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 sales35,320 subscribers, AU + USAbout 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
35,320
Active subscriptions, AU + US
A$2.66M
Subscription MRR, AU + US
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 combines live Australian Skio MRR (including GST) with US Skio MRR as at 4 November (about A$8K, converted at 1 USD = 1.5385 AUD).

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.
  • 35,320 active subscribers across Australia and the US as at 4 November (AU 35,179 路 US 141). Australia alone is up 94% from 18,151 at the end of July. Subscription MRR is now about A$2.66M across both.
  • 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. Hyro will be on the 2026 AFR Fast Starters list of Australia's fastest-growing young companies (strictly embargoed until the AFR publishes it on 10 November, and that's when we find out our ranking), 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 as our Community & Marketing Coordinator, Emma has moved to full-time Supply Chain Manager, and Chris Wilkerson joined as our fractional CFO.
  • 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 Budgy 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, January to OctoberShopify, all stores
  1. February: +85%
  2. March: +32%
  3. April: -13%
  4. May: +21%
  5. June: +28%
  6. July: +41%
  7. August: +34%
  8. September: -8%
  9. October: +59%
Average MoM growth, Feb to Oct+31%Compound monthly growth +28%

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

Subscriptions

Subs keep stacking up.

As at 4 November we have 35,320 active subscribers across Australia and the US (AU 35,179 路 US 141). Australia alone is up from 18,151 at the end of July. That's 94% growth in a little over three months, and nearly 5x the 7,250 we reported in March.

Subscription MRR is now about A$2.66M across both markets (about A$2.655M in Australia including GST, plus about A$8K in the US), 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.

35,320
Active subscribers, AU + US
A$2.66M
Subscription MRR, AU + US
+94%
Australia, since the end of July
~5x
The 7,250 we reported in March
Active subscribers, memo by memoTrend Active subs
Memos #6 to #9 counted Australian subscribers only. The Nov '26 bar is AU + US (AU 35,179 路 US 141).

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 (4 Nov, AU + US) 35,320. Earlier memos counted Australia only. MRR is Skio Current MRR, Australia including GST plus US converted at 1 USD = 1.5385 AUD.

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.

Still from the launch reel: Sarah leaps over the Hyro mascot she has just tackled, next to the red Hyro car sarahs_dayanddrinkhyro QUICK!! Use code SARAHBC drinkhyro and you will: 馃捀Get 50% OFF more 600.8K views
Sarah's DayLaunch partner

Sarah's Day x Hyro launch collab, 14 Oct. Comments from the reel.

What people said about the video312 comments 路 9.5K likes

  • Viewer14 Oct

    This is the best ad I鈥檝e ever seen in my life馃槶馃槶馃槶 we all know Sarah has an amazing sense of humor

  • Viewer14 Oct

    This is so creative!!! 馃槀馃槀 loved it! Sense of humour 10/10 馃槀鉂わ笍馃憦馃徑

  • Viewer15 Oct

    NAILED IT TEAM. The vid, the product, the people 馃憦馃徑

  • Viewer14 Oct

    Arrested for great marketing 馃ぇ

  • Viewer14 Oct

    THIS IS A MOVIE! CANT WAIT TO TRY IT馃敟

  • Viewer14 Oct

    Just ordered and cannot wait to try this flavour! 馃槏馃馃徎

Still from the reel: a TV news bulletin with the headline Sarah's Day arrested
The cold open
Still from the reel: Blackcurrant Crush 5g Creatine, available now, as seen on TV
The reveal
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

The campaign

We backed Sarah and Kurt's launch video with 64 ads at launch, running 126 creatives from 33 creators (plus Sarah). Here's how far it went in the first few weeks.

