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, 2022.
Fourth Quarter 2022 Financial Highlights
- Net revenues were USD 79.9 million, a decrease of 20.6 percent year-over-year.
- Gross profit was a loss of USD 2.9 million, or gross margin of -3.7 percent of net revenues.
- Net loss was USD 66.9 million, or USD 1.05 per common share. Net loss as a percentage of net revenues was -83.6 percent.
- Adjusted Ebitda was a loss of USD 56.5 million, or -70.7 percent of net revenues.
Full Year 2022 Financial Highlights
- Net revenues were USD 418.9 million, a decrease of 9.8 percent year-over-year.
- Gross profit was a loss of USD 23.7 million, or gross margin of -5.7 percent of net revenues.
- Net loss was USD 366.1 million, or USD 5.75 per common share. Net loss as a percentage of net revenues was -87.4 percent.
- Adjusted Ebitda was a loss of USD 278.0 million, or -66.4 percent of net revenues.
Beyond Meat President and CEO Ethan Brown commented, «We are making solid progress in our transition to a sustainable growth model, one that emphasizes the achievement of cash flow positive operations within the second half of 2023. We continue to execute this pivot upon three primary pillars. One, driving margin recovery and operating expense reduction through the implementation of lean value streams across our beef, pork, and poultry platforms. Two, bringing inventory levels down while generating cash flow through more aggressive, efficient management. And three, placing greater emphasis on near-term retail and foodservice growth drivers while also supporting strategic key long-term partners and opportunities.
«Our fourth quarter results clearly demonstrate delivery against our strategy and plan, including solid sequential progress on margin recovery and operating expense reduction, and continued inventory drawdown. We are proud of our team’s continued pace of innovation including Beyond Steak, which continues to win awards for its taste and outstanding health profile, as well as the just launched McPlant Nuggets in Germany, the second plant-based protein co-developed with Beyond Meat as part of the McPlant platform. As we navigate current conditions, we remain intently focused on positioning Beyond Meat to capture the vast opportunity to be a major protein provider in the USD 1.4 trillion meat industry and play a leadership role in transitioning global consumers to delicious plant-based meats in support of critically important health, climate, environmental, and animal welfare objectives.»