The company reported a net loss US$6.6 million, wider than the loss of US$5.7 million a year earlier. Excluding items, it lost 14 cents per share. That was better than the 15-cent loss analysts had forecast.
Analysts on average forecast full-year sales of $205 million, and a loss, before interest, tax, depreciation and amortization, of $10.28 million, according to Refinitiv IBES data. Some grocers, such as The Fresh Market Inc, which operates some 160 stores across 22 states, place Beyond Meat in the freezer with other veggie burgers or even the dairy section as they evaluate sales and decide on a long-term placement strategy. Its $25 opening share price jumped 163% in the first day of trading, the biggest first-day pop since 2015, according to Renaissance Capital.
It's one of the biggest names in a growing category of vegan "meats" that are meant to appeal to both vegetarians and meat eaters.
"We feel very strongly that we have solid capacity that is in excess of our 2019 and (2020) forecast", Brown said.
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Beyond Meat's imitation meat patties and sausages made from ingredients like pea protein, coconut and canola oil, while a great alternative for consumers conscious of the environment, still needs to put in the work to get more takers as they cost much more than beef burgers.
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Impossible recently raised $300 million in funding to boost production, bringing its total to more than $775 million in five funding rounds since it was started by Stanford University biochemistry professor Patrick Brown eight years ago.
Brown said the company is in the testing phase with several fast-food chains but did not say which ones. It now sells Beyond Meat burgers and meat crumbles at Carl's Jr. and Del Taco and is testing sausages at Tim Hortons in Canada.
Tim Hortons announced in May that it is testing Beyond Meat's sausage patty in three of its breakfast sandwiches. The space is only getting more crowded, and the sooner Beyond Meat can solidify brand loyalty among shoppers and satisfactory performance for grocers, the stronger position it will have as Nestlé, Impossible Burger and others reach grocery aisles.
Canadian packaged meat producer Maple Leaf Foods Inc, which sells plant-based meat alternatives such as vegan ground beef under its LightLife brand, expects its products in the meat case of US retailers by this summer.