Beyond Meat reported an EPS loss of USD 1.05 in Q4 2022 (versus loss of USD 1.27 in Q4 2021), beating analyst expectations of a loss of USD 1.18. The company’s revenue dropped 20.6% YoY to USD 79.9 million, compared to USD 100.7 million from last year; however, it beat consensus estimates of USD 75.8 million. Revenue for 2022 stood at USD 418.9, down 9.9% YoY, beating consensus estimates of USD 414.8 million 

Beyond Meat’s revenue guidance for FY2023 stood in the range of USD 375 million and USD 415 million, translating to a decline of 1%–10%, compared to FY2022. The gross margin is anticipated to be in the low double-digit range, with sequential growth throughout the year. The company’s primary business goal is to attain positive cash flow operations by the second half of 2023.

The revenue decline during the period was driven by a 16.9% decrease in volumes coupled with a 4.4% drop in net revenue per pound, as the company offered discounts on its products to attract customers who were struggling with persistently high inflation. The retail and food service segments have recorded declining revenue both in the US and internationally, reflecting the continued weakness in demand for plant-based meat products. US sales declined 20.9% YoY while international sales declined 19.9%.

Gross profit was a loss of USD 2.9 million (versus gross profit of USD 14.2 million in Q4 2021) and was impacted by higher costs per pound and lower net revenue per pound. The adverse effects were mitigated to some extent by a USD 3.6 million advantage from steps taken to restructure specific contracts and operating activities associated with Beyond Meat Jerky. The company’s loss from operations stood at USD 65.7 million, an improvement from the previous year’s loss of USD 77.7 million. The decrease in operating loss was mainly due to lower general and administrative expenses, reduced expenses related to production trials, lower marketing expenses, and decreased expenses for non-production headcount, partially offset by lower gross profit.