Beyond Meat, Inc. (NASDAQ: BYND) reported its first financial results during Thursday’s aftermarket hours, marking its first financial report since launching its initial public offering in early May. Beyond Meat exceed analysts’ revenue estimates, which sent shares soaring by 30% shortly after the opening bell on Friday.
For the quarter, Beyond Meat reported earnings loss of USD 0.14 per share on revenue of USD 40.2 Million. Analysts expected revenues of USD 38.92 Million.
The Company reported that revenue grew by 215% year-over-year, largely due to its 304.4% growth in its Fresh platform. Retail revenue grew by 110.8% to USD 19.57 Million, while Restaurant and Foodservice revenue rose by 491.4% to USD 20.62 Million.
Beyond Meat attributes its revenue growth to the increase in sales of The Beyond Burger as well as new strategic customers and greater demand from its existing customers. However, during the quarter, the Company discontinued its frozen chicken strip product line, which caused a 5% decline in revenue for the frozen platform.
Grocery store sales accounted for USD 19.6 Million of Beyond Meat’s revenue for the quarter, while sales to restaurants such as Carl’s Jr. and Del Taco made up USD 20.6 Million.
Net losses widened during the quarter from USD 5.7 Million a year ago to USD 6.6 Million at the end of the first quarter. Beyond Meat said the increased net loss is due to higher operating expenses, higher interest expense as well as an increase in non-operating expenses.
“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,” said Ethan Brown, Beyond Meat’s President and Chief Executive Officer.
“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.” concluded Brown.
As for the rest of the year, Beyond Meat is forecasting net revenues to exceed USD 210 Million, representing a 140% increase year-over-year. Adjusted EBITDA is expected to break-even. Analysts are expecting revenue of USD 205 Million.
Beyond Meat listed its shares on the Nasdaq Stock Exchange at USD 25 per share. As of Friday morning, shares were trading at USD 128 per share, representing over a 400% increase since then, making Beyond Meat the best performing IPO this year so far.