NASDAQ$BYND
Beyond Meat Inc. · Q3 2022 earnings
Q3 2022 earnings · · Investor relations
Briefing
Beyond Meat experienced a challenging quarter with a sharp revenue decline and gross margin pressure due to macroeconomic factors, while implementing measures to achieve cash flow positive operations.
Beyond Meat reported a 22.5% decrease in net revenues to $82.5 million for the third quarter of 2022, with a gross loss of $14.8 million. The company's net loss was $101.7 million, and adjusted EBITDA was a loss of $73.8 million. The company is implementing measures to achieve cash flow positive operations within the second half of 2023.
- Net revenues decreased by 22.5% year-over-year to $82.5 million.
- Gross profit was a loss of $14.8 million, with a gross margin of -18.0%.
- Net loss was $101.7 million, or $1.60 per common share.
- Adjusted EBITDA was a loss of $73.8 million, or -89.5% of net revenues.
Headline financials
Revenue & EPS history
Beyond Meat · Revenue · Quarterly
$82.5M
Revenue by segment
Beyond Meat · $82.5M total across 4 segments · Q3 2022
- U.S. Retail$46.2M-11.8%56.0%
- U.S. Foodservice$16M+5.6%19.4%
- International Retail$10.2M-52.3%12.4%
- International Foodservice$10.1M-42.2%12.3%
Forward guidance
The Company expects 2022 net revenues to be in the range of approximately $400 million to $425 million, representing a decrease of approximately 14% to 9% compared to 2021. They are targeting cash flow positive operations within the second half of 2023.
Tailwinds
- Targeting cash flow positive operations within the second half of 2023.
- Reduction-in-force expected to result in approximately $27 million in cash operating expense savings over the next twelve months.
- Additional approximately $12 million in non-cash savings related to previously granted, unvested stock-based compensation.
- Expected to recognize approximately $3 million of one-time non-cash savings related to the reversal of previously expensed, unvested stock-based compensation in the third and fourth quarters of 2022.
- Focus on key drivers of the business.
Headwinds
- 2022 net revenues are expected to be in the range of approximately $400 million to $425 million, representing a decrease of approximately 14% to 9% compared to 2021.
- Incur one-time cash charges of approximately $4 million in connection with the reduction-in-force.
- Operating environment continues to be affected by near-term uncertainty related to macroeconomic issues, including inflation and rising interest rates.
- Increasing concerns about the likelihood of a recession.
- Challenges related to labor availability and supply chain disruptions.
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 Q3 2022
-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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