Beyond Meat, a US plant-based producer, has reported a 30.5% decrease in its net revenue, detailed in its Q2 2023 financial results report.
The producer, which came to UK stores in 2018, is available in over 112,000 retailers and food outlets internationally.
Beyond Meat's net revenue for Q2 was $102.1 million, a 30.5 % decrease from Q2 2022, and its net loss was $53.5 million in Q2 compared to a net loss of $97.1 million in Q2 2022.
A loss of $40.8 million was seen in adjusted earnings before interest, tax, depreciation and amortisation (EBITDA), a 40% decrease in net revenues, compared to an Adjusted EBITDA loss of $68.8 million (-46.8%) in Q2 2022. A 23.9% decrease in the volume of products sold was reported.
Beyond Meat president and CEO Ethan Brown commented: “The second quarter brought mixed results amidst otherwise strong progress toward our goal of sustainable long-term growth. Ongoing category headwinds compressed net revenues, which in turn impacted product sales mix and gross margin, overshadowing significant strides in operational efficiency, including meaningful year-over-year reductions in operating expenses, COGS per pound, and overall cash consumption."
This comes as the company was reported to be cutting its workforce by 4% last year, a move which was expected to result in total annualised savings of approximately $8 million.
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