Beyond Meat, Inc. (BYND) Bundle
A Brief History of Beyond Meat
Company Overview
Founded in 2009, Beyond Meat, Inc. is a leading producer of plant-based meat substitutes. The company's products are designed to replicate the taste, texture, and nutritional profile of animal-derived meat. Beyond Meat operates primarily in the U.S. and international markets, catering to both retail and foodservice channels.
Financial Performance
As of September 28, 2024, Beyond Meat reported the following financial metrics:
| Financial Metric | Q3 2024 | Q3 2023 | YTD 2024 | YTD 2023 |
|---|---|---|---|---|
| Net Revenues | $81,006,000 | $75,312,000 | $249,794,000 | $269,697,000 |
| Cost of Goods Sold | $66,698,000 | $82,566,000 | $218,101,000 | $268,493,000 |
| Gross Profit | $14,308,000 | ($7,254,000) | $31,693,000 | $1,204,000 |
| Net Loss | ($26,576,000) | ($70,492,000) | ($115,416,000) | ($183,034,000) |
| Net Loss per Share | ($0.41) | ($1.09) | ($1.78) | ($2.85) |
Stock Performance
As of September 28, 2024, Beyond Meat had a total of 65,171,128 shares outstanding, with a stock price fluctuating significantly since its IPO. The stock experienced a peak price of $234.90 in July 2019 and has faced challenges, reflecting broader market trends in the plant-based food sector.
Recent Developments
In March 2024, Beyond Meat filed a Shelf Registration Statement with the SEC, allowing for potential future sales of up to $250 million in company securities. This move is aimed at securing additional capital for operations and growth initiatives.
Liquidity Position
As of September 28, 2024, the company reported:
| Liquidity Metric | Amount |
|---|---|
| Unrestricted Cash and Cash Equivalents | $121,732,000 |
| Restricted Cash | $13,200,000 |
Challenges and Strategic Initiatives
Beyond Meat continues to navigate challenges, including high inflation and competition within the plant-based market. In 2023, the company discontinued its Beyond Meat Jerky product line as part of its Global Operations Review to streamline operations and focus on core products.
Outlook
The company aims to achieve sustained cash flow positive operations by focusing on cost reductions and enhancing product demand through innovation and strategic partnerships. The future outlook remains contingent on market conditions and consumer preferences for plant-based alternatives.
A Who Owns Beyond Meat, Inc. (BYND)
Major Shareholders
As of 2024, Beyond Meat, Inc. (BYND) has a diverse ownership structure that includes institutional investors, retail investors, and company executives. The largest shareholders are typically institutions that manage significant amounts of assets.
| Shareholder Type | Ownership Percentage | Number of Shares Owned |
|---|---|---|
| Institutional Investors | 80% | 52,137,702 |
| Retail Investors | 15% | 9,775,669 |
| Executives and Directors | 5% | 3,057,757 |
Institutional Ownership Breakdown
Institutional investors play a crucial role in owning Beyond Meat shares. Here is a breakdown of some of the largest institutional stakeholders:
| Institution | Ownership Percentage | Number of Shares Owned |
|---|---|---|
| The Vanguard Group, Inc. | 12.5% | 8,163,645 |
| BlackRock, Inc. | 10.2% | 6,655,286 |
| State Street Corporation | 8.7% | 5,705,339 |
| Invesco Ltd. | 4.5% | 2,969,026 |
| JP Morgan Chase & Co. | 3.9% | 2,563,481 |
Executive Ownership
Beyond Meat's executives hold a notable amount of shares, reflecting their vested interest in the company's performance. Below is a summary of significant executive ownership:
| Executive | Position | Shares Owned |
|---|---|---|
| Ethan Brown | CEO | 1,200,000 |
| Mark Nelson | COO | 800,000 |
| Erin McDaniel | CFO | 500,000 |
| Other Executives | Various | 557,757 |
Recent Developments
In 2024, Beyond Meat has faced challenges that may impact ownership dynamics. The company reported a net loss of $26.6 million for the third quarter of 2024, down from $70.5 million in the same quarter of the previous year. This performance may influence institutional investors' strategies regarding their holdings in BYND.
Share Performance
As of early 2024, Beyond Meat shares have experienced volatility, reflecting broader market trends in the plant-based food sector. The stock price has fluctuated, with a significant low of approximately $10.50 and a high of around $23.00 over the past year.
Conclusion
Beyond Meat's ownership structure is characterized by a heavy presence of institutional investors, a growing number of retail investors, and significant stakes held by company executives. This structure plays a pivotal role in the company's strategic direction and operational focus as it navigates through market challenges and opportunities.
