Beyond Meat® Reports Fourth Quarter and Full Year 2019 Financial Results
February 27, 2020
Fourth Quarter 2019 Net Revenues Increase 212% Year-Over-Year to $98.5 Million
Fourth Quarter 2019 Gross Profit Improved to $33.5 Million or 34.0% Gross Margin
Company Provides Full Year 2020 Outlook
EL SEGUNDO, Calif., Feb. 27, 2020 (GLOBE NEWSWIRE) -- Beyond Meat, Inc. (NASDAQ:BYND) (“Beyond Meat” or “the Company”), a leader inplant-based meat, today reported financial results for its fourth quarter and full year ended December 31, 2019.
Fourth Quarter 2019 Financial Highlights Compared to Prior Year Period

Net revenues were $98.5 million, an increase of 212%, compared to net revenues of $31.5 million in the year-ago period;
Gross profit was $33.5 million, or 34.0% of net revenues, compared to gross profit of $7.9 million, or 25.0% of net
revenues, in the year-ago period;
Net loss was $0.5 million, or $0.01 per common share, compared to net loss of $7.5 million, or $1.10 per common share in
the year-ago period; andAdjusted EBITDA, which is a non-GAAP financial measure, was $9.5 million compared to an Adjusted EBITDA loss of $3.8
million in the year-ago period.
Full Year 2019 Financial Highlights Compared to Prior YearNet revenues were $297.9 million, an increase of 239%, compared to net revenues of $87.9 million in the prior year;
Gross profit was $99.8 million, or 33.5% of net revenues, compared to gross profit of $17.6 million, or 20.0% of net
revenues, in the prior year;
Net loss was $12.4 million, or $0.29 per common share, compared to net loss of $29.9 million, or $4.75 per common sharein the prior year; andAdjusted EBITDA, which is a non-GAAP financial measure, was $25.3 million compared to an Adjusted EBITDA loss of$19.3 million in the prior year.
See “Non-GAAP Financial Measures” below for how Beyond Meat defines Adjusted EBITDA and the financial table that accompanies this release fora reconciliation of this measure to the closest comparable GAAP measure.
“Our outstanding fourth quarter and full-year 2019 results are a testament to the vitality of the movement that we continue to lead," said Ethan Brown,
Beyond Meat's President and Chief Executive Officer. "With our simple objective of building a perfect piece of meat from plants, our greater mission ismuch larger than us and seeks to address some of the key challenges of our time—improving health and nutrition, enhancing the sustainability of ourglobal food supply, while lowering our environmental impact, and promoting animal welfare.”
Fourth Quarter 2019
Net revenues increased 212% to $98.5 million in the fourth quarter of 2019 compared to $31.5 million in the fourth quarter of 2018. Growth in net
revenues in the fourth quarter of 2019 was primarily due to an increase in volume sold in Beyond Meat’s Fresh platform products across Retail, andRestaurant and Foodservice channels. Growth in volume sold was driven by increased sales to international customers, expansion in the number ofpoints of distribution, including new strategic customers, higher sales velocities at existing customers, and contribution from new products introduced
in 2019.
(Unaudited)Three Months Ended
December 31,
2019(in thousands)
Net revenues:

Gross Fresh Platform
Gross Frozen
Platform
Less: Discounts
Net revenues$ 102,062

$

2018

$

30,156

Year Ended
December 31,

ChangeAmount$%2019

71,906238.4 %

$ 306,585

2018$

ChangeAmount

%81,686$ 224,899

275.3 %

3,614

4,347

(733 )(16.9 )%

17,772

15,896

1,876

11.8 %(7,197 )(2,989 )(4,208 )140.8 %

(26,460 )(9,648 )(16,812 )174.3 %

66,965212.5 %

$ 297,897

87,934$ 209,963

238.8 %

98,479$31,514$$

Three Months Ended
December 31,
2019(in thousands)
Net revenues:

