Beyond Meat Battered Back Below $100 Despite Revenue Beat, Guidance Hike

Did the fake meat bubble just burst for real?

Despite a revenue beat and guiding higher than expected, BYND shares plunged after hours to 5-month lows…

The headlines look great:

• 3Q EPS +6.0c vs. loss/share 24.00c q/q – first profitable quarter

• 3Q net revenue $92.0 million, +37% q/q, above estimate $82.2 million

• 3Q adjusted Ebitda $11.0 million, +60% q/q, above estimate $6.77 million

And looking forward, the company raised guidance:

• BYND sees FY net revenue $265 million to $275 million, saw above estimate $262.4 million.

• BYND sees FY adjusted Ebitda $20 million, above estimate $14.3 million

But, while the shares remain in the red afterhours, they are extremely volatile…

CEO Ethan Brown:

“We are very pleased with our third quarter results which reflect continued momentum across our business and mark an important milestone as we achieved our first ever quarter of net income.”

“We remain focused on expanding our distribution footprint, both domestically and abroad, building our brand, introducing new innovative products into the marketplace, and bolstering our infrastructure and internal capabilities to fuel our future growth.”

One potential explanation for the weakness is that investors could be locking in gains ahead of expected weakness on the lockup expiry tomorrow.