Beyond reported net revenues of $67.3 million for the second quarter of this year, which is an increase of 287 percent of the same period last year (analysts had predicted sales of $52.7 million). The company’s net loss was $9.4 million, or 24 cents per share (analysts had predicted a loss of 8 cents per share). Beyond also increased its net revenue projections for 2019 to exceed $240 million, an increase of $30 million from its Q1 2019 forecast of $210 million released just last month.
Beyond attributed the growth in revenues to “an increase in sales volumes of products in our fresh platform across both our retail and restaurant and foodservice channels, driven by expansion in the number of retail and foodservice points of distribution, including new strategic customers, international customers, and greater demand from our existing customers.”
It’s been a heck of a quarter for Beyond Meat. The company released its newer, beefier recipe as well as a new ground “beef” product (both of which are delicious!). After a successful launch of the Beyond Meat Taco at Del Taco, the fast food restaurant expanded its Beyond lineup. The Tovala smart oven added a dedicated Beyond cook program and started offering Beyond products in its meal plan. And just last week, Dunkin’ launched a new Beyond breakfast sausage patty at its Manhattan stores.
The sustained growth of Beyond sales helps illustrate how plant-based meat isn’t a flash in the pan, as it were, but part of a broader shift in the way people eat. The continued growth is good news for Impossible Foods, which has raised $687.5 million and is likely on its own IPO trajectory. Impossible is just one of Beyond’s rising plant-based burger rivals, which also include big food companies like Nestlé.
But the biggest hassle/threat to Beyond Meat might not be another company at all, but rather protectionist lawmakers. State legislatures in Arkansas, Mississippi and Missouri have enacted laws preventing plant-based products from using words like “meat” or “burger” in their labels. Continued growth in sales and revenues, however, should give Beyond more resources with which to fight such laws.