Beyond Meat Q2 sales guidance falls short of estimates
Beyond Meat is slipping in postmarket trading after releasing Q1 sales that managed to come in short of low expectations and a Q2 revenue guide below Wall Street’s consensus estimate.
For Q1, the faux meat seller reported:
Net revenues of $58.2 million (compared to estimates of $58.5 million and guidance for $57 million to $59 million).
Adjusted EBITDA of -$27.8 million (estimate: -$23.8 million).
For Q2, management anticipates sales of $60 million to $65 million, while analysts had penciled in $66.7 million.
Ahead of this earnings report, Beyond bulls were extremely happy that it was taking place as scheduled, touting this as a positive sign. The company had been releasing unscheduled preliminary results and often delaying the formal release of its quarterly report in recent months.
After releasing an underwhelming Q1 sales outlook in March, CEO Ethan Brown blamed the “surround sound of pseudoscientific jargon and positioning and promotion” in American society for the company’s operational struggles.
Back in Q4, a finfluencer who said they owned 4% of Beyond kicked off a wave of retail interest in the name. But when all was said and done, the refinancing efforts that combined with retail optimism to spur a parabolic move in the shares ultimately resulted in the elimination of about $800 million in debt, but also a 60% decline in its stock price.
