Beyond Meat (BYND) reported third quarter results on Monday evening. To put it as politely as possible, the performance was truly awful. The firm had a lousy quarter. By the numbers, Beyond Meat posted adjusted EPS of $-0.28, badly missing expectations of positive $0.05. Revenue generation did grow 2.7% to $94.44 million, but investors must understand that this is an exceptionally nasty miss versus industry projections up in the low $130 million’s. Year over year sales growth has gone over the past four quarters from 213% to 141% to 69% to this 2.7%. The pandemic has ground sales growth to something very close to a halt. Positive news of a potential vaccine should have supported the stock, but there is much more to this story.
Looking past headline performance, we see gross margin that dropped from 34.2% to 27%, we see adjusted EBITDA margin that plummeted from +9.7% to -4.5%,