Beyond Meat Q1 net revenues down 18% to $75.6M; net loss $54.4M

Beyond Meat, Inc. (NASDAQ: BYND) (“Beyond Meat” or “the Company”), a leader in plant-based meat, today reported financial results for its first quarter ended March 30, 2024. First Quarter 2024 Financial Highlights 1 • Net revenues were $75.6 million, a decrease of 18.0% year-over-year. • Gross profit was $3.7 million, or gross margin of 4.9%, compared to gross profit of $6.2 million, or gross margin of 6.7%, in the year-ago period. • Loss from operations was $53.5 million, or operating margin of -70.7%, compared to loss from operations of $57.7 million, or operating margin of -62.6%, in the year-ago period. ◦ Adjusted loss from operations was $46.0 million, or adjusted operating margin of -60.8%, reflecting the exclusion of a $7.5 million accrual related to a consumer class action settlement. • Net loss was $54.4 million, or $0.84 per common share, compared to net loss of $59.0 million, or $0.92 per common share, in the year-ago period. ◦ Adjusted net loss was $46.9 million, or $0.72 p