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.
Millionaire Pretends to Be Poor Meeting the Parents of His Son’s Fiancee — Story of the Day
A girl’s parents don’t want her to marry a young man they think is poor, so his millionaire father pretends to be broke and teaches them a lesson.
When Sam Sutton invented a highly sought-after engine sealant, his wealth grew quickly, but his happiness was cut short when his wife Rain fell ill and passed away. Raising his son Will alone, Sam showered him with everything money could buy. However, Will soon realized that people were drawn to him only for his father’s money.
Determined to find genuine friends, Will devised a plan to appear poor while at Yale. It worked, and he met Eddy, a girl who loved him for who he was. When Will proposed, Eddy’s wealthy parents were horrified by his apparent poverty and treated him and Sam poorly.
At Christmas, Sam played along, dressing in shabby clothes and taking the bus to visit Eddy’s family. After they flaunted their wealth by gifting Will a Porsche, Sam handed Eddy the deed to a brownstone in Tribeca. Shocked, her parents realized Sam was actually a millionaire.
In the end, they accepted Will and treated Sam with newfound respect. Will and Eddy married, and Sam stayed close to his family.
The story teaches that money can’t buy love or health, and judging people by appearances can lead to embarrassment.
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