Summary by Moomoo AI
Beyond Meat reported Q2 2024 net revenues of $93.2M, down 8.8% YoY, primarily due to a 14% decrease in sales volume, partially offset by a 6.1% increase in net revenue per pound. Gross profit improved significantly to $13.7M with a 14.7% margin, compared to $2.3M and 2.2% margin in Q2 2023.Operating loss narrowed to $33.9M from $53.8M YoY, driven by reduced operating expenses of $47.6M (down from $56.0M) and improved gross margins. Net loss decreased to $34.5M ($0.53 per share) from $53.5M ($0.83 per share) in the prior year period.The company updated its FY2024 guidance, projecting revenues of $320-340M and gross margin in the mid-teens range. Operating expenses are expected to be $180-190M, excluding a $7.5M consumer class action settlement expense. Management highlighted progress on their 2024 plan toward sustainable operations and profitability, including the launch of their Beyond IV platform.
