Beyond Meat Inc. · Q4 2022 earnings

Briefing

Beyond Meat's financial performance declined in Q4 2022, with revenue and gross profit decreasing year-over-year, but the company is making progress in its transition to a sustainable growth model.

Beyond Meat reported a decrease in net revenues by 20.6% to $79.9 million in Q4 2022, with a gross loss of $2.9 million. The company's net loss was $66.9 million, or $1.05 per common share. Despite these challenges, Beyond Meat is focused on margin recovery, operating expense reduction, and inventory management to achieve cash flow positive operations in the second half of 2023.

• Net revenues decreased by 20.6% year-over-year to $79.9 million.
• Gross profit was a loss of $2.9 million, with a gross margin of -3.7%.
• Net loss was $66.9 million, or $1.05 per common share.
• The company is targeting cash flow positive operations in the second half of 2023 through margin recovery and expense reduction.

Headline financials

Revenue & EPS history

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. Gross margin is expected to be in the low double-digit range, increasing sequentially throughout the year. Operating expenses are expected to be approximately $250 million. Capital expenditures are expected to be in the range of $30 million to $35 million. The Company continues to target achievement of cash flow positive operations within the second half of 2023.