Beyond Meat, the US company which makes imitation burgers and sausages from plant-based ingredients, has reported major losses for its 2020 financial year.
Announcing full-year results last week, Beyond Meat reported an operating loss of almost $50m (€40m) for 2020 as its cost base spiralled last year due to increased head count and capital investments in new facilities in Europe and China.
The net loss for the year amounted to just under $53m (€44m).
The US remains its core market, accounting for just under €270m, or 80%, of total sales
While the company continues to burn cash at a rapid pace, its sales growth shows no signs of slowing. For 2020, Beyond Meat recorded a 37% increase in sales to €407m despite the widespread closure of many food service businesses last year.
The US remains its core market, accounting for just under €270m, or 80%, of total sales.
Alongside its results, Beyond Meat announced new supply deals with McDonald’s, KFC, Pizza Hut and Taco Bell, which are likely to drive further sales growth.
Shares in the company are down 5% since it unveiled its results last week.