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Beyond Meat | 8-K: Beyond Meat ® Reports Fourth Quarter and Full Year 2023 Financial Results

SEC announcement ·  Feb 27 16:23
Summary by Moomoo AI
Beyond Meat, Inc., a leader in plant-based meat alternatives, reported its financial results for the fourth quarter and full year ended December 31, 2023, on February 27, 2024. The company experienced a decrease in net revenues by 7.8% year-over-year in the fourth quarter, amounting to $73.7 million, and an 18% decrease for the full year, totaling $343.4 million. Gross profit for the fourth quarter was a loss of $83.9 million, with a gross margin of -113.8%, significantly impacted by non-cash charges totaling $78.0 million related to the Global Operations Review and other specific charges. The net loss for the quarter was substantial at $155.1 million, or $2.40 per common share, compared to a net loss of $66.9 million, or $1.05 per common share, in the previous year. Adjusted EBITDA also reflected...Show More
Beyond Meat, Inc., a leader in plant-based meat alternatives, reported its financial results for the fourth quarter and full year ended December 31, 2023, on February 27, 2024. The company experienced a decrease in net revenues by 7.8% year-over-year in the fourth quarter, amounting to $73.7 million, and an 18% decrease for the full year, totaling $343.4 million. Gross profit for the fourth quarter was a loss of $83.9 million, with a gross margin of -113.8%, significantly impacted by non-cash charges totaling $78.0 million related to the Global Operations Review and other specific charges. The net loss for the quarter was substantial at $155.1 million, or $2.40 per common share, compared to a net loss of $66.9 million, or $1.05 per common share, in the previous year. Adjusted EBITDA also reflected a loss of $125.1 million, or -169.9% of net revenues. Beyond Meat's CEO, Ethan Brown, acknowledged the challenges and outlined the company's plans for a reset towards sustainable operations and profitable growth, including operational changes and the launch of Beyond IV, a new product platform. The company also announced the discontinuation of the Beyond Meat Jerky product line as part of its Global Operations Review. Looking ahead, Beyond Meat provided a 2024 outlook with expected net revenues in the range of $315 million to $345 million and projected improvements in gross margin and operating expenses. The company's stock is traded on The Nasdaq Stock Market LLC under the symbol BYND.

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