Beyond Meat: Reports Third Quarter 2024 Results

El Segundo / CA. (bmi) Beyond Meat Inc., a leader in plant-based meat, reported financial results for its third quarter ended September 28, 2024. Highlights:

Beyond Meat President and CEO Ethan Brown: «We are pleased to report that in the third quarter we returned to growth, increasing net revenues on a year-over-year basis, while continuing to expand gross margin and reduce operating expenses on both a sequential and year-over-year basis. Looking ahead, we expect to increase our cash reserves by year-end and pursue further balance sheet restructuring in 2025.»

Third Quarter 2024

Net revenues increased 7.6 percent to USD 81.0 million in the third quarter of 2024, compared to USD 75.3 million in the year-ago period. The increase in net revenues was primarily driven by a 15.8 percent increase in net revenue per pound, partially offset by a 7.1 percent decrease in volume of products sold. The increase in net revenue per pound was primarily driven by lower trade discounts, price increases of certain of our products and changes in product sales mix, partially offset by unfavorable changes in foreign currency exchange rates.

U.S. retail channel net revenues increased 14.6 percent to USD 35.0 million in the third quarter of 2024, compared to USD 30.5 million in the year-ago period, primarily due to a 22.6 percent increase in net revenue per pound, partially offset by a 6.6 percent decrease in volume of products sold, primarily reflecting weak category demand and price elasticity effects. The increase in net revenue per pound was primarily driven by lower trade discounts and price increases of certain of our products, partially offset by changes in product sales mix.

U.S. foodservice channel net revenues increased 15.5 percent to USD 14.5 million in the third quarter of 2024, compared to USD 12.5 million in the year-ago period, primarily due to a 7.9 percent increase in volume of products sold, primarily reflecting sales of chicken products to a U.S. QSR customer that did not occur in the year-ago period, and a 7.0 percent increase in net revenue per pound, primarily driven by price increases of certain of our products and changes in product sales mix, partially offset by higher trade discounts.

International retail channel net revenues increased 17.0 percent to USD 16.6 million in the third quarter of 2024, compared to USD 14.2 million in the year-ago period, primarily due to a 10.5 percent increase in net revenue per pound and a 6.0 percent increase in volume of products sold, primarily reflecting distribution gains and increased demand in certain geographic regions. The increase in net revenue per pound primarily reflected lower trade discounts and changes in product sales mix, partially offset by price decreases of certain of our products and unfavorable changes in foreign currency exchange rates.

International foodservice channel net revenues decreased 17.2 percent to USD 15.0 million in the third quarter of 2024, compared to USD 18.1 million in the year-ago period, primarily due to a 22.1 percent decrease in volume of products sold, mainly reflecting decreased sales of burger and chicken products to a large QSR customer in the EU, partially offset by a 6.2 percent increase in net revenue per pound. The increase in net revenue per pound primarily reflected lower trade discounts and price increases of certain of our products, partially offset by changes in product sales mix and unfavorable changes in foreign currency exchange rates.