Beyond Meat, Inc., a leader in plant-based meat alternatives, reported its financial results for the first quarter ended March 30, 2024, on May 8, 2024. The company experienced a decrease in net revenues by 18.0% year-over-year, amounting to $75.6 million. Gross profit also declined to $3.7 million, with a gross margin of 4.9%, compared to the previous year's $6.2 million and a gross margin of 6.7%. The loss from operations widened to $53.5 million, while the net loss was $54.4 million, or $0.84 per common share. Adjusted for a $7.5 million accrual related to a consumer class action settlement, the adjusted loss from operations was $46.0 million, and the adjusted net loss was $46.9 million, or $0.72 per diluted common share. Despite the downturn, Beyond Meat's CEO Ethan Brown highlighted progress towards...Show More

Beyond Meat, Inc., a leader in plant-based meat alternatives, reported its financial results for the first quarter ended March 30, 2024, on May 8, 2024. The company experienced a decrease in net revenues by 18.0% year-over-year, amounting to $75.6 million. Gross profit also declined to $3.7 million, with a gross margin of 4.9%, compared to the previous year's $6.2 million and a gross margin of 6.7%. The loss from operations widened to $53.5 million, while the net loss was $54.4 million, or $0.84 per common share. Adjusted for a $7.5 million accrual related to a consumer class action settlement, the adjusted loss from operations was $46.0 million, and the adjusted net loss was $46.9 million, or $0.72 per diluted common share. Despite the downturn, Beyond Meat's CEO Ethan Brown highlighted progress towards the company's 2024 priorities, including revenue objectives, reduced operating expenses, in-house production, and the launch of Beyond IV, the latest iteration of their flagship products. The company reaffirmed its full-year 2024 outlook, expecting net revenues between $315 million to $345 million, with a gross margin in the mid to high teens range. Capital expenditures are projected to be between $15 million to $25 million.