Vegan brand Beyond Meat’s net revenues have grown by 287 percent to $67.3 million since this time last year, according to the company’s second quarter financial report which was released today. The growth was primarily driven by increased sales of the Beyond Burger and the company’s expanded availability of its vegan products to more than 50,000 points of distribution—a substantial increase from the 30,000 points of distribution it reported earlier this year. Its gross profits clocked in at $22.7 million, an increase from its $2.6 million in gross profits this time last year. Beyond Meat’s net losses were $9.4 million, an increase from last year’s $7.4 million that it attributed to a noncash expense associated with the remeasurement of warrant liability in connection with its initial public offering in May. “We are very pleased with our second quarter results which reflect continued strength across our business as evidenced by new foodservice partnerships, expanded distribution in domestic retail channels, and accelerating expansion in our international markets. We believe our positive momentum continues to demonstrate mainstream consumers’ growing desire for plant-based meat products both domestically and abroad,” Beyond Meat CEO Ethan Brown said. “Looking ahead, we will continue to prioritize efforts to increase our brand awareness, expand our distribution channels, launch new innovative products, and invest in our infrastructure and internal capabilities in order to deliver against the robust demand we are seeing across our business.” In June, Beyond Meat projected its net revenue would hit $210 million by the end of 2019 and has adjusted that target to $240 million—an increase of 170 percent since 2018. Earlier this month, Beyond Meat announced its newest partnership with fast-food chain Dunkin’ which added the Beyond Sausage Breakfast Sandwich to select menus in New York City with a nationwide rollout expected in coming months. Today, Beyond Meat also announced it would release a secondary offering of more than 3,250,000 shares. Three million shares will be sold by “selling stockholders” while 250,000 will be released by the company—the proceeds from which Beyond Meat will use to improve production and supply capabilities and increase marketing and promotional activities.
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