Today, vegan brand Beyond Meat revealed that it had a net income of $4.1 million in its third quarter (Q3), a three-month period ending on September 28—the first time the vegan brand has reported a quarterly profit. Compared to the same quarter last year, Beyond Meat’s net revenues in Q3 increased by 250 percent to $92 million. “We remain focused on expanding our distribution footprint, both domestically and abroad, building our brand, introducing new innovative products into the marketplace, and bolstering our infrastructure and internal capabilities to fuel our future growth,” Beyond Meat CEO Ethan Brown said. Brown explained that Beyond Meat’s profits were attributed in part to its key partnerships in Q3 with Kentucky Fried Chicken, Dunkin’, and Subway bringing the points of distribution of its vegan meat products to 58,000 nationwide. Based on its positive Q3 results, Beyond Meat raised its estimated net revenues for 2019 to $265 million to $275 million, updated from its prior expectation of net revenues of $240 million. During its third-quarter earnings call, Brown explained that he has long hoped that by the time his children could drive, they would be able to order a Beyond Burger at McDonald’s—which is currently testing a “P.L.T” sandwich made with the Beyond Burger patty at 28 locations in Canada. Brown revealed that both of his children are now entering high-school, stating “I am getting in by the skin of my teeth” in reference to achieving that goal. Today, diner chain Denny’s added the Beyond Burger to its Los Angeles locations and plans to roll out the new option nationwide in 2020.
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