2024-06-10 14:30:01 ET
Summary
- Beyond Meat shows little evidence of any ability to recover as it continues to see declines in points of sale.
- Despite higher trade discounts in the U.S. retail channel (roughly half of total revenue), the company continues to see high teens revenue declines.
- Gross margins remain under 5% as the company experiences dis-economies of scale from lower volumes.
- Beyond Meat has a tight balance sheet with limited cash and convertible debt maturing in 2027.
One of the quickest fads to come and go was the trend of plant-based meats, briefly popular in the now long-forgotten era right before the pandemic. At one point Beyond Meat, Inc. ( BYND ), the flagship brand in the space, was a hot startup worth billions; and today, it's a company struggling to survive....
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Beyond Meat: Points Of Sale Continue Declining, Impacting A Constrained Balance Sheet