Beyond Meat announced better than expected forecasts for the current year, including double-digit gross margins, indicating that the group was making progress in its efforts to halt haemorrhaging cash.
The plant-based meat company alarmed investors last year when its gross margins turned negative in the second quarter and it cut its revenue outlook as people turned away from meat substitutes and production costs soared.
Beyond Meat said it was aiming to become cash flow positive in the second half of 2023, and expected revenues to range between $375mn and $415mn, compared to $418.9mn for 2022. It also forecast a gross margin in the “l(fā)ow double-digit range”.
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