Summary by Moomoo AI
Beyond Meat, a leader in plant-based meat alternatives, reported a challenging financial year with net revenues decreasing by 18.0% to $343.4 million in 2023 from $418.9 million in 2022. The company faced a net loss of $338.1 million in 2023, slightly improved from a net loss of $366.1 million in the previous year. The decline in revenue was attributed to a 10.8% decrease in net revenue per pound and an 8.1% decrease in volume of products sold. Beyond Meat's U.S. retail sales saw a significant drop of 33.9%, while U.S. foodservice sales fell by 26.9%. However, international foodservice sales increased by 40.3%, driven by a 59.6% increase in volume. The company's gross loss widened to $82.7 million, with a negative gross margin of 24.1%, compared to a negative gross margin of...Show More