Hyro
Confidential · Shareholder Memo #10 · October 2026
Shareholder Memo #10 · October 2026

Biggest month ever. Round closed. And a new HQ in our garage.

Hey legends,

Wow, what a few months since the August memo. We closed the round, set up Hyro US HQ in our garage, grew the team in Australia and the US, and launched Blackcurrant Crush with Sarah's Day. September was our first flat month in a while, then October bounced back even stronger as our biggest month ever.

Grab a cold Hyro, get comfy and let's get stuck in.

A$2.92M October sales34,923 active subscribersAbout A$2.4M raised
A man drinking from a Hyro bottle against a deep blue sky, from our in-house content shoot
From one of our in-house content shoots
Scroll
A crew of runners in Hyro red standing on a red athletics track
Live numbers

Where we're at, right now.

Tiles with a green dot pull live from Shopify and Skio, so they'll keep moving. Everything else is as at 4 November 2026.

A$40.5M
Annual run rate, all channels
34,923
Active subscriptions, AU + US
A$2.6M
Subscription MRR, AU
205,000+
Orders shipped, all time
A$2.92M
October sales, Shopify all stores
A$2.4M
New capital raised in the seed round

Run rate annualises the last 30 days across every channel. Active subscriptions combine Australia and the US. MRR is Australian subscription MRR including GST.

TL;DR

The short version, for the skimmers.

  • October was our biggest month EVER. A$2.92M in Shopify sales across all stores (about A$2.96M with Amazon), up 59% on September and nearly double July.
  • A$3.33M in sales over the last 30 days across every channel. That's a run rate of about A$40M a year.
  • 34,923 active subscribers in Australia, up from 18,151 at the end of July (+92%). Subscription MRR is now about A$2.6M.
  • Round's done. We closed the seed round 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 did A$187.6K in sales, 2,282 orders and 1,739 new subscriptions.
  • Some great press. We've made the 2026 AFR Fast Starters list of Australia's fastest-growing companies (confidential until 10 November), we're in The Australian's upcoming Top 100 Innovators list, and Max Gawn and Daly Cherry-Evans gave Hyro a plug live on the Today Show.
  • September was our first down month in a while (-8% on August). We ran out of stock and our 3PL fell behind. We've fixed the root causes, and October bounced back even stronger.
  • 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.
  • Common Thread Collective (CTC) is now running our TikTok Shop and creator affiliate program, and we're bringing on new creative and performance agencies for the US.
  • I ran the New York Marathon on the weekend 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.
Sales

Sales are crushing it.

We did A$2.92M 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 Shopify basis), the month we reported in the last memo.

The last 30 days have been even better. A$3.33M across every channel (Shopify AU, Wholesale, US, and Amazon AU and US), which is a run rate of about A$40M a year.

Our biggest day ever was Monday 26 October at about A$209K, and the Monday after did just over A$200K. I like my graphs up and to the right.

+59%
October vs September
A$3.33M
Last 30 days, every channel
A$209K
Biggest day ever, Mon 26 Oct
Monthly sales, May to OctoberShopify, all stores
  • July A$1.48M
  • August A$1.99M
  • September A$1.83M
  • October A$2.92M

Shopify, all stores, gross sales including GST. Amazon is not included in the monthly figures.

Subscriptions

Subs keep stacking up.

We now have 34,923 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.

34,923
Active subscribers in Australia
A$2.6M
Subscription MRR, incl GST
+92%
Since the end of July
~5x
The 7,250 we reported in March
Active subscribers, memo by memoTrend Active subs

Aug '25 (Memo #6) 2,100 · Nov '25 (Memo #7) about 4,000 · Mar '26 (Memo #8) 7,250 · Jul '26 (Memo #9) 18,151 · Nov '26 (today) 34,923.

Blackcurrant Crush with Creatine x Sarah's Day

A$187.6K in the first 24 hours.

On 14 October we launched Blackcurrant Crush with Creatine, our third Perform flavour, with Sarah and Kurt fronting the campaign. The launch video was genuinely funny, and it got people talking and buying.

A$187.6K
Sales, first 24 hours
2,282
Orders
2,498
Units of Blackcurrant Crush
1,739
New subscriptions
The first 24 hours, hour by hour Cumulative sales New subscriptions
Hour0h
SalesA$0.0K
New subs0

It's shaping up to be our new top-selling flavour and product. Massive thanks to Sarah, Kurt and the team, and to everyone who shared it.

September, our first flat month in a while

Not every month goes up and to the right.

September was our first down month in a while. Shopify sales came in at A$1.83M, down about 8% on August. The demand was there. We just couldn't keep up with it.

What went wrong

  • 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 ops rebuild from the last memo took longer than planned.

How we're fixing 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.
Daily sales, Shopify AU, July to early NovemberDaily sales 7-day average

October showed what happens when we have stock. Sales jumped 59% month on month. Supply chain is still our #1 limiting factor on growth, so it's where a lot of the new capital and our time is going.

Capital raise

We officially closed the seed round on 8 October.

A$2.4M
New capital (approx.)
A$30M
Post-money valuation
A$1.25M
Led by Side Stage Ventures
8 Oct
Round closed

Plus A$445K of convertible notes converted into the round.

