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Beyond Meat Vs. Tattooed Chef: How The Plant-Based Q3 Earnings Stack Up

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Beyond Meat Vs. Tattooed Chef: How The Plant-Based Q3 Earnings Stack Up

Two publicly traded plant-based food companies reported quarterly earnings after the market close on Monday.

Tattooed Chef Earnings: The third-quarter report from Tattooed Chef (NASDAQ: TTCF) was the best quarter in company history.

Total company revenue increased 65% year-over-year to $41 million. Branded revenue hit a record $22.6 million, with sales up 288% year-over-year. This is the third consecutive quarter where branded products surpassed private label sales.

Revenue increased thanks to the expansion of distribution in the United States and the increased volume at existing retail partners.

Tattooed Chef did say it spent $1.4 million on a program to promote its organic acai bowls for eight weeks in the period. The partnership got the company and brand increased exposure in 450 stores.

“We expect to continue to drive top-line growth based on the ongoing success with our key club customers, expansion in new and existing retail customers, and our direct-to-consumer e-commerce site,” said CEO Sam Galletti.

The company’s e-commerce site went live two weeks ago, which could provide meaningful revenue growth in the future quarters.

Related Link: The Plant-Based Food Maker Challenging Beyond Meat

Beyond Meat Earnings: Shares of Beyond Meat (NASDAQ: BYND) went on a roller-coaster ride Monday. Shares fell on reports that McDonald's Corporation (NYSE: MCD) was launching a plant-based burger called McPlant.

Later in the trading day, Beyond Meat clarified it was working with McDonald’s on the product. The partnership could be clarified and highlighted by the company on its earnings call but was not covered in the earnings release. 

Beyond Meat reported total revenue of $94.4 million for the third quarter. This was a 2.7% year-over-year increase.

In the United States, retail revenue rose 40.5% year-over-year to $62.1 million and foodservice revenue fell 11.1% year-over-year to $16.3 million.

International revenue fell 45.5% year-over-year to $16.1 million.

Price Action: Shares of Tattooed Chef are down 5% in after-hours trading to $19.06. Beyond Meat shares were down 27% to $109.42, a level last seen in May of this year.

 

Related Articles (BYND + TTCF)

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