When Beyond Meat went public in 2019 in an initial stock offering that saw its shares nearly triple in price, it seemed to confirm that plant-based meats had arrived.
People are also reading… Now the company is betting it can turn around its fortunes with a newly formulated burger that it says not only is a big leap in taste, but has won the seals of approval of leading health and nutrition organizations. It's also faced stiff competition from chief rival, Impossible Foods in Redwood City, Calif., which has made fast sales gains at supermarkets and is available as a Whopper at Burger King.
That prompted TD Cowen in a May earnings note to say the company may run out of money if it can't stem the bleeding or raise funds — an outcome Brown dismisses. In Beyond's quarterly conference call, the chief financial officer talked about raising funds through either debt or equity.Sales of plant-based meats and seafood were down 12% in 2023 to $1.2 billion, with unit sales falling even more by 19%, according to the Good Food Institute.
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