Just like its shares, Beyond Meat Inc. sales are growing faster than expected, and the company plans to sell more of both products.
Beyond Meat BYND, -5.44% on Monday afternoon said that sales nearly quadrupled from a year ago, reporting a second-quarter loss of $9.4 million, or 24 cents a share, on sales of $67.3 million, after losses of $7.4 million on revenue of $17.4 million a year ago. Earnings before interest, income taxes, amortization and depreciation, and adjusted to strip out stock-based compensation and other expenses, came in at a gain of $6.9 million.
Beyond Meat stock has performed beyond any expectations so far on the public markets, surging to nine time its IPO price of $25 a share. The stock closed with a 5.4% decline at $222.13 on Monday, giving it a market value of $13.4 billion at the close, according to FactSet. The S&P 500 index SPX, -0.16% has gained about 3.6% since Beyond Meat went public.
About a third of the 3 million shares offered will come from venture-capital shops Kleiner Perkins Caufield & Byers and Obvious Ventures, with Kleiner Perkins planning to sell about 600,000 shares and Obvious selling about 350,000 shares. Chief Executive Ethan Brown plans to sell about 39,000 shares, Chief Financial Officer Mark Nelson will sell 55,530 shares, and employees not listed in the registration offering will sell more than 41,000 shares.
In Monday’s report, Beyond Meat again raised expectations for the rest of the year, increasing its annual revenue forecast from a minimum of $210 million to at least $240 million. The company now says that it will post positive adjusted Ebitda for the full year, largely thanks to that metric’s expulsion of stock-based compensation, which totaled more than $1.8 billion in the second quarter largely due to the IPO.
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