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Dec 31, 2024
Beyond Meat Q4 2024 Earnings Report
Beyond Meat reported a significant improvement in gross profit and a reduction in operating expenses for Q4 2024, alongside a slight increase in net revenues.
Key Takeaways
Beyond Meat achieved its second consecutive quarter of year-over-year net revenue growth, significantly expanded its gross margin, and substantially reduced operating expenses in the fourth quarter of 2024. The company also announced further restructuring initiatives, including a reduction-in-force and suspension of operational activities in China, aiming for an EBITDA-positive run-rate by the end of 2026.
Net revenues increased by 4.0% year-over-year to $76.7 million in Q4 2024.
Gross profit improved significantly to $10.0 million (13.1% gross margin) in Q4 2024, compared to a loss of $83.9 million (-113.8% gross margin) in the prior year.
Loss from operations decreased substantially to $37.8 million (-49.3% operating margin) in Q4 2024, from $160.8 million (-218.2% operating margin) in the prior year.
Adjusted EBITDA loss narrowed to $26.0 million (-33.9% of net revenues) in Q4 2024, a significant improvement from a loss of $125.1 million (-169.9% of net revenues) in the year-ago period.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
For the full year 2025, Beyond Meat expects net revenues to be in the range of $320 million to $335 million, with first quarter net revenues comparable to Q1 2024. Gross margin is expected to be approximately 20%, operating expenses between $160 million and $180 million, and capital expenditures between $15 million and $20 million. The company aims for an EBITDA-positive run-rate by the end of 2026.
Positive Outlook
- Targeting comparable year-over-year top line net revenues in 2025, focusing on sustainable operations.
- Aiming to improve gross margin to approximately 20% in 2025, with a longer-term goal of exceeding 30%.
- Planning to further reduce operating expenses over 2025 and 2026 to achieve run-rate EBITDA-positive operations by the end of 2026.
- Intends to strengthen the balance sheet to improve liquidity and optimize capital structure.
- Confidence in the long-term growth of the global plant-based meat industry and the company's leadership position.
Challenges Ahead
- Ongoing uncertainty related to macroeconomic issues, including high inflation and interest rates.
- Prolonged, weakening demand in the plant-based meat category.
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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