Business
Beyond Meat® Reports Fourth Quarter and Full Year 2022 Financial Results
EL SEGUNDO, Calif., Feb. 23, 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., Feb. 23, 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 fourth quarter and full year ended December 31, 2022. Fourth Quarter 2022 Financial Highlights1 Net revenues were $79.9 million, a decrease of 20.6% year-over-year.Gross profit was a loss of $2.9 million, or gross margin of -3.7% of net revenues.Net loss was $66.9 million, or $1.05 per common share. Net loss as a percentage of net revenues was -83.6%.Adjusted EBITDA was a loss of $56.5 million, or -70.7% of net revenues. Full Year 2022 Financial Highlights1 Net revenues were $418.9 million, a decrease of 9.8% year-over-year.Gross profit was a loss of $23.7 million, or gross margin of -5.7% of net revenues.Net loss was $366.1 million, or $5.75 per common share. Net loss as a percentage of net revenues was -87.4%.Adjusted EBITDA was a loss of $278.0 million, or -66.4% of net revenues. Beyond Meat President and CEO Ethan Brown commented, “We are making solid progress in our transition to a sustainable growth model, one that emphasizes the achievement of cash flow positive operations within the second half of 2023. We continue to execute this pivot upon three primary pillars. One, driving margin recovery and operating expense reduction through the implementation of lean value streams across our beef, pork, and poultry platforms. Two, bringing inventory levels down while generating cash flow through more aggressive, efficient management. And three, placing greater emphasis on near-term retail and foodservice growth drivers while also supporting strategic key long-term partners and opportunities.” Brown continued, “Our fourth quarter results clearly demonstrate delivery against our strategy and plan, including solid sequential progress on margin recovery and operating expense reduction, and continued inventory drawdown. We are proud of our team's continued pace of innovation including Beyond Steak, which continues to win awards for its taste and outstanding health profile, as well as the just launched McPlant Nuggets in Germany, the second plant-based protein co-developed with Beyond Meat as part of the McPlant platform. As we navigate current conditions, we remain intently focused on positioning Beyond Meat to capture the vast opportunity to be ...