El Segundo / CA. (bmi) Beyond Meat Inc., a leader in plant-based meat, reported financial results for its second quarter ended July 02, 2022. Financial highlights:
- Net revenues were USD 147.0 million, a decrease of 1.6 percent year-over-year.
- Gross profit was a loss of USD 6.2 million, or gross margin of -4.2 percent of net revenues. Gross profit was negatively impacted by approximately USD 14.5 million, or -10.0 percentage points of gross margin, associated with sales to the liquidation channel and increased inventory reserves, and a further USD 7.7 million, or -6.7 percentage points of gross margin, related to Beyond Meat® Jerky.
- Net loss was USD 97.1 million, or USD 1.53 per common share. Net loss as a percentage of net revenues was -66.1 percent.
- Adjusted Ebitda was a loss of USD 68.8 million, or -46.8 percent of net revenues.
President and CEO Ethan Brown: «In Q2 2022, we recorded our second largest quarter ever in terms of net revenues even as consumers traded down among proteins in the context of inflationary pressures, and we made solid sequential progress on reducing operating and manufacturing conversion costs. Across the balance of the year, we are tightly focused on intensifying OpEx and manufacturing cost reductions, executing against a series of planned market activities for our global strategic partners, and strengthening our retail business through core support and the introduction of one of our best innovations to date. Through these and other measures, we are confident we will emerge from the current economic climate leaner and stronger, and well positioned for our next chapter of growth.»
Brown continued, «We recognize progress is taking longer than we expected, notwithstanding the increasing urgency and importance of our opportunity. Our transition to mass market consumption will occur as we actualize our vision: providing consumers with plant-based meats that are indistinguishable from, understood as healthier than, and at price parity with their animal protein equivalents. With the recent, dramatic, decline in consumer buying power, the importance of delivering on our price parity targets is magnified. We take note of this powerful reminder, and continue to advance as well as broaden cost reduction activities in service to realizing price parity.»