El Segundo / CA. (bmi) Beyond Meat Inc., a leader in plant-based meat, reported financial results for its first quarter ended April 01, 2023. First Quarter 2023 Financial Highlights:
- Net revenues were USD 92.2 million, a decrease of 15.7 percent year-over-year.
- Gross profit was USD 6.2 million, or gross margin of 6.7 percent of net revenues, compared to gross profit of USD 0.2 million, or gross margin of 0.2 percent of net revenues, in the year-ago period.
- Gross profit and gross margin were positively impacted by reduced manufacturing costs excluding depreciation, decreased logistics costs and, to a lesser extent, lower materials costs per pound, partially offset by lower net revenues per pound and higher inventory reserves, which increased costs per pound.
- 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, which reduced COGS depreciation expense in the quarter by approximately USD 5.1 million, or 5.5 percentage points of gross margin, relative to depreciation expense utilizing the Company’s previous estimated useful lives.
- Net loss was USD 59.0 million, or USD 0.92 per common share, compared to net loss of USD 100.5 million, or USD 1.58 per common share, in the year-ago period.
- Adjusted Ebitda was a loss of USD 45.8 million, or -49.6 percent of net revenues, compared to an Adjusted Ebitda loss of USD 78.9 million, or -72.1 percent of net revenues, in the year-ago period.
Beyond Meat President and CEO Ethan Brown commented, «Late last year, we articulated a strategy to drive Beyond Meat to cash-flow positive operations and sustainable long-term growth. We are pleased to report strong progress for the second full quarter of this strategy; cash use and net loss are substantially improved on a sequential and year-over-year basis: gross margin is up on a sequential and year-over-year basis; and we delivered net revenues consistent with guidance. We remain focused on our strategy and committed to pursuing our vision of transforming the USD 1.4 trillion global meat industry.»
For additional information please read the Company’s PDF file below (81 KB):20230511-BEYOND-MEAT-Q1-2023