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Beyond Meat (NASDAQ: BYND) reported Q2 2024 financial results with net revenues of $93.2 million, down 8.8% year-over-year. The company saw a gross profit of $13.7 million (14.7% margin) and a net loss of $34.5 million ($0.53 per share). Despite the revenue decline, Beyond Meat improved its gross margin and reduced operating losses compared to Q2 2023.
Key highlights include:
U.S. retail channel revenues decreased 7.5% to $44.9 million
International retail channel revenues fell 12.1% to $17.6 million
Adjusted EBITDA loss improved to $23.0 million (-24.7% of net revenues)
Cash and cash equivalents balance was $158.0 million as of June 29, 2024
The company updated its 2024 outlook, projecting net revenues between $320-$340 million and gross margin in the mid-teens range.
Key highlights include:
U.S. retail channel revenues decreased 7.5% to $44.9 million
International retail channel revenues fell 12.1% to $17.6 million
Adjusted EBITDA loss improved to $23.0 million (-24.7% of net revenues)
Cash and cash equivalents balance was $158.0 million as of June 29, 2024
The company updated its 2024 outlook, projecting net revenues between $320-$340 million and gross margin in the mid-teens range.
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