Beyond Meat on Thursday reported a wider-than-expected loss in the first quarter.
Beyond Meat reported a wider-than-expected loss in the first quarter as restaurant customers take longer to return and grocery shoppers aren’t stockpiling its meat substitutes anymore, the company said.
Nevertheless, CEO Ethan Brown said the company is seeing a “slow thaw” in its food service segment in the United States and some international markets, prompting the company to issue a revenue forecast of between $135 million and $150 million.
Beyond reported fiscal first-quarter net loss of $27.3 million, or 43 cents per share, down from net income of $1.8 million, or 3 cents per share, a year earlier.
Excluding expenses from early debt extinguishment, the company lost 42 cents per share, wider than the loss of 19 cents per share expected by analysts surveyed by Refinitiv.
Net salesrose 11.4% to $108.2 million, missing expectations of $113.7 million.
Beyond has been investing back into its business as it tries to position itself as a global player. The company now has production facilities in China and the Netherlands, for example.