As demand continues to softens, Beyond Meat (NASDAQ:BYND) expects third quarter revenue to decline by another 13% from a year ago, according to preliminary results disclosed in a filing with the U.S. Securities and Exchange Commission.
The company forecasts total revenue of $70M, within the company’s forecasted range of $68M to $73M, but down from $81M in the same quarter last year. The preliminary revenue estimate compares with the consensus estimate of $68.83M.
Gross margin is expected to be within the range of 10% to 11% versus 17.7% last year, while operating expenses will be down from a year ago, expected to be within a range of $41M to $43M compared to $45.2M in the third quarter of 2024.
In addition, the company expects to take a “material” impairment charge on its long-term assets, although the amount of the charge is currently unknown.
The company will report its recent quarterly results after the close on Tuesday, November 4.
After a meme-fueled rally drove shares of the company up 175.6% in four days, the stock is down for a third straight day with a loss of 20% from Thursday’s close.