Beyond Meat Inc (NASDAQ:BYND) reported downbeat results for its third quarter. The company said it continues to experience meaningful slowdown in its Foodservice Unit.
Net revenues were $94.4 million, an increase of 2.7% year-over-year.
Gross profit was $25.5 million, or gross margin of 27.0% of net revenues; Adjusted gross profit was $27.3 million, or Adjusted gross margin of 28.9% of net revenues, reflecting exclusion of expenses attributable to COVID-19.
The company reported a net loss was $19.3 million, or $0.31 per common share; Adjusted net loss was $17.5 million, or $0.28 per common share, reflecting exclusion of expenses attributable to COVID-19.
Adjusted EBITDA was a loss of $4.3 million, or -4.5% of net revenues.
Said CEO Ethan Brown, "Our financial results reflect a quarter where for the first time since the pandemic began, we experienced the full brunt and unpredictability of COVID-19 on our net revenues and accordingly, throughout our P&L.
“Unlike the second quarter where record retail buying and freezer loading by consumers offset the deterioration of our foodservice business as COVID-19 stay-at-home and related measures set in, the long tail of retail stockpiling by consumers, coupled with continued challenges across the majority of our foodservice customers, led to Q3 results that were lower than we expected."
The Company’s cash and cash equivalents balance was $214.6 million as of September 26, 2020 and total outstanding debt was $50.0 million.
BYND shares slid $34.15, or 22.7%, to $116.35.
