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Mar 30, 2024
Beyond Meat Q1 2024 Earnings Report
Beyond Meat's Q1 2024 performance reflected a decrease in net revenues and gross profit compared to the year-ago period, with strategic efforts focused on cost reduction and new product launches.
Key Takeaways
Beyond Meat reported a decrease in net revenues to $75.6 million, an 18.0% decrease year-over-year. The company's gross profit was $3.7 million, with a gross margin of 4.9%. Net loss was $54.4 million, or $0.84 per common share. The company is focused on reducing operating expenses and cash consumption, bringing production in-house, and launching new products.
Net revenues decreased by 18.0% year-over-year to $75.6 million.
Gross profit was $3.7 million, with a gross margin of 4.9%.
Net loss was $54.4 million, or $0.84 per common share.
The company is reaffirming its outlook for the full year 2024, with net revenues expected to be in the range of $315 million to $345 million.
Beyond Meat
Beyond Meat
Beyond Meat Revenue by Segment
Beyond Meat Revenue by Geographic Location
Revenue by Segment
U.S. Retail Revenue
CapyFin.comU.S. Foodservice Revenue
CapyFin.comInternational Retail Revenue
CapyFin.comInternational Foodservice Revenue
CapyFin.comRevenue by Geographic Location
U.S. Revenue
CapyFin.comInternational Revenue
CapyFin.com Forward Guidance
The company reaffirmed its outlook for the full year 2024, but the operating environment continues to be affected by macroeconomic uncertainty.
Positive Outlook
- Net revenues are expected to be in the range of $315 million to $345 million.
- Net revenues for the second quarter are expected to be in the range of $85 million to $90 million.
- Gross margin is expected to be in the mid to high teens range for the full year 2024.
- Gross margin is expected to be higher in the second half of the year relative to the first half.
- Capital expenditures are expected to be in the range of $15 million to $25 million.
Challenges Ahead
- Ongoing, further weakened demand in the plant-based meat category.
- Inflation and high interest rates.
- Concerns about the likelihood of a recession.
- Macroeconomic issues could have unforeseen impacts on the Company’s actual realized results.
- Operating expenses, excluding the $7.5 million accrual related to the consumer class action settlement, are expected to be in the range of $170 million to $190 million, weighted slightly more towards the first half of the year.
Revenue & Expenses
Visualization of income flow from segment revenue to net income