Beyond Meat, Inc. (NASDAQ: BYND) stock fell more than 20% after the food company reported financial results for its third quarter ended September 26, 2020.
The Company announced net revenues for third quarter of $94.4 million, an increase of 2.7% year-over-year, gross profit was $25.5 million, or gross margin of 27.0% of net revenues; adjusted gross profit was $27.3 million, or adjusted gross margin of 28.9% of net revenues, reflecting exclusion of expenses attributable to COVID-19. Beyond Meat also reported a $19.3 million net loss, or $0.31 per common share; Adjusted net loss was $17.5 million, or $0.28 per common share, reflecting exclusion of expenses attributable to COVID-19.
Beyond Meat President and CEO Ethan Brown commented, “Our financial results reflect a quarter where for the first time since the pandemic began, we experienced the full brunt and unpredictability of COVID-19 on our net revenues and accordingly, throughout our P&L. Unlike the second quarter where record retail buying and freezer loading by consumers offset the deterioration of our foodservice business as COVID-19 stay-at-home and related measures set in, the long tail of retail stockpiling by consumers, coupled with continued challenges across the majority of our foodservice customers, led to Q3 results that were lower than we expected.”
Beyond Meat, Inc. offers a portfolio of plant-based meats made from simple ingredients without GMOs, bioengineered ingredients, hormones, antibiotics, or cholesterol.
Besides the earnings report, the company announced some developments. Beyond Meat partnered with Pizza Hut, which is not the first national pizza company to offer a plant based meat pizza coast-to-coast.