Beyond Meat reported Q2 2024 net revenues of $93.2M, down 8.8% YoY, primarily due to a 14% decrease in sales volume, partially offset by a 6.1% increase in net revenue per pound. Gross profit improved significantly to $13.7M with a 14.7% margin, compared to $2.3M and 2.2% margin in Q2 2023.Operating loss narrowed to $33.9M from $53.8M YoY, driven by reduced operating expenses of $47.6M (down from $56.0M) and improved gross margins. Net loss decreased to $34.5M ($0.53 per share) from $53.5M ($0.83 per share) in the prior year period.The company updated its FY2024 guidance, projecting revenues of $320-340M and gross margin in the mid-teens range. Operating expenses are expected to be $180-190M, excluding a $7.5M consumer class action settlement expense. Management highlighted progress on their 2024 plan toward sustainable operations and profitability, including the launch of their Beyond IV platform.

Beyond Meat reported Q2 2024 net revenues of $93.2M, down 8.8% YoY, primarily due to a 14% decrease in sales volume, partially offset by a 6.1% increase in net revenue per pound. Gross profit improved significantly to $13.7M with a 14.7% margin, compared to $2.3M and 2.2% margin in Q2 2023.Operating loss narrowed to $33.9M from $53.8M YoY, driven by reduced operating expenses of $47.6M (down from $56.0M) and improved gross margins. Net loss decreased to $34.5M ($0.53 per share) from $53.5M ($0.83 per share) in the prior year period.The company updated its FY2024 guidance, projecting revenues of $320-340M and gross margin in the mid-teens range. Operating expenses are expected to be $180-190M, excluding a $7.5M consumer class action settlement expense. Management highlighted progress on their 2024 plan toward sustainable operations and profitability, including the launch of their Beyond IV platform.