Business
Beyond Meat® Reports Second Quarter 2023 Financial Results
EL SEGUNDO, Calif., Aug. 07, 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., Aug. 07, 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 second quarter ended July 1, 2023. Second Quarter 2023 Financial Highlights1 Net revenues were $102.1 million, a decrease of 30.5% year-over-year.Gross profit was $2.3 million, or gross margin of 2.2% of net revenues, compared to a loss of $6.2 million, or gross margin of -4.2% of net revenues, in the year-ago period. Gross profit and gross margin were positively impacted by lower materials costs, lower inventory reserves and lower logistics costs per pound, partially offset by higher manufacturing costs excluding depreciation, which included the impact from flow-through of higher cost inventory produced in the fourth quarter of 2022, and lower net revenue 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 made in the first quarter of 2023, which reduced COGS depreciation expense by approximately $5.1 million, or 5.0 percentage points of gross margin, relative to depreciation expense utilizing the Company’s previous estimated useful lives. Net loss was $53.5 million, or $0.83 per common share, compared to net loss of $97.1 million, or $1.53 per common share, in the year-ago period.Adjusted EBITDA was a loss of $40.8 million, or -40.0% of net revenues, compared to an Adjusted EBITDA loss of $68.8 million, or -46.8% of net revenues, in the year-ago period. 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. Beyond Meat President and CEO Ethan Brown commented, “The second quarter brought mixed results amidst otherwise strong progress toward our goal of sustainable long-term growth. Ongoing category headwinds compressed net revenues, which in turn impacted product sales mix and gross margin, overshadowing significant strides in operational efficiency, including meaningful year-over-year reductions in operating expenses, COGS per pound, and overall cash consumption. While we are reducing o...