Beyond Meat’s sales continue to soar as consumers maintain an appetite for fake meat.
Revenues reached $67.3 million in the second quarter, up from $17.4 million during the same period last year, a 287% spike. People are increasingly trying to reduce their meat intake for health and environmental reasons. Beyond Meat’s products, designed to mimic a variety of meats, have proven to be an attractive alternative to the real thing.
The plant-based protein company also reported that it lost $9.4 million, or $0.24 per share, during the quarter, up from $7.4 million a year earlier.
Analysts expected a smaller loss of $.08 per share, according to data from Refinitiv. But they also expected smaller revenues of $52.7 million.
Beyond expects more growth: The company raised its 2019 outlook. It now anticipates revenues of more than $240 million, up more than 170% from last year, instead of net revenues of more than $210 million.
Beyond is also selling 3.25 million shares of common stock — 3 million from stock holders and 250,000 from the company. With the money it raises, Beyond plans to boost its production and supply capabilities, pay for marketing and more. But the move also lowers the value of each stockholder’s share.
The sale seemed to disappoint investors, with shares falling about 14% in after-hours trading. Still, the stock price has grown significantly since it started trading publicly in May.
In the second quarter, the company has been making its mock beef and sausages available in more grocery stores and restaurants, said CEO Ethan Brown in a statement Monday.
Since it reported first-quarter earnings, the company has debuted a ‘ground beef’ version of its product, improved its signature patty and struck up a partnership with Dunkin’.
And in the second quarter, growth accelerated. Beyond’s first-quarter sales totaled $40.2 million, a 215% increase from the same period a year before.