Beyond Meat’s first quarter results surpassed analysts’ expectations. This is the first earnings report of the company since its debut as a public company in May.
The producer of plant-based meat substitutes incurred a quarterly net loss of -14 cents per share, which is narrower than analysts’ anticipation of -15 cents loss per share. The company’s net revenue for the quarter surged +215% year-over-year to $40.2 million, which is higher than $38.9 million expected by analysts (based on FactSet poll).
Ethan Brown, Beyond Meat's President and Chief Executive Officer, noted that the company upped the ante on both retail and foodservice businesses, as it benefited from first quarter's strong demand. He also expressed that Beyond Meat plans to expand its distribution network, launch additional innovative products, and invest in growing its infrastructure.
Looking ahead, Beyond Meat predicts that revenue would increase 140% over the full year to $210 million – which would lead to an almost break-even adjusted EBITDA. Their projection is also higher compared to the $204.9 million that analysts’ were expecting (based on FactSet poll).