Beyond Meat: Reports Q2-2020 Financial Results

El Segundo / CA. (bmi) Beyond Meat Inc., a leader in plant-based meat, reported financial results for its second quarter ended June 27, 2020. Highlights:

• Net revenues were USD 113.3 million, an increase of 69 percent year over year.
• Gross profit was USD 33.7 million, or gross margin of 29.7 percent of net revenues; Adjusted gross profit was USD 39.6 million, or Adjusted gross margin of 34.9 percent of net revenues, reflecting exclusion of expenses attributable to Covid-19.
• Net loss was USD 10.2 million, or USD 0.16 per common share; Adjusted net loss was USD 1.2 million, or USD 0.02 per diluted common share, reflecting exclusion of expenses attributable to Covid-19 and early debt extinguishment.
• Adjusted Ebitda was USD 11.7 million, or 10.3 percent of net revenues.

Beyond Meat President and CEO Ethan Brown commented, «I am proud of our record net revenues and growth during a very challenging period. As the toll of the Covid-19 pandemic took hold across the foodservice industry, we repurposed assets and repacked and rerouted products to meet increased consumer activity in the retail aisles. Throughout the quarter, our brand experienced an enviable combination of consumer trends – increasing household penetration; increasing buying levels per household; and strong repeat purchase rates of nearly 50 percent2, well above the success threshold for consumer packaged goods. Further, we forged ahead with our long-term growth strategy. We invested in expanded operations and sales in the EU and Asia, in innovation, and in targeted pricing measures during this period of high beef prices. Most notable in this regard was the retail introduction of our Cookout Classic™ value pack, which significantly reduced the price of our burgers from nearly 2 times that of conventional beef patties to an approximate 20 percent premium, on a per pound basis. Though the Cookout Classic™ only reached stores in the last 2 weeks of the second quarter, it accounted for 16 points of the year-over-year volume growth in our U.S. retail business. We look forward to continuing to serve our consumers and customers alike as we all hope for a resolution to the Covid-19 pandemic.»

For additional information please read the Company’s PDF file below (116 KB):

20200804-BEYOND-MEAT-Q2-2020.