Beyond Meat (BYND) Q2 2024 earnings summary

Executive summary

• Net revenues for Q2 2024 were $93.2 million, down 8.8% year-over-year, exceeding guidance, with the decline driven by lower volumes but partially offset by higher net revenue per pound.

• Gross margin improved to 14.7%, the highest since Q3 2021, reflecting reduced trade discounts, price increases, and cost efficiencies.

• Net loss narrowed to $34.5 million ($0.53 per share) from $53.5 million ($0.83 per share) a year ago, due to higher gross profit and reduced operating expenses.

• Operating expenses fell to $47.6 million, an $8.4 million year-over-year reduction, reflecting ongoing cost control and lean management initiatives.

• Focus remains on cost reduction, cash conservation, and product innovation, including the launch of the Beyond IV platform.

Financial highlights

• Q2 2024 net revenues: $93.2 million, down 8.8% year-over-year; six-month net revenues: $168.8 million, down 13.2%.

• Gross profit was $13.7 million (14.7% margin), up from $2.3 million (2.2% margin) a year ago.

• Net loss was $34.5 million ($0.53/share), improved from $53.5 million ($0.83/share) last year.

• Adjusted EBITDA loss was $23.0 million (-24.7% margin), better than last year’s $40.8 million loss.

• Cash and equivalents at quarter-end: $158 million; total debt: $1.1 billion as of June 29, 2024.

Outlook and guidance

• Full-year 2024 net revenues expected between $320 million and $340 million.

• Gross margin projected in the mid-teens percentage range.

• Operating expenses (excluding class action accrual) forecasted at $180 million–$190 million; capital expenditures at $15 million–$20 million.

• Sequential gross margin improvement anticipated in the second half, with full impact of price increases and cost reductions.

• Management expects continued focus on cost reduction, margin expansion, and cash generation through inventory management and operational streamlining.