Stryve Foods sees FY22 revenue $29M-$32M, two-estimate consensus $30.08M

Stryve Foods expects to report full year 2022 net sales within the previously issued guidance range of $29 to $32M. Full year 2022 net sales expected at the lower-to-middle of the guidance range based on previously discussed SKU rationalization program. Part of the rationalization program included exiting certain Stryve Nutrition SKUs during the fourth quarter of 2022 with the Company fully exiting the Stryve Nutrition portfolio in 2023.The company sees gross margin for the fourth quarter of 2022 in line with the third quarter of 2022; Operating expenses for the fourth quarter of 2022 reduced more than 50% compared to the prior year period; Significantly reduced Adjusted EBITDA Loss in the fourth quarter of 2022 compared to the prior year period. Based on SPINS data, the Company’s brand portfolio shows retail sales up 27% year-over-year for the 52-week period ending December 31st, 2022, with total points of distribution growing by 33% over the same timeframe. Management expects to provide fiscal year 2023 select financial guidance, including commentary on the Company’s growth, operating, and capital plans during the upcoming fourth quarter and full year earnings conference call in March.