Beyond Meat Inc. sales, as well as Beyond Meat Inc.'s, are growing faster than expected, and the company plans to sell more of both products.
reported on Monday afternoon that sales nearly quadrupled year-over-year and reported a loss of $ 9.4 million, or 24 cents per share on revenue, in the second quarter $ 67.3 million in losses of $ 7.4 million on revenue of $ 17.4 million a year ago. Adjusted for stock-based compensation and other expenses, earnings before interest, taxes, depreciation and amortization amounted to $ 6.9 million.
According to FactSet, analysts expect the company to lose 9 cents on revenue of $ 52.5 million. Following the publication of the report, the shares in the trade fluctuated immediately after the close of business, as larger losses and income were digested, but then collapsed when the company made a second announcement.
For More: Five Things to Know About Beyond Meat
Beyond Meat announced that it plans to sell more shares as part of a second offer. The company plans to sell another 3.25 million shares at a price yet to be determined. Of this amount, 3 million came from the sale of shareholders and 250,000 shares in the company. After this announcement, the stock lost more than 1
The Beyond Meat stock has so far surpassed all expectations in the public markets, rising to nine times its IPO price of $ 25 per share. The stock closed the month down 5.4% at $ 222.13, which, according to FactSet, is $ 13.4 billion at the close. The S & P 500 Index
have gained 3.6% since the IPO of Beyond Meat.
Secondary bids are often made after initial public offerings, especially when stocks are hot and investors worry about flooding post-IPO sales, ending the typical six-month lock-up period when early investors are no longer allowed to sell shares on the public market. The blocking period of Beyond Meat ends after the IPO on 29 October.
The US Securities and Exchange Commission still has to publish the Beyond Meat Registration Notice for the Secondary Offer, which indicates which investors intend to sell shares in the offering. The offering will be led by Goldman Sachs, J.P. Morgan and Credit Suisse, and bankers will receive an additional 487,500 shares from the selling shareholders as announced on Monday.
Beyond Meat stormed easily through its first post-IPO earnings report in early June, delivering a rosier outlook than expected by observers, forecasting to break the break even on an adjusted Ebitda basis by the end of the year and achieve more than annual sales $ 210 million. The shares were still trading below $ 100 at the time and have more than doubled since then.
In Monday's report, Beyond Meat raised expectations for the remainder of the year and raised its annual sales forecast of at least $ 210 million to at least $ 210 million, at least $ 240 million. The Company now announces that it will post positive full-year adjusted Ebitda primarily due to the exclusion of stock-based compensation, which was more than $ 1.8 billion in the second quarter primarily due to the IPO.
See also: This week's earnings menu includes Beyond Meat, Apple, and a large bag of chips.
Between the two forecast increases, Beyond Meat has gained several new partners, including Del Taco Restaurants Inc.
TACO, + 3.38%
Blue Apron Inc.
and Dunkin's Brands Group Inc.
Dunkin donuts necklace. At the end of the quarter, which ended June 30, the company announced the launch of its Beyond Beef product, a version of its popular minced patty burger patties.
"We are very pleased with our second quarter results, which reflect the continued strength of our business, resulting in new food service partnerships, expanded distribution in national retail channels and accelerated expansion in our international markets Markets shows, "said Chief Executive Ethan Brown said in the announcement on Monday. "We believe that our positive momentum reflects the growing desire of mainstream consumers for plant-based meat products domestically and abroad."
See also: Beyond Meat has the, Short-Squeeze Trifecta & # 39; Reached as Lending Fees Continue to Rise
The sharp rise in Beyond Meat stock has attracted a roster of short sellers who have pushed up the cost of borrowing the equities to astronomical prices To bet level. On Monday, the stock had a rental fee of 135.9%, which, according to the analysis company S3 Partners to 150% for new admissions increased.