RetailRestaurant andFoodservice
Net revenues$

40,645

2018$

57,834$

98,47913,606

Amount$17,908$31,514

Year Ended
December 31,

Change$%201927,039198.7 %

$ 144,809

39,926223.0 %

153,088

66,965212.5 %

$ 297,897

Change2018$$

50,779Amount$%94,030185.2 %

37,155

115,933

312.0 %

87,934$ 209,963

238.8 %

Gross profit was $33.5 million, or 34.0% of net revenues, in the fourth quarter of 2019, compared to $7.9 million, or 25.0% of net revenues, in the
year-ago period. The increase in gross profit and gross margin was primarily due to an increase in the volume of products sold, production efficiency
improvements, and more favorable mix as the Company’s Fresh platform contributed a greater proportion of gross revenues in the fourth quarter of2019 compared to the year-ago period. Temporary disruptions related to capacity expansion projects at two co-manufacturing partners’ plants partially
offset the year-over-year improvements in gross margin in the fourth quarter of 2019 and contributed to the sequential decline in gross margin relative
to the third quarter of 2019.
Loss from operations in the fourth quarter of 2019 was $0.9 million compared to a loss from operations of $7.1 million in the fourth quarter of the prioryear. The narrowed loss from operations in the fourth quarter of 2019 was driven by the year-over-year increase in gross profit, partially offset byhigher operating expenses primarily to support the Company’s marketing initiatives, higher stock-based compensation costs, higher restructuring
expense, continued investment in innovation, and increased administrative costs associated with being a public company.
Net loss was $0.5 million in the fourth quarter of 2019 compared to a net loss of $7.5 million in the year-ago period. The reduction in net loss wasprimarily the result of the increase in net revenues and gross profit compared to the fourth quarter of 2018.
Adjusted EBITDA was $9.5 million, or 9.7% of net revenues, in the fourth quarter of 2019 compared to an Adjusted EBITDA loss of $3.8 million, or(11.9%) of net revenues, in the fourth quarter of 2018. Adjusted EBITDA is a non-GAAP financial measure defined under “Non-GAAP Financial
Measures,” and is reconciled to net loss, the closest comparable GAAP measure, at the end of this release.
Chief Financial Officer and Treasurer, Mark Nelson commented, “We are pleased with our strong financial results and operating performance in 2019.
In 2020, we seek to build on this foundation while continuing to prioritize aggressive growth by increasing our intensity with respect to our marketing
and R&D initiatives, and accelerating our global expansion plans to capitalize on our strong positive momentum.”
Balance Sheet and Cash Flow Highlights
The Company’s cash and cash equivalents balance was $276.0 million as of December 31, 2019 and total outstanding debt was $30.6 million. Net
cash used in operating activities was $47.0 million for the year ended December 31, 2019, compared to $37.7 million for the prior year. Capital
expenditures totaled $23.8 million for the year ended December 31, 2019 compared to $22.2 million for the prior year.
2020 Outlook
For the full year 2020, the Company is providing the following guidance and expects:

Net revenues in the range of $490 million to $510 million, an increase of 64% to 71% from 2019;
Gross margin in the range of 33% to 35%; andAdjusted EBITDA as a % of net revenues approximately equivalent to 2019 levels, as the Company anticipates accelerated
investments in marketing, R&D and international expansion initiatives in 2020.
The Company’s 2020 Outlook is based on a number of assumptions that are subject to change and many of which are outside the control of theCompany. If actual results vary from these assumptions, the Company’s expectations may change. There can be no assurance that the Company willachieve these results.
The Company does not provide guidance for net income, the most directly comparable GAAP measure, and similarly cannot provide a reconciliation
between its forecasted Adjusted EBITDA and net income metrics without unreasonable effort due to the unavailability of reliable estimates for certain
items. These items are not within the Company’s control and may vary greatly between periods and could significantly impact future financial results.
Conference Call and Webcast
The Company will host a conference call and webcast with an accompanying presentation to discuss these results with additional comments anddetails today at 4:30 p.m. Eastern, 1:30 p.m. Pacific. The conference call webcast will be available live over the Internet through the “Investors” sectionof the Company’s website at www.beyondmeat.com. Investors interested in participating in the live call can dial 866-221-1171 from the U.S. or
270-215-9602 from international locations. A telephone replay will be available approximately two hours after the call concludes through Friday, March
13, 2020, by dialing 855-859-2056 from the U.S., or 404-537-3406 from international locations, and entering confirmation code 3888678.
About Beyond Meat
Beyond Meat, Inc. (NASDAQ: BYND) is one of the fastest growing food companies in the United States, offering a portfolio of revolutionary
plant-based meats. Founded in 2009, Beyond Meat has a mission of building meat directly from plants, an innovation that enables consumers toexperience the taste, texture and other sensory attributes of popular animal-based meat products while enjoying the nutritional and environmental

