Beyond Meat cuts FY23 revenue view to $360M-$380M from $375M-$415M

Consensus $388.04M .Sees FY23 capital expenditures $20M-$25M. The company said, “With respect to the Company’s previously stated target of achieving cash flow positive operations within the second half of 2023, in light of greater than expected consumer and category headwinds and their anticipated impact on net revenues, the Company now believes this is unlikely to be met in the stated timeframe. Nevertheless, management remains firmly focused on achieving cash flow positive operations, including increased cost containment, and expects meaningfully reduced cash consumption for the balance of the year.”