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Apr 01, 2023
Beyond Meat Q1 2023 Earnings Report
Beyond Meat's financial performance in Q1 2023 showed a decrease in net revenues but improvements in gross profit and reduced net loss compared to the previous year.
Key Takeaways
Beyond Meat reported a decrease in net revenues of 15.7% year-over-year, but showed positive progress in gross profit and reduced net loss. The company's focus on cash-flow positive operations and long-term growth is underway.
Net revenues decreased by 15.7% to $92.2 million compared to the year-ago period.
Gross profit improved to $6.2 million, with a gross margin of 6.7%, compared to $0.2 million in the year-ago period.
Net loss decreased to $59.0 million, or $0.92 per share, compared to a net loss of $100.5 million, or $1.58 per share, in the year-ago period.
Adjusted EBITDA showed a loss of $45.8 million, an improvement compared to the Adjusted EBITDA loss of $78.9 million in the year-ago period.
Beyond Meat
Beyond Meat
Beyond Meat Revenue by Segment
Revenue by Segment
U.S. Retail Revenue
CapyFin.comU.S. Foodservice Revenue
CapyFin.comInternational Retail Revenue
CapyFin.comInternational Foodservice Revenue
CapyFin.com Forward Guidance
The Company's operating environment continues to be affected by near-term uncertainty related to macroeconomic issues. Net revenues are expected to be in the range of approximately $375 million to $415 million.
Positive Outlook
- Gross margin is now expected to be 1 to 2 percentage points above prior guidance of the low double-digit range for the full year, increasing sequentially through the remainder of the year.
- The Company continues to target achievement of cash flow positive operations within the second half of 2023.
- Operating expenses are expected to be approximately $250 million, weighted slightly more towards the first half of the year.
- Capital expenditures are expected to be in the range of $30 million to $35 million.
- The Company intends to assume distribution responsibilities for Beyond Meat Jerky starting in the fourth quarter of 2023 and believes this move will support its objectives for gross margin expansion.
Challenges Ahead
- Net revenues are expected to be in the range of approximately $375 million to $415 million, representing a decrease of approximately 10% to 1% compared to 2022.
- The Company's operating environment continues to be affected by near-term uncertainty related to macroeconomic issues, including inflation and rising interest rates.
- Demand in the plant-based meat category is a concern.
- Increasing concerns about the likelihood of a recession.
- Supply chain disruptions and challenges related to labor availability are factors.
Revenue & Expenses
Visualization of income flow from segment revenue to net income