El Segundo / CA. (bmi) Beyond Meat Inc., a leader in plant-based meat, reported financial results for its first quarter ended April 2, 2022. Financial highlights:
- Net revenues were USD 109.5 million, an increase of 1.2 percent year-over-year.
- Gross profit was USD 0.2 million, or gross margin of 0.2 percent of net revenues.
- Net loss was USD 100.5 million, or USD 1.58 per common share. Net loss as a percentage of net revenues was -91.8 percent.
- Adjusted Ebitda was a loss of USD 78.9 million, or -72.1 percent of net revenues.
Beyond Meat President and CEO Ethan Brown commented, «In the first quarter, we made good progress against our goal of building tomorrow’s global protein company. Whether furthering strategic partnerships in the restaurant industry, the market success of our first product collaboration with PepsiCo, or the continued acclaim awarded to our products here in the U.S. and EU, we continue to lay a robust foundation for our long-term growth.»
Brown added, «Though we recognize that the decisions we are making today in support of our long-run ambition have contributed to challenging near-term results, including a sizable though temporary reduction in gross margin as we took cost-intensive measures to support important strategic launches, we are confident in the future we are building while advancing our mission to bring plant-based meats and their attendant health, climate, natural resource, and animal welfare benefits to consumers.»
Net revenues increased 1.2 percent to USD 109.5 million in the first quarter of 2022, compared to USD 108.2 million in the year-ago period. Total volume of products sold increased 12.4 percent compared to the first quarter of 2021, largely offset by a decrease in net revenue per pound of approximately 10 percent. The decrease in net revenue per pound was primarily attributable to increased trade discounts, list price reductions in the EU, changes in sales mix, and negative foreign exchange rate impacts. U.S. retail channel net revenues increased 6.9 percent compared to the year-ago period primarily driven by the introduction of Beyond Meat® Jerky, partially offset by decreases of other products. The increase in U.S. retail channel net revenues was partially offset by decreases in U.S. foodservice and international retail and foodservice channel net revenues. The decrease in U.S. foodservice channel net revenues was primarily attributable to the discontinuation of distribution at a certain customer, which was included in the year-ago period, and, to a lesser extent, higher trade discounts. International retail channel net revenues decreased mainly due to list price reductions in the EU, increased trade discounts, unfavorable foreign exchange impact, and changes in sales mix, partially offset by increased pounds sold. International foodservice channel net revenues decreased primarily due to changes in sales mix, increased trade discounts, and negative foreign exchange rate impacts, partially offset by increased pounds sold.
For additional information please read the Company’s PDF file below (78 KB):20220516-BEYOND-MEAT-Q1-2022