NASDAQ$BYND
Beyond Meat Inc. · Q3 2023 earnings
Q3 2023 earnings · · Investor relations
Briefing
Beyond Meat experienced a decrease in net revenues and a net loss, but gross margin improved due to lower manufacturing and materials costs. The company is undergoing a global operations review to reduce operating expenses.
Beyond Meat reported a decrease in net revenues by 8.7% year-over-year, with net revenues of $75.3 million. The company experienced a net loss of $70.5 million, an improvement compared to the previous year's net loss of $101.7 million. Gross profit was a loss of $7.3 million, but gross margin improved to -9.6% compared to -18.0% in the year-ago period.
- Net revenues decreased by 8.7% year-over-year to $75.3 million.
- Gross profit was a loss of $7.3 million, with a gross margin of -9.6%.
- Net loss improved to $70.5 million, or $1.09 per share, compared to $101.7 million, or $1.60 per share, in the year-ago period.
- International retail channel net revenues increased 38.8% to $14.2 million.
Headline financials
Revenue & EPS history
Beyond Meat · Revenue · Quarterly
$75.3M
Revenue by segment
Beyond Meat · $75.3M total across 4 segments · Q3 2023
- U.S. Retail$30.5M-33.9%40.5%
- International Foodservice$18.1M+78.7%24.0%
- International Retail$14.2M+38.8%18.8%
- U.S. Foodservice$12.5M-21.6%16.6%
Forward guidance
The company is revising its 2023 full year outlook due to softer than anticipated third quarter results and updated expectations for the balance of the year.
Tailwinds
- Operating expenses are expected to be approximately $245 million or less, before one-time separation costs and potential savings associated with the Company’s recent reduction in force.
- Capital expenditures are now expected to be in the range of $10 million to $15 million.
- Reduction in force, combined with the elimination of certain open positions, is expected to result in approximately $9.5 million to $10.5 million in cash operating expense savings.
- Additional approximately $1.0 million to $2.0 million in non-cash savings related to previously granted, unvested stock-based compensation which would have vested in 2024.
- Gross profit for the full year, 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 now expected to be approximately breakeven.
Headwinds
- Net revenues are now expected to be in the range of $330 million to $340 million, representing a decrease of approximately 21% to 19% compared to 2022.
- The Company currently estimates that it will incur one-time cash charges of approximately $2.0 million to $2.5 million in connection with the reduction in force
- Macroeconomic issues, including inflation and rising interest rates
- Prolonged, weakening demand in the plant-based meat category
- 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 Q3 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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