Beyond Meat President and CEO Ethan Brown said the company is 'making solid progress in our transition to a sustainable growth model'
Beyond Meat has released its financial report for the last quarter of 2022, posting less-than-expected losses.
Over the last couple of years, the US food tech brand has seen financial decline, largely due to declining sales.
However, thanks to increased growth margins, the company posted less-than-expected losses, announcing it will continue to strategise to cut these losses.
In the report, the company posted net fourth-quarter revenues of $79.9 million, down 20.6 per cent year on year. According to the company, it is planning to continue cutting losses by adopting a three-pronged strategy.
Beyond Meat statement
In a statement, Beyond Meat President and CEO Ethan Brown said: ‘We are making solid progress in our transition to a sustainable growth model, one that emphasizes the achievement of cash flow positive operations within the second half of 2023.
“We continue to execute this pivot upon three primary pillars. One, driving margin recovery and operating expense reduction through the implementation of lean value streams across our beef, pork, and poultry platforms.
“Two, bringing inventory levels down while generating cash flow through more aggressive, efficient management.
“And three, placing greater emphasis on near-term retail and foodservice growth drivers while also supporting strategic key long-term partners and opportunities.”
‘Pace of innovation’
He added that Beyond Meat’s fourth quarter results ‘clearly demonstrate delivery against [its] strategy and plan, including solid sequential progress on margin recovery and operating expense reduction, and continued inventory drawdown’.
Brown said: “We are proud of our team’s continued pace of innovation including Beyond Steak, which continues to win awards for its taste and outstanding health profile, as well as the just launched McPlant Nuggets in Germany, the second plant-based protein co-developed with Beyond Meat as part of the McPlant platform.
“As we navigate current conditions, we remain intently focused on positioning Beyond Meat to capture the vast opportunity to be a major protein provider in the $1.4 trillion meat industry and play a leadership role in transitioning global consumers to delicious plant-based meats in support of critically important health, climate, environmental, and animal welfare objectives.”
Featured image courtesy of @greenfoodlab.amsterdam via Instagram, created by Vegan Food & Living.
Fancy whipping up your own plant-based alternatives? Get inspired with our favourite seitan recipes.