Beyond Meat sales plunged as it remained heavily loss-making in its first quarter on the back of “softer demand” for plant-based options.
Sales plummeted 18% at $75.6m, whilst losses from its operations hit $53.5 million – slightly lower than last year’s $57.7 m. On an adjusted basis, losses were $46m.
The vegan alternative meat brand said volumes had decreased 16.1%, as it blamed both pricing changes and a “softness” in consumer demand.
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However, chief executive Ethan Brown remained positive and said it would ramp up Beyond Meat’s product range with the introduction of a new innovation ‘Beyond IV’, a fourth-generation product of Beyond Burger and Beyond Beef.
Brown said: “In Q1, we made solid progress against our 2024 priorities, including: hitting our first quarter revenue objective; reducing operating expenses and cash consumption year-over-year; bringing production in-house to reduce costs and improve quality; and commencing shipments of Beyond IV, the fourth generation of Beyond Burger and Beyond Beef, to our customers, to the praise of nutritionists and consumers alike.”
Brown added: “Together with measures we are exploring to bolster our balance sheet, we continue to work to position 2024 as a pivotal year as we strive to achieve sustainable and profitable operations.”
The latest financial results follows a challenging year for the plant-based brand.
Beyond Meat slashed its annual revenue forecast after it reported slow demand for plant-based meat, which led to it axing a fifth of its non-production workforce and hiking prices.
Earlier this year the brand launched a new Veganuary campaign, poking fun at vegan misconceptions, while in March it announced it was to expand into 800 Co-op stores across the UK.
