Beyond Meat Inc

Latest Results (07.08.2024):

Net Revenues

Beyond Meat Inc. reported net revenues of $75.6 million for the first quarter of 2024, marking an 18.0% decrease compared to the same period in the previous year. This decline was primarily driven by a 16.1% decrease in the volume of products sold and a 2.3% decrease in net revenue per pound.

Gross Profit

The company's gross profit for the first quarter of 2024 was $3.7 million, with a gross margin of 4.9%. This is a decrease from the gross profit of $6.2 million and a gross margin of 6.7% reported in the first quarter of 2023. The reduction in gross profit was influenced by lower sales volume and higher manufacturing costs.

Operating Loss

Beyond Meat Inc. reported a loss from operations of $53.5 million for the first quarter of 2024, compared to a loss of $57.7 million in the same period last year. The operating margin was -70.7%, slightly worse than the -62.6% margin reported in the first quarter of 2023. Adjusted loss from operations was $46.0 million, excluding a $7.5 million accrual related to a consumer class action settlement.

Net Loss

The net loss for Beyond Meat Inc. in the first quarter of 2024 was $54.4 million, or $0.84 per common share, compared to a net loss of $59.0 million, or $0.92 per common share, in the first quarter of 2023. The adjusted net loss, excluding the $7.5 million accrual, was $46.9 million, or $0.72 per diluted common share.

Cash Flow and Debt

As of March 30, 2024, Beyond Meat Inc. had cash and cash equivalents, including restricted cash, totaling $173.5 million, with total outstanding debt of $1.1 billion. Net cash used in operating activities was $31.8 million for the first quarter of 2024, compared to $42.2 million in the same period last year. Capital expenditures for the quarter were $1.2 million, down from $5.3 million in the first quarter of 2023.