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Oct 01, 2022
Beyond Meat Q3 2022 Earnings Report
Beyond Meat experienced a challenging quarter with a sharp revenue decline and gross margin pressure due to macroeconomic factors, while implementing measures to achieve cash flow positive operations.
Key Takeaways
Beyond Meat reported a 22.5% decrease in net revenues to $82.5 million for the third quarter of 2022, with a gross loss of $14.8 million. The company's net loss was $101.7 million, and adjusted EBITDA was a loss of $73.8 million. The company is implementing measures to achieve cash flow positive operations within the second half of 2023.
Net revenues decreased by 22.5% year-over-year to $82.5 million.
Gross profit was a loss of $14.8 million, with a gross margin of -18.0%.
Net loss was $101.7 million, or $1.60 per common share.
Adjusted EBITDA was a loss of $73.8 million, or -89.5% of net revenues.
Revenue by Segment
Forward Guidance
The Company expects 2022 net revenues to be in the range of approximately $400 million to $425 million, representing a decrease of approximately 14% to 9% compared to 2021. They are targeting cash flow positive operations within the second half of 2023.
Positive Outlook
- Targeting cash flow positive operations within the second half of 2023.
- Reduction-in-force expected to result in approximately $27 million in cash operating expense savings over the next twelve months.
- Additional approximately $12 million in non-cash savings related to previously granted, unvested stock-based compensation.
- Expected to recognize approximately $3 million of one-time non-cash savings related to the reversal of previously expensed, unvested stock-based compensation in the third and fourth quarters of 2022.
- Focus on key drivers of the business.
Challenges Ahead
- 2022 net revenues are expected to be in the range of approximately $400 million to $425 million, representing a decrease of approximately 14% to 9% compared to 2021.
- Incur one-time cash charges of approximately $4 million in connection with the reduction-in-force.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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