Beyond Meat, Inc. (NASDAQ:BYND) gave investors something to chew on Tuesday. The El Segundo, Calif.-based company, a leader in plant-based meat, today reported financial results for its second quarter.
Net revenues were $67.3 million, an increase of 287%. Gross profit was $22.7 million, or 33.8% as a percentage of net revenues, compared to gross profit of $2.6 million, or 15.0% as a percentage of net revenues, in the year-ago period;
Still, the net loss for BYND was $9.4 million, or a loss of $0.24 per common share, compared to net loss of $7.4 million, or a loss of $1.22 per common share in the year-ago period.
Adjusted EBITDA, which is a non-GAAP financial measure, was $6.9 million compared to an Adjusted EBITDA loss of $5.6 million in the year-ago period.
CEO Ethan Brown commented, "We are very pleased with our second quarter results which reflect continued strength across our business as evidenced by new foodservice partnerships, expanded distribution in domestic retail channels, and accelerating expansion in our international markets.
"We believe our positive momentum continues to demonstrate mainstream consumers’ growing desire for plant-based meat products both domestically and abroad."
For the full year 2019, the Company is raising its guidance and now expects net revenues to exceed $240 million, an increase of greater than 170% compared to 2018, updated from its prior expectation of net revenues to exceed $210 million.
Adjusted EBITDA are projected to be positive compared to prior expectations of breakeven Adjusted EBITDA.
Shares were pummeled $34.66, or 15.6%, to $187.47.
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