Business
Beyond Meat(R) Reports First Quarter 2023 Financial Results
EL SEGUNDO, Calif., May 10, 2023 (GLOBE NEWSWIRE) -- Beyond Meat, Inc. (NASDAQ: BYND) (“Beyond Meat” or “the Company”), a leader in plant-based meat, today
About this update from Beyond Meat, Inc.
[{"type":"text","content":"EL SEGUNDO, Calif., May 10, 2023 (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 1, 2023. First Quarter 2023 Financial Highlights1 Net revenues were $92.2 million, a decrease of 15.7% year-over-year.Gross profit was $6.2 million, or gross margin of 6.7% of net revenues, compared to gross profit of $0.2 million, or gross margin of 0.2% of net revenues, in the year-ago period. Gross profit and gross margin were positively impacted by reduced manufacturing costs excluding depreciation, decreased logistics costs and, to a lesser extent, lower materials costs per pound, partially offset by lower net revenues per pound and higher inventory reserves, which increased costs per pound.Gross profit and gross margin included the impact from a change in the Company's accounting estimate associated with the estimated useful lives of its large manufacturing equipment, which reduced COGS depreciation expense in the quarter by approximately $5.1 million, or 5.5 percentage points of gross margin, relative to depreciation expense utilizing the Company's previous estimated useful lives. Net loss was $59.0 million, or $0.92 per common share, compared to net loss of $100.5 million, or $1.58 per common share, in the year-ago period.Adjusted EBITDA was a loss of $45.8 million, or -49.6% of net revenues, compared to an Adjusted EBITDA loss of $78.9 million, or -72.1% of net revenues, in the year-ago period. Beyond Meat President and CEO Ethan Brown commented, \"Late last year, we articulated a strategy to drive Beyond Meat to cash-flow positive operations and sustainable long-term growth. We are pleased to report strong progress for the second full quarter of this strategy; cash use and net loss are substantially improved on a sequential and year-over-year basis: gross margin is up on a sequential and year-over-year basis; and we delivered net revenues consistent with guidance. We remain focused on our strategy and committed to pursuing our vision of transforming the $1.4 trillion global meat industry.” (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 t...