US-based maker of plant-based fake meat products Beyond Meat reported first-quarter earnings which showed a net loss of $54.4m (€50.7m) on revenue of $75.6m (€70.5m).

To put that another way, the company lost 72 cent on every euro of sales in the first three months of the year.

The 18% drop in revenue in the period was Beyond Meat’s eighth consecutive quarter of year-over-year revenue declines.

The volume of product sold declined 16.1% when compared with the same period in 2023, with European and Asian markets faring worse than the US, where sales to the retail sector were 10% lower.

Reduced headcount

The company, which has total debt outstanding of $1.1bn (€1.03bn), said that it reduced operating expenses during the period through reducing headcount and marketing spending.

Beyond Meat said that its sales were hit by “demand softness in the category”, which it said is ongoing and weakening further. The outlook is also affected by uncertainty among consumers about inflation and high interest rates.

Shares in Beyond Meat, which traded as high as $240 (€224) in 2019, are expected for open for trading in the US close to $7 (€6.50) when markets open in New York.