Beyond Meat Takes A Bite Out Of Losses And Shares Surge

Beyond Meat Inc BYND reported first-quarter financial results after the close. Here's a rundown of the report and a look at what's driving the action. 

What Happened: Beyond Meat said first-quarter revenues decreased 15.7% to $92.2 million, which beat consensus estimates of $91.73 million, per Benzinga Pro.

The plant-based meat company reported a second-quarter loss of 92 cents per share, improved from a loss of $1.58 per share year-over-year. The company's earnings results beat analyst estimates for a loss of $1.01 per share.

Gross margin was 6.7%, up from margins of 0.2% year-over-year. Beyond Meat said most markets and channels were negatively impacted by continued softness in demand in the plant-based meat category.

The company ended the quarter with cash and equivalents of $273.6 million and total outstanding debt of $1.1 billion.

"Late last year, we articulated a strategy to drive Beyond Meat to cash-flow positive operations and sustainable long-term growth. We are pleased to report strong progress for the second full quarter of this strategy; cash use and net loss are substantially improved," said Ethan Brown, president and CEO of Beyond Meat. 

Beyond Meat said it expects full-year 2023 revenue to be in the range of $375 million to $415 million, versus estimates of $390.44 million.

Shares appear to be reacting positively to the improved net loss and better-than-expected revenue results. Management will hold a conference call to discuss these results at 5 p.m. ET.

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BYND Price Action: Beyond Meat has a 52-week high of $44.51 and a 52-week low of $11.04.

Beyond Meat shares were up 9.78% after hours at $13.71 at the time of publication, per Benzinga Pro.

Photo: courtesy of Beyond Meat.