Beyond Meat, Inc (NASDAQ: BYND) shares have weakened more than 14% last trading week after the company reported weak third-quarter results. Total revenue has increased above the expectations, but the net loss in the third quarter was $54.8 million or -$0.87 per share.
Net loss in Q3 was $54.8 million
Beyond Meat is a Los Angeles-based producer of plant-based meat substitutes with products designed to emulate chicken, beef, and pork sausage. Beyond Meat reported its third-quarter results on Wednesday; total revenue has increased by 12.7% Y/Y to $106.43 million, while the GAAP EPS was -$0.87 (misses by $0.54).
Growth in net revenues was primarily driven by a 143% year-over-year increase in sales to international customers, while the net revenues in the U.S declined 14% in the third quarter of 2021.
Adjusted EBITDA was a loss of $36.8 million or negative 34.5% of net revenues compared with a loss of $2.2 million or negative 1.5% of net revenues in the second quarter.
The decrease in adjusted gross margin was primarily driven by increased transportation costs, amortization, and inventory write-offs, but the company will continue to have these issues in the upcoming months. Phil Hardin, CFO of Beyond Meat, added:
We continue to operate in a challenging and variable macro-environment, affected in part by ongoing uncertainty related to COVID-19, labor issues at both retail and foodservice customers, significantly increased transportation costs, raw ingredients and packaging inflation, and global supply chain challenges, which have had a minimal impact on our business thus far, but could represent potential headwinds nonetheless.
Beyond Meat issued weak guidance for the next fiscal quarter and reported that it expects revenue to be just $85 million to $110 million.
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