Beyond Meat, Inc. (BYND) stock plummeted 18.61% in the after-hours trading session at the price of $76.90 after reporting its earnings report for the third quarter ended 2nd October 2021.
BYND is one of the rapidly-growing publicly-traded food corporations in the United States. It delivers a portfolio of innovative plant-based proteins produced from natural ingredients without using hormones, bioengineered ingredients, GMOs, cholesterol, or antibiotics.
BYND Third Quarter 2021 Financial Results
On 10th November 2021, BYND announced its financial results for its third quarter ended 2nd October 2021 and provided corporate updates. The company has also presented the updated financial outlook for the fourth quarter of 2021.
For the third quarter ended 2nd October 2021, BYND reported net revenues of $106.4 million. It represents a gain of 12.7% from $94.4 million in the same quarter of the previous year. For the third quarter of 2021, gross profit was $23.0 million, compared to $25.5 million in the third quarter of 2020. The gross margin totaled 21.6% of net revenues in the third quarter ended on 2nd October 2021. For the third quarter of 2020, the gross margin was 27.0% of total revenues.
For the third quarter of 2021, BYND reported an operating loss of $54.0 million. Loss from operations was $18.5 million in the quarter ended on 2nd October 2020. For the third quarter of 2021, the net loss totaled $54.8 million or per share of $0.87. Net loss was $19.3 million, or per share of $0.31, in the third quarter of 2020. Adjusted net loss was $17.5 million, or per common share of $0.28, for the third quarter ended 2nd October 2020.
BYND reported an adjusted EBITDA loss of $36.8 million in the third quarter of 2021. Adjusted EBITDA loss totaled $4.3 million in the third quarter ended 2nd October 2020. As of 2nd October 2021, cash and cash equivalents were $886.4 million with outstanding debt of $1.1 billion. For the nine months ended 2nd October 2021, net cash in the operating activities totaled $191.0 million. Net cash from operating activities was $42.7 million for the third quarter ended 2nd October 2020.