Beyond Meat Inc. (NASDAQ: BYND) started with such promise. Surely there was a world where people did not want to eat real meat. Either consumers did not like meat, it has been argued, or they thought it was part of an unhealthy diet. Beyond Meat’s new earnings show that neither is true, or at least not true enough to support that company financially. (Customers are abandoning these 25 brands.)
Beyond Meat’s trouble is so great that its sales were barely $100 million last year. The number came in at $102 million, down 31% compared to the same quarter a year ago. Beyond Meat lost $53 million, compared to $97 million in the same period a year ago.
Beyond Meat President and CEO Ethan Brown tried to put lipstick on the pig: “The second quarter brought mixed results amidst otherwise strong progress toward our goal of sustainable long-term growth.” Progress is not possible if people do not want your product. Thus, he forecast a difficult future. For the full year, “Net revenues are expected to be in the range of approximately $360 million to $380 million, representing a decrease of approximately 14% to 9% compared to 2022.”
Beyond Meat’s stock is down over 60% in the past year. Investors should worry things will get worse. Beyond Meat has just $211 million in cash equivalents on its balance sheet.
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