Problems continue at Beyond Meat, with the alt-protein company posting a net loss of $97.1 million for its second quarter on decreased sales.
Founder and CEO Ethan Brown said inflation is driving consumers toward cheaper and more traditional sources of protein. Since going public in 2019, it has been plagued with production issues, cost overruns and spotty consumer acceptance of its new products like plant-based jerky.
Net revenues for the second quarter were $147 million, a year-over-year decrease of 1.6%. Net losses were $97.1 million, compared with a loss of $19.6 million in the same quarter last year.
Brown said Beyond would seek to grow through innovation, improve its marketing and cut operating costs. To that end, the company plans to lay off 40 employees, amounting to 4% of its workforce.
“We recognize progress is taking longer than we expected, notwithstanding the increasing urgency and importance of our opportunity,” Brown said in a statement. “Our transition to mass market consumption will occur as we actualize our vision: providing consumers with plant-based meats that are indistinguishable from, understood as healthier than, and at price parity with their animal protein equivalents.”