Beyond Meat Inc. (NASDAQ: BYND) appears to be benefiting from its strategy of entering into new partnerships with restaurants and food delivery services. Here are some of the alliances forged by the alternative meat products company in recent times:
On Wednesday, Subway announced that it has partnered with Beyond Meat to offer a meatball marinara sub with plant-based meatballs. The sandwich will be available in more than 600 locations in the US and Canada from September.
Last month, Dunkin Brands (NASDAQ: DNKN) announced its alliance with Beyond Meat to offer the Beyond Sausage Breakfast Sandwich at its restaurants.
The meal-kit provider announced its partnership with Beyond Meat to offer plant-based products in its recipes beginning with the Beyond Burger plant-based patty starting this month.
In April, Del Taco Restaurants Inc. (NASDAQ: TACO) and Beyond Meat announced their alliance to offer Beyond Tacos at the Mexican fast food chain’s 580 restaurants nationwide.
Metrics and estimates
Beyond Meat saw revenues jump 287% year-over-year to $67 million in its most recent quarter, topping market estimates. Net loss amounted to $9.4 million, or $0.24 per share, in the period. Sales to restaurants and foodservice channels accounted for nearly half of total revenue at $33.1 million.
In May, a report from Barclays stated that the alternative meat market is projected to reach around $140 billion over the next decade. According to a report from CNBC, Euromonitor has forecast that the US market for meat substitutes will grow to $2.5 billion by 2023.
Beyond Meat’s stock hit a new 52-week high of $239.71 last month. The stock has gained 150% so far this year and was up 2% in mid-day trade on Wednesday.
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