Beyond Meat^® Shares Financial Results for Q2; Ethan Brown Comments

One of the leading companies in plant-based meats, Beyond Meat^®, reported financial results for its second quarter.

“We are pleased to report a strong quarter of progress against our 2024 plan, a pivotal year on our path to sustainable operations and profitability,” shared Ethan Brown, Chief Executive Officer. “Key proof points include exceeding our Q2 revenue guidance; continued reduction in operating expenses and cash consumption; and our best quarterly gross margin since Q3 2021.”

Here are some highlights:

• Net revenues were $93.2 million, a decrease of 8.8 percent year-over-year
• Gross profit was $13.7 million, or gross margin of 14.7 percent, compared to gross profit of $2.3 million, or gross margin of 2.2 percent, in the year-ago period
• Loss from operations was $33.9 million, or operating margin of -36.4 percent, compared to loss from operations of $53.8 million, or operating margin of -52.7 percent, in the year-ago period
• Net loss was $34.5 million, or $0.53 per common share, compared to net loss of $53.5 million, or $0.83 per common share, in the year-ago period
• Adjusted EBITDA was a loss of $23.0 million, or -24.7 percent of net revenues, compared to an adjusted EBITDA loss of $40.8 million, or -40.0 percent of net revenues, in the year-ago period

"Further, we firmly reiterated our center-of-the-plate position in the global health and wellness trend with the launch of our Beyond IV platform,” Brown added. “Developed in collaboration with leading medical and nutrition experts, and recognized by the nation’s leading health organizations, including the American Diabetes Association’s evidence-based nutritional guidelines for its Better Choices for Life program and included in a collection of heart-healthy recipes certified by the American Heart Association’s Heart-Check program, we are thrilled to see consumer, media, and nutritionist enthusiasm for this latest, important, renovation.”

“Finally, alongside the strengthening of our operations and product portfolio, we are working on bolstering our balance sheet,” concluded Brown.

For the full report, click here.

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