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31	31	* On September 30, 2023, for the nine months ended, stock options were exercised by the employees and Beyond utilized the $0.17 million net proceeds in paying the employee benefits and lease obligations.{{footnote}}https://www.nasdaq.com/press-release/beyond-meatr-reports-third-quarter-2023-financial-results-2023-11-08{{/footnote}}
32	32	* On March 05, 2021, Beyond issued Senior debts and collected proceeds amounting to $1,150 million to meet the operational expenditures and support growth by investment in Fixed Assets and Joint Ventures.{{footnote}}https://www.globenewswire.com/en/news-release/2021/03/03/2185821/0/en/Beyond-Meat-Inc-Prices-Upsized-1-Billion-Convertible-Senior-Notes-Offering.html{{/footnote}}
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	34	+= Financial Performance Highlights =
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	36	+== Q3 2023 Highlights ==
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	38	+In Q3 for the period ended 30 September 2023, net revenues decreased 8.7% to $75.3 million from $82.5 million in Q3 of 2022, primarily due to a decrease in net revenue per pound of 11.6%. This was partially offset by a 3.5% increase in product volume. The decrease was primarily due to increased trade discounts and changes in product sales mix, while the increase was primarily driven by international retail and food service channels. In Q3, the company's gross loss was $7.3 million, with a -9.6% margin, compared to a year-ago loss of $14.8 million. This was largely due to lower manufacturing costs, materials costs, depreciation, and inventory reserves per pound, partially offset by lower net revenues per pound. Additionally, a change in the accounting estimate for large manufacturing equipment in Q1 2023 reduced COGS depreciation expense by approximately $4.4 million. Earnings Per Share (EPS) for the third quarter as of 30 September 2023, was -1.09, an increase of 32% compared with the prior year's third quarter EPS, which amounted to -1.60, resulting in an improvement in profitability from investment. The company paid no dividends as yet.
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	40	+== Annual Performance Highlights ==
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	42	+Net revenues for the year ended on 31 December 2022 were $419 million, declined by 9.85% compared with the prior year's revenue ended on 31 December 2021, which amounted to $465 million, resulting in a decline in the net revenue by $46 million. In 2022, net revenues were negatively impacted by soft demand in the plant-based category, macroeconomic issues like inflation, rising interest rates, recession concerns, and increased competition, while the COVID-19 pandemic's long-term effects and consumer behavior further impacted the business.
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	44	+Gross Profit for the year ended on 31 December 2022 was -$24 million,  declined by 120% compared with the prior year's gross profit ended on 31 December 2021, which amounted to $117 million, resulting in a decline in the gross profit by $141 million. The Gross Margin for the year ended on 31 December 2022 was -5.67%, which declined by 30.91% compared with the prior year's gross margin that ended on 31 December 2021, which amounted to 25.24%, resulting in a decline in profitability. Despite a 0.4% increase in total pounds sold, gross profit and gross margin decreased primarily as a result of increased cost per pound of approximately $1.10 and decreased net revenue per pound of approximately $0.56 in the year ended December 31, 2022, compared to the prior year. Beyond Meat Jerky negatively impacted gross profit by approximately $19.3 million in the year ended December 31, 2022.
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	46	+Net Loss for the year ended on 31 December 2022 was -$366 million,  increased by 101% compared with the prior year's net loss ended on 31 December 2021, which amounted to $182 million, resulting in an increase in the net loss by $184 million. The Net Margin for the year ended on 31 December 2022 was -87.40%, which declined by 48.21% compared with the prior year's net margin that ended on 31 December 2021, which amounted to -39.19%, resulting in a significant decline in profitability. Earnings Per Share (EPS) for the year ended on 31 December 2022 was -$5.75, a decline of 100% compared with the prior year's EPS ended on 31 December 2021, which amounted to -$2.88 resulting in a decline in the EPS by $2.87. The company paid no dividends as yet. The net cash used in operating activities was $320 million and the net cash used was $301 million in 2022 and 2021, respectively. The net cash used in investing activities was $87 million and the net cash used was $147 million in 2022 and 2021, respectively. The net cash received from financing activities was $573 million in 2021 and the net cash used was $407 million in 2022.
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	48	+The company operates under one reporting segment.
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	50	+The company operates under one reporting segment. However, the segment includes retail and food services revenues from the US and international regions. U.S. retail sales net revenues decreased by 3.5% in 2022, with total pounds sold increasing by 0.5%. Lower pricing, increased liquidation channels, and higher trade discounts contributed to the decrease. Sales of Beyond Burger and Beyond Dinner Sausage offset the decrease, contributing $33.5 million. U.S. foodservice sales decreased $7.2 million in 2022, 9.4%, due to a 7.5% decrease in net revenue per pound and a 2.0% decrease in total pounds sold. This was primarily due to reduced sales of Beyond Burger and Beyond Breakfast Sausage, partially offset by increased sales of chicken products. International retail sales saw a 25.3% decrease in net revenues in 2022, with a 21.5% decrease in net revenue per pound and a 4.9% decrease in pounds sold. This was mainly due to EU price reductions, foreign exchange rates, increased trade discounts, and sales mix changes. In 2022, international food service channel sales experienced a 14.8% decrease in net revenues, with a 21.5% decrease in net revenue per pound. This was mainly due to changes in sales mix, foreign exchange rates, and increased trade discounts. Sales of Beyond Burger, Beyond Beef Crumble, and Beyond Beef decreased, partially offset by chicken sales.
