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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 has announced a global strategic partnership with Yum! Brands to develop innovative plant-based protein menu items exclusively for KFC, Pizza Hut, and Taco Bell. This collaboration aims to enhance consumer offerings and meet the growing demand for sustainable and delicious plant-based options. Both companies will leverage their research and development capabilities to attract younger consumers and flexitarians. The partnership builds on their successful history, including previous launches of plant-based items at KFC and Pizza Hut. Terms of the partnership are still pending definitive agreements.
Beyond Meat (NASDAQ: BYND) announced a three-year global strategic agreement with McDonald's, making them the preferred supplier for the McPlant burger. This collaboration aims to develop various plant-based menu options, enhancing McDonald’s commitment to customer choice. The partnership expands on their previous trials in Canada and is expected to leverage McDonald’s brand strength alongside Beyond Meat’s innovative product development.
Beyond Meat reported Q4 2020 net revenues of $101.9 million, marking a 3.5% year-over-year increase. Full-year 2020 revenues reached $406.8 million, a significant 36.6% growth. Notably, retail channel revenues surged 85% year-over-year, while foodservice revenues plummeted 54% due to the impact of COVID-19. The net loss for Q4 was $25.1 million ($0.40 per share). Adjusted gross profit for Q4 stood at $29.1 million, reflecting a 28.5% gross margin. Management emphasizes ongoing strategic investments for future growth amidst current challenges.
Beyond Meat, Inc. (NASDAQ: BYND) announced it will release its financial results for the fourth quarter and full year ending December 31, 2020, on February 25, 2021, after market close. A conference call to discuss these results will occur at 5:00 p.m. ET on the same day. Investors can join via phone or through a live webcast on the company's website, which will also feature an archived version of the call.
Beyond Meat is committed to offering plant-based meat alternatives designed to replicate the taste and texture of animal-based products while promoting health and sustainability.
PepsiCo and Beyond Meat have formed a joint venture named The PLANeT Partnership, LLC to develop innovative snack and beverage products using plant-based protein. This collaboration combines Beyond Meat's advanced technology with PepsiCo's marketing and distribution strengths. Although financial terms were not disclosed, both companies aim to meet the growing consumer demand for nutritious, sustainable products. PepsiCo’s existing efforts in sustainability and product innovation are expected to enhance this partnership, focusing on positive consumer choices and environmental impact.
On January 19, 2021, Pollo Tropical launched new menu items, including the Vegan Picadillo made with Beyond Beef. The Vegan Picadillo is available in a Tropichop® or Wrap, featuring plant-based meat, peppers, and onions. Additionally, Pollo introduced the Balsamic Tomato Chicken, at only 180 calories for $4.99. These items complement the recently added Cuban Pressed Sandwiches. All new offerings are available for dine-in, curbside pick-up, and delivery through the MyPollo® app. Pollo Tropical is a subsidiary of Fiesta Restaurant Group, Inc. (NASDAQ: FRGI).
Beyond Meat announced a 12-year lease for a new nearly 300,000 square foot headquarters in El Segundo, California, designed to enhance its plant-based research capabilities. Anticipated to open in fall 2021, this state-of-the-art facility will support significant growth in research personnel and product lines. Equipped with advanced labs and incubators utilizing AI and machine learning, the campus aims to innovate in plant-based meat, aligning with the company's sustainability mission.
Beyond Meat is partnering with local restaurants in nine major U.S. cities to offer free breakfasts featuring its Beyond Breakfast Sausage®. The promotion starts on January 12, 2021, with consumers able to book pickups on January 14 from 25 locations nationwide. This initiative aims to promote healthier breakfast options and support small businesses. Beyond Meat emphasizes the health and environmental benefits of plant-based diets, with their products containing less fat and no GMOs or cholesterol.
Beyond Meat (NASDAQ: BYND) is set to launch two new versions of its Beyond Burger, which are designed to offer improved taste and nutritional benefits. The new burgers will have 35% and 55% less saturated fat compared to 80/20 beef, alongside fewer calories and lower overall fat content. An exclusive preview event will take place in Los Angeles from Nov. 18-20, ahead of a nationwide rollout in early 2021. Beyond Meat emphasizes its commitment to innovative plant-based products that cater to consumer demand for healthier and sustainable options.
Beyond Meat reported Q3 2020 net revenues of $94.4 million, a 2.7% increase year-over-year. Retail channel sales surged by 39% but were offset by a 41% decline in foodservice sales due to COVID-19. The gross profit stood at $25.5 million with a 27% gross margin. The company faced a $19.3 million net loss, or $0.31 per share. Adjusted net loss was $17.5 million, or $0.28 per share, reflecting ongoing pandemic impacts. Despite challenges, management remains focused on long-term growth opportunities and strategic investments.
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