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