The net loss per common share was reported at $0.87 in the third quarter of 2021, a $0.56 increase from $0.31 in 2020. However, despite strong revenue numbers, the company’s net losses have increased by more than 180%, or roughly by $35m, from $19.3m in Q3 2020 to a Q3 2021 net loss of $54.8m. Similarly, on the retail revenues front in the US, a decline of 15.6% was reported, down to $52.3m from $62.05m net sales. In its food services for the US market, revenues dropped by 7.3% from $16.3m in the previous year’s third quarter to $15.1m. The significant growth reported in Q3 2021 was partially offset by the fall in Beyond Meat’s sales within the US market. The highest increase was recorded in the international retail revenues, wherein sales increased by more than 165% – from $7.97m in Q3 2020 to $21.4m in Q3 2021. The growth in Beyond Meat’s revenue was primarily driven by its international consumer demand, depicting the steady expansion of the company’s global footprint. This top-line metric of the company is segregated into two reportable segments of retail and food services. The company reported a year-over-year increase of approximately 12.7% to its current net revenue level of $106.4m from the previous $94.4m. On 10 November 2021, Beyond Meat released its Q3 2021 financial results. Beyond Meat has also recently partnered with brands including Pizza Hut, Starbucks Coffee and McDonald’s to deliver tasty plant-based alternatives for vegan customers of these popular fast-food chains.Īs the company charts the current trading waters, join us as we undertake a Beyond Meat share price forecast, and get analysts’ insights on Beyond Meat stock's future prices. Since then, Beyond Meat has made recoveries and has strategically adjusted its offerings to make these available through normal grocery stores, convenience stores and other distribution channels. However, the Covid-19-induced lockdowns adversely impacted the company’s food-service sales in 2020, and by 19 March 2020, the stock price had dipped to a low of $48.18. Within the day, it rallied up by more than 42% and closed at $65.75. The stock opened at a price of $25 per share, with an offering of 9.625 common shares, however the first trade was for $46 when the market opened. The company made its debut on NASDAQ on, becoming the first vegan meat alternative to list on the US stock market – described by some as a “watershed moment for plant-based meat”. The brand is endorsed by celebrities such as Leonardo DiCaprio, Jessica Chastain and Snoop Dogg, among others. Such concerns align with the values of Beyond Meat, which advocates both animal welfare and preserving natural resources. Forbes’s December 2019 report cites London, UK-headquartered international animal rights organisation World Animal Protection’s findings that plant-based burgers save around 250,000 animals annually. For example, as cited in a BBC article, Oxford University researcher James Poole estimates that for every 350,000 persons taking part in Veganuary, this could save as much greenhouse gas emissions as removing 160,000 cars from the road.Īdditionally, many choose a vegan lifestyle out of concern for animal rights. This is in part thanks to the insistent messaging of environmental groups such as Extinction Rebellion, which have highlighted the environmental impacts of traditional meat and dairy industries. The popularity of veganism – a strict adherence to an entirely plant-based, meat- and dairy-free (including all animal products such as milk, butter and cheese) diet – has grown massively in recent years, with more and more people signing up for ‘Veganuary’ at the start of each year. The rising popularity of plant-based foods As of March 2021, Beyond Meat products are available in over 80 countries and 118,000 retail and food-service outlets globally. Since then, the company has broadened its product offerings to include plant-based options in beef, pork and poultry categories. Originally called “Chicken-Free Strips”, what is now known as “Beyond Chicken Strips” (or “Tenders” in the US) was the company’s first product. The company launched its initial products in the US in 2012. This imagery suggests that plant-based meat tastes the same as meat, but is cruelty-free. The company’s mission statement is encapsulated in the brand’s logo, which depicts a silhouette of a bull wearing a fluttering cape shaped like a leaf. Beyond Meat (BYND) stock forecast: Is it time to sign up for Veganuary?īuilt on the premise of helping the environment through offering a more sustainable substitute for meat-based products, Los Angeles, California-based Beyond Meat (BYND) was first created by its founder, president and CEO Ethan Brown in 2009.
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