Beyond Meat on Thursday said that fourth-quarter sales tripled, but shares fell 7% in after-hours trading as the company missed earnings expectations and announced that its Executive Chairman will resign.
The California-based company said deals with retailers and restaurants substantially boosted sales, but Beyond Meat reported a small loss during the period while analysts had expected a small profit.
The company, whose Beyond Burgers and Sausages are driving a global craze for plant-based meat products, struck several high-profile deals with fast-food chains including McDonald's, Dunkin' Brands and Starbucks, which will soon sell a Beyond Meat breakfast sandwich across Canada.
Its products are sold by grocers including Walmart and Amazon.com’s Whole Foods.
Beyond Meat’s share price has risen four-fold since its IPO in May, but many investors view the stock as overvalued.
While Beyond Meat and its main rival Impossible Foods race to sign on major global restaurant chains, there have been some signs of issues, including Canadian restaurant chain Tim Hortons dropping Beyond Meat's products from its menu, saying they were not "embraced" by customers during a trial.
And last month, Burger King began cutting the price of its Impossible Burgers, adding them to its value menu.