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Beyond Meat has published its financial results for the fourth quarter and full year of 2024, revealing plans to suspend its operations in China and cut 64 jobs as part of a strategy to reduce operating costs.
The alt-meat maker posted its second consecutive quarter of year-on-year net revenue growth after several years of falling sales, reaching net revenues of $76.7 million in Q4 – a 4% increase on the year-ago period.
Beyond also cut its net losses by approximately 71% in Q4 compared to the year-ago period, reporting a $44.9 million net loss compared to $155.1 million in the fourth quarter of 2023.
For the full year of 2024, net revenues were $326.5 million, a decrease of 4.9% year-over-year. However, the company narrowed its losses to $160 million, compared to $338.1 million in 2023, a 52% improvement. It recorded a gross profit of $41.7 million, or a gross margin of 12.7%, compared to a loss of $82.7 million in the year-ago period.
Aiming to position the company for run-rate EBITDA-positive operations by the end of 2026, Beyond Meat shared plans to implement organisational changes and cost reduction measures intending to support its long-term goals.
As part of this, the company’s board of directors have approved a plan to reduce the company’s current workforce in North America and the EU by approximately 44 employees, representing 6% of the company’s total global workforce.
Additionally, it will suspend its current operational activities in China, estimated to cease by the end of the second quarter of 2025. This will involve reducing its workforce in the country by approximately 20 further employees – 95% of its China workforce, and 3% of its total workforce globally.
Ethan Brown, Beyond Meat’s CEO and president, commented: “2024 was a pivotal year for Beyond Meat. We returned to year-over-year net revenue growth in the second half, meaningfully expanded gross margin compared to the prior year, sharply reduced operating expenses and delivered a significant year-over-year improvement in Adjusted EBITDA.”
He said that 2025 will see the company pursue four key ambitions: to produce comparable year-over-year top line net revenues, to improve gross margin to approximately 20% with the longer-term goal of exceeding 30%, to further reduce operating expenses over 2025 and 2026, and to improve liquidity and optimise its capital structure.
“We are pursuing these four measures with considerable confidence in the long-term growth of the global plant-based meat industry and our leadership position therein,” Brown added.
In its full year outlook for 2025, the company projected net revenues in the range of $320 million to $335 million, with first quarter net revenues expected to be comparable to net revenues in the first quarter of 2024.
Gross margin is expected to be approximately 20%, and operating expenses are expected to be in the range of $160 million to $180 million.
