Beyond Meat, a leader in plant-based meat alternatives, reported a challenging financial year with net revenues decreasing by 18.0% to $343.4 million in 2023 from $418.9 million in 2022. The company faced a net loss of $338.1 million in 2023, slightly improved from a net loss of $366.1 million in the previous year. The decline in revenue was attributed to a 10.8% decrease in net revenue per pound and an 8.1% decrease in volume of products sold. Beyond Meat's U.S. retail sales saw a significant drop of 33.9%, while U.S. foodservice sales fell by 26.9%. However, international foodservice sales increased by 40.3%, driven by a 59.6% increase in volume. The company's gross loss widened to $82.7 million, with a negative gross margin of 24.1%, compared to a negative gross margin of...Show More

Beyond Meat, a leader in plant-based meat alternatives, reported a challenging financial year with net revenues decreasing by 18.0% to $343.4 million in 2023 from $418.9 million in 2022. The company faced a net loss of $338.1 million in 2023, slightly improved from a net loss of $366.1 million in the previous year. The decline in revenue was attributed to a 10.8% decrease in net revenue per pound and an 8.1% decrease in volume of products sold. Beyond Meat's U.S. retail sales saw a significant drop of 33.9%, while U.S. foodservice sales fell by 26.9%. However, international foodservice sales increased by 40.3%, driven by a 59.6% increase in volume. The company's gross loss widened to $82.7 million, with a negative gross margin of 24.1%, compared to a negative gross margin of 5.7% in 2022. This was due to lower net revenues per pound, higher inventory provision per pound, and higher manufacturing costs. Operating expenses saw a decrease, with research and development expenses down by 36.5% and selling, general, and administrative expenses reduced by 8.0%. Beyond Meat initiated a Global Operations Review to narrow its commercial focus and prioritize gross margin expansion and cash generation, which included discontinuing the Beyond Meat Jerky product line and reducing the workforce by approximately 65 employees. The company's liquidity outlook remains cautious, with plans to raise additional capital in 2024, potentially through debt or equity securities, including an 'at the market' offering program.