600.8K
Views on Sarah's launch reel
2.58M
Ad impressions on Facebook and Instagram
689.5K
People reached by the ads
373.4K
Ad video views (65.3K watched through)
212.3K
Views on our 8 launch posts
64 / 126
Ads / creatives live at launch
Launch ad: Blackcurrant Crush pouch and stick, Get 50% off
Launch offer static
Launch ad: Ditch the tub, Get 50% off
Ditch the tub
Launch ad: steak, orange, banana and avocado around a Blackcurrant Crush stick, in just one Hyro
All in one stick
Launch ad: whiteboard, Creatine isn't just for gym bros, with a Blackcurrant Crush pouch
Not just for gym bros

Sources: Meta Ads Manager (Hyro AUS account), all ads running Blackcurrant Crush launch creative, 14 to 31 Oct. Reach is unique people. Video views are 3-second plays. Ads and creatives = ads built 12 to 14 Oct and their unique videos and images. Instagram Insights for @drinkhyro launch posts 11 to 15 Oct, and the public view count on Sarah's @sarahs_day collab reel, both as at 4 Nov. Stills are Hyro launch ads.

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

How we're fixing it

  1. Stockouts. Perform and Sample Packs sold out as demand kept outrunning supply.

    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.

  2. Fulfilment backlogs. Our 3PL fell behind during the peak, and fulfilment costs ran well above normal.

    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.

  3. Rebuild delays. Some of the ops rebuild from the last memo took longer than planned.

    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 (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.

Hyro US HQ: our garage in California, freshly painted Hyro red with a big white Hyro logo
  • 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.

Ryley Smith, Customer Experience and US Operations Coordinator
US

Ryley

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

Dani Melrose, Community and Marketing Coordinator
Australia

Dani

Our new Community & Marketing Coordinator. Started on 2 November in the Manly office, looking after community, customer experience, wholesale and partnerships.

Emma Perrier, Supply Chain Manager
Australia

Emma

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

Chris Wilkerson, Fractional CFO
Fractional CFO

Chris Wilkerson

Joined in October as our fractional CFO (around one day a week) 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.

01Embargoed until 10 Nov

AFR Fast Starters 2026

Hyro will be on the Australian Financial Review's 2026 Fast Starters list of Australia's fastest-growing young companies. It's under strict embargo until the list is published in the AFR on Tuesday 10 November, which is also when we find out our ranking. Mike and Polly will be at the AFR celebration in Sydney that night. Please keep this one to yourself until then.

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 Budgy Smugglers
The New York Marathon, in Budgy Smugglers

42km of very questionable decisions.

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

It was a very tough day out with the shoulder and lack of training. However I got it done (still sore and hobbling around).

~2M
Free impressions from spectators on the course
42km
In Budgy 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.

    Work week in the US next week
  2. 02

    Stay in stock

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

    Buffer stock before summer
  3. 03

    Grow subs in Australia

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

    35,179 AU subscribers, up 94% since July
  4. 04

    Better margins

    Lower production and fulfilment costs per order as volume grows.

    Cost per order down as volume grows
Shareholder asks

How can you help?

An intro, a coffee or a share makes a real difference right now. Here's exactly what we're looking for.

The US
  1. 01

    Strategic partners

    Companies and people who could open big doors for Hyro in the US. Distribution can wait, we want partners who move the needle.

    e.g. Consumer, fitness and wellness brands, sports teams and leagues, media and entertainment.

  2. 02

    Celebrities and athletes

    Big names who'd genuinely love Hyro, as an ambassador, an investor or a collab like Sarah's launch.

    e.g. Athletes, actors, musicians and creators with a real US following.

  3. 03

    Founders and operators

    People who've scaled a consumer brand in the US and would grab a coffee or share what worked (and what didn't).

    e.g. Founders and operators from supplement, beverage, wellness and DTC brands.

  4. 04

    Consumer VCs and family offices / UHNW

    For when we raise next. A warm intro beats a cold email every time.

    e.g. Consumer and CPG funds, family offices and ultra-high-net-worth investors who back DTC, beverage or wellness brands.

Australia
  1. 05

    Corporate and brand partnerships

    Businesses and brands keen to partner with us on co-branded drops, sampling, events or staff wellness.

    e.g. Corporates, gyms and fitness chains, sports clubs, events, workplaces and like-minded brands.

  2. 06

    Retail and wholesale

    Intros to the people who decide what goes on the shelf or in the fridge.

    e.g. Buyers at pharmacy, grocery and convenience chains, plus gyms and cafes.

Everyone
  1. 07

    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

    e.g. Our launch posts and creator videos on Instagram and TikTok.

  2. Got someone in mind?

    Just reply to the email or message me directly, and I'll take it from there.

    steve@drinkhyro.com
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.