We raised about A$2.4M of new capital, led by Side Stage Ventures (A$1.25M), alongside existing shareholders and new investors. Signed docs and updated share certificates have all gone out, and we're finalising the ASIC and member register updates.

Huge thanks to everyone who backed us, and to everyone who signed, re-signed and chased paperwork with us over a long few months. I know it was a lot of admin. The money goes into inventory, building the US and scaling Australia.

A Hyro run club crew in orange shirts on sandstone steps in Sydney
Valuation
A$30MPost-money

The round values Hyro at A$30M post-money. For those who backed us early, that's about 7x the A$4.2M post-money valuation after our first round.

Hyro valuation, round by roundPost-money valuation by round
  • Round 1 A$4.2M post
  • Round 2 A$9.2M post
  • Seed round A$30M post

Round 1 (Jun/Jul 2024): A$1.03M raised at A$3.2M pre-money (A$4.2M post). Round 2 (closed Nov 2025): A$1.24M raised at A$8.0M pre-money (A$9.2M post). Seed round (closed 8 Oct 2026): about A$2.4M of new capital at A$30M post-money.

The US

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 we're at.

A woman drinking from a Hyro Blackcurrant bottle under a blue sky, from our US lifestyle shoot
  • Our first US team member. 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.
  • Second US production run. It's complete and lands in the warehouse this week, so we'll have stock on hand for a proper launch.
  • TikTok Shop and creators. 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.
  • New agency partners. We're bringing on new creative and performance agencies to launch and scale paid ads in the US.
  • Team work week. Next week the core team flies over for a full week on nothing but the US (launch plan, offer, creative, channels and ops). We want the US launched and growing as fast as possible.
2nd
US production run, landing this week
100+
Approved creator videos a month (target)
20+
Creators in the affiliate program (target)

The US is still small, and we won't scale spend until the unit economics stack up. The groundwork is done. Now it's about getting traction.

Team

Some new legends on the team.

US

Ryley

Customer Experience and US Operations Coordinator, our first US hire.

Australia

Dani

Started on 2 November in the Manly office. Looking after community, customer experience, wholesale and partnerships.

Australia

Emma

Moved from contractor to full-time Supply Chain Manager on 2 November.

CFO

Chris Wilkerson

Joined as our CFO to tighten up financial reporting and controls as we scale.

And the AI agents keep taking more off our plates (customer service, finance, inventory and reporting), so the humans can spend their time on brand, creative, partnerships and growth.

Press and PR

Some great press lately.

01Confidential until 10 Nov

AFR Fast Starters 2026

We've made the Australian Financial Review's 2026 Fast Starters list of Australia's fastest-growing young companies. The list and rankings come out at the AFR event in Sydney on 10 November, and Mike will be there for us.

02Announced shortly

The Australian's Top 100 Innovators

Hyro will feature in The Australian's 2026 Top 100 Innovators list, which should be announced shortly.

Max Gawn and Daly Cherry-Evans live on the Today Show with the caption Footy greats back Hyro electrolytes
03Live on morning TV

Max Gawn and Daly Cherry-Evans on the Today Show

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$40K to A$50KWhat a segment like that would normally cost to buy

Massive thanks to Max and Daly for showing up in person, and to Nick Fordham and team Fordham (our PR partners and fellow investors) for landing it. Epic.

Steve and another runner at the New York City Marathon wearing Hyro budgie smugglers
The New York Marathon, in budgie smugglers

42km of very questionable decisions.

On the weekend I ran the New York City Marathon in a pair of Hyro budgie smugglers, with another runner brave enough to do the same.

~2M
Free impressions from spectators on the course
42km
In budgie smugglers

The response was huge. We reckon about 2 million free impressions from spectators on the course, plus endless comments, photos and shout-outs along the way. Cheapest brand awareness we've ever bought.

What's next

What we're focused on.

  1. 01

    US launch

    Use next week's work week to lock the plan, then launch with stock on hand, TikTok Shop, creators and paid.

  2. 02

    Stay in stock

    Complete the move to Devine, get Atlas IMS fully live, and build buffer stock ahead of summer.

  3. 03

    Grow subs in Australia

    Keep the subscription engine compounding in Australia, with Blackcurrant Crush and Perform driving new customers.

  4. 04

    Better margins

    Lower production and fulfilment costs per order as volume grows.

Shareholder asks

How can you help?

  1. 01

    US introductions. Retailers, distributors, creators, gyms, run clubs and well-connected operators, particularly in Southern California.

  2. 02

    Creators and talent. If you know US creators or athletes who'd be a great fit for Hyro, send them our way.

  3. 03

    Share the content. Like, comment and share our launches when you can. It all helps, and I see everyone who does. The more you help, the more your shares are worth 馃殌

Thank you

To the moon.

Thanks as always for your support. These last few months have been some of the hardest since we started Hyro, and some of the most fun. The demand is clearly there. Now it's about keeping up with it here and taking it to the US. Couldn't be more excited.

Stay hydrated,
Steve

steve@drinkhyro.comBack to the top
Steve in a Hyro cap and finisher poncho after the New York City Marathon

Confidential. Prepared for Hyro shareholders. Figures are as at 4 November 2026 unless marked live.