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Beyond Meat, Inc. (NASDAQ: BYND) is a trailblazer in the plant-based meat industry, offering a wide array of revolutionary products. Founded in 2009, the company is committed to transforming the future of protein by creating delicious and nutritious meat alternatives directly from plants. Beyond Meat’s product lineup includes popular items such as burgers, sausages, ground beef, jerky, meatballs, and chicken, designed to replicate the taste and texture of traditional animal-based meats while providing significant nutritional and environmental benefits.
By bypassing the animal altogether, Beyond Meat enables families to enjoy dishes they love, like beef nachos, chili, pasta Bolognese, and chicken fajitas, without the downsides associated with animal protein. The company's mission is deeply rooted in positively impacting human health and the health of our planet. Beyond Meat's products are available in major retailers such as Whole Foods, Target, Safeway, Publix, and Walmart, as well as over 11,000 stores nationwide and various food service distributors.
Recently, Beyond Meat announced a strategic partnership with Madison Square Garden Sports Corp. and Madison Square Garden Entertainment Corp., becoming the first-ever Official Plant-Based Meat Partner of Madison Square Garden. This collaboration includes the launch of the GO BEYOND® GRILL, which will exclusively feature Beyond Meat's products during events at the iconic venue. The new concession stand will offer items like the Beyond® Smashable Burger and the meatier Beyond Sausage®, alongside exclusive dishes featuring Beyond Steak®.
Financially, the company has faced some challenges. In the third quarter of 2023, Beyond Meat reported a revenue decline of 8.7% compared to the previous year, with net revenues reaching $75.3 million. Despite this, the company continues to expand its global footprint, with products available in approximately 190,000 retail and foodservice outlets across over 75 countries. The company remains focused on long-term strategies to reduce operating expenses and improve profitability.
Beyond Meat's commitment to innovation is evident in its continuous efforts to improve its product offerings. The company's products are made from simple, plant-based ingredients and are free from GMOs, added hormones, antibiotics, and cholesterol. This dedication to quality and sustainability underscores Beyond Meat's brand promise: Eat What You Love®. By shifting from animal-based meat to plant-based protein, Beyond Meat aims to address critical global issues such as human health, climate change, resource constraints, and animal welfare.
Beyond Meat (NASDAQ: BYND) expands the distribution of its popular Cookout Classic™ burger pack to over 10,000 stores nationwide, making plant-based burgers more accessible this summer. Originally a limited-time offering in 2020, the Cookout Classic became a permanent retail item due to demand. This initiative aims to reduce the price gap between plant-based and animal proteins, promoting a more sustainable food system. Beyond Meat is the leading brand in the refrigerated plant-based meat category, with products available in approximately 135,000 retail and foodservice outlets worldwide.
Beyond Meat announces a new partnership featuring Kim Kardashian as their Chief Taste Consultant. The campaign will promote Beyond Meat's plant-based products, highlighting their health benefits and sustainability. Kardashian expresses her long-time love for the brand and its offerings. Through this collaboration, she aims to inspire consumers to include plant-based options in their diets. Beyond Meat's products are available in approximately 135,000 retail and foodservice outlets worldwide. The company emphasizes its commitment to health, sustainability, and quality as it expands its brand influence.
Beyond Meat reported first-quarter 2022 net revenues of $109.5 million, a 1.2% year-over-year increase. Gross profit was significantly reduced to $0.2 million (0.2% margin), down from $32.7 million (30.2% margin) a year ago, primarily due to the launch of Beyond Meat Jerky. The company incurred a net loss of $100.5 million ($1.58 per share), worsening from $27.3 million the previous year. Despite challenges, management reaffirmed full-year 2022 revenue guidance of $560 million to $620 million, expecting growth of 21% to 33% compared to 2021.
Beyond Meat (NASDAQ: BYND) plans to release its Q1 financial results for the period ended April 2, 2022, on May 11, 2022, after market close.
A conference call to discuss these results will be held at 5:00 p.m. ET with an investor dial-in at 412-317-6026. A live webcast will also be available on Beyond Meat’s website.
Beyond Meat is recognized for its portfolio of plant-based meats, emphasizing health and sustainability.
Beyond Meat (NASDAQ: BYND) is expanding the availability of its popular Beyond Chicken Tenders at major retailers including Albertsons, CVS, Kroger, Sprouts, and Whole Foods Market. Starting April 12, 2022, these products are now available nationwide, enhancing access to plant-based protein.
The tenders are lower in saturated fat compared to traditional chicken nuggets and contain no antibiotics or hormones. This move aims to meet the growing consumer demand for sustainable food options.
Beyond Meat has announced a proposed settlement regarding stockholder derivative litigation in the United States District Court for the Central District of California. This settlement aims to resolve claims against current and former directors and officers while the company remains a nominal defendant. If approved, the settlement will result in the adoption of corporate governance reforms and a payment of $515,000 in attorneys' fees. A hearing is scheduled for July 11, 2022, to determine the settlement's fairness and adequacy, with stockholders barred from contesting it after approval.
Beyond Meat and Rite Aid have teamed up to launch the Beyond Burger and Beyond Meatballs at around 2,000 Rite Aid stores across the U.S. This initiative aims to enhance accessibility to nutritious plant-based meat options for consumers. The Beyond Burger contains 35% less saturated fat than traditional beef, while the meatballs offer 30% less saturated fat and sodium compared to leading animal-based brands. The products are available in the frozen aisle, supporting Beyond Meat’s goal to make plant-based options convenient and widely available.
Beyond Meat and PepsiCo launched Beyond Meat Jerky, the first product from their joint venture, Planet Partnership, on March 23, 2022. This nutritious, plant-based jerky offers 10g of protein per serving and is available in Original, Hot & Spicy, and Teriyaki flavors. The product is shelf-stable and distributed through various channels, enhancing accessibility. Dan Moisan, CEO of Planet Partnership, emphasized its role in delivering sustainable snack options. Founded in 2021, Planet Partnership aims to innovate food products that benefit health and the environment.
Beyond Meat (BYND) reported its 2021 financial results, with fourth-quarter net revenues of $100.7 million, down 1.2% year-over-year, and a net loss of $80.4 million, equating to $1.27 per share. Full-year revenues rose 14.2% to $464.7 million, with a net loss of $182.1 million. Key highlights include a 19.5% decline in U.S. retail revenues, partially offset by strong international growth of 76.9%. Looking ahead, the company expects 2022 revenues between $560 million and $620 million, indicating growth of 21% to 33%. CEO Ethan Brown emphasized ongoing investments in infrastructure and growth despite short-term challenges.
Beyond Meat, Inc. (NASDAQ: BYND) will report its financial results for Q4 and the full year ended December 31, 2021, on February 24, 2022, after market close. A conference call will follow at 5:00 p.m. ET to discuss these results. Investors can join the call at 412-317-5180 or via a live webcast on the company's website. Beyond Meat continues to lead in the plant-based meat sector with products available in approximately 128,000 retail and foodservice outlets across over 85 countries.
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