Looking for an even meatier meat-free burger?
Retail makes up roughly half of Beyond's business, accounting for $19.6 million in revenue during its first quarter. Retail sales have more than doubled in the last year. Beyond's food service revenue has increased by 491% from a year ago, thanks to restaurant chains like Carl's Jr. andInvestors have driven up Beyond Meat's stock price, making it the most successful IPO of the year.
. In mid-morning trading, shares were down more than 20%. The firm, which had been the lead underwriter for the IPO, said Monday's stock closing just shy of $170 was "beyond our price target" of $120. Tuesday's sell-off put shares at around $135. The company expects its new Beyond Burger will be available by the end of the month in all stores nationwide that carry Beyond Meat products. Product pricing wasn't immediately available.
This isn't the first time Beyond has tweaked its formula. Six months ago, the company launched its Beyond Burger 2.0 in restaurants. However, the unveiling landed with less fanfare than Impossible Foods' new and improved burger, which took the top prize at the Consumer Electronics Show that month.
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