Beyond Meat to lay off 200 staff, shake up exec team, as it targets cash flow positive operations in late 2023

The beleaguered firm - which posted a net loss of $97.1m on revenues down -1.6% to $147m in Q2 - also cut its revenue outlook, and says it now expects Q3 net revenues of $82m, down 23% from Q3, 2021, while full-year 2022 revenues are now expected in the range of $400-425m vs previous predictions of $470-520m.

In a press release​​ issued this morning, the firm said it had been “negatively impacted by ongoing softness in the plant-based meat category overall, especially in the refrigerated subsegment, and by the impact of increased competition.”​

Inflation is “exerting pressure on the category as consumers trade down into cheaper forms of protein, including animal meat,” ​noted Beyond Meat, which also blamed “decisions made by distributors and customers, such as changes in inventory levels and postponed or canceled promotions.”​

However, CEO Ethan Brown insisted the underlying factors driving interest in meat alternatives have not changed, adding: “While we believe the current headwinds facing our business and category—including record inflation—are transient, our mission, brand, and long-term opportunity endure.”​