Earnings release
Page 1
November 15 , 2021 Stryve Stryve Foods , Inc. Announces Third Quarter 2021 Results and Paves Way for Future Growth Set to Expand Partnerships with Costco and Walmart in 2022 Net Sales Increased 104.6 % Year Over Year to $ 9.1 Million Reaffirms 2021 Financial Outlook of Net Sales of $ 31 Million to $ 34 Million PLANO , Texas , Nov. 15 , 2021 ( GLOBE NEWSWIRE ) -- Stryve Foods , Inc. ( " Stryve " or " the Company " ) , ( NASDAQ : SNAX ) , an emerging healthy snack and eating platform disrupting traditional consumer packaged goods ( CPG ) categories , and a leader in the air - dried meat snack industry in the United States , today announced results for the third quarter ended September 30 , 2021 and provided a business update . Joe Oblas , CEO and Co - Founder , stated , “ We are very pleased to have more than doubled our top - line and gross profit during the third quarter compared to the year - ago period , reflecting robust gains across our wholesale and e - commerce channels as we successfully drove distribution , awareness , trial , and repeat purchases of our healthy air - dried meat snacking products . Given our current trajectory , we remain confident in our prior annual net sales guidance of $ 31 million to $ 34 million in 2021 , which would represent an increase of 82 % to 100 % compared to 2020. " Oblas continued , " Stryve's strong performance on shelf in the northwest region of Costco has paved the way for our expansion into two additional regions of Costco in the coming months and our selection by Costco as their partner in a limited time , nationwide multi vendor - mailer ( MVM ) program . The opportunity with Costco next year not only confirms that our products and strategy are on point with consumers and retailers alike , but also represents an enormous opportunity to drive trial with target consumers in a condensed period of time . " Oblas added , " We are also tremendously encouraged by the early results of our VacadillosⓇ launch . In just a short time , we have already expanded distribution in a meaningful way and the brand is demonstrating significant momentum across most channels . This includes being added next year to store shelves in Walmart , where we already have distribution for the Stryve brand . With the proceeds from the business combination , we believe we have the capital to properly support this emerging brand , extend Vacadillos's product line , and realize its full market potential over time . " Financial Highlights for the Third Quarter 2021 Versus the Prior Year Period Net sales increased to $ 9.1 million , representing 104.6 % growth .