Beyond Meat: Net revenues fell by 18 percent in FY-2023

El Segundo / CA. (bmi) Beyond Meat Inc., a leader in plant-based meat, reported financial results for its fourth quarter and full year ended December 31, 2023. Full Year 2023 Financial Highlights:

  • Net revenues were USD 343.4 million, a decrease of 18.0 percent year-over-year.
  • Gross profit was a loss of USD 82.7 million, or gross margin of -24.1 percent, compared to a loss of USD 23.7 million, or gross margin of -5.7 percent, in the year-ago period.
    • Gross profit and gross margin were negatively impacted by certain non-cash charges totaling USD 78.0 million, consisting of USD 67.5 million associated with the Global Operations Review, and USD 10.5 million from other specific non-cash charges.
    • Gross profit and gross margin included the impact from a change in the Company’s accounting estimate associated with the estimated useful lives of its large manufacturing equipment made in the first quarter of 2023, which reduced COGS depreciation expense by approximately USD 19.0 million, or 23.0 percentage points of gross margin, relative to depreciation expense utilizing the Company’s previous estimated useful lives.
  • Net loss was USD 338.1 million, or USD 5.26 per common share, compared to net loss of USD 366.1 million, or USD 5.75 per common share, in the year-ago period.
    • Net loss was negatively impacted by certain non-cash charges totaling USD 95.6 million, consisting of USD 85.1 million associated with the Global Operations Review, and USD 10.5 million from other specific non-cash charges.
  • Adjusted Ebitda was a loss of USD 269.2 million, or -78.4 percent of net revenues, compared to an Adjusted Ebitda loss of USD 278.0 million, or -66.4 percent of net revenues, in the year-ago period.

President and CEO Ethan Brown: «In 2023, Beyond Meat undertook extensive initiatives to reset the business toward sustainable operations and, ultimately, profitable growth. Much of this reset is now coming into view. Our 2024 plan includes taking steps to steeply reduce operating expense and cash use; pricing actions and the right-sizing of our production footprint, both in support of margin expansion; a years-in-the-making core platform renovation in Beyond IV that delivers superior health benefits and taste; and, following the announcement and initiation of our Global Operations Review, taking certain non-cash charges pertaining to inventory and assets that are no longer consistent with our path to profitability. We believe these sweeping changes, together with measures we plan to pursue this year to bolster our balance sheet, will strengthen our near-term operations as we pursue our vision of being the global protein company of the future.»

For additional information please read the Company’s PDF file below (110 KB):

20240228-BEYOND-MEAT-FY2023.