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.
WATCH : Brandon Being Heckled With Deafening Boos During Church Speech
President Joe Biden recentIy spoke at the Mother Emanuel AME Church in Charleston, South Carolina, a predominantly African-American church, about civil rights and the 2024 election.
Unfortunately for the president, the speech went less than well, as the president was booed and conservatives on sociaI media called out the falsehoods he spoke during the speech.
As background, the Mother Emanuel AME Church at which Biden spoke is the scene of the 2015 mass shooting in which Dylann Roof attempted to start a race war by ki lling numerous attendants of the African American church in cold blood.
In any case, Biden was both booed by protesters who appeared at the church and called out for his lied by conservatives on Twitter. The alleged falsehood for which he was primarily called out was that he helped start the civiI rights movement at a church in Wilmington, Deleware at which he claims to have spent a good bit of time.
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