Loss from operations in the fourth quarter of 2021 was $77.7 million compared to $24.5 million in the year-ago period. Compared to Adjusted gross margin in the year-ago period, the decrease in gross margin in the fourth quarter of 2021 was primarily due to changes in revenue per pound due to product mix and increased trade discounts, combined with increases in per unit manufacturing costs including depreciation, logistics costs, inventory write-offs and reserves, partially offset by reduced per unit direct materials costs. Excluding these costs, of which there were none in the fourth quarter of 2021, Adjusted gross profit in the year-ago period was $29.1 million, or Adjusted gross margin of 28.5% of net revenues. During the fourth quarter of 2020, gross profit included $3.7 million of expenses related to inventory write-offs and reserves attributable to COVID-19. Gross profit was $14.2 million, or gross margin of 14.1% of net revenues, in the fourth quarter of 2021, compared to $25.4 million, or gross margin of 24.9% of net revenues, in the year-ago period. In aggregate, net revenue per pound of $5.19 during the fourth quarter of 2021 decreased approximately 7% compared to the year-ago period. foodservice and international channel net revenues were primarily attributable to higher demand from existing outlets, new product introductions, and expansion of distribution, partially offset by increased trade discounts. retail channel net revenues primarily reflected softer demand, five fewer shipping days in the fourth quarter of 2021 compared to the year-ago period, increased trade discounts, and, to a lesser extent, loss of market share. retail channel net revenues, which decreased 19.5% compared to the year-ago period. foodservice and international channel net revenues were more than offset by reduced U.S. Net revenues decreased 1.2% to $100.7 million in the fourth quarter of 2021, compared to $101.9 million in the year-ago period. Refer to “Non-GAAP Financial Measures” later in this release for the definitions of the non-GAAP financial measures presented and a reconciliation of these measures to their closest comparable GAAP measures. Though we will continue to invest during 2022, we expect to substantially moderate the growth of our operating expenses as we leverage the building blocks we now have in place to serve our customers, consumers, and markets - bringing forward our exciting and expansive future one delicious serving at a time."ġ This release includes references to non-GAAP financial measures. However, we believe these investments will be instrumental in driving our long-term growth."īrown added, "As we begin 2022, we are pleased with the progress we are making against our long-term strategy, such as the number of tests and core menu placements recently announced by our global QSR partners. The investments we made in our team, infrastructure, and capabilities across the U.S., EU, and China, as well as extensive product scaling activities for key strategic partners, weighed heavily on operating expenses and gross margin during a fourth quarter and year that were already impacted by lower than expected volumes. Despite the variability and challenges of the year, we did not deviate from building the foundation for our long-term growth. retail growth, for our brand and the broader category. These gains, however, were dampened by what we believe to be a temporary disruption in U.S. foodservice channel net revenues as COVID-19 variants peaked and declined. Adjusted EBITDA was a loss of $112.8 million, or -24.3% of net revenues.īeyond Meat President and CEO Ethan Brown commented, "In 2021 we saw strong growth in our international channel net revenues, as well as sporadic yet promising signs of a resumption of growth in U.S.Net loss as a percentage of net revenues was -39.2%. Net loss was $182.1 million, or $2.88 per common share. Gross profit was $117.3 million, or gross margin of 25.2% of net revenues.Net revenues were $464.7 million, an increase of 14.2% year-over-year.Adjusted EBITDA was a loss of $62.9 million, or -62.5% of net revenues.Net loss as a percentage of net revenues was -79.8%.
0 Comments
Leave a Reply. |