Declining sales YoY, because vegans don't actually like it. Most consumers were on normal diets and bought it to try this temporary fad.
COGS are 2x revenue. Never mind after SG&A and CAPEX. Cash burn is so big they need to raise equity every so often. And even if they grow, they'd need to raise so much cash and dilute the shit out of the common shareholder.
Yet the CEO makes one tiny unkeepable promise of margin expansion -how can he deliver? he didn't even care to ex...