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Beyond Meat, Inc. has submitted its 10-Q filing for the quarterly period ended September 28, 2024.
The filing reports net revenues of $81,006,000 for the quarter, an increase from $75,312,000 in the same quarter the previous year. This increase is attributed to higher net revenue per pound, despite a decrease in the volume of products sold.
Cost of goods sold decreased to $66,698,000, representing 82.3% of net revenues, compared to 109.6% in the same quarter of the previous year. The decrease is due to lower inventory provision and logistics costs.
The company reported a gross profit of $14,308,000 for the quarter, compared to a loss of $7,254,000 in the previous year, with the improvement attributed to increased net revenue per pound and decreased cost of goods sold per pound.
Research and development expenses decreased to $6,133,000 from $9,118,000, primarily due to lower salaries and related expenses following a reduction in headcount.
Selling, general, and administrative expenses decreased to $39,084,000 from $53,252,000, primarily due to lower bad debt expense, salaries, and consulting expenses.
Net loss for the quarter was $26,576,000, down from $70,492,000 in the previous year. The decrease in net loss was driven by higher gross profit and lower operating expenses.
Cash used in operating activities was $69,861,000, while cash used in investing and financing activities was $10,000 and $1,282,000, respectively.
Beyond Meat had $121,732,000 in cash and cash equivalents as of September 28, 2024. The company anticipates raising additional capital through equity offerings by the end of 2024.
The filing also details various legal proceedings, including consumer class actions and arbitration with a former co-manufacturer.
Beyond Meat continues to focus on cost reduction initiatives and optimizing its operations, including potential scaling back or discontinuation of operations in China.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Beyond Meat Inc. quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.