El Segundo / CA. (bmi) Beyond Meat Inc., a leader in plant-based meat, reported financial results for its third quarter ended October 02, 2021. Highlights:
- Net revenues were USD 106.4 million, an increase of 12.7 percent year-over-year.
- Gross profit was USD 23.0 million, or gross margin of 21.6 percent of net revenues.
- Net loss was USD 54.8 million, or USD 0.87 per common share. Net loss as a percentage of net revenues was -51.5 percent.
- Adjusted Ebitda was a loss of USD 36.8 million, or -34.5 percent of net revenues.
Beyond Meat President and CEO Ethan Brown commented, «Our third quarter results reflect variability as we saw a decline from record net revenues just a quarter ago. Despite current disruptions, we remain focused on rapidly advancing key building blocks of long-term growth. Whether scaling products and infrastructure for our strategic quick serve restaurant partners, bringing new product to retail markets, or investing in innovation, commercialization, and production capabilities here in the U.S., EU, and China, we believe we are steadily executing against our vision of being tomorrow’s global protein company.»
Brown added, «Near-term market and operating conditions notwithstanding, we remain committed to our long-term strategy. As we continue to advance the field of plant-based meat through innovation and bold investment in domestic and global operations, the consumer is only being made more aware of the relevance and urgency of our mission. And although we see continued uncertainty for the balance of this year, we look to 2022 with enthusiasm as we expect to bring to life, together with our strategic partners, product and production capacity that we’ve been steadfastly investing in throughout the pandemic.»
For additional information please read the Company’s PDF file below (81 KB):20211111-BEYOND-MEAT-Q3-2021