Beyond Meat, Inc. ( BYND ) shares are trading lower in the premarket session on Thursday after ending yesterday’s run with a mild 0.9% dip.

On Wednesday, after the closing bell, the company reported first-quarter financial results, where President and CEO Ethan Brown emphasized the company’s dedication for achieving sustainable and profitable operations.

The plant-based meat company’s first-quarter revenue decreased 18% year-over-year to $75.603 million. 

In the wake of a surge in inflation, consumers are showing reduced inclination to fork out extra for plant-based protein products in the post-pandemic era, Forbes reported. Over the past three years, the company has grappled with dwindling revenue and substantial cash outflow.

According to Benzinga Pro, BYND stock has slumped over 30% in the past year. 

In the recently-reported first quarter, the company’s gross profit decreased to $3.7 million from $6.2 million in the year-ago period. The company’s gross margin contracted to 4.9% from 6.7% year over year.

The margins were negatively impacted by the lower volume of products sold and by higher manufacturing costs, including depreciation, higher materials costs, and lower net revenues per pound.

Adjusted EBITDA was a loss of $(32.9) million, or -43.5% of net revenues, in the first quarter of 2024.

Beyond Meat ( BYND ) exited the quarter with cash and equivalents worth $173.5 million and total outstanding debt was $1.1 billion as of March 30.

Beyond Meat ( BYND ) expects second-quarter revenue to be between $85 million and $90 million. The company expects full-year 2024 revenue to be between $315 million and $345 million.

Price Action: BYND shares are trading lower by 14.67% to $7.01 premarket at last check Thursday.