Another terrible quarter for fake meat company

Fake meat company Beyond Meat succeeded in burning more investor money in the second quarter of the year, reporting a loss of $53.5m (€48.8m) for the period.

While that was a smaller loss than the company had in the same period of 2022, it was made as turnover dropped by almost a third.

That figure came in at $102.1m in the three months to the end of June 2023. The loss of just over $53m implies that it cost Beyond Meat just over $1.50 to sell $1.00 of product.

In the same period of 2022, that cost was closer to $1.66 per $1.00, so that could be seen as progress.

Extrapolating those numbers, it seems the best way for the company to reduce losses would be to further reduce sales. It seems that consumers could be on the company’s side on this with the results stating the fall in volumes reflected “weak category demand”.

Basically, consumers didn’t want the product as much as they did before, and the company is losing money on selling the product anyway.