Beyond Meat (BYND) Q3 2024 earnings summary

Executive summary

• Net revenues for Q3 2024 increased 7.6% year-over-year to $81.0 million, driven by higher net revenue per pound despite lower volumes.

• Gross margin improved to 17.7% from negative 9.6% a year ago, the highest since Q3 2021, with gross profit at $14.3 million.

• Net loss narrowed to $26.6 million ($0.41 per share) from $70.5 million ($1.09 per share) year-over-year, reflecting higher gross profit and lower operating expenses.

• Operating expenses dropped to $45.2 million, the lowest in four years, due to cost reduction initiatives including workforce reductions and lower R&D and SG&A costs.

• Adjusted EBITDA loss narrowed to $19.8 million (-24.4% margin) from $57.5 million (-76.3% margin) year-over-year.

Financial highlights

• Net revenue per pound rose 15.8% year-over-year, with U.S. retail up 22.6% and international retail up 10.5%.

• Cash and equivalents stood at $134.9 million as of September 28, 2024, with total debt at $1.1 billion.

• Net loss per share was $0.41, compared to $1.09 last year.

• Inventory at $125.2 million, up $5.6 million sequentially but below prior year levels.

• Net cash used in operations for nine months: $69.9 million, improved from $79.3 million year-over-year.

Outlook and guidance

• Full-year 2024 net revenues expected between $320 million and $330 million.

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

• Operating expenses (excluding settlement) expected at $180–$190 million.

• Capital expenditures forecasted at $10–$15 million.

• Plans to add liquidity via ATM program and consider broader balance sheet restructuring in 2025.