Today, vegan brand Beyond Meat revealed that its revenue has increased by 215 percent year-over-year in the first quarter of 2019 to $40.2 million. While the company did post a net loss, the figure reflects its continued efforts to expand manufacturing, distribution, research, and development to meet current demand for its vegan meat products. Mark Nelson, Beyond Meat Chief Financial Officer, explained during a shareholder conference call that the company expects to break even in 2019. On May 2, Beyond Meat became the first plant-based meat company to go public and posted the year’s most successful initial public offering (IPO) on NASDAQ—with shares spiking up to 163 percent. “We are very pleased with our successful IPO during the month of May and our strong first quarter financial results that we believe demonstrate mainstream consumers’ desire for plant-based meat products in the United States and internationally,” Beyond Meat CEO Ethan Brown said. “Our team continued to scale our business in both retail and foodservice as we benefited from broad-based growth in the first quarter. Looking ahead, we believe we are in the early stages of achieving the growth that Beyond Meat is capable of as we remain focused on efforts to increase brand awareness, expand our distribution channels, launch additional innovative products, and invest in our infrastructure and capacity to be able to serve a robust global market for plant-based meats.” In 2019, the company expects its net revenue to exceed $210 million, an increase of more than 140 percent compared to 2018.
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