benefits of eating its plant-based meat products. Beyond Meat’s brand commitment, “Eat What You Love™,” represents a strong belief that by eating
its portfolio of plant-based meats, consumers can enjoy more, not less, of their favorite meals, and by doing so, help address concerns related tohuman health, climate change, resource conservation and animal welfare. Beyond Meat’s portfolio of fresh and frozen plant-based proteins are
currently sold at approximately 77,000 retail and restaurant and foodservice outlets in more than 65 countries worldwide. Visit
www.BeyondMeat.com and follow @BeyondMeat, #BeyondBurger and #GoBeyond on Facebook, Instagram and Twitter.
Forward-Looking Statements
Certain statements in this release constitute “forward-looking statements" within the meaning of the federal securities laws. These statements are
based on management's current opinions, expectations, beliefs, plans, objectives, assumptions and projections regarding financial performance,
prospects, future events and future results, including our outlook with respect to net revenues, gross margin and Adjusted EBITDA as a % of net
revenues, growth trends, our international expansion plans, market share, new and existing customers and expense trends, among other matters, andinvolve known and unknown risks that are difficult to predict. In some cases, you can identify forward-looking statements by the use of words such as“may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “outlook,” “potential,” “continue,” “likely,” “will,” “would” andvariations of these terms and similar expressions, or the negative of these terms or similar expressions. These forward-looking statements are only
predictions, not historical fact, and involve certain risks and uncertainties, as well as assumptions. Forward-looking statements should not be read as aguarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by which or whether, such performanceor results will be achieved. Actual results, levels of activity, performance, achievements and events could differ materially from those stated,
anticipated or implied by such forward-looking statements. While Beyond Meat believes that its assumptions are reasonable, it is very difficult topredict the impact of known factors, and, of course, it is impossible to anticipate all factors that could affect actual results. There are many risks anduncertainties that could cause actual results to differ materially from forward-looking statements made herein including, but not limited to, estimates ofour expenses, future revenues, capital requirements and our needs for additional financing; our ability to effectively manage our growth; our estimatesof the size of market opportunities; our ability to effectively expand our manufacturing and production capacity; our ability to accurately forecast
demand for our products and manage our inventory; our ability to successfully enter new geographic markets, manage our international expansion andcomply with any applicable laws and regulations; the effects of increased competition from our market competitors and new market entrants; thesuccess of our marketing initiatives and the ability to grow brand awareness, maintain, protect and enhance our brand, attract and retain new
customers and grow our market share; our ability to attract, maintain and effectively expand our relationships with key strategic restaurant andfoodservice partners; our ability to attract and retain our suppliers, distributors, co-manufacturers and customers; our ability to procure sufficient highquality, raw materials to manufacture our products; the availability of pea protein that meets our standards; our ability to diversify the protein sources
used for our products; the volatility associated with ingredient and packaging costs; real or perceived quality or health issues with our products or otherissues that adversely affect our brand and reputation; changes in the tastes and preferences of our consumers; our ability to accurately predict taste
preferences and purchasing habits of consumers in new geographic markets; our ability to accurately predict consumer trends and demand andsuccessfully introduce and commercialize new products and improve existing products; significant disruption in, or breach in security of our information
technology systems and resultant interruptions in service and any related impact on our reputation; the attraction and retention of qualified employees
and key personnel; the effects of natural or man-made catastrophic events particularly involving our or any of our co-manufacturers’ manufacturing
facilities or our suppliers’ facilities; the effects of global outbreaks of pandemics or contagious diseases or fear of such outbreak, such as the recent
coronavirus (COVID-19) outbreak, including on our ability to expand in new geographic markets or the timing of such expansion efforts; the impact ofmarketing campaigns aimed at generating negative publicity regarding our products, brand and plant-based industry category; the effectiveness of ourinternal controls; changes in laws and government regulation affecting our business, including Food and Drug Administration governmental regulationand state regulation; changes in laws, regulations or policies of governmental agencies or regulators relating to the labeling of our products; the impactof adverse economic conditions; the financial condition of, and our relationships with our suppliers, co-manufacturers, distributors, retailers andrestaurant and foodservice customers; and their future decisions regarding their relationships with us; the ability of our suppliers and co-manufacturers
to comply with food safety, environmental or other laws and regulations; seasonality; the sufficiency of our cash and cash equivalents to meet our
liquidity needs and service our indebtedness; economic conditions and the impact on consumer spending; outcomes of legal or administrative
proceedings; foreign exchange fluctuations; our, our suppliers’ and our co-manufacturers’ ability to protect our proprietary technology and intellectual
property adequately; and the risks discussed under the heading “Risk Factors” in the Company’s Quarterly Report on Form 10-Q for the quarter ended
September 28, 2019 filed with the Securities and Exchange Commission (the “SEC”) on November 12, 2019, the Company’s Annual Report on Form
10-K for the year ended December 31, 2019 to be filed with the SEC, as well as other factors described from time to time in the Company's filings with
the SEC. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary
statements set forth above. Such forward-looking statements are made only as of the date of this release. Beyond Meat undertakes no obligation to
publicly update or revise any forward-looking statement because of new information, future events, changes in assumptions or otherwise, except asotherwise required by law. If we do update one or more forward-looking statements, no inference should be made that we will make additional updates
with respect to those or other forward-looking statements.
Availability of Information on Beyond Meat’s Website and Social Media Channels
Investors and others should note that Beyond Meat routinely announces material information to investors and the marketplace using SEC filings, press
releases, public conference calls, webcasts and the Beyond Meat Investor Relations website. We also intend to use certain social media channels asa means of disclosing information about us and our products to consumers, our customers, investors and the public (e.g., @BeyondMeat,#BeyondBurger and #GoBeyond on Facebook, Instagram and Twitter). The information posted on social media channels is not incorporated byreference in this press release or in any other report or document we file with the SEC. While not all of the information that the Company posts to the
Beyond Meat Investor Relations website or to social media accounts is of a material nature, some information could be deemed to be material.
Accordingly, the Company encourages investors, the media, and others interested in Beyond Meat to review the information that it shares at the“Investors” link located at the bottom of our webpage at https://investors.beyondmeat.com/investor-relations and to sign up for and regularly follow oursocial media accounts. Users may automatically receive email alerts and other information about the Company when enrolling an email address byvisiting "Request Email Alerts" in the "Investors" section of Beyond Meat’s website at https://investors.beyondmeat.com/investor-relations.
Contacts
Media:
Shira Zackai
917-715-8522
szackai@beyondmeat.com

