Shares jumped about 22% after hours, putting it above almost five times its IPO price of $25 per share.
The El Segundo, Calif. -based company lost $6.6 million, or 95 cents per share, in the first quarter, up slightly from a 98-cent loss in the same period a year ago. It reported a loss of 14 cents per share for Q1 on a pro forma basis to adjust for the conversion of stock warrants. That was better than the 15-cent loss analysts had forecast, according to FactSet.
Nonetheless, Wall St.'s analysts were expecting a sales figure of around $205 million, Refinitiv IBES data revealed. Sales were about evenly split between groceries and restaurants.
The 10-year-old company priced at the top end of its IPO range at $25 a share ahead of its debut on the Nasdaq last month.
The company's stock, which has a market value of $7.8 billion, is up more than 400% since it went public at the beginning of May.More news: Jupiter Is Coming close this Month for Us to See it
Shares of the plant-based meat substitutes firm founded in 2009 by Ethan Brown soared to as high as 23 percent in after-hours trading Thursday before settling down 18 percent at $117.49.
"We are very conservative and view this as a floor", Chief Executive Officer Ethan Brown said on a conference call when asked about the revenue forecast.
Beyond Meat's imitation meat patties and sausages made from ingredients like pea protein, coconut and canola oil, while a great alternative for consumers conscious of the environment, still needs to put in the work to get more takers as they cost much more than beef burgers.
The report also shed light on Beyond Meat's growth plans in both retail and restaurant establishments. Zandbergen is expected to start making Beyond Meat products next year at a new facility in the Netherlands.
"As we are entering into additional test and distribution channels and take on new customers, those will be additive to our numbers", Brown said.More news: AT&T Thinks It Can Sell $17-A-Month Streaming Package
Nestle, the world's biggest packaged foods group, seeks to sell a pea-based veggie patty called Awesome Burger under its US plant-based Sweet Earth brand in the fall.
Other retail chains across the United States, including Town & Country Markets Inc in the Pacific Northwest, New York-based Morton Williams Supermarkets and Fresh Thyme Farmers Market in the Midwest, echoed Corradini, saying they see high demand among customers regardless of where Beyond Meat products are placed. Burger King has already partnered up with Impossible Foods.
Canadian packaged meat producer Maple Leaf Foods Inc, which sells plant-based meat alternatives such as vegan ground beef under its LightLife brand, expects its products in the meat case of US retailers by this summer.
'It's nothing that would break our system, ' he said.More news: Lauren Shuler Donner Deletes X-Men: Dark Phoenix Tweet