NASDAQ$BYND
Beyond Meat Inc. · Q2 2023 earnings
Q2 2023 earnings · · Investor relations
Briefing
Beyond Meat's Q2 2023 performance was marked by mixed results, with revenue decline offset by operational efficiency gains.
Beyond Meat reported a 30.5% decrease in net revenues to $102.1 million for Q2 2023, driven by weak category demand and a decrease in volume of products sold. However, the company saw improvements in gross profit and reductions in operating expenses and cash consumption.
- Net revenues decreased by 30.5% year-over-year to $102.1 million.
- Gross profit improved to $2.3 million, with a gross margin of 2.2%.
- Net loss decreased to $53.5 million, or $0.83 per share, compared to $97.1 million in the year-ago period.
- The company expects a modest return to year-over-year top-line growth in the third and fourth quarters of 2023.
Headline financials
Revenue & EPS history
Beyond Meat · Revenue · Quarterly
$102M
Revenue by segment
Beyond Meat · $102M total across 4 segments · Q2 2023
- U.S. Retail$48.5M-38.5%47.5%
- International Foodservice$20.9M-0.9%20.5%
- International Retail$20M-15.6%19.6%
- U.S. Foodservice$12.8M-45.4%12.5%
Forward guidance
The Company expects net revenues to be in the range of approximately $360 million to $380 million, representing a decrease of approximately 14% to 9% compared to 2022. Gross margin is expected to be in the mid to high single-digit range. Operating expenses are expected to be $245 million or less. Capital expenditures are expected to be in the range of $20 million to $25 million.
Tailwinds
- Gross margin, including the positive impact of the Company’s change in accounting estimates for the useful lives of its large manufacturing equipment implemented in the first quarter of 2023, is expected to be in the mid to high single-digit range.
- Operating expenses are expected to be $245 million or less.
- Capital expenditures are expected to be in the range of $20 million to $25 million.
- Management remains firmly focused on achieving cash flow positive operations, including increased cost containment.
- The company expects meaningfully reduced cash consumption for the balance of the year.
Headwinds
- Net revenues are expected to be in the range of approximately $360 million to $380 million, representing a decrease of approximately 14% to 9% compared to 2022.
- The Company's operating environment continues to be affected by uncertainty related to macroeconomic issues, including softer demand in the plant-based meat category, high inflation, rising interest rates, and ongoing concerns about the likelihood of a recession.
- Softer demand in the plant-based meat category
- High Inflation
- Rising interest rates, and ongoing concerns about the likelihood of a recession
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 Q2 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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