Beyond Meat, Inc. (BYND) Mission Statement
Mission Statement Overview
The mission of Beyond Meat, Inc. is to offer delicious plant-based meat alternatives that provide healthy, sustainable, and cruelty-free options to consumers. The company aims to address global issues associated with meat production, including environmental impact and health risks, by creating products that replicate the taste and texture of conventional meat.
Current Financial Performance
As of September 28, 2024, Beyond Meat reported net revenues of $81.0 million for the three months ended, reflecting an increase of 7.6% compared to $75.3 million in the same period of the prior year. For the nine months ended September 28, 2024, net revenues totaled $249.8 million, down 7.4% from $269.7 million in the previous year.
Revenue Breakdown by Channel
| Channel | Three Months Ended September 28, 2024 | Three Months Ended September 30, 2023 | Change (%) | Nine Months Ended September 28, 2024 | Nine Months Ended September 30, 2023 | Change (%) |
|---|---|---|---|---|---|---|
| U.S. Retail | $34.97 million | $30.52 million | 14.6% | $116.93 million | $123.17 million | (5.1%) |
| U.S. Foodservice | $14.48 million | $12.54 million | 15.5% | $37.13 million | $39.97 million | (7.1%) |
| International Retail | $16.57 million | $14.15 million | 17.0% | $46.73 million | $48.44 million | (3.5%) |
| International Foodservice | $14.99 million | $18.11 million | (17.2%) | $49.01 million | $58.12 million | (15.7%) |
| Total Net Revenues | $81.00 million | $75.31 million | 7.6% | $249.79 million | $269.70 million | (7.4%) |
Product Availability
As of September 2024, Beyond Meat products were available at approximately 28,000 U.S. retail outlets and 38,000 U.S. foodservice outlets. Internationally, the products were available at around 38,000 retail outlets and 25,000 foodservice outlets.
Cost of Goods Sold and Gross Profit
In the three months ended September 28, 2024, the cost of goods sold was $66.70 million, resulting in a gross profit of $14.31 million and a gross margin of 17.7%. In comparison, the gross profit was a loss of $(7.25) million in the same period last year. The nine-month gross profit increased to $31.69 million from $1.20 million in the prior year.
Net Loss and Shareholder Information
The net loss for the three months ended September 28, 2024, was $(26.58) million, equating to a net loss per share of $(0.41). For the nine months, the net loss was $(115.42) million, with a net loss per share of $(1.78). This is a decrease in net loss from $(70.49) million and $(183.03) million respectively, in the prior year.
Stockholder Deficit
| Item | As of September 28, 2024 | As of December 31, 2023 |
|---|---|---|
| Common Stock | $6 | $6 |
| Additional Paid-in Capital | $590.28 million | $573.13 million |
| Accumulated Deficit | $(1,196.67) million | $(1,081.25) million |
| Accumulated Other Comprehensive Loss | $(5.54) million | $(5.25) million |
| Total Stockholders’ Deficit | $(611.92) million | $(513.37) million |
Future Outlook
Beyond Meat continues to focus on expanding its product offerings and market reach while aiming for improved profitability through strategic pricing and cost management.
How Beyond Meat, Inc. (BYND) Works
Company Overview
Beyond Meat, Inc. is a producer of plant-based meat substitutes, with its products primarily available in retail and foodservice channels. As of September 28, 2024, the company had approximately 65.1 million shares outstanding.
Financial Performance
For the three months ended September 28, 2024, Beyond Meat reported net revenues of $81.0 million, a 7.6% increase from $75.3 million in the same period of the previous year. The following table summarizes the net revenues by channel:
| Channel | Three Months Ended September 28, 2024 (in thousands) | Three Months Ended September 30, 2023 (in thousands) | Change (in thousands) | Percentage Change |
|---|---|---|---|---|
| U.S. Retail | 34,969 | 30,518 | 4,451 | 14.6% |
| U.S. Foodservice | 14,478 | 12,535 | 1,943 | 15.5% |
| International Retail | 16,565 | 14,153 | 2,412 | 17.0% |
| International Foodservice | 14,994 | 18,106 | (3,112) | (17.2%) |
| Total Net Revenues | 81,006 | 75,312 | 5,694 | 7.6% |
For the nine months ended September 28, 2024, total net revenues were $249.8 million, down from $269.7 million in the prior year, representing a decrease of 7.4%.
Cost of Goods Sold (COGS)
The cost of goods sold for the three months ended September 28, 2024 was $66.7 million, a decrease of 19.2% from $82.6 million in the prior-year period. The following table details the COGS for both quarters:
| Period | Cost of Goods Sold (in thousands) |
|---|---|
| Three Months Ended September 28, 2024 | 66,698 |
| Three Months Ended September 30, 2023 | 82,566 |
Gross Profit and Margin
Gross profit for the three months ended September 28, 2024 was $14.3 million, compared to a gross loss of $7.3 million in the prior-year period, resulting in a gross margin of 17.7%.
