Products from Beyond Meat, the vegan burger maker, are shown for sale at a market in Encinitas, California, June 5, 2019.
Beyond Meat reported revenue that topped analysts’ expectations Thursday in its first quarterly report since it went public.
Shares of the company jumped 15% in after-hours trading.
“We are very pleased with our successful IPO during the month of May and our strong first quarter financial results that we believe demonstrate mainstream consumers’ desire for plant-based meat products in the United States and internationally,” CEO Ethan Brown said in a statement.
The maker of plant-based meat substitutes reported first-quarter net loss of $6.6 million, or 95 cents per share, widening a net loss of $5.7 million, or 98 cents per share, a year earlier.
On a pro forma basis, adjusting for conversion of stock warrants, Beyond reported a loss of 14 cents per share for its first quarter.
Net sales rose 215% to $40.2 million, topping expectations of $38.9 million, according to a survey of analysts by Refinitiv.
The company discontinued its frozen chicken strips during the quarter, causing a decline in revenue for its frozen products. In total, grocery store sales accounted for $19.6 million of its sales this quarter. Sales to restaurants like Carl’s Jr. and Del Taco made up $20.6 million of its revenue.
Beyond is forecasting full-year 2019 revenue will be higher than $210 million. The company said that it will not provide any outlook for net loss.
Beyond Meat surged more than 160% in its first day trading on the public markets and has now soared nearly 300% above its initial public offering price, giving the company a market value of $5.8 billion.
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