Business
Beyond Meat® Reports Second Quarter 2024 Financial Results
EL SEGUNDO, Calif., Aug. 07, 2024 (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, 2024 (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 June 29, 2024. Second Quarter 2024 Financial Highlights1 Net revenues were $93.2 million, a decrease of 8.8% year-over-year.Gross profit was $13.7 million, or gross margin of 14.7%, compared to gross profit of $2.3 million, or gross margin of 2.2%, in the year-ago period.Loss from operations was $33.9 million, or operating margin of -36.4%, compared to loss from operations of $53.8 million, or operating margin of -52.7%, 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% of net revenues, compared to an Adjusted EBITDA loss of $40.8 million, or -40.0% of net revenues, in the year-ago period. Beyond Meat President and CEO Ethan Brown commented, “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. 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. \"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. 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.” Brown continued, “Finally, alongside the strengthening of our operations and product portfolio, we are working on bolstering our balance sheet.” Second Quarter 2024 Net revenues decreased 8.8% to $93.2 million in the second quarter of 2024, compared to $102.1 million in the year-ago period. The decrease in net revenues was primarily driven by a 14.0% decrease in volume of p...