial data, SNAX experienced a 36.4% revenue increase in 2024Q3, yet this follows a prolonged period of contraction, suggesting that the company's top-line performance remains highly erratic and dependent on the timing of retail distribution wins rather than consistent organic growth.
The recent revenue fluctuation appears to reflect a volatile retail footprint rather than a stable demand curve. Investors should monitor whether this growth is sustainable or merely a result of promotional inventory loading that may not repeat in subsequent quarters.
Based on reported income statements, the company's gross margin reached 21.7% in 2024Q3, highlighting a persistent struggle to achieve the necessary production scale to offset the high fixed costs inherent in their specialized air-drying manufacturing facility located in Madill, Oklahoma.
The gross margin profile remains highly susceptible to raw beef price volatility and under-utilization of capacity. Without a significant increase in unit volume, the company may continue to face difficulty in achieving the margin expansion required to reach a break-even point.
According to the provided income statement data, the company reported an operating margin of -40.4% in 2024Q3, demonstrating that SG&A expenses continue to significantly outpace gross profit generation, which suggests a lack of operational efficiency in scaling the business model toward profitability.
The persistent negative operating margin indicates that the current cost structure is vastly disproportionate to the company's revenue scale. Management's ability to control overhead while simultaneously driving retail velocity remains a critical, yet unproven, component of the investment thesis.
As reported in financial filings, the company's net income remains consistently negative, with a -54.6% net margin in 2024Q3, further complicated by ongoing stock-based compensation expenses that continue to dilute shareholders despite the lack of a clear path to positive earnings per share.
The reliance on non-cash compensation during periods of significant cash burn warrants further investigation into the alignment of management incentives. Investors should be wary of the quality of these losses, as they are driven by both operational inefficiencies and structural overhead costs.
While the company claims a competitive advantage through its proprietary air-drying infrastructure, the financial data suggests this asset may be a liability, as the high fixed-cost burden has contributed to a consistent depletion of cash reserves since the company's public market entry.
Short-sellers may focus on the potential for further asset impairment or the necessity of dilutive capital raises to maintain operations. The fundamental risk remains that the biltong category may not achieve the mass-market adoption required to justify the capital-intensive nature of the current manufacturing footprint.
Quick answers to the most common questions about buying SNAX stock.
For fiscal year 2023, Stryve Foods, Inc. (SNAX) reported total revenue of $17.7M.
Stryve Foods, Inc. (SNAX) reported a net loss of $19.0M for the fiscal year ending 2023.
Stryve Foods, Inc. (SNAX) reported an operating income of $-15.4M, resulting in an operating profit margin of -87.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Stryve Foods, Inc. (SNAX) generated $2.4M in gross profit for the year, representing a gross profit margin of 13.7%. This demonstrates the company's core pricing power and production efficiency.