Business
Beyond Meat® Reports Third Quarter 2022 Financial Results
EL SEGUNDO, Calif., Nov. 09, 2022 (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., Nov. 09, 2022 (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 1, 2022. Third Quarter 2022 Financial Highlights1 Net revenues were $82.5 million, a decrease of 22.5% year-over-year.Gross profit was a loss of $14.8 million, or gross margin of -18.0% of net revenues. Gross profit was negatively impacted by approximately $7.2 million, or -8.8 percentage points of gross margin, of underutilization fees and one-time termination costs associated with certain co-manufacturing agreements. Approximately $5.9 million in underutilization and one-time termination costs were associated with Beyond Meat Jerky which negatively impacted gross profit by $5.8 million, or -7.0 percentage points of gross margin, during the period.Net loss was $101.7 million, or $1.60 per common share. Net loss as a percentage of net revenues was -123.2%.Adjusted EBITDA was a loss of $73.8 million, or -89.5% of net revenues. Beyond Meat President and CEO Ethan Brown commented, “As we shared last month, Beyond Meat is executing a full force pivot to a sustainable growth model, emphasizing the achievement of cash flow positive operations within the second half of 2023. This transition is designed to fortify our business in the near-term as record inflation continues to pose a challenge for our brand and category, positioning Beyond Meat to endure and advance toward our long-term objective of being a major protein provider within the $1.4 trillion meat industry.” __________________________ 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 continued, “Though this quarter’s results are disappointing, with a sharp decline in revenues and associated knock-on effects across the income statement including gross margin driven by a challenging macro environment, we are implementing aggressive measures with urgency to positively impact our near-term operations. Our path forward comprises 3 key actions: significant reduction of our operating expenses; intensified focus on cash flow accretive invent...