Meat alternative brand Beyond Meat has reported a loss of $54.4 million for Q1 2024, which it attributed to a decline in product sales.
The brand's net revenue decreased by 18% on the year to hit $75.6 million, driven by a 16.1% decrease in volume of products sold.
Its net loss of $54.4 million was less than its 2023 net loss of $59 million, while loss from operations was $53.5 million.
Beyond Meat's adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) loss of $32.9 million was less than its 2023 EBITDA loss of $45.8 million, with its 2024 net revenue decreasing by 43.5%. This was slightly less than the 2023 net revenue decrease of 49.6%.
Gross profit was $3.7 million, down from the Q1 2023 gross profit of $6.2 million.
President and CEO of Beyond Meat, Ethan Brown, stated: “In Q1, we made solid progress against our 2024 priorities, including: hitting our first quarter revenue objective; reducing operating expenses and cash consumption year-over-year; bringing production in-house to reduce costs and improve quality; and commencing shipments of Beyond IV, the fourth generation of Beyond Burger and Beyond Beef, to our customers, to the praise of nutritionists and consumers alike.
“Together with measures we are exploring to bolster our balance sheet, we continue to work to position 2024 as a pivotal year as we strive to achieve sustainable and profitable operations.
This story was originally published on a previous version of the Meat Management website and so there may be some missing images and formatting issues.
