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.
The Surprise Birthday That No One Expected
All I wanted for my 80th birthday was to see my daughter, so I made the decision to drive to her house and surprise her.
“Dad, why are you here?” she questioned as she opened the door, appearing uncomfortable.
“I just wanted to spend my birthday with you,” I answered, grinning. But I was unprepared for her response. “Dad, you can’t stay,” she said. I’m very busy right now.
I offered to stay on the couch until she had some time because I was upset, but she firmly refused, saying, “No, Dad, you really need to go right now.”
I turned and went back to my car even though I didn’t want to. I heard sounds coming from inside the house as I was leaving.
I was concerned as I peered through the window and noticed two strange persons inside. As my worries about my daughter’s safety increased, I made a police call.
The cops moved swiftly and cautiously toward the residence. Following several anxious moments, they emerged with the two strangers restrained by handcuffs.
My daughter gave me a big hug as she cried and dashed out of the house. “I’m so sorry, Dad,” she wept.
“I was attempting to protect you.” The guys broke in right before you arrived.
I didn’t know what to do and I didn’t want anything bad to happen to you.
I embraced her tight and felt a great sense of comfort. “It’s alright, my dear. Just knowing you’re secure pleases me.
After hearing our accounts, the police assured us that the intruders would be dealt with.
I had the most amazing birthday I could have ever imagined, thanks to the time I spent with my kid.
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