Beyond Meat’s losses continued to widen in the most recent quarter, a situation attributed by management to higher expenses and production issues.
One of America’s two major pure-play alt-protein companies, Beyond Meat lost $100.5 million in the quarter ending April 2, compared with a loss of $27.3 million in the same quarter last year. Its gross margin plunged to 0.2% for the quarter, compared with 30.2% last year.
A new product, plant-based jerky, proved to be a source of losses, with inefficient production across several facilities. The jerky rollout helped increase sales by 6.9% year-over-year, with net revenue up 1.2%.