El Segundo / CA. (bmi) Beyond Meat Inc., a leader in plant-based meat, reported financial results for its first quarter ended March 30, 2024. Highlights:
- Net revenues were USD 75.6 million, a decrease of 18.0 percent year-over-year.
- Gross profit was USD 3.7 million, or gross margin of 4.9 percent, compared to gross profit of USD 6.2 million, or gross margin of 6.7 percent, in the year-ago period.
- Loss from operations was USD 53.5 million, or operating margin of -70.7 percent, compared to loss from operations of USD 57.7 million, or operating margin of -62.6 percent, in the year-ago period.
- Adjusted loss from operations was USD 46.0 million, or adjusted operating margin of -60.8 percent, reflecting the exclusion of a USD 7.5 million accrual related to a consumer class action settlement.
- Net loss was USD 54.4 million, or USD 0.84 per common share, compared to net loss of USD 59.0 million, or USD 0.92 per common share, in the year-ago period.
- Adjusted net loss was USD 46.9 million, or USD 0.72 per diluted common share, reflecting the exclusion of a USD 7.5 million accrual related to a consumer class action settlement.
- Adjusted Ebitda was a loss of USD 32.9 million, or -43.5 percent of net revenues, compared to an Adjusted Ebitda loss of USD 45.8 million, or -49.6 percent of net revenues, in the year-ago period.
President and CEO Ethan Brown: «In Q1, we made solid progress against our 2024 priorities, including: hitting our first quarter revenue objective; reducing operating expenses and cash consumption year-over-year; bringing production in-house to reduce costs and improve quality; and commencing shipments of Beyond IV, the fourth generation of Beyond Burger and Beyond Beef, to our customers, to the praise of nutritionists and consumers alike. Together with measures we are exploring to bolster our balance sheet, we continue to work to position 2024 as a pivotal year as we strive to achieve sustainable and profitable operations.»
For additional information please read the Company’s PDF file below (91 KB):
20240510-BEYOND-MEAT-Q12024.OTHER TOPICS FROM THIS SECTION FOR YOU:
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