Stryve Business Combination with Andina Acquisition Corp. III
Financial Projections
The Company's investment in vertical integration pays significant dividends once the facility is fully
utilized with forecasted EBITDA margin exceeding 15% in 2022
Stryve
($ in millions)
Financial Forecast
~$161
Gross Revenue
Adj. EBITDA
Gross Profit %
$103
52%
46%
$51
$13
$18 28%
18%
($13)
($11)
(1)
2019A
(1)
2020A
$15
~52%
~$32
($2)
2021F
2022F
Mid-Term Target
Key Takeaways
2020 actuals exclude Kalahari. Full-year gross revenue for Kalahari estimated to be ~$3.6M
Category size and demand for innovation pave the way for long-term growth
Vertical integration supports attractive margins
ā Direct-to-Consumer and consumable products provide recurring base
Fixed vs. variable cost structure supports significant operating leverage
ā Assumes no acquisitions
Note: Forecasts represent management's estimates and are subject to change are not a guarantee of performance. Many factors outside the control of the Company can affect realization of
the illustrative projections shown in this presentation
(1)
Actuals are unaudited, preliminary, and are subject to adjustment
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