Stock Gains over 50% on News
February 28, 2024 (Globalinvestorideas.com Newswire) Plant Based Food Stock News Bite – Beyond Meat, Inc. (NASDAQ: BYND), a leader in plant-based meat, reported financial results for its fourth quarter and full year ended December 31, 2023
Fourth Quarter 2023 Financial Highlights1
Net revenues were $73.7 million, a decrease of 7.8% year-over-year.
Gross profit was a loss of $83.9 million, or gross margin of -113.8%, compared to a loss of $2.9 million, or gross margin of -3.7%, in the year-ago period.
Gross profit and gross margin were negatively impacted by certain non-cash charges totaling $78.0 million, consisting of $67.5 million associated with the Company’s global operations review announced in November 2023 (the “Global Operations Review”), and $10.5 million from other specific non-cash charges.
Gross profit and gross margin included the impact from a change in the Company’s accounting estimate associated with the estimated useful lives of its large manufacturing equipment made in the first quarter of 2023, which reduced COGS depreciation expense by approximately $4.3 million, or 5.2 percentage points of gross margin, relative to depreciation expense utilizing the Company’s previous estimated useful lives.
Net loss was $155.1 million, or $2.40 per common share, compared to net loss of $66.9 million, or $1.05 per common share, in the year-ago period.
Net loss was negatively impacted by certain non-cash charges totaling $95.6 million, consisting of $85.1 million associated with the Global Operations Review, and $10.5 million from other specific non-cash charges.
Adjusted EBITDA was a loss of $125.1 million, or -169.9% of net revenues, compared to an Adjusted EBITDA loss of $56.5 million, or -70.7% of net revenues, in the year-ago period.
Full Year 2023 Financial Highlights1
Net revenues were $343.4 million, a decrease of 18.0% year-over-year.
Gross profit was a loss of $82.7 million, or gross margin of -24.1%, compared to a loss of $23.7 million, or gross margin of -5.7%, in the year-ago period.
Gross profit and gross margin were negatively impacted by certain non-cash charges totaling $78.0 million, consisting of $67.5 million associated with the Global Operations Review, and $10.5 million from other specific non-cash charges.
Gross profit and gross margin included the impact from a change in the Company’s accounting estimate associated with the estimated useful lives of its large manufacturing equipment made in the first quarter of 2023, which reduced COGS depreciation expense by approximately $19.0 million, or 23.0 percentage points of gross margin, relative to depreciation expense utilizing the Company’s previous estimated useful lives.
Net loss was $338.1 million, or $5.26 per common share, compared to net loss of $366.1 million, or $5.75 per common share, in the year-ago period.
Net loss was negatively impacted by certain non-cash charges totaling $95.6 million, consisting of $85.1 million associated with the Global Operations Review, and $10.5 million from other specific non-cash charges.
Adjusted EBITDA was a loss of $269.2 million, or -78.4% of net revenues, compared to an Adjusted EBITDA loss of $278.0 million, or -66.4% of net revenues, in the year-ago period.
Read the company’s full news and disclaimer here:
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