February 23, 2023 —Beyond Meat, Inc. (NASDAQ: BYND) a leader in plant-based meat, today reported financial results for its fourth quarter and full year ended December 31, 2022.
Beyond Meat(NASDAQ:BYND) reported late Thursday that its Q4 adjusted loss narrowed to $1.05 per diluted share,Analysts polled by Capital IQ expected a loss of $1.20.
Revenue for the quarter ended Dec. 31 was $79.9 million, Analysts polled by Capital IQ expected $75.8 million.
The company said it expects full-year 2023 revenue of $375 million to $415 million. Analysts polled by Capital IQ expect $391.4 million.
Fourth Quarter 2022 Financial Highlights
Net revenues were $79.9 million, a decrease of 20.6% year-over-year.
Gross profit was a loss of $2.9 million, or gross margin of -3.7% of net revenues.
Net loss was $66.9 million, or $1.05 per common share. Net loss as a percentage of net revenues was -83.6%.
Adjusted EBITDA was a loss of $56.5 million, or -70.7% of net revenues.
Gross margin decreased primarily as a result of increased cost per pound and decreased net revenue per pound in the fourth quarter of 2022 compared to the year-ago period. The increase in cost per pound was primarily driven by higher inventory reserves, materials and logistics costs per pound, partially offset by reduced manufacturing costs per pound, including depreciation.
Full Year 2022 Financial Highlights
Net revenues were $418.9 million, a decrease of 9.8% year-over-year.
Gross profit was a loss of $23.7 million, or gross margin of -5.7% of net revenues.
Net loss was $366.1 million, or $5.75 per common share. Net loss as a percentage of net revenues was -87.4%.
Adjusted EBITDA was a loss of $278.0 million, or -66.4% of net revenues.
Net revenues by channel (unaudited):
outlook for the full year 2023
Net revenues are expected to be in the range of approximately $375 million to $415 million, representing a decrease of approximately 10% to 1% compared to 2022.
Gross margin is expected to be in the low double-digit range, increasing sequentially throughout the year.
Operating expenses are expected to be approximately $250 million, weighted slightly more towards the first half of the year.
Capital expenditures are expected to be in the range of $30 million to $35 million.
The Company continues to target achievement of cash flow positive operations within the second half of 2023.
BEYOND MEAT, INC. AND SUBSIDIARIES Consolidated Statements of Operations
About Beyond Meat
Beyond Meat, Inc. (NASDAQ: BYND) is a leading plant-based meat company offering a portfolio of revolutionary plant-based meats made from simple ingredients without GMOs, no added hormones or antibiotics, and 0 mg of cholesterol per serving. Founded in 2009, Beyond Meat products are designed to have the same taste and texture as animal-based meat while being better for people and the planet. Beyond Meat’s brand promise, Eat What You Love®, represents a strong belief that there is a better way to feed our future and that the positive choices we all make, no matter how small, can have a great impact on our personal health and the health of our planet. By shifting from animal-based meat to plant-based protein, we can positively impact four growing global issues: human health, climate change, constraints on natural resources and animal welfare. As of December 2022, Beyond Meat branded products were available at approximately 190,000 retail and foodservice outlets in over 80 countries worldwide. Visit www.BeyondMeat.com and follow @BeyondMeat, #BeyondBurger and #GoBeyond on Facebook, Instagram, Twitter and TikTok.