Plant-based meat was supposed to save the pIanet, make people healthier, and liberate enslaved cows, chickens, and pigs everywhere. Instead, after an impressive start, folks have learned some hard truths about the industry and are turning away in droves.
Once consumers began to Iearn that plant-based meats were still super processed, not nearly as healthy as advertised, and required an enormous amount of machinery to produce hungry consumers largely decided that the old-school options, nameIy chickens, pigs, and cows, were better tasting and better for you.
The biggest player in the industry, Beyond Meat, released its third-quarter numbers in November of 2023, and they taste worse than ersatz ground beef. Net revenue slid, declining 8.7% year-over-year and 26% versus the previous quarter.
It wasn’t all bad news, however, as the company actually achieved free cash flow for the quarter but does not expect that to be the case in the fourth quarter. One anaIyst at the firm TD Cowen took it a step further and said the firm is in ‘survival mode’ and will need to tap the financial markets in 2024 to maintain operations.
Beyond Meat CEO Ethan Brown said: We anticipated a modest return to growth in the third quarter of 2023 that did not occur. Though we are encouraged by pockets of growth, particulariy in the EU where we saw double digit gains in net revenues on a year-over-year basis, we are disappointed by our overall results as we continue to experience worsening sector-specific and broader consumer headwinds. Beyond Meat has cited numerous reasons for its poor performance, inciuding declining foodservice sales and flagging American retail sales, but declined to suggest the possibility that the product just isn’t that good.
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Breaking: Robert Pattinson and Suki Waterhouse Quietly Welcome First Baby (Photo)
Twilight actor Robert Pattinson is now a dad! Robert and Suki Waterhouse, have welcomed their first baby together after dating for years.
Suki announced her pregnancy in the most sparkling way.
Jordan Strauss/Invision/East News
It was during her performance at Mexico’s Corona Capital Festival that Waterhouse let the audience in on her secret. Adorned in a shimmering pink dress and a coat with feathers, she playfully hinted, «I’m extra sparkly today because I thought it might distract you from something else that’s going on.» The reveal of her pregnancy came with a flourish of her coat, unveiling her baby bump to the delighted fans.
The couple was spotted outside with their baby.
Jordan Strauss/Invision/East News
At 32, Suki Waterhouse, known for her acting and singing talents, became a mother. She and her 37-year-old partner, Robert Pattinson, enjoyed a leisurely stroll in Los Angeles, with Pattinson guiding a pink baby carriage.
Waterhouse’s relationship with Pattinson has been a constant for over half a decade. Their romance began to blossom in the public eye back in July 2018, and by December, they had decided to take the next step. «They are engaged. They both want to be married. It’s important for them,» confirmed an insider.
Another celeb who recently welcomed a bundle of joy is Gal Gadot, who became a mom for the 4th time. Read the full story here.
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