Beyond Meat, a leader in plant-based meat alternatives, reported a net loss of $34.5 million for the quarter ended June 29, 2024, an improvement from the $53.5 million loss in the same period the previous year. The company's net revenues decreased by 8.8% year-over-year to $93.2 million, primarily due to a 14.0% decrease in the volume of products sold, reflecting weak category demand. However, net revenue per pound increased by 6.1%, driven by lower trade discounts and price increases in certain U.S. channels. Gross profit saw a significant increase to $13.7 million, up from $2.3 million, with gross margin improving to 14.7% from 2.2% in the prior-year period. This improvement was attributed to lower cost of goods sold per pound and higher net revenue per pound...Show More

Beyond Meat, a leader in plant-based meat alternatives, reported a net loss of $34.5 million for the quarter ended June 29, 2024, an improvement from the $53.5 million loss in the same period the previous year. The company's net revenues decreased by 8.8% year-over-year to $93.2 million, primarily due to a 14.0% decrease in the volume of products sold, reflecting weak category demand. However, net revenue per pound increased by 6.1%, driven by lower trade discounts and price increases in certain U.S. channels. Gross profit saw a significant increase to $13.7 million, up from $2.3 million, with gross margin improving to 14.7% from 2.2% in the prior-year period. This improvement was attributed to lower cost of goods sold per pound and higher net revenue per pound. Research and development expenses decreased by 37.5% to $5.5 million, and selling, general, and administrative expenses also saw a reduction of 11.2% to $42.2 million. Adjusted EBITDA was a loss of $23 million, which is an improvement from the $40.8 million loss in the previous year. The company's focus on sustainable long-term growth includes driving margin recovery, reducing operating expenses, and focusing on retail and foodservice growth drivers.