Beyond Meat Inc. · Q4 2023 earnings

Briefing

Reported financial results, highlighting a decrease in net revenues and a significant gross loss due to non-cash charges.

Beyond Meat reported a 7.8% decrease in net revenues to $73.7 million for Q4 2023, with a gross loss of $83.9 million primarily due to non-cash charges related to a global operations review. Net loss was $155.1 million, and adjusted EBITDA was a loss of $125.1 million.

• Net revenues decreased by 7.8% year-over-year to $73.7 million.
• Gross profit was a loss of $83.9 million, with a gross margin of -113.8%.
• Net loss was $155.1 million, or $2.40 per common share.
• Adjusted EBITDA was a loss of $125.1 million, or -169.9% of net revenues.

Headline financials

Revenue & EPS history

The Company's operating environment continues to be affected by uncertainty related to macroeconomic issues. Net revenues for the first quarter of 2024 are expected to be in the range of $70 million to $75 million. Gross margin is expected to be in the mid to high teens range for the full year 2024, and is expected to be higher in the second half of the year relative to the first half. Operating expenses are expected to be in the range of $170 million to $190 million, weighted slightly more towards the first half of the year. Capital expenditures are expected to be in the range of $15 million to $25 million.