Beyond Meat(BYND)2025-02-26 21:10Financial Performance - Net revenues for Q4 2024 were 10.0 million, with a gross margin of 13.1%, a significant improvement from a gross loss of 44.9 million, or 155.1 million, or 26.0 million, or -33.9% of net revenues, an improvement from a loss of 326.5 million, a decrease of 4.9% year-over-year[7] - The net loss for the year ended December 31, 2024, was 338.144 million in 2023, indicating a 52.6% improvement year-over-year[50] - The company reported an adjusted net loss of 338.144 million in 2023, representing a 54.8% decrease[61] - Adjusted EBITDA for the year ended December 31, 2024, was (269.2) million in 2023[64] Cost Management - Operating expenses decreased to 76.9 million in the year-ago period, primarily due to reduced marketing expenses and consulting fees[23] - The company plans to reduce operating expenses to between 180 million in 2025[15] - The company reported a significant reduction in selling, general and administrative expenses, down to 67.737 million in Q4 2023[46] - The company incurred 29.098 million in 2023, indicating a 17.5% reduction[50] - Share-based compensation expense for the year ended December 31, 2024, was 29.1 million in 2023[64] Future Outlook - The company aims to achieve a gross margin of approximately 20% in 2025, with a long-term goal of exceeding 30%[5] - The company expects 2025 net revenues to be in the range of 335 million, with first quarter revenues expected to be comparable to Q1 2024[15] - The company aims to achieve an EBITDA-positive run-rate by the end of 2026, while continuing to reduce operating expenses[34] - Future product innovations include the Beyond Sun Sausage and Beyond Steak lines, with a focus on improving existing products and expanding into new geographic markets[36] - Future outlook includes strategic initiatives to diversify protein sources and improve operational effectiveness to meet demand fluctuations[39] Workforce and Operational Changes - The company is implementing a reduction-in-force affecting approximately 44 employees, representing about 17% of its global non-production workforce[8] - The company will suspend operational activities in China, reducing its workforce there by approximately 20 employees, or 95% of its China workforce[11] Cash and Debt Management - As of December 31, 2024, the company had cash and cash equivalents of 1.1 billion[28] - Cash flows from operating activities showed a net cash used of 107.825 million in 2023, reflecting a 6.9% reduction in cash outflow[50] - The cash, cash equivalents, and restricted cash at the end of 2024 were 205.935 million at the end of 2023, marking a 29.2% decrease[52] - The company reported a net decrease in cash of 117.866 million in 2023, indicating a 49.7% improvement[52] Distribution and Market Presence - Total distribution outlets decreased to 129,000 in Q4 2024 from 137,000 in Q3 2023, with a decline in U.S. retail and foodservice outlets[29] - The company plans to discontinue the presentation of distribution outlets by channel starting in 2025, as it is no longer deemed a meaningful indicator of near-term revenue outlook[30] - The company has been focusing on expanding its market presence and enhancing brand awareness amid increased competition in the plant-based meat category[39]