Investors:
Katie Turner646-277-1228
Katie.turner@icrinc.com
BEYOND MEAT, INC.
Statements of Operations(In thousands, except share and per share data)(unaudited)Three Months EndedYear Ended

December 31, December 31, December 31, December 31,
2019
2018
2019
2018
Net revenues
Cost of goods sold$98,47965,018$31,51423,651$

297,897
198,141$

87,93470,360Gross profit

33,461

7,863

99,756

17,574

Research and development expenses
Selling, general and administrative expenses
Restructuring expenses

5,989
27,0901,309

3,320
11,328345

20,65074,726
4,869

9,587
34,461
1,515

Total operating expenses

34,38814,993

100,245

45,563

Loss from operations(927 )(7,130 )(489 )(27,989 )Other income (expense), net:
Interest expense
Remeasurement of warrant liability
Other, net(742 )—
1,205(740 )
133
286(3,071 )(12,503 )3,629(1,128 )(1,120 )352

Total other income (expense), net

463(321 )(11,945 )(1,896 )Loss before taxes
Income tax (benefit) expense(464 )(12 )(7,451 )1(12,434 )9(29,885 )1

Net loss$(452 ) $(7,452 ) $(12,443 ) $(29,886 )Net loss per share available to common stockholders—basic and diluted$(0.01 ) $(1.10 ) $(0.29 ) $(4.75 )

Weighted average common shares outstanding—basic and diluted

61,229,539

6,774,646

42,274,777

6,287,172

BEYOND MEAT, INC.
Balance Sheets(In thousands, except share and per share data)(unaudited)
December 31,
2019

December 31,
2018

AssetsCurrent assets:

Cash and cash equivalents
Accounts receivable
Inventory
Prepaid expenses and other current assets
Total current assets$

Property, plant, and equipment, net
Other non-current assets, net

Total assets

275,988$

54,271

40,08012,626

81,59630,257

5,930

5,672

403,594

102,826

47,474855

30,527396$

451,923$

133,749$

26,923$

17,247

Liabilities, Convertible Preferred Stock and Stockholders’ Equity (Deficit):
Current liabilities:

