Beyond Meat, Inc. Files 10-Q for Period Ending March 30, 2024

Ticker: BYND · Form: 10-Q · Filed: 2024-05-09T00:00:00.000Z

Sentiment: neutral

Topics: Beyond Meat, BYND, 10-Q, Quarterly Report, Financials

Related Tickers: BYND

TL;DR

<b>Beyond Meat, Inc. has filed its Q1 2024 10-Q report detailing financial performance and operations.</b>

AI Summary

BEYOND MEAT, INC. (BYND) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. Beyond Meat, Inc. filed its 10-Q report for the quarterly period ended March 30, 2024. The filing covers the period from January 1, 2024, to March 30, 2024. The company's fiscal year ends on December 31. The filing was made on May 9, 2024. Beyond Meat, Inc. was formerly known as Savage River, Inc.

Why It Matters

For investors and stakeholders tracking BEYOND MEAT, INC., this filing contains several important signals. This 10-Q filing provides investors with the latest financial snapshot of Beyond Meat, Inc., crucial for understanding its current performance and future outlook. The detailed financial information within the report allows for analysis of revenue trends, expenses, and overall financial health, which can influence investment decisions.

Risk Assessment

Risk Level: medium — BEYOND MEAT, INC. shows moderate risk based on this filing. The company operates in the highly competitive plant-based meat industry, facing challenges from established food companies and emerging players, which could impact its market share and profitability.

Analyst Insight

Investors should closely examine the revenue and net income figures in this filing to assess Beyond Meat's progress towards profitability and its ability to compete in the evolving plant-based food market.

Key Players & Entities

FAQ

When did BEYOND MEAT, INC. file this 10-Q?

BEYOND MEAT, INC. filed this Quarterly Report (10-Q) with the SEC on May 9, 2024.

What is a 10-Q filing?

A 10-Q is a quarterly financial report with unaudited financials, management discussion, and interim business updates. This particular 10-Q was filed by BEYOND MEAT, INC. (BYND).

Where can I read the original 10-Q filing from BEYOND MEAT, INC.?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by BEYOND MEAT, INC..

What are the key takeaways from BEYOND MEAT, INC.'s 10-Q?

BEYOND MEAT, INC. filed this 10-Q on May 9, 2024. Key takeaways: Beyond Meat, Inc. filed its 10-Q report for the quarterly period ended March 30, 2024.. The filing covers the period from January 1, 2024, to March 30, 2024.. The company's fiscal year ends on December 31..

Is BEYOND MEAT, INC. a risky investment based on this filing?

Based on this 10-Q, BEYOND MEAT, INC. presents a moderate-risk profile. The company operates in the highly competitive plant-based meat industry, facing challenges from established food companies and emerging players, which could impact its market share and profitability.

What should investors do after reading BEYOND MEAT, INC.'s 10-Q?

Investors should closely examine the revenue and net income figures in this filing to assess Beyond Meat's progress towards profitability and its ability to compete in the evolving plant-based food market. The overall sentiment from this filing is neutral.

How does BEYOND MEAT, INC. compare to its industry peers?

Beyond Meat operates in the rapidly evolving plant-based food industry, a sector characterized by increasing consumer interest in alternative proteins and significant competition.

Are there regulatory concerns for BEYOND MEAT, INC.?

As a publicly traded company, Beyond Meat is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the regular filing of 10-Q quarterly reports.

Industry Context

Beyond Meat operates in the rapidly evolving plant-based food industry, a sector characterized by increasing consumer interest in alternative proteins and significant competition.

Regulatory Implications

As a publicly traded company, Beyond Meat is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the regular filing of 10-Q quarterly reports.

What Investors Should Do

  1. Analyze the revenue and cost of goods sold to understand gross margin trends.
  2. Review the company's operating expenses, particularly marketing and R&D, for efficiency and strategic allocation.
  3. Assess the balance sheet for liquidity and debt levels to understand financial stability.

Key Dates

Year-Over-Year Comparison

This is the 10-Q filing for the first quarter of 2024, providing updated financial information since the previous filings.