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	52	+= Business Overview =
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	54	+Beyond Meat is a leading plant-based meat company offering innovative, sensory-advanced plant-based meats, providing both nutritional and environmental benefits to consumers. As of December 2022, Beyond Meat Branded products were available at approximately 190,000 retail and food service outlets in more than 80 countries worldwide, across mainstream grocery, mass merchandiser, club store, convenience store, and natural retailer channels, and various food-away-from-home channels, including restaurants, foodservice outlets, and schools. The business of the company is conducted through wholly owned subsidiaries, a variety of joint ventures, and other entities. The company operates under one reportable segment which is plant-based meat.
	55	+
	56	+== Segmental (Plant-based Meat) Analysis ==
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	58	+This segment produces meat directly from plants, an innovation that enables consumers to experience the taste, texture, and other sensory attributes of popular animal-based meat products while enjoying the nutritional and environmental benefits of eating the plant-based meat products with a brand promise of “Eat What You Love”. The company sells a range of plant-based meat products across three main meat platforms beef, pork, and poultry. The primary products under the beef platform include the Beyond Burger, Beyond Beef, Beyond Meatballs, Beyond Beef Crumbles, Beyond Meat Jerky, and Beyond Steak which are sold across the U.S. and international retail and foodservice channels. The primary products under the pork platform include Beyond Sausage, Beyond Breakfast Sausage Patties, Beyond Breakfast Sausage Links, Beyond Sausage Crumbles, and Beyond Ground Pork. The primary products under the poultry platform include Beyond Chicken Tenders, Beyond Chicken Nuggets, and Beyond Popcorn Chicken. The customers of the plant-based meat segment are vegetarians and vegans, who do not eat any animal products for ethical or health reasons. Beyond Meat offers them a satisfying and nutritious way to enjoy the taste and texture of meat without compromising their values.
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	60	+The company operates under one reporting segment. However, the segment includes retail and food services revenues from the US and international regions. U.S. retail sales net revenues decreased by 3.5% in 2022, with total pounds sold increasing by 0.5%. U.S. foodservice sales decreased $7.2 million in 2022, 9.4%, due to a 7.5% decrease in net revenue per pound and a 2.0% decrease in total pounds sold. International retail sales experienced a 25.3% decrease in net revenues in 2022, with a 21.5% decrease in net revenue per pound and a 4.9% decrease in pounds sold. In 2022, international food service channel sales experienced a 14.8% decrease in net revenues, with a 21.5% decrease in net revenue per pound. In 2022, the company purchased property, plant, and equipment amounting to $70.5 million primarily driven by continued investments in production equipment and facilities related to its capacity expansion initiatives and international expansion, and $13.3 million for investment in TPP (Joint Venture with Pepsico).
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	62	+== Other Information ==
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	64	+Generally, Beyond experiences greater demand for certain products during the summer grilling season. In 2022 and 2021, U.S. retail channel net revenues during the second quarter were 16% and 21% higher than the first quarter, respectively. The company experiences additional seasonality effects, especially within its retail channel, with revenue contribution from this channel generally tending to be greater in the second and third quarters of the year, along with increased levels of purchasing by customers ahead of holidays, the impact of customer shelf reset activity and the timing of product restocking by retail customers.
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	66	+Beyond is a leading company in the meat industry, competing with both traditional animal-protein companies and plant-based meat brands. It faces competition from brands like Alpha Foods, Boca Foods, Lightlife, Gardein, Hungry Planet, Impossible Foods, and more. Other large food operators include Nestle' S.A., Pure Farmland by Smithfield Foods, Raised & Rooted, Happy Little Plants, Sysco's Simply Plant-Based Meatless Burger, Tattooed Chef, The Not Company, and Vegetarian Butcher. Additionally, several U.S. and international companies are developing lab-grown or "clean meat," an animal-protein product derived from animal cells, which could appeal to consumers.
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	68	+Beyond Meat distributes its products through various channels, including retail stores, food service outlets, and e-commerce platforms. It sells its products in refrigerated or frozen sections and has partnered with major retailers like Walmart, Kroger, Whole Foods, Target, Costco, and CVS. It also offers its products in restaurants, cafeterias, hotels, schools, hospitals, and catering services. It has collaborated with leading food service operators like McDonald's, KFC, Subway, Dunkin', Starbucks, Pizza Hut, and Taco Bell. Beyond Meat also offers subscription plans and bundles for its online customers.
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