Beyond Meat shares tumble after company reports widening loss, disappointing revenue

Beyond Meat “Beyond Burger” patties made from plant-based substitutes for meat products sit on a shelf for sale in New York City.

Beyond Meat reported a wider-than- expected loss for its first quarter as its margins shrunk and cheaper prices weakened international sales.

The stock fell as much as 25% in extended trading, extending its losses from earlier in the day. Ahead of the company's earnings report, Beyond's stock closed down 13.8%.

The company reported compared with what Wall Street was expecting, based on a survey of analysts.

• Loss per share: $1.58 adjusted vs. $1.01 expected
• Revenue: $109.5 million vs. $112.3 million expected

The company reported a first-quarter net loss of $100.5 million, or $1.58 per share, compared to a net loss of $27.3 million, or 43 cents per share, a year earlier.

The company saw a hit to its gross margin to support strategic launches. The company's gross margin plummeted from 30.2% a year ago to 0.2 of revenue during the quarter.

The company lost more than analysts expected, with Excluding items, it lost more than they expected.

Net sales fell short of expectations.

In the quarter, total volume increased by 12.4%. Net revenue per pound fell by 10%. The company said it reduced prices in the European Union.

In the United States, Beyond's revenue rose 4%, thanks to the launch of its plant-based jerky in grocery stores. During the quarter, U.S. food service revenue fell 7.5%. The company said products besides the jerky saw their sales shrink.

Outside of its home market, Beyond's revenue fell 6.2%, but the company said it sold more pounds of its meat substitute in international grocery stores and food service outlets. The foreign exchange rates hit its international sales.

The company still expects full-year revenue to be between $560 million and $620 million.

Here is the full earnings report.