For the first time since Beyond Meat’s initial public offering in May, investors got a look inside the company with its quarterly report. They were not disappointed.
Multiple news outlets report that Beyond Meat stock prices have skyrocketed more than 300 percent in just one month. With a revenue of $40.2 million, Beyond Meat exceeded analysts’ estimated $38.9 million for its first quarter. Beyond Meat now expects revenue above $210 million for the year, a 140 percent increase from 2018. Beyond Meat CEO Ethan Brown said in a statement:
We are very pleased with our successful IPO during the month of May and our strong first quarter financial results that we believe demonstrate mainstream consumers’ desire for plant-based meat products in the United States and internationally.
Beyond Meat has seen a wave of successes in the past month. According to Plant Based News, within a day of launching at German supermarket chain Lidl, the Beyond Burger sold out, causing a surge on the stock market. Beyond Meat’s shares also jumped when fast-food chain Tim Hortons announced it would try the company’s vegan sausage in select stores across Canada.
Regarding Beyond Meat’s recent IPO success, Jefferies Financial Group analyst Kevin Grundy wrote, “Beyond is one of the fastest growing food [companies] competing in the ~$1.4T global / $270B U.S. meat industry, capitalizing on the nascent consumer shift from traditional protein to plant-based protein.”
But Beyond Meat is not without competition. After seeing the success and potential of plant-based meats, investors are eager for more options. Nestlé sold its stocks in Beyond Meat, planning to launch its own vegan burger this fall. Beyond Meat’s number one rival, Impossible Foods, recently collaborated with Burger King. Even Tyson Foods is jumping on the bandwagon, developing its own vegan products.