BEYOND MEAT, INC. (BYND): restructuring charge — Beyond Meat prelim Q3 revenue ~$75M, cuts FY2023 outlook, reduces workforce 19%

BEYOND MEAT, INC.

2023-Q3 EPS reported -$2.85 revenue$269,697,000

Preliminary Q3 net revenues ~$75M; gross profit loss ~$7-8M; free cash flow +$7.6M but not sustainable in Q4.
FY2023 net revenue guidance cut to $330-340M (down ~19-21% YoY); gross profit expected ~breakeven; capex $10-15M.
Reduction of ~65 non-production employees (19%; 8% total); $2.0-2.5M Q4 charges; expects $9.5-10.5M cash and $1-2M non-cash savings in 2024.
Initiating global operations review; potential exit of select product lines, pricing changes, inventory reduction, China restructuring.

item 2.02 item 2.05 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.85

BEYOND MEAT, INC. updated its third quarter ended September 30, 2023 guidance (reaffirmed).

Period: third quarter ended September 30, 2023
Guidance: reaffirmed
Result: preliminary results

Exact text from the filing

On November 2, 2023, Beyond Meat, Inc. (the “Company”) issued a press release providing preliminary results for the third quarter ended September 30, 2023 and an updated 2023 full year outlook.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.8

BEYOND MEAT, INC. updated its fiscal year 2023 guidance (lowered).

Period: fiscal year 2023
Guidance: lowered
Result: guidance update

Exact text from the filing

As a result of the softer than anticipated third quarter results and the Company’s updated expectations for the balance of the year, the Company is revising the following key elements of its 2023 full year outlook.

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Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

BEYOND MEAT, INC. announced a restructuring with charges of approximately $2.0 million to $2.5 million (approximately 65 employees, representing approximately 19% of the Company’s global non-production workforce (or approxim).

Type: restructuring
Charge: approximately $2.0 million to $2.5 million
Headcount: approximately 65 employees, representing approximately 19% of the Company’s global non-production workforce (or approxim

Exact text from the filing

On November 1, 2023, the Board of Directors of the Company approved a plan to reduce the Company’s current workforce by approximately 65 employees, representing approximately 19% of the Company’s global non-production workforce (or approximately 8% of the Company’s total global workforce). This decision was based on cost-reduction initiatives intended to reduce operating expenses. The Company currently estimates that it will incur one-time cash charges of approximately $2.0 million to $2.5 million in connection with the reduction in force, primarily consisting of notice period and severance payments, employee benefits and related costs.

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BEYOND MEAT, INC. filing history →

Source: SEC EDGAR

accession 0001655210-23-000251

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