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Beyond Meat® Reports First Quarter 2022 Financial Results
Company Reaffirms Full Year 2022 Revenue Outlook EL SEGUNDO, Calif., May 11, 2022 (GLOBE NEWSWIRE) -- Beyond Meat, Inc. (NASDAQ: BYND) (“Beyond Meat” or “the
About this update from Beyond Meat, Inc.
[{"type":"text","content":"Company Reaffirms Full Year 2022 Revenue Outlook\nEL SEGUNDO, Calif., May 11, 2022 (GLOBE NEWSWIRE) -- Beyond Meat, Inc. (NASDAQ: BYND) (“Beyond Meat” or “the Company”), a leader in plant-based meat, today reported financial results for its first quarter ended April 2, 2022. First Quarter 2022 Financial Highlights1 Net revenues were $109.5 million, an increase of 1.2% year-over-year.Gross profit was $0.2 million, or gross margin of 0.2% of net revenues.Net loss was $100.5 million, or $1.58 per common share. Net loss as a percentage of net revenues was -91.8%.Adjusted EBITDA was a loss of $78.9 million, or -72.1% of net revenues. Beyond Meat President and CEO Ethan Brown commented, \"In the first quarter, we made good progress against our goal of building tomorrow’s global protein company. Whether furthering strategic partnerships in the restaurant industry, the market success of our first product collaboration with PepsiCo, or the continued acclaim awarded to our products here in the U.S. and EU, we continue to lay a robust foundation for our long-term growth.” Brown added, “Though we recognize that the decisions we are making today in support of our long-run ambition have contributed to challenging near-term results, including a sizable though temporary reduction in gross margin as we took cost-intensive measures to support important strategic launches, we are confident in the future we are building while advancing our mission to bring plant-based meats and their attendant health, climate, natural resource, and animal welfare benefits to consumers around the world.” ____________1 This release includes references to non-GAAP financial measures. Refer to “Non-GAAP Financial Measures” later in this release for the definitions of the non-GAAP financial measures presented and a reconciliation of these measures to their closest comparable GAAP measures. First Quarter 2022 Net revenues increased 1.2% to $109.5 million in the first quarter of 2022, compared to $108.2 million in the year-ago period. Total volume of products sold increased 12.4% compared to the first quarter of 2021, largely offset by a decrease in net revenue per pound of approximately 10%. The decrease in net revenue per pound was primarily attributable to increased trade discounts, list price reductions in the EU, changes in sales mix, and negative foreign exchange ra...