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.
Teenagers find “frozen” creature stuck under car, rushes it to the vet who can’t believe her eyes
Two teenage boys were walking through their local area when they noticed a crowd of people huddled around a car.
As they got closer they tried to make out what the crowd was looking at, but it was the strangest site.
A creature was just frozen, unable to move.
The boys knew they had to act quickly if this animal was to survive but they had no idea how to help the poor critter.
It was in the Canadian town of Saint Andrews in New Brunswick that friends Jaydon Pettipas and Aidan Hart made the unusual discovery, reports news channel CBC in Canada.
The two teenage boys would be hailed as heroes for their actions before the end of the day.
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