Beyond Meat Inc. reported a loss of $366 million for the fiscal year 2022 ending Dec. 31, 2022.
The loss was more than the $182 million the company reported for the fiscal year 2021. Sales for 2022 were down 10% from the prior year to $419 million.
Ethan Brown, president and CEO, said during an analyst call on Feb. 23 the company was taking action toward a positive cash flow and sustainable growth in 2023.
In addition to laying off 19% of its workforce, the company will reduce the number of co-packers in North America from eight to three. The company will also focus on its core products through marketing, promotions and targeted discounts, and increase distribution of Beyond Steak in the frozen foods aisle.
Beyond Meat projects sales in fiscal 2023 between $375-415 million, and according to Meat+Poultry, management is targeting achieving cash flow positive operations within the second half of the year.