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Sunday, July 3, 2022

Stryve Foods, Inc. (SNAX) stock plunged in the Current market; here is why?

Stryve Foods, Inc. (SNAX) stock declined in the current market after announcing its fourth quarter and fiscal 2021 results. SNAX’s share price is $1.51, losing more than 24.06% compared to yesterday’s closing price. SNAX stock closed at $2.00 at the end of the last trading session. SNAX stock volume was around 295.58K shares in the previous trading session. The current market cap of the company is about $34.77 million.


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SNAX: Q4 and Fiscal 2021 Key Financials

  • Stryve Foods, Inc.’s revenue in Q4 2021 was $6.8 million, increasing by more than 71% compared to the revenue of $3.99 million in Q4 2020.
  • Fiscal 2021 revenue was $30.08 million, more than the revenue of $17 million in fiscal 2020.
  • The company’s net loss in Q4 2021 was around $11.9 million. Net loss massively increased compared to the net income of $4.5 million in Q4 2020.
  • SNAX’s net loss in fiscal 2021 was around $31.9 million, and profitability declined significantly compared to the net loss of $17.5 million in fiscal 2020.
  • The Q4 2021 basic and diluted loss per share was $0.58, compared to the loss per share of $0.52 in Q4 2020.
  • For fiscal 2021, basic and diluted loss per share was $2.16, compared to $2.14 in fiscal 2020.
  • As of January 1, 2021, the company had cash and cash equivalents of $2.2 million.

SNAX CEO’s Remarks

As stated by Joe Oblas, the CEO of Stryve, We are delighted to release the Stryve Shareholder Report, as it provides us with a richer platform through which to connect with Stryve shareholders. In addition to allowing us to delve deeper into the exciting advancements throughout our Stryve company, we believe the new format enables parts of our unique brands to shine through in a manner that I am certain our shareholders will find particularly beneficial.

Conclusion

The company’s revenue significantly increased but profitably was severely poor. They are currently focusing on the market share and increasing their business. That is why a massive increase in the revenue was observed. Revenue increased by growth in wholesale and e-commerce channels. Net loss was primarily due to increased marketing expenses and selling costs.

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