Gross profit and gross margin improved to $6.2 million and 6.7% from $0.2 million and 0.2% from last year. In Q1, Beyond Meat managed to narrow its net loss to $59 million, or $0.92 per share, compared to $100.5 million, or $1.58 per share, last year. The company anticipates a pickup in revenue growth during the back half of 2023, led by distribution expansion of products that were recently launched in the US like Beyond Steak and Beyond Chicken Nuggets, as well as contributions from new products in international markets.īeyond Meat Q1 2023 Earnings Infographic Profitability In the second quarter of 2023, revenues are expected to increase 15% sequentially from Q1. In Q1, the company saw net revenue per pound fall around 9.1% and volume of products sold decline 7.3% YoY.įor the full year of 2023, Beyond Meat expects revenues to decrease 1-10% YoY to a range of $375-415 million. Inflationary pressures forced customers to shift to lower-priced animal protein, which in turn put pressure on the US plant-based meat category. The top line results were impacted by demand weakness and broader macroeconomic challenges. However, it increased 15% on a sequential basis compared to the fourth quarter of 2022. Here’s a look at what the company has planned for the remainder of the year: Revenueīeyond Meat’s revenues declined 16% year-over-year to $92.2 million in Q1 2023. The company had a challenging first quarter in 2023 as revenues continued to decline but on the other hand, it managed to narrow its losses compared to the year-ago period. The stock has dropped 13% year-to-date and 61% over the past 12 months. (NASDAQ: BYND) were up over 1% on Monday.
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