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.
Heartbreaking Tragedy: 3-Year-Old Boy’s Life Cut Short on His Birthday
We announce with heavy hearts the tragic news of the death of 3-year-old Josiah Toleafoa, who cruelly passed away on his third birthday, which was meant to be a day of joy and celebration.
Josiah and his family were attending a kids’ party at Play City, which has an indoor parking lot where the event took place. Young Josiah was struck by a car in a horrible turn of events that left his family and everyone in attendance shocked and incredulous.
Witnesses describe the horrifying sight as Josiah’s mother, distraught, screamed and sobbed while paramedics worked frantically to save her son. Josiah was declared dead at the Rady Children’s Hospital in spite of their best attempts. The unthinkable had occurred, shattering the world of this family.
Investigations are currently ongoing on the accident’s circumstances. The driver in question, a 36-year-old whose identity is pending confirmation, was not impaired by drink or drugs. He stayed and assisted the authorities from the spot. The precise reason for the mishap is still a mystery.
The family has banded together during this unbearably difficult time to establish a GoFundMe campaign to help Josiah’s parents with the costs of his funeral. Josiah was a happy youngster, according to his aunt Tatiana Toleafoa, whose smile and kind heart made everyone around him happy. The thought of all the incredible things Josiah may have achieved if his life hadn’t been tragically cut short is heartbreaking.
“This GoFundMe page is for my sweet nephew’s funeral costs and services. He was a little angel who touched so many lives in so many different ways before he was called to Heaven.” “Anything at all, in any amount, would help.”
The owner of Play City donated $2,000, and the landlord matched the amount, demonstrating how the community has come together in support of the bereaved family. But as of right now, no one has been taken into custody.
We are so sorry for Josiah’s family at this unbearable loss. Nothing can compare to the unbearable pain that losing a child can cause a family. We ask that you remember them during this trying time and offer our sincerest condolences to them.
Peace be with you, darling Josiah.
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