Beyond Meat Inc. (NASDAQ: BYND) released first-quarter financial results after markets closed Thursday. The company said that it had a net loss of $0.14 per share and $40.2 million in revenue, compared with consensus estimates that called for a net loss of $0.15 per share and $40 million in revenue. The same period last year had a net loss of $0.13 per share and $12.8 million in revenue.
During the quarter, net revenues increased 215% year over year driven primarily by an increase in sales of The Beyond Burger, expansion in the number of retail and foodservice points of distribution, including new strategic customers, and greater demand from existing customers.
The company’s fresh platform delivered $38.8 million in revenue, an increase of 304% year over year, and the frozen platform had revenues of $4.5 million, a decrease of 5% from last year.
Looking ahead to the 2019 full year, the company expects to see net revenues exceeding $210 million with adjusted EBITDA to break even.
Ethan Brown, Beyond Meat’s president and CEO, commented:
We are very pleased with our successful IPO during the month of May and our strong first quarter financial results that we believe demonstrate mainstream consumers’ desire for plant-based meat products in the United States and internationally. Our team continued to scale our business in both retail and foodservice as we benefited from broad-based growth in the first quarter. Looking ahead, we believe we are in the early stages of achieving the growth that Beyond Meat is capable of as we remain focused on efforts to increase brand awareness, expand our distribution channels, launch additional innovative products, and invest in our infrastructure and capacity to be able to serve a robust global market for plant-based meats.
Shares of Beyond Meat closed Thursday at $99.50, within a post-IPO range of $45.00 to $108.67. The stock has a consensus analyst price target of $81.00. Following the announcement, the stock was up 7% at $106.94 in the after-hours session.
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