Beyond Meat: Reports Q4 and FY 2021 Financial Results

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, 2021.

Fourth Quarter 2021 Financial Highlights

  • Net revenues were USD 100.7 million, a decrease of 1.2 percent year-over-year.
  • Gross profit was USD 14.2 million, or gross margin of 14.1 percent of net revenues.
  • Net loss was USD 80.4 million, or USD 1.27 per common share. Net loss as a percentage of net revenues was -79.8 percent.
  • Adjusted Ebitda was a loss of USD 62.9 million, or -62.5 percent of net revenues.

Full Year 2021 Financial Highlights

  • Net revenues were USD 464.7 million, an increase of 14.2 percent year-over-year.
  • Gross profit was USD 117.3 million, or gross margin of 25.2 percent of net revenues.
  • Net loss was USD 182.1 million, or USD 2.88 per common share. Net loss as a percentage of net revenues was -39.2 percent.
  • Adjusted Ebitda was a loss of USD 112.8 million, or -24.3 percent of net revenues.

Beyond Meat President and CEO Ethan Brown commented, «In 2021 we saw strong growth in our international channel net revenues, as well as sporadic yet promising signs of a resumption of growth in U.S. foodservice channel net revenues as Covid-19 variants peaked and declined. These gains, however, were dampened by what we believe to be a temporary disruption in U.S. retail growth, for our brand and the broader category. Despite the variability and challenges of the year, we did not deviate from building the foundation for our long-term growth. The investments we made in our team, infrastructure, and capabilities across the U.S., EU, and China, as well as extensive product scaling activities for key strategic partners, weighed heavily on operating expenses and gross margin during a fourth quarter and year that were already impacted by lower than expected volumes. However, we believe these investments will be instrumental in driving our long-term growth.»

Brown added, «As we begin 2022, we are pleased with the progress we are making against our long-term strategy, such as the number of tests and core menu placements recently announced by our global QSR partners. Though we will continue to invest during 2022, we expect to substantially moderate the growth of our operating expenses as we leverage the building blocks we now have in place to serve our customers, consumers, and markets – bringing forward our exciting and expansive future one delicious serving at a time.»

For additional information please read the Company’s PDF file below (92 KB):

20220224-BEYOND-MEAT-Q4-2021
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