Beyond Meat, plant-based food company, readies for IPO
Beyond Meat, the maker of meat substitutes, generated nearly $88 million in revenue last year, more than double what it earned in 2017, but has yet to turn a profit. By Hamza Shaban Hamza Shaban Technology reporter Email Bio Follow May 2 at 1:01 PM California-based Beyond Meat skyrocketed in first-day trading, opening 84 percent higher than the top of its IPO range, amid a surging market for meat-like meal options.
The company generated nearly $88 million in revenue last year, more than double what it earned in 2017, but has yet to turn a profit. For the past two years, it has lost roughly $30 million. “We are focused on continually improving our products so that they are, to the human sensory system, indistinguishable from their animal-based counterparts,” the company said in a recent filing with U. S. Securities and Exchange Commission.
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