Beyond Meat’s Q3 2022 results “disappointing”

Plant-based meat brand Beyond Meat’s financial results for the third quarter of 2022 are “disappointing,” said President and CEO Ethan Brown. The brand recorded 22.5% year-over-year decrease net revenues at $82.5 million.

“As we shared last month, Beyond Meat is executing a full force pivot to a sustainable growth model, emphasizing the achievement of cash flow positive operations within the second half of 2023. This transition is designed to fortify our business in the near-term as record inflation continues to pose a challenge for our brand and category, positioning Beyond Meat to endure and advance toward our long-term objective of being a major protein provider within the $1.4 trillion meat industry,” Brown stated.

“Though this quarter’s results are disappointing, with a sharp decline in revenues and associated knock-on effects across the income statement including gross margin driven by a challenging macro environment, we are implementing aggressive measures with urgency to positively impact our near-term operations. Our path forward comprises 3 key actions: significant reduction of our operating expenses; intensified focus on cash flow accretive inventory management activities; and sales and marketing programmes that are tightly focused on opportunities and segments that strike the right balance between near-term growth and our most valuable long-term opportunities. We are focusing on the key drivers of our business and are committed to sharing our progress toward delivering them over the coming quarters.”

Undeterred by its “disappointing” performance Beyond Meat has recently added new products to its plant-based chicken platform with Beyond Chicken Nuggets and Beyond Popcorn Chicken. The new range will be available at over 5,000 Kroger and Walmart stores in the US.

In fact, the brand has also put in efforts to revive demand for meatless burgers and sausages by offering restaurants and grocery customers discounts. “However, lower sticker prices weren’t enough,” as reported by CNBC.