The El Segundo-based company reported net revenue of $108.2 million in the first quarter of 2021, an 11.4% increase from the same period last year. U.S. sales were $80.5 million, an 11% uptick, while international business grew 12.5% to $27.6 million.
The company posted a net loss of $27.3 million, or 43 cents a share, compared to a net profit $1.8 million, or 3 cents a share in the first quarter of 2020.
Analysts expected a loss of about 19 cents a share on revenue of $113.6 million.
Beyond Meat attributed the growth in revenue to a 45% increase in retail sales, which were offset by a 34% decline in foodservice business due to the continued impact of the pandemic.
The reduction in net income, meanwhile, was “driven by increased production trial activities, growth in overall headcount levels primarily to support increased innovation capabilities and international growth, higher freight costs included in the company’s selling expenses, and higher share-based compensation expense compared to the year-ago period,” according to the company.
Chief Executive Ethan Brown said in a statement that his team was “pleased to see sequential improvement in our revenue growth and gross margin performance despite continued Covid-19 pressure on our foodservice business.”
“Throughout the first quarter, we remained highly focused on investing in and building out production infrastructure in the U.S., the EU, and China; new product development and commercialization for our strategic QSR customers and retail markets; and research and development in service to our core growth levers of taste, nutrition, and cost,” he added.
