NASDAQ$BYND
Beyond Meat Inc. · Q1 2023 earnings
Q1 2023 earnings · · Investor relations
Briefing
Beyond Meat's financial performance in Q1 2023 showed a decrease in net revenues but improvements in gross profit and reduced net loss compared to the previous year.
Beyond Meat reported a decrease in net revenues of 15.7% year-over-year, but showed positive progress in gross profit and reduced net loss. The company's focus on cash-flow positive operations and long-term growth is underway.
- Net revenues decreased by 15.7% to $92.2 million compared to the year-ago period.
- Gross profit improved to $6.2 million, with a gross margin of 6.7%, compared to $0.2 million in the year-ago period.
- Net loss decreased to $59.0 million, or $0.92 per share, compared to a net loss of $100.5 million, or $1.58 per share, in the year-ago period.
- Adjusted EBITDA showed a loss of $45.8 million, an improvement compared to the Adjusted EBITDA loss of $78.9 million in the year-ago period.
Headline financials
Revenue & EPS history
Beyond Meat · Revenue · Quarterly
$92.2M
Revenue by segment
Beyond Meat · $92.2M total across 4 segments · Q1 2023
- U.S. Retail$44.2M-35.3%47.9%
- International Foodservice$19.1M+99.8%20.7%
- U.S. Foodservice$14.7M-5.3%15.9%
- International Retail$14.3M-11.5%15.5%
Forward guidance
The Company's operating environment continues to be affected by near-term uncertainty related to macroeconomic issues. Net revenues are expected to be in the range of approximately $375 million to $415 million.
Tailwinds
- Gross margin is now expected to be 1 to 2 percentage points above prior guidance of the low double-digit range for the full year, increasing sequentially through the remainder of the year.
- The Company continues to target achievement of cash flow positive operations within the second half of 2023.
- Operating expenses are expected to be approximately $250 million, weighted slightly more towards the first half of the year.
- Capital expenditures are expected to be in the range of $30 million to $35 million.
- The Company intends to assume distribution responsibilities for Beyond Meat Jerky starting in the fourth quarter of 2023 and believes this move will support its objectives for gross margin expansion.
Headwinds
- Net revenues are expected to be in the range of approximately $375 million to $415 million, representing a decrease of approximately 10% to 1% compared to 2022.
- The Company's operating environment continues to be affected by near-term uncertainty related to macroeconomic issues, including inflation and rising interest rates.
- Demand in the plant-based meat category is a concern.
- Increasing concerns about the likelihood of a recession.
- Supply chain disruptions and challenges related to labor availability are factors.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2023
-2.0%
Avg return
Earnings day
-0.6%
Avg return
5 days after
-2.0%
Avg return
30 days after
38%
12 / 32 earnings
Positive
+35.1%
Q1 2019
Best reaction
-20.3%
Q4 2019
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -14.2% | -23.7% | -32.0% | |
| Q4 2025 | +3.2% | +25.2% | +38.8% | |
| Q3 2025 | -9.8% | -19.4% | -11.9% | |
| Q1 2025 | -8.7% | -1.2% | +30.7% | |
| Q4 2024 | -10.7% | -9.3% | -11.8% | |
| Q3 2024 | -8.5% | -17.4% | -28.7% | |
| Q2 2024 | +23.2% | +11.3% | +11.7% | |
| Q1 2024 | -15.1% | -3.9% | -8.3% | |
| Q4 2023 | +31.9% | +31.1% | +11.1% | |
| Q3 2023 | -2.6% | -8.3% | +30.4% | |
| Q2 2023 | -16.8% | -17.5% | -27.3% | |
| Q1 2023 | -16.7% | -12.7% | -1.5% | |
| Q4 2022 | +10.4% | +4.3% | -4.9% | |
| Q3 2022 | +9.1% | +19.4% | +14.2% | |
| Q2 2022 | +12.4% | +8.8% | -31.2% | |
| Q1 2022 | -17.4% | -10.3% | -24.7% | |
| Q4 2021 | -6.1% | +0.0% | +2.6% | |
| Q3 2021 | -16.4% | -14.5% | -34.2% | |
| Q2 2021 | +0.9% | +3.1% | -6.4% | |
| Q1 2021 | -8.9% | -9.8% | +19.7% | |
| Q4 2020 | -4.3% | -8.1% | -14.7% | |
| Q3 2020 | -20.3% | -20.5% | -12.7% | |
| Q2 2020 | -1.2% | -2.1% | -3.4% | |
| Q1 2020 | +32.6% | +40.3% | +43.4% | |
| Q4 2019 | -20.3% | -15.2% | -41.2% | |
| Q3 2018 | +2.9% | +5.2% | -2.0% | |
| Q3 2019 | -18.7% | -18.7% | -19.0% | |
| Q2 2018 | -17.1% | -24.6% | -31.8% | |
| Q2 2019 | -17.1% | -24.6% | -31.8% | |
| Q1 2018 | +12.2% | +34.8% | +32.3% | |
| Q4 2018 | +12.2% | +34.8% | +32.3% | |
| Q1 2019 | +35.1% | +22.8% | +48.8% | |
| Q4 2017 | — | — | — | |
| Q3 2017 | — | — | — |
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