Business
Beyond Meat® Reports Third Quarter 2020 Financial Results
Retail Channel Net Revenues up 39% Year-Over-Year, Offset by Ongoing Impact of COVID-19 on Foodservice Net Revenues, down 41% Year-Over-Year EL SEGUNDO,
About this update from Beyond Meat, Inc.
[{"type":"text","content":"Retail Channel Net Revenues up 39% Year-Over-Year, Offset by Ongoing Impact of COVID-19 on Foodservice Net Revenues, down 41% Year-Over-Year\n EL SEGUNDO, Calif., Nov. 09, 2020 (GLOBE NEWSWIRE) -- Beyond Meat, Inc. (NASDAQ: BYND) (“Beyond Meat” or “the Company”), a leader in plant-based meat, today reported financial results for its third quarter ended September 26, 2020. Third Quarter 2020 Financial Highlights1 Net revenues were $94.4 million, an increase of 2.7% year-over-year. Gross profit was $25.5 million, or gross margin of 27.0% of net revenues; Adjusted gross profit was $27.3 million, or Adjusted gross margin of 28.9% of net revenues, reflecting exclusion of expenses attributable to COVID-19. Net loss was $19.3 million, or $0.31 per common share; Adjusted net loss was $17.5 million, or $0.28 per common share, reflecting exclusion of expenses attributable to COVID-19. Adjusted EBITDA was a loss of $4.3 million, or -4.5% of net revenues. Beyond Meat President and CEO Ethan Brown commented, \"Our financial results reflect a quarter where for the first time since the pandemic began, we experienced the full brunt and unpredictability of COVID-19 on our net revenues and accordingly, throughout our P&L. Unlike the second quarter where record retail buying and freezer loading by consumers offset the deterioration of our foodservice business as COVID-19 stay-at-home and related measures set in, the long tail of retail stockpiling by consumers, coupled with continued challenges across the majority of our foodservice customers, led to Q3 results that were lower than we expected.\" __________________________ 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. Brown added, \"We have not, however, blinked in our focus on the expanding long-term opportunity before us and continue to operate our business locked in on this exciting long-term growth trajectory. Rather than curtail activities in reaction to transitory macroeconomic conditions, we continue to invest in the pillars of our future growth, and in capabilities, infrastructure, and markets that support our global vision and provide the highest long-term return ...