Beyond Meat delivered its second quarterly earnings report as a public company on Monday, easily surpassing Wall Street expectations for its second quarter sales while reporting a deeper-than-expected loss. The maker of pea-based alternative meat products
popular for its burger patties nearly quadrupled its sales in the three months ending June 30, as it’s increasingly shifting towards distribution in partnership with restaurants and other foodservices as opposed to mainly relying on retail sales.
The company’s net revenue amounted to $67.3 million for the quarter, up from just $17.4 million last year. Unfortunately that growth came at a price though, with net losses amounting to $9.4 million, or 24 cents per share. “Growth in net revenues for the second quarter of 2019 was driven primarily by an increase in sales of the Beyond Burger, expansion in the number of retail and food service points of distribution, including new strategic customers, as well as greater demand from our existing customers,” Chief Financial Officer Mark Nelson said in a conference call Monday afternoon.
After a remarkable stock market run that drove Beyond Meat’s share price up 789 percent from its IPO price
by Monday night, yesterday’s announcement of a secondary stock offering caused the stock price to tumble in after hours trading. At the time of this writing, Beyond Meat is trading at $200.10, roughly 10 percent below yesterday’s closing price.