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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 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.
Beyond Meat and Pizza Hut Canada have announced the permanent addition of Beyond Italian Sausage Crumbles to their menu, responding to rising consumer demand for plant-based options. The item debuted after a successful trial in Toronto and Edmonton. The crumbles can top any pizza and are featured in three signature dishes: The Great Beyond™, Beyond Italian Sausage™ Alfredo Loaded Flatbread, and Beyond Creamy Alfredo. This initiative aligns with a global partnership between Yum! Brands and Beyond Meat to enhance plant-based offerings across markets.
Kentucky Fried Chicken and Beyond Meat are launching the highly-anticipated plant-based Beyond Fried Chicken nationwide on January 10, 2022. This collaboration marks a significant milestone in the fast-food sector, as KFC was the first major QSR to introduce plant-based chicken, starting with tests in August 2019. Customers can enjoy this new offering with various dipping sauces, available in combo meals or à la carte, starting at $6.99. The product is designed to provide the iconic KFC flavor in a plant-based format. Orders can be placed via KFC's app for quick pick-up.
Beyond Meat has finalized a lease for a new state-of-the-art R&D center in Shanghai, marking its first dedicated facility outside the U.S. This facility is a crucial part of the company's plan to expand in Asia's plant-based meat market. Equipped with advanced technology, it will enable rapid product development and innovation tailored to the local palate. The R&D center aims to support Beyond Meat's global growth and commitment to providing plant-based proteins that match the taste and quality of animal products. The facility is expected to open in the first half of 2022.
Beyond Meat announces the appointment of Jorg Oostdam as the new General Manager for Europe. Oostdam brings over 20 years of experience in the food industry, including significant roles at Mars and Zed Candy. His leadership will drive Beyond Meat's expansion in Europe, aiming to enhance local production and supply chain capabilities. The European plant-based food market is growing rapidly, with a 49% increase in demand over recent years. Beyond Meat's existing operations in the Netherlands will support this growth and help achieve price parity with animal protein.
Beyond Meat has appointed Jorg Oostdam as General Manager, Europe to oversee its expansion strategy. With over 20 years in the food industry, Oostdam will enhance local production, supply chains, and strategic growth across Europe. His experience includes leadership roles at Mars and Zed Candy, where he successfully expanded market presence. Beyond Meat aims to achieve price parity with animal protein as demand for plant-based meat rises, especially in Europe, which has seen a 49% growth in the sector over recent years. Oostdam starts in February 2022, indicating strong investment in the region.
Beyond Meat appoints Doug Ramsey as Chief Operating Officer and Bernie Adcock as Chief Supply Chain Officer, both from Tyson Foods. This strategic move aims to enhance operations and supply chain efficiency as the company seeks to expand its global footprint.
With Ramsey overseeing poultry and McDonald’s operations, and Adcock focusing on supply chain management, Beyond Meat plans to scale production and meet rising consumer demand. The company continues to innovate, having launched over a dozen new products in the past two years while pursuing price parity with animal proteins.
Beyond Meat reported its third quarter 2021 net revenues of $106.4 million, marking a 12.7% year-over-year increase. International sales surged by 143%, offsetting a 13.9% decline in U.S. revenues, primarily due to lower demand and operational challenges. The net loss was $54.8 million or $0.87 per share, with an adjusted EBITDA loss of $36.8 million. Gross profit fell to $23 million, reflecting a 21.6% gross margin.
For Q4 2021, the company projects revenues between $85 million and $110 million, citing ongoing uncertainty related to COVID-19.
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