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ey legends. It's been a huge few months since our August memo. We closed the round, moved into the US properly, grew the team on both sides of the Pacific, launched our biggest product yet with Sarah's Day, hit our first flat month in a long time, and then came back with a record October. Here's the full update.
These figures are pulled live from Shopify and Skio while you read. If a feed is having a nap, you get the numbers from this memo instead.
Our biggest month ever. A$2.92M in October Shopify sales across all stores, about A$2.96M including Amazon. Up 59% on September and nearly double July.
Last 30 days: A$3.33M in sales across every channel. That's an annualised run rate of about A$40M.
34,923 active subscribers in Australia, up from 18,151 at the end of July (+92%). Subscription MRR is now about A$2.6M.
Seed round closed on 8 October, with about A$2.4M of new capital led by Side Stage Ventures.
Blackcurrant Crush with Creatine launched with Sarah's Day on 14 October. The first 24 hours delivered A$187.6K in sales, 2,282 orders and 1,739 new subscriptions.
PR wins. Hyro has been named on the 2026 AFR Fast Starters list (confidential until 10 November), we're in The Australian's upcoming Top 100 Innovators list, and Max Gawn and Daly Cherry-Evans flew the Hyro flag live on the Today Show.
September was our first down month in a long time (-8% on August), driven by stockouts and fulfilment backlogs. We fixed the root causes and October bounced back hard.
Hyro US HQ is up and running out of our garage in Newport Beach. Our second US production run lands in the warehouse this week.
Team. Ryley joined as our first US team member, Dani joined in Australia for customer and community, and Emma has moved to full-time Supply Chain Manager.
New partners. Common Thread Collective is now running our TikTok Shop and creator affiliate program, and we're onboarding new creative and performance partners for the US.
I ran the New York Marathon in Hyro budgie smugglers. About 2 million free impressions from spectators and endless comments.
Next week the core team flies to the US for an intensive work week to get the US business launched as fast as possible.
in Shopify sales across all stores in October, from more than 33,000 orders. Add Amazon and it's about A$2.96M. That's up 59% on September and almost double July (A$1.48M on the same basis), the month in our last memo.
active subscribers in Australia, up from 18,151 at the end of July. That's 92% growth in a little over three months, and nearly 5x the 7,250 we reported in March.
Subscription MRR is now about A$2.6M including GST, roughly double where it was at the end of July.
That's more than A$30M a year of recurring revenue before a single one-off order.
Our third Perform flavour, with 5g of creatine, launched with a campaign led by Sarah and Kurt. The launch video was genuinely funny and did exactly what we hoped: it got people talking and buying.
It's shaping up as our new top seller in both flavour and product. Huge thanks to Sarah, Kurt and the team, and to everyone who shared the launch.
I want to be upfront about this one. September was our first down month in a long time. Shopify sales came in at A$1.83M, down about 8% on August.
The cause wasn't demand. It was us.
Stockouts. Perform and Sample Packs sold out as demand kept outrunning supply.
Fulfilment backlogs. Our 3PL fell behind during the peak, and fulfilment costs ran well above normal.
Rebuild delays. Some of the operating rebuild we described in the last memo took longer to land than planned.
What we've done about it
Second co-manufacturer. We're moving production to Devine, our second Australian co-manufacturer, aiming to be exclusive with them from January. Their pricing is 23% to 48% cheaper per unit than our current manufacturer, and it improves further as we grow.
Atlas IMS. We've built our own inventory management system, run by Atlas, our supply chain AI agent. It replaces Katana by mid-November and gives us live stock cover, purchase orders and production tracking in one place.
Emma is now full time as our Supply Chain Manager, so supply chain finally has a dedicated owner.
October showed what happens when product is in stock: sales jumped 59% month on month. Supply chain is still our biggest constraint on growth, and it's where much of the new capital and our time is going.
of new capital, led by Side Stage Ventures (A$1.25M), alongside existing shareholders and new investors. All executed transaction documents and updated share certificates have been sent out, and the ASIC and member register updates are being finalised.
A huge thank you to everyone who backed us in this round, and to everyone who signed, re-signed and chased paperwork with us over a long few months. It's a big milestone, and it gives us the capital to fund inventory, build the US and keep scaling Australia.
Hyro US HQ is now officially our garage in Newport Beach. Very on brand for a start-up, and we're loving it. Here's where the US build is at.
Ryley joined in October as Customer Experience and US Operations Coordinator. She's helping with customer service across both markets and setting up our US operations.
It's complete and lands in the warehouse this week, so we'll have stock on hand for a proper launch.
We've signed Common Thread Collective (CTC), who recently acquired TBar, to run our TikTok Shop end to end. They'll also run a creator affiliate program through Trybe, targeting at least 100 approved creator videos a month from 20+ creators to feed our Meta ads.
We're onboarding new creative and performance partners to help us launch and scale paid acquisition in the US.
Next week the core team flies over for an intensive work week focused only on the US: launch plan, offer, creative, channels and operations. The goal is simple: get the US business launched and growing as fast as possible.
We're being deliberate. The US is still small today, and we're gating spend on unit economics before we scale. But the foundations are now in place, and the next few months are about traction.
The team has grown on both sides of the Pacific.
Alongside the human team, our AI agents continue to take on more of the business: customer service, finance, inventory and reporting. That lets the humans focus on brand, creative, partnerships and growth.
It's been a big stretch for the brand outside our own channels.
Hyro has been named on the Australian Financial Review's 2026 Fast Starters list, which recognises Australia's fastest-growing young companies. The list and rankings are announced at the AFR event in Sydney on 10 November, where Mike will represent Hyro.
Hyro will feature in The Australian's 2026 Top 100 Innovators list, which should be announced shortly.
Two of Australia's biggest sporting names, both Hyro investors and ambassadors, went live on the Today Show and gave Hyro a huge national plug on morning TV. A segment like that would normally cost A$40,000 to A$50,000 to buy. A massive thank you to Max and Daly for making the effort to be there in person, and to our PR partners and fellow investors, Nick Fordham and The Fordham Company, for securing such an epic feature.
On the weekend I ran the New York City Marathon in a pair of Hyro budgie smugglers, alongside another runner doing the same.
It was 42km of very questionable decisions, but the response was huge. We estimate about 2 million free impressions from spectators on the course, and endless comments, photos and shout-outs along the way. That's the cheapest brand awareness we've ever bought.
Yes, those are our actual race fits. No, we have no regrets.
Thanks as always for your support. This has been one of the hardest and most rewarding stretches in Hyro's short history. We've proven the demand is real, built a stronger foundation underneath it, and we're now set up to take Hyro global.
Stay hydrated,
Steve