Beyond Meat share price up 16% after Q1 results revenue beat
The plant-based food company's stock jumps after a mostly positive Q1 earnings report.
Beyond Meat share price is surging in US after hours trading after its first ever earnings report since launching its initial public offering (IPO). The alternative meat producer’s stock has soared above its listed IPO price of $25 after going public in May.
Beyond Meat earnings: key figures
| Revenue | $40.2 million |
| Net loss | $6.6 million |
Beyond Meat’s first ever earnings report beats expectations
Beyond Meat’s Q1 revenue was $40.2 million, surpassing financial experts’ predictions of $38.9 million. The company’s chief executive officer (CEO), Ethan Brown, spoke about Beyond Meat’s Q1 results.
‘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 Brown.
Beyond Meat Q1 results show struggle to turn a profit
While Beyond Meat’s Q1 revenue was impressive, the company still reported major losses. The food producer’s net loss was $6.6 million, exceeding the 2018 net loss of $5.7 million. Financial analyst, Jennifer Bartashus, noted that Beyond Meat will have trouble becoming profitable with increasing expenses to drive customer growth.
‘One of the challenges Beyond Meat will face over the next year is balancing investments needed to drive sales and consumer adoption with improving the company’s profitability outlook,’ said Bartashus.
What’s Beyond Meat’s full-year guidance?
Beyond Meat provided full-year guidance of $210 million in revenue. The company’s high full-year guidance beats Wall Street predictions of $205 million. Brown spoke about his ambitious goals for Beyond Meat.
'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,’ said Brown.
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