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, 2020.
Fourth Quarter 2020 Financial Highlights
- Net revenues were USD 101.9 million, an increase of 3.5 percent year-over-year.
- Gross profit was USD 25.4 million, or gross margin of 24.9 percent of net revenues; Adjusted gross profit was USD 29.1 million, or Adjusted gross margin of 28.5 percent of net revenues, reflecting exclusion of expenses attributable to Covid-19.
- Net loss was USD 25.1 million, or USD 0.40 per common share; Adjusted net loss was USD 21.4 million, or USD 0.34 per common share, reflecting exclusion of expenses attributable to Covid-19.
- Adjusted Ebitda was a loss of USD 9.5 million, or -9.3 percent of net revenues.
Full Year 2020 Financial Highlights
- Net revenues were USD 406.8 million, an increase of 36.6 percent year-over-year.
- Gross profit was USD 122.3 million, or gross margin of 30.1 percent of net revenues; Adjusted gross profit was USD 133.7 million, or Adjusted gross margin of 32.9 percent of net revenues, reflecting exclusion of expenses attributable to Covid-19.
- Net loss was USD 52.8 million, or USD 0.85 per common share; Adjusted net loss was USD 37.1 million, or USD 0.60 per common share, reflecting exclusion of expenses attributable to Covid-19.
- Adjusted Ebitda was USD 11.8 million, or 2.9 percent of net revenues.
Beyond Meat President and CEO Ethan Brown commented, «I am proud of our 2020 achievements in light of the significant challenges we faced, primarily in our foodservice channel, as a result of the Covid-19 pandemic. For the full year, we grew total net revenues 37 percent, with sales to retail customers more than doubling versus the prior year.»
Brown added, «Although weakened foodservice demand resulting from the global pandemic has impacted our near-term profitability, we continue to press forward with strategic investments in service of our future growth, including the build out of our production facilities in China and Europe, bolstering our research and development capabilities, amplifying our marketing voice, upgrading our IT infrastructure, and, importantly, continuing to build out talented teams across the globe to bring our ambitious goals to fruition. Given our view that we are at a pivotal juncture, where we have an opportunity to transition from niche market to mainstream stature with bold, strategic actions, we will continue to invest aggressively in 2021 to accelerate our path towards this objective. I truly believe that plant-based meat has reached a tipping point in terms of its cultural relevance and, critically, the fundamentals underpinning Beyond Meat’s long-term prospects remain robust, with important brand metrics such as household penetration, buyer rates, purchase frequency and repeat rates all registering another quarter of uninterrupted growth. My optimism about Beyond Meat’s future therefore remains as solid as ever. As we stay true to our guiding principle of providing consumers with great-tasting plant-based meats, made without the use of GMOs, bioengineered ingredients, hormones, antibiotics or cholesterol, we believe we are on a path to building an enduring global protein company that advances a more sustainable meat supply chain, consumer health and the health of our planet.» For additional information please read the company’s PDF file below (139 KB).20210226-BEYOND-MEAT-Q4-2020