14 August 2024
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Global Industry

Beyond Meat: Reports Second Quarter 2024 Results

El Segundo / CA. (bmi) Beyond Meat Inc., a leader in plant-based meat, reported financial results for its second quarter ended June 29, 2024. Highlights:

  • Net revenues were USD 93.2 million, a decrease of 8.8 percent year-over-year.
  • Gross profit was USD 13.7 million, or gross margin of 14.7 percent, compared to gross profit of USD 2.3 million, or gross margin of 2.2 percent, in the year-ago period.
  • Loss from operations was USD 33.9 million, or operating margin of -36.4 percent, compared to loss from operations of USD 53.8 million, or operating margin of -52.7 percent, in the year-ago period.
  • Net loss was USD 34.5 million, or USD 0.53 per common share, compared to net loss of USD 53.5 million, or USD 0.83 per common share, in the year-ago period.
  • Adjusted Ebitda was a loss of USD 23.0 million, or -24.7 percent of net revenues, compared to an Adjusted Ebitda loss of USD 40.8 million, or -40.0 percent of net revenues, in the year-ago period.

President and CEO Ethan Brown: «We are pleased to report a strong quarter of progress against our 2024 plan, a pivotal year on our path to sustainable operations and profitability. Key proof points include exceeding our Q2 revenue guidance; continued reduction in operating expenses and cash consumption; and our best quarterly gross margin since Q3 2021.

«Further, we firmly reiterated our center-of-the-plate position in the global health and wellness trend with the launch of our Beyond IV platform. Developed in collaboration with leading medical and nutrition experts, and recognized by the nation’s leading health organizations, including the American Diabetes Association’s evidence-based nutritional guidelines for its Better Choices for Life program and included in a collection of heart-healthy recipes certified by the American Heart Association’s Heart-Check program, we are thrilled to see consumer, media, and nutritionist enthusiasm for this latest, important, renovation. Finally, alongside the strengthening of our operations and product portfolio, we are working on bolstering our balance sheet.» For additional information please read the Company’s PDF file below (96 KB):

20240810-BEYOND-MEAT-Q22024.


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