Oatly AB, the world’s leading producer of oat milk, continued to show a loss in the most recent quarter and is pulling back on expanding its facilities.
Oatly had revenue of $177 million for the quarter ending June 30, a 22% year-over-year increase. However, it showed a loss of $75 million for the quarter, compared with a $58.8 million loss in the same period last year. The Swedish company is on a bad streak, showing a loss of $212 million in 2021.
Management had blamed the losses on a lack of production capacity, which they vowed to rectify. However, in the most recent financial report, Oatly announced that it would be cutting capital expenditures back to a range of $220 million to $240 million, roughly half of what it had forecast previously. “The Company is phasing its production footprint expansion due to the current operating environment,” the report says.
Sales in the Americas rose 15%, to $51.8 million, in the second quarter year-over-year. Management attributed that to increased production from a plant in Utah that initially struggled with operational problems.
