Q2 2024 Stryve Foods Inc Earnings Call Transcript
Key Points
- Gross margin expanded to 27.4% in Q2 2024, up from 17.5% in Q2 2023.
- Operating expenses reduced by 11% year-over-year, reflecting strong cost discipline.
- Adjusted EBITDA improved by 35% year-over-year, indicating better operational efficiency.
- New packaging and branding initiatives have driven significant improvements in retail consumption and velocity metrics.
- Strong demand for air-dried pet treats and new market opportunities with Kocher and halal certifications.
- Net sales growth was modest at 3% year-over-year, reflecting the impact of rationalizing low-margin products.
- Liquidity constraints led to missed sales opportunities due to out-of-stock situations.
- The company is still reliant on external capital to support growth, indicating financial vulnerability.
- Despite improvements, the company reported a net loss of $3 million for the quarter.
- Financial constraints have limited the ability to fully capitalize on increased retail demand.
Good afternoon, everyone, and welcome to the Stride Foods second-quarter fiscal 2024 financial results conference call. (Operator Instructions) This call is being recorded on Wednesday, August 14, 2024.
Now I would like to turn the call over to Will Pugh, Senior Vice President of Accounting at Stryve Foods, to make introductions and read the safe harbor statement. Please go ahead.
Thank you, operator, and welcome to the Stryve Foods fiscal year 2024 second-quarter earnings conference call. With me today are Stryveâs Chief Executive Officer, Chris Boever; and Chief Financial Officer, Alex Hawkins.
Before we begin, I would like to remind everyone that part of our discussion today will include forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements, by their nature are uncertain and outside of the company's control.
Actual results could differ materially from these expectations. These
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