- General
- June 7, 2019
- 5 minutes read
Beyond Meat Triples Sales In Q1
Beyond Beef image: Beyond Meat Beyond Meat — the Los Angeles company that makes meat directly from plants and recently debuted…
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| Beyond Beef
image: Beyond Meat
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Beyond Meat — the Los Angeles company that makes meat directly from plants and recently debuted on the public markets — just released its first financial results as a public company, showing a year-over-year triple in first quarter sales. Beyond Meat’s revenue for the first quarter ending March 2019 was $40.2 million, up from $12.8 million in the same period last year. But the company recorded Q1 losses of $6.6 million, up from $5.7 million in the same period last year.
Beyond Meat expects revenues of $210 million this year. After a release of the financial results, Beyond Meat soared up to 23% in after-hours trading and currently trades for $99.5 a pop (as of writing), roughly a quadruple from its $25 IPO debut price. Beyond Meat’s market cap stood at roughly $5.8 billion (as of writing).
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| Beyond Meat CEO Ethan Brown
Photograph by Stuart Isett/Fortune Brainstorm Green
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Beyond Meat had its IPO on the 6th of May, selling roughly 11 million shares and raising $252 million, after underwriting discounts, commissions and other expenses. Other key stats from the company’s Q1 results include:
- $35.4 million cash at hand (as of March 30, 2019).
- $30.4 million outstanding debt.
- $10.8 million gross profit, up from $2.1 million in Q1 2018.
- $20.6 million revenue from sales to restaurants, $19.6 million from grocery store sales.
- $87.9 million 2018 revenue.
Early May, Beyond Meat competitor Impossible Foods (another popular name in the ‘fake meat’ market) raised $300 million in funding, indicating increased demand from investors in this industry. Impossible Foods counts the likes of Khosla Ventures, Google Ventures, Bill Gates, Serena Williams, Jay-Z, Will.i.am, Katy Perry, Jaden Smith, UBS, Temasek and Horizons Ventures as investors.
