Beyond Meat, Inc. (NASDAQ:BYND) Q3 2023 Earnings Call Transcript

Michael Lavery: Okay. Thanks so much.

Operator: Thank you. This concludes our question-and-answer session. I would like to turn the conference back over to Mr. Ethan Brown for closing remarks.

Ethan Brown: No, that’s it. We are I think taking a very hard look at where our operating expense is, given that the revenue is lower than we needed to be right now. So, we are going to be fitting the organizational size into more of the near-term opportunity. We are extremely encouraged by the international growth that we are seeing. And the way the world is moving in that direction. The governments in Europe are taking this matter very seriously. They see plant-based foods and a shift from an animal protein-based economy to one that is plant-based from a food system perspective as a very strong lever for climate. And just so the folks understand this, the reason it’s so powerful, right, is that not all emissions are kind of equal, right.

And methane is a very powerful greenhouse gas. It also moves through the atmosphere at a quicker rate its half-life is much lower. So, you can take it out of the atmosphere much more quickly. And so in doing, you can dramatically slow within our lifetime and within the period it matters the rate of climate change. But more importantly, by utilizing the 30% of land that we have globally devoted to livestock for carbon sequestration, you can pretty much take a huge chunk out of the climate problem without any new technology development. So, that’s why this solution is so much more powerful than automotive or energy or the other areas that get so much attention. It’s a near-term solution that requires very little additional technological development, and the European governments see that, right.

And you think – I think some of the Asian governments are starting to see as well. U.S. has been slow. It’s dominated by vested interest, and the government is very much beholden to them. So, this transition here is going to be about businesses and the consumer making the change. I don’t think we expect the government to step up, but we are doing that. And I think that health is the main driver here, and some really quite optimistic about what we are going to do next year to help write the narrative and get back on track with the U.S. consumer and retail. So more to come and we will talk next time. Thanks.

Operator: Thank you. This concludes the conference. Thank you for attending today’s presentation. You may now disconnect.