ITALY, Rome. Beyond Meat has signed a new global strategic agreement with McDonald's and Yum. The agreement was created to enrich fast food menus with alternative plant-based solutions.
The company has entered into a three-year deal with McDonald's. Beyond Meat will provide the ingredients for the McPlant, a new plant-based hamburger being tested in selected markets. Under the agreement, Beyond Meat and McDonald's will jointly develop other plant-based recipes such as chicken, pork and egg alternatives. The existing partnership between McDonald's and Beyond Meat began through a testing of veggie burgers in Canada in 2019.
Beyond Meat and Yum! they will co-create plant-based protein dishes that can be consumed exclusively at KFC, Pizza Hut and Taco Bell in the coming years. The agreement extends previous collaborations, such as the one with Kfc that introduced plant-based chicken in an Atlanta restaurant in 2019. Kfc then extended the distribution of products such as Beyond Fried Chicken to other cities in the United States.
Shortly before announcing these deals, Beyond Meat unveiled financial data for 2020. Net revenues were $ 406.8 mill., up 36.6% year-over-year. Gross profit was $ 122.3 mill., with a 30.1% margin of net revenue, while Adjusted gross profit was $ 133.7 mill. (32.9% of net revenue, with the exclusion of expenses attributable to Covid-19).
The net loss was $ 52.8 mill., while the adjusted net loss was $ 37.1 mill. excluding expenses attributable to Covid-19. Adjusted EBITDA was $ 11.8 mill., or 2.9% of net revenues.