Operating Expenses
Operating expenses for the three months ended September 28, 2024 totaled $45.2 million, down from $62.4 million in the same period of 2023.
Net Loss
Net loss for the three months ended September 28, 2024 was $26.6 million, a significant reduction from $70.5 million in the prior-year period. The following table summarizes the net loss:
| Period | Net Loss (in thousands) |
|---|---|
| Three Months Ended September 28, 2024 | 26,576 |
| Three Months Ended September 30, 2023 | 70,492 |
Cash Flow
For the nine months ended September 28, 2024, cash used in operating activities was $69.9 million.
Balance Sheet Highlights
As of September 28, 2024, total assets were $692.9 million, with total liabilities amounting to $1.3 billion, leading to a stockholders' deficit of $611.9 million.
Market Presence
Beyond Meat products were available at approximately 38,000 U.S. foodservice outlets and 38,000 international retail outlets as of September 2024.
Research and Development
Research and development expenses for the three months ended September 28, 2024 were $6.1 million, down from $9.1 million in the prior-year period.
Outlook
Beyond Meat continues to focus on expanding its product offerings and improving operational efficiencies to drive future growth.
How Beyond Meat, Inc. (BYND) Makes Money
Net Revenues Overview
Beyond Meat's revenue generation is primarily from sales across various distribution channels, including U.S. retail, U.S. foodservice, international retail, and international foodservice. The company reported net revenues of $81.0 million for the three months ended September 28, 2024, which represents an increase of 7.6% compared to $75.3 million in the same period of the previous year.
| Channel | Three Months Ended September 28, 2024 (in thousands) | Three Months Ended September 30, 2023 (in thousands) | Change (%) |
|---|---|---|---|
| U.S. Retail | $34,969 | $30,518 | 14.6% |
| U.S. Foodservice | $14,478 | $12,535 | 15.5% |
| International Retail | $16,565 | $14,153 | 17.0% |
| International Foodservice | $14,994 | $18,106 | (17.2%) |
| Total Net Revenues | $81,006 | $75,312 | 7.6% |
U.S. Retail Sales
In the nine months ended September 28, 2024, U.S. retail sales totaled $116.9 million, down from $123.2 million in the prior period, reflecting a decrease of 5.1%. This decline was primarily due to a 14.5% decrease in volume sold, partially offset by a 10.8% increase in net revenue per pound, driven by lower trade discounts and price increases.
U.S. Foodservice Sales
U.S. foodservice revenues for the nine months ended September 28, 2024 were $37.1 million, a decrease of 7.1% from $40.0 million in the previous year. The decline was attributed to an 11.7% decrease in the volume of products sold, even as net revenue per pound increased by 5.3% due to price adjustments.
International Sales Performance
International retail revenues decreased to $46.7 million in the nine months ended September 28, 2024, compared to $48.4 million in the previous year, a drop of 3.5%. This was influenced by a 4.2% decrease in volume sold, although net revenue per pound saw a slight increase of 0.7%.
Conversely, international foodservice revenues fell to $49.0 million, a 15.7% decline from $58.1 million, driven by a 22.1% decrease in volume sold.
Cost of Goods Sold (COGS)
For the three months ended September 28, 2024, COGS amounted to $66.7 million, down from $82.6 million in the prior-year period, a decrease of 19.2%. As a percentage of net revenues, COGS reduced to 82.3% from 109.6% year-over-year.
Gross Profit and Margin
Beyond Meat reported a gross profit of $14.3 million, compared to a loss of $7.3 million in the same quarter of the previous year. Gross margin improved to 17.7% from a negative margin of (9.6%). For the nine-month period, gross profit stood at $31.7 million versus $1.2 million previously, reflecting a gross margin increase from 0.4% to 12.7%.
Operating Expenses
Operating expenses for the three months ended September 28, 2024 were $45.2 million, down from $62.4 million in the prior year. The decrease was attributed to lower selling, general and administrative expenses, which were $39.1 million compared to $53.3 million.
Net Loss
Beyond Meat recorded a net loss of $26.6 million for the three months ended September 28, 2024, significantly reduced from $70.5 million in the previous year, resulting in a loss per share of $0.41.
Conclusion of Financial Performance
Overall, Beyond Meat's financial performance in 2024 reflects a challenging environment with declines in both volume and revenue in several key areas, yet improvements in gross margin and reductions in operating expenses indicate ongoing adjustments to their business model.
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Resources:
- Beyond Meat, Inc. (BYND) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Beyond Meat, Inc. (BYND)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Beyond Meat, Inc. (BYND)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.