Accounts payable
Wages payable
Accrued bonus

1,768

1,255

4,129

2,312

Accrued expenses and other current liabilities
Short-term borrowings under revolving credit line and bank term loan
Short-term capital lease liabilities
Stock warrant liability
Total current liabilities

3,805

2,391

11,000

—

72

44

—

1,918

47,69725,167—6,000

14,637

19,388

4,932

5,000

567

404

Long-term liabilities:

Revolving credit line
Long-term portion of bank term loan, net
Equipment loan, net
Capital lease obligations and other long-term liabilities
Total long-term liabilities$

Commitments and Contingencies
Convertible preferred stock$
Stockholders’ equity (deficit):
Preferred stock, par value $0.0001 per share—500,000 shares authorized, none issued and outstanding
Common stock, par value $0.0001 per share—500,000,000 shares and 58,669,600 shares authorized at
December 31, 2019 and December 31, 2018, respectively; 61,576,494 and 6,951,350 shares issued andoutstanding at December 31, 2019 and December 31, 2018, respectively
Additional paid-in capital
Accumulated deficit

Total stockholders’ equity (deficit)
Total liabilities, convertible preferred stock and stockholders’ equity(deficit)

20,136$30,792—$

199,540——

6
526,199(142,115 )

1
7,921(129,672 )$

384,090$(121,750 )$

451,923$

133,749

BEYOND MEAT, INC.
Statements of Cash Flows(In thousands)(unaudited)Year Ended
December 31,
2019

December 31,
2018

Cash flows from operating activities:

Net loss
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization
Share-based compensation expense
Loss on sale of fixed assets
Amortization of debt issuance costs
Change in preferred and common stock warrant liabilities
Net change in operating assets and liabilities:
Accounts receivable
Inventories
Prepaid expenses and other assets
Accounts payable
Accrued expenses and other current liabilities
Long-term liabilities
Net cash used in operating activities
Cash flows used in investing activities:$$(12,443 ) $(29,886 )

8,106

4,921

12,807

2,241

93

76

181

109

12,503

1,120(27,454 )(9,045 )(51,339 )(22,113 )(2,362 )325

10,14910,455

2,743

3,798

21

278

(46,995 ) $(37,721 )Purchases of property, plant and equipment
Proceeds from sale of fixed assets
Purchases of property, plant and equipment held for sale
Proceeds from sale of assets held for sale
Payment of security deposits
Net cash used in investing activities$(23,795 ) $(22,228 )—67(2,123 )(1,022 )299—(545 )(59 )$(26,164 ) $$254,868(23,242 )Cash flows from financing activities:

Proceeds from issuance of common stock pursuant to the initial public
offering, net of issuance costs
Proceeds from issuance of common stock pursuant to the secondary
public offering, net of issuance costs
Proceeds from Series H preferred stock offering, net of offering costs
Proceeds from Series G preferred stock offering, net of offering costs
Proceeds from revolving credit line
Proceeds from term loan borrowing
Proceeds from equipment loan borrowing
Proceeds from payoff of notes receivable for restricted stock purchase
Repayments on revolving credit line
Repayment on term loan
Repayment of Missouri Note
Payments of capital lease obligations
Proceeds from exercise of stock options
Proceeds from sale of restricted stock
Payments of deferred offering costs
Debt issuance costs
Payment for repurchase of common stock
Net cash provided by financing activities$—

37,394——49,999

—

1,347

—

6,000

—

20,000

—

5,000

—

951

—

(2,500 )—(1,000 )—(1,450 )(55 )(153 )

2,669

1,369

—

2

—

(2,415 )—(437 )—(514 )$

294,876$

76,199Net increase in cash and cash equivalents
Cash and cash equivalents at the beginning of the period$

221,717
54,271$

15,23639,035

Cash and cash equivalents at the end of the period$

275,988$

54,271

$

3,019

$

924

$

9

$

4

$

225

$

85

$

—

$

248

$

1,418

$

1,146

$

—

$

745

$

14,421$—$

199,540$—

Supplemental disclosures of cash flow information:

