Beyond Meat has reported that net revenues were down 1.6% year-on-year as the company prepares to cut 4% of its global workforce, according to its latest trading statement.

Founded in 2009, Beyond Meat is a plant-based meat company with products available at approximately 183,000 retail and foodservice outlets in over 90 countries worldwide.

According to the trading report, the company’s net revenues were $147 million, a decrease of 1.6% year-on-year. Gross profit also reported a loss of $6.2 million and net loss was $97.1 million.

The Company is announcing a reduction-in-force affecting approximately 4% of its global workforce. The reduction-in-force is expected to result in total annualised savings of approximately $8 million.

Beyond Meat president and CEO Ethan Brown said that the company’s measures for the remainder of the year, he is “confident [Beyond Meat] will emerge from the current economic climate leaner and stronger, and well positioned for [its] next chapter of growth.”

The company’s outlook for the remainder of the year has been altered. Beyond Meat said that its operating environment continues to be affected by near-term uncertainty related to macroeconomic issues, including inflation and rising interest rates, and increasing concerns about the likelihood of a recession.

Other factors affecting the business also include: Covid-19 and its potential impact on consumer behaviour and demand levels, challenges related to labour availability and supply chain disruptions, partially attributable to recent geopolitical tensions.

Despite these challenges, the company expects net revenues to be in the range of $470 million to $520 million, an increase of 1% to 12% compared to 2021. This compares to the Company’s previous expectation of net revenues in the range of $560 million to $620 million, representing an increase of 21% to 33% compared to 2021.