Filing Stats: 4,428 words · 18 min read · ~15 pages · Grade level 20 · Accepted 2024-05-09 16:45:02

Key Financial Figures

Filing Documents

Financial Information

Part I. Financial Information

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited): 1 Condensed Consolidated Balance Sheets 1 Condensed Consolidated Statements of Operations 3 Condensed Consolidated Statements of Comprehensive Loss 4 Condensed Consolidated Statements of Stockholders' Deficit 5 Condensed Consolidated Statements of Cash Flows 6 Notes to Unaudited Condensed Consolidated Financial Statements 8

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 32

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 49

Controls and Procedures

Item 4. Controls and Procedures 51

Other Information

Part II. Other Information

Legal Proceedings

Item 1. Legal Proceedings 52

Risk Factors

Item 1A. Risk Factors 52

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 56

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 56

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 56

Other Information

Item 5. Other Information 57

Exhibits

Item 6. Exhibits 58

Signatures

Signatures 59 i Note Regarding Forward-Looking Statements This report includes forward-looking statements within the meaning of the federal securities laws that involve risks and uncertainties concerning the business, products and financial results of Beyond Meat, Inc. (including its subsidiaries unless the context otherwise requires, "Beyond Meat," "we," "us," "our" or the "Company"). We have based these forward-looking statements largely on our current opinions, expectations, beliefs, plans, objectives, assumptions and projections about future events and financial trends affecting the operating results and financial condition of our business. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time those statements are made and/or management's good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause such differences include, but are not limited to: the impact of inflation and higher interest rates across the economy, including higher food, grocery, raw materials, transportation, energy, labor and fuel costs; a continued decrease in demand, and the underlying factors negatively impacting demand, in the plant-based meat category; risks and uncertainties related to certain cost-reduction initiatives, cost structure improvements, workforce reductions and executive leadership changes, and the timing and success of reducing operating expenses and achieving certain financial goals and cash flow positive objectives; the timing and success of narrowing our commercial focus to certain growth opportunities; acc

Financial Information

Part I. Financial Information ITEM I. FINANCIAL STATEMENTS BEYOND MEAT, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (In thousands, except share and per share data) (unaudited) March 30, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 157,913 $ 190,505 Restricted cash, current 2,971 2,830 Accounts receivable, net 35,648 31,730 Inventory 122,538 130,336 Prepaid expenses and other current assets 15,032 12,904 Assets held for sale 2,401 4,539 Total current assets $ 336,503 $ 372,844 Restricted cash, non-current 12,600 12,600 Property, plant and equipment, net 190,896 194,046 Operating lease right-of-use assets 129,379 130,460 Prepaid lease costs, non-current 63,264 61,635 Other non-current assets, net 704 1,192 Investment in unconsolidated joint venture 1,680 1,673 Total assets $ 735,026 $ 774,450 Liabilities and stockholders' deficit: Current liabilities: Accounts payable $ 55,836 $ 56,032 Accrued bonus 822 4,790 Current portion of operating lease liabilities 3,976 3,677 Accrued litigation settlement costs 7,500 — Accrued expenses and other current liabilities 10,665 9,855 Total current liabilities $ 78,799 $ 74,354 Long-term liabilities: Convertible senior notes, net $ 1,138,525 $ 1,137,542 Operating lease liabilities, net of current portion 75,490 75,648 Finance lease obligations and other long-term liabilities 3,623 274 Total long-term liabilities $ 1,217,638 $ 1,213,464 1 BEYOND MEAT, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (In thousands, except share and per share data) (unaudited) March 30, 2024 December 31, 2023 (continued on the next page) Commitments and Contingencies (Note 9) Stockholders' deficit: Preferred stock, par value $ 0.0001 per share— 500,000 shares authorized, none issued and outstanding $ — $ — Common stock, par value $ 0.0001 per share— 500,000,000 shares authorized; 64,852,842 and 64,624,140 shares issued and outstanding at Mar

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