Cash paid during the period for:
Interest
Taxes
Non-cash investing and financing activities:
Capital lease obligations for the purchase of property, plant andequipment
Issuance of convertible preferred stock warrants in connection with debt
Non-cash additions to property, plant and equipment
Offering costs, accrued not yet paid
Reclassification of warrant liability to additional paid-in capital inconnection with the initial public offering
Conversion of convertible preferred stock to common stock upon initialpublic offering
Non-GAAP Financial Measures

Beyond Meat uses the following non-GAAP financial measures in assessing its operating performance and in its financial communications:“Adjusted EBITDA” is defined as net income (loss) adjusted to exclude, when applicable, income tax expense, interest expense, depreciation andamortization expense, restructuring expenses, share-based compensation expense, inventory losses from termination of an exclusive supply
agreement with a co-manufacturer, costs of termination of an exclusive supply agreement with the same co-manufacturer, and expenses primarily
associated with the conversion of our convertible notes and remeasurement of our preferred stock warrant liability and common stock warrant liability.
“Adjusted EBITDA as a % of net revenues” is defined as Adjusted EBITDA divided by net revenues.
We use Adjusted EBITDA and Adjusted EBITDA as a % of net revenues because they are important measures upon which our management
assesses our operating performance. We use Adjusted EBITDA and Adjusted EBITDA as a % of net revenues as key performance measures because
we believe these measures facilitate operating performance comparison from period-to-period by excluding potential differences primarily caused by
the impact of restructuring, asset depreciation and amortization, non-cash share-based compensation and non-operational charges including theimpact to cost of goods sold and selling, general and administrative expenses related to the termination of an exclusive co-manufacturing agreement,
early extinguishment of convertible notes and remeasurement of warrant liability. Because Adjusted EBITDA and Adjusted EBITDA as a % of net
revenues facilitate internal comparisons of our historical operating performance on a more consistent basis, we also use these measures for ourbusiness planning purposes. In addition, we believe Adjusted EBITDA and Adjusted EBITDA as a % of net revenues are widely used by investors,
securities analysts, ratings agencies and other parties in evaluating companies in our industry as a measure of our operational performance.
There are a number of limitations related to the use of Adjusted EBITDA rather than net income (loss), which is the most directly comparable GAAP
measure. Some of these limitations are:Adjusted EBITDA excludes depreciation and amortization expense and, although these are non-cash expenses, the assets
being depreciated may have to be replaced in the future increasing our cash requirements;
Adjusted EBITDA does not reflect interest expense, or the cash required to service our debt, which reduces cash available
to us;
Adjusted EBITDA does not reflect income tax payments that reduce cash available to us;
Adjusted EBITDA does not reflect restructuring expenses that reduce cash available to us;
Adjusted EBITDA does not reflect share-based compensation expenses and therefore does not include all of ourcompensation costs;
Adjusted EBITDA does not reflect other income (expense) that may increase or decrease cash available to us; andother companies, including companies in our industry, may calculate Adjusted EBITDA differently, which reduces its
usefulness as a comparative measure.
These non-GAAP financial measures should not be considered in isolation or as a substitute for financial information provided in accordance with
GAAP. These non-GAAP financial measures may not be computed in the same manner as similarly titled measures used by other companies.
The following table presents the reconciliation of Adjusted EBITDA to its most comparable GAAP measure, net loss, as reported (unaudited):Three Months Ended(in thousands)
Net loss, as reported
Income tax (benefit) expense
Interest expense
Depreciation and amortization expense

December 31,
2019$

Restructuring expenses(1)Share-based compensation expense
Remeasurement of warrant liability

Net loss as a % of net revenues
Adjusted EBITDA as a % of net revenues

$

1,309
7,000
—
(1,205 )Other, net
Adjusted EBITDA(452 )
(12 )
742
2,126

$

9,508
(0.5 )%
9.7 %Year Ended

December 31,
2018(7,452 )
1
740
1,875

December 31,
2019
$

345
1,151
(133 )(286 )$(3,759 )(23.6 )%
(11.9 )%

(12,443 )
9
3,071
8,106

December 31,
2018
$

4,869
12,807
12,503(3,629 )$25,293(4.2 )%
8.5 %(29,886 )
1
1,128
4,921
1,515
2,241
1,120
(352 )$(19,312 )(34.0 )%
(22.0 )%

(1) Primarily comprised of legal and other expenses associated with the dispute with a co-manufacturer with whom an exclusive supply agreement
was terminated in May 2017.