Beyond Meat expects Q3 net revenue $75M, consensus $87.91M

The Company is providing the following select third quarter financial results. Gross profit is expected to be a loss of approximately $7 million to $8 million. The Company is expected to achieve positive free cash flow, defined as cash flows from operating activities less capital expenditures, of approximately $7.6 million in the third quarter of 2023. While this milestone reflects ongoing measures the Company is taking to reduce cash consumption, management does not expect to sustain free cash flow positive operations in the fourth quarter of 2023. Beyond Meat President and CEO Ethan Brown commented, “We anticipated a modest return to growth in the third quarter of 2023 that did not occur, reflecting further sector-specific and consumer headwinds. Even as we implement measures to address those headwinds that are within our sphere of influence, we intend to pursue a further, sizable reduction of operating expenses to improve our cost structure.”