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Beyond Meat Stock Has Built Momentum in February – Has it Turned the Corner?

Beyond Meat (NASDAQ:BYND) is a California-based company that develops, manufactures, markets, and sells plant-based meat products in the United States and around the world. This stock has been pummeled since it enjoyed a hot start after its initial public offering (IPO) in 2019. There was considerable excitement surrounding the plant-based alternatives market, but its development has been slow going.

However, shares of Beyond Meat have climbed 6% month-over-month as of close on Tuesday, February 27, 2024. The stock is still down 8.1% in the year-to-date period. Has Beyond Meat turned a corner with its latest earnings release?

The company released its fourth quarter (Q4) and full-year fiscal 2023 earnings on the same day – February 27. Total revenues were reported at $73.7 million – down 7.8% compared to the prior year. It also posted a gross margin of 113%. Beyond Meat posted a net loss of $155 million or $2.40 per common share. That means that its loss widened compared to a net loss of $66.9 million or $1.05 per common share in the previous year.

For the full year, Beyond Meat saw total revenues drop 34% compared to the previous year to $343 million. Moreover, the company reported an adjusted EBITDA loss of $269 million in fiscal 2023. Looking ahead, Beyond Meat expects net revenues between $315 million and $345 million.

Beyond Meat has a questionable balance sheet and it is still struggling to achieve profitability. This is one investors may want to continue to monitor unless it demonstrates real and sustainable progress.