Beyond Meat co-founder Ethan Brown discusses the investment and growth opportunities in his food business.
Beyond Meat released its quarterly earnings on Thursday showing a 215% increase in net revenue, and the company expects to double its sales in 2019 compared with previous year.
Beyond Meat reported revenue of $40.2 million, more than triple the prior year.
Beyond Meat's shares soared after it beat Wall Street's first-quarter earnings and revenue forecasts.
"We're being very conservative", CEO and president Ethan Brown said.
Shares jumped about 22% after hours, putting it above almost five times its IPO price of $25 per share. "I view this as a floor".
The fake meat maker posted a loss of $6.6 million in the quarter, compared to a loss of $5.7 million in that period a year ago.
Adjusted for stock-based compensation costs and other items, the company lost 14 cents per share. The better-than-expected results and forecast led the stock to soar almost 21 per cent in extended trade on Thursday.
Plant-based meat products have been sweeping across the U.S. over the past decade with brands like Impossible Food securing high-revenue partnerships with restaurants and supermarkets. That also beat Wall Street's forecast of $39 million.
Ten-year-old Beyond Meat burst into the spotlight last month with its IPO on Nasdaq. Beyond Meat is now valued at almost $6 billion. The numbers come a little over a month after Beyond Meat held its initial public offering on May 2. It now sells Beyond Meat burgers and meat crumbles at Carl's Jr. and Del Taco and is testing sausages at Tim Hortons in Canada.
Tim Hortons announced in May that it is testing Beyond Meat's sausage patty in three of its breakfast sandwiches.
Brown said the company is in the testing phase with several fast-food chains but did not say which ones. Retailers, including Whole Foods, Kroger and restaurant chain TGI Friday's have formed partnerships with the vegan meat maker. Burger King has paired up with Impossible Foods, but McDonald's is among those that could be looking for a partner.
"When skeptical investors ask how Beyond Meat plans on attacking approaching competition, we think they may overlook the flexibility the company has to invest in price", J.P. Morgan analyst Ken Goldman said.