OTLY - Oatly slides after revenue guidance disappoints

Oatly Group AB ( NASDAQ: OTLY ) recorded 21.8% revenue growth in Q2 to $146.2M, led by a 25.2% gain in the Americas business to $41.3M and 66.3% pop for the Asian business to $26.3M.

Oatly ( OTLY ) noted that the revenue increase was primarily driven by additional supply from its facilities to meet the global demand for products. Volume for Q2 was 121M liters compared to 95M liters last year. Produced finished goods volume was 124M liters compared to 106M last year.

Gross profit was up from Q1 but plunged to 15.8% of sales from 26.4% a year ago. The company expects that the continued ramp-up of its production facilities in the second half and the pricing actions in the U.S. will lify gross profit margin further.

The adjusted EBITDA loss for Oatly ( OTLY ) widened to $62.6M compared to a loss of $43.5M a year ago.

Looking ahead, Oatly ( OTLY ) sees full-year revenue of $800M to $830M vs. $880M to $920M prior view and the consensus mark of $886M. Run-rate production capacity is seen being approximately 900M liters of finished goods at the end of the year.

Shares of Oatly ( OTLY ) moved down 7.91% premarket to $3.61 vs. the 52-week trading range of $2.76 to $19.86.

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