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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.
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
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.
- Ongoing concerns about the likelihood of a recession and increased competition.
- Potential for actual charges related to restructuring initiatives (2025 RIF and China RIF) to differ from estimates.
- Risks associated with the suspension of operational activities in China, including one-time cash and non-cash charges.
Revenue & Expenses
Visualization of income flow from segment revenue to net income