• Beyond Meat reported an EPS loss of USD 1.58 for Q1 2022 vs. 0.43  in Q1 2021, missing analyst estimates of USD 1.01. The company’s revenue increased 1.2% YoY, reaching USD 109.5 million, trailing analyst estimates of USD 112.3 million. Beyond Meat’s shares fell as much as 22% to a record low of USD 20.5, below its 2019 IPO price.

<ul><li>Revenue growth of 1.2% was attributable to the 12.4% increase in volume, partly offset by lower net revenue per pound which decreased ~10% on the back of higher trade discounts, list price reductions in the EU, changes in sales mix, and unfavorable foreign exchange rate impacts. Revenue of its largest segment, US retail, increased 6.9% YoY mainly supported by the launch of its plant-based jerky . US foodservice revenue declined 7.5% YoY mainly due to the discontinuation of a customer present in the same period last year, while the international segment’s revenue dipped 6.9% YoY, despite a 12.4% YoY increase in volume.</ul> 

• Loss from operations in Q1 2022 increased to USD 97.6 million from the previous year’s USD 24.6 million due to the decline in gross margins stemming from the launch of Beyond Meat Jerky, increased investments in marketing activities, and increased headcount in company operations. An increase in general and administrative expenses from ongoing consulting agreements and higher selling expenses due to increased outbound freight costs also contributed to the loss.

• Beyond Meat reiterated its full-year revenue forecast of USD 560 million–620 million for 2022.