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.
BREAKING NEWS! Horrific accident.
At least 15 individuals lost their lives in a horrific accident on Thursday in Manitoba, Canada. A bus carrying elderly passengers collided with a truck at an intersection near Carberry, 170 kilometers west of Winnipeg.
The bus passengers were en route to a casino in Carberry. Deputy Police Officer Rob Hill, commander of the Royal Canadian Mounted Police in Manitoba, confirmed that “at least 15 individuals were pronounced dead as a result of the collision.”
Ten other individuals are receiving medical care at the hospital. Both drivers survived, but the police have not disclosed who was responsible for the accident. Images from the scene showed wheelchair seats and walking frames destroyed near the tarpaulins covering the bodies.
Prime Minister Justin Trudeau extended his condolences, stating his thoughts are with the injured and the families of those who lost loved ones. Manitoba Premier Heather Stefanson also expressed her sympathy.
This accident is one of the deadliest in recent Canadian history. In 2018, 16 people died in a similar collision in Saskatchewan. Such tragedies emphasize the importance of vigilance and responsibility on the road to prevent future accidents.
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