Business
Beyond Meat® Reports Third Quarter 2021 Financial Results
Third Quarter 2021 Net Revenues Increased 13% Year-Over-Year to $106.4 Million International Net Revenues Increased 143% Year-Over-Year, Partially Offset by
About this update from Beyond Meat, Inc.
[{"type":"text","content":"Third Quarter 2021 Net Revenues Increased 13% Year-Over-Year to $106.4 Million International Net Revenues Increased 143% Year-Over-Year, Partially Offset by Decreased U.S. Net Revenues EL SEGUNDO, Calif., Nov. 10, 2021 (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 October 2, 2021. Third Quarter 2021 Financial Highlights1 Net revenues were $106.4 million, an increase of 12.7% year-over-year.Gross profit was $23.0 million, or gross margin of 21.6% of net revenues.Net loss was $54.8 million, or $0.87 per common share. Net loss as a percentage of net revenues was -51.5%. Adjusted EBITDA was a loss of $36.8 million, or -34.5% of net revenues. Beyond Meat President and CEO Ethan Brown commented, \"Our third quarter results reflect variability as we saw a decline from record net revenues just a quarter ago. Despite current disruptions, we remain focused on rapidly advancing key building blocks of long-term growth. Whether scaling products and infrastructure for our strategic quick serve restaurant partners, bringing new product to retail markets, or investing in innovation, commercialization, and production capabilities here in the U.S., EU, and China, we believe we are steadily executing against our vision of being tomorrow’s global protein company.\" Brown added, \"Near-term market and operating conditions notwithstanding, we remain committed to our long-term strategy. As we continue to advance the field of plant-based meat through innovation and bold investment in domestic and global operations, the consumer is only being made more aware of the relevance and urgency of our mission. And although we see continued uncertainty for the balance of this year, we look to 2022 with enthusiasm as we expect to bring to life, together with our strategic partners, product and production capacity that we’ve been steadfastly investing in throughout the pandemic.\" _________________________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. Third Quarter 2021 Net revenues increased 12.7% to $106.4 mi...