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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 announced a favorable ruling in its ongoing legal dispute with Don Lee Farms, as the Los Angeles Superior Court dismissed central claims made by Don Lee Farms regarding trade secret misappropriation and unfair competition.
The court's decision, issued on August 27, 2021, allows Beyond Meat to pursue its own claims against Don Lee Farms, seeking millions in damages. The matter is set for trial on May 16, 2022, marking a significant step for Beyond Meat in defending its intellectual property.
Pizza Hut and Beyond Meat have expanded their partnership, introducing the Beyond Pepperoni pizza, a plant-based variant of Pizza Hut's popular topping. Available in nearly 70 locations across five U.S. markets, this innovative offering features simple ingredients like peas and rice, with no GMOs, soy, or gluten. The new pizza is designed to cater to the growing demand for plant-based options, appealing to health-conscious consumers. This collaboration reinforces Yum Brands' commitment to expanding plant-based menu options and enhancing customer choices.
Beyond Meat reported a 32% increase in net revenues to $149.4 million for Q2 2021, driven by a 218% rise in foodservice sales. Despite impressive revenue growth, the company faced a net loss of $19.7 million ($0.31 per share) and an adjusted EBITDA loss of $2.2 million. The gross profit stood at $47.4 million, marking a 31.7% gross margin. Looking ahead, Beyond Meat anticipates Q3 2021 net revenues between $120 million and $140 million, alongside concerns over COVID-19's impact on demand.
Hopdoddy Burger Bar has partnered with Beyond Meat to offer the new Beyond Burger at all locations, enhancing its plant-based menu options. This collaboration makes Hopdoddy one of the first restaurant chains to serve the latest iteration of the Beyond Burger, which boasts increased juiciness and flavor. The partnership will also include promotional events featuring Beyond Meat food trucks in cities like Dallas and Los Angeles. The new burger will contain 20 grams of protein and is made with simple, plant-based ingredients.
Beyond Meat (NASDAQ: BYND) is set to report its financial results for the second quarter ending July 3, 2021, on August 5, 2021, after market close. A conference call will take place at 5:00 p.m. ET, accessible via dial-in or live webcast. Beyond Meat is a leading player in the plant-based meat industry, offering products free from GMOs, hormones, and antibiotics. As of March 2021, its products are available in approximately 118,000 locations across over 80 countries, reflecting its significant market reach and commitment to sustainability.
Beyond Meat has launched its innovative Beyond Chicken Tenders, available from July 8, 2021, at select restaurants across the U.S. This plant-based product mimics traditional chicken tenders in look and taste, coinciding with a surge in consumer demand as the chicken market faces a shortage. Each serving contains 14g of protein and 40% less saturated fat than leading chicken tenders. Beyond Chicken Tenders are made from faba beans and peas, are GMO-free, and devoid of antibiotics and hormones. Beyond Meat continues to lead in the refrigerated plant-based meat market, with products available in over 80 countries.
DoorDash (NYSE: DASH) has partnered with Beyond Meat (NASDAQ: BYND) to launch limited-edition grilling kits for the July 4th weekend, available exclusively on DashMart for $14.99. The kits include the new Beyond Burger, which boasts 35% less fat and fewer calories compared to traditional beef patties, along with grilling essentials. A consumer survey shows 78% of Americans prefer plant-based options at BBQs, while 91% can relate to needing supplies last minute. The kits will be available in 14 U.S. cities starting July 1, 2021.
Beyond Meat (NASDAQ: BYND) announced the appointment of key executives to strengthen its leadership team. Phil Hardin will join as Chief Financial Officer in July 2021, bringing over 15 years of experience from Amazon. Deanna Jurgens is appointed Chief Growth Officer, having previously led sales for multiple markets at Rodan & Fields and PepsiCo. Margaret 'Jackie' Trask takes on the role of Chief People Officer after 14 years at JAFRA Cosmetics. These appointments are part of Beyond Meat's strategy to drive growth and innovation in the competitive plant-based protein market.
Beyond Meat announces the expansion of its product offerings at Walmart, introducing Beyond Meatballs at 2,100 locations nationwide. This follows the successful launch of Beyond Sausage earlier this year. To celebrate, the company is hosting summer grilling pop-ups in Southern California and Dallas, providing free samples of its products, including the newly revamped Beyond Burger. Beyond Meat continues to lead the plant-based meat market, with significant retail growth and increasing consumer preference for its products.
Beyond Meat reported a net revenue of $108.2 million for Q1 2021, marking an 11.4% increase year-over-year. The gross profit reached $32.7 million, with a gross margin of 30.2%. However, the company faced a net loss of $27.3 million, or $0.43 per share, compared to a net income of $1.8 million in the prior year. The adjusted EBITDA was a loss of $10.8 million. Despite challenges from COVID-19 impacting the foodservice sector, Beyond Meat is cautiously optimistic, issuing limited guidance for Q2 2021 with expected revenues between $135 million and $150 million.
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