An industry analyst says Beyond Meat may need to reach into the financial markets next year to stay in business.
Ag Funder News says the firm posted a $70.5 million net loss in the third quarter. Net revenues slid again at the plant-based meat company in Q3, dropping eight percent year-over-year and 26 percent versus the prior quarter. Beyond Meat did see positive free cash flow in the third quarter, but the company doesn’t expect to sustain it. Industry analysts are saying that the firm is now in “survival mode” and will need to tap the financial markets in 2024 to stay afloat.
CEO Ethan Brown says the company anticipated a modest return to growth in the third quarter that did not occur. “We did see pockets of growth, especially in the EU, where we saw double-digit gains in net revenues,” Brown says. “But we are still disappointed with the overall results.”