Plant-based brand Beyond Meat has released its financial results for Q1 2024, reporting an 18% decrease in net revenue.

Net revenues were $75.6 million, an 18% decrease year-on-year. Beyond Meat said its decrease in net revenue was “primarily driven by a 16.1% decrease in volume of products sold” and a 2.3% decrease in net revenue per pound.

Gross profit was $3.7 million, or gross margin of 4.9% – this was down from the Q1 2023 gross profit of $6.2 million, or gross margin of 6.7%.

Loss from operations was $53.5 million, or an operating margin decrease of 70.7%, compared to loss from operations of $57.7 million, or an operating margin of -62.6%, in the year-ago period.

Net loss was $54.4 million, or $0.84 per common share. This was less compared to a net loss of $59.0 million, or $0.92 per common share, in the same period in 2023.

Beyond Meat also reported an adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) loss of $32.9 million, or a decrease of 43.5% in net revenues. This was slightly less than the 2023 adjusted EBITDA loss of $45.8 million, or a net revenue decrease of 49.6%.

Ethan Brown, president and CEO of Beyond Meat, said: “In Q1, we made solid progress against our 2024 priorities, including: hitting our first quarter revenue objective; reducing operating expenses and cash consumption year-over-year; bringing production in-house to reduce costs and improve quality; and commencing shipments of Beyond IV, the fourth generation of Beyond Burger and Beyond Beef, to our customers, to the praise of nutritionists and consumers alike.

“Together with measures we are exploring to bolster our balance sheet, we continue to work to position 2024 as a pivotal year as we strive to achieve sustainable and profitable operations.”