In mid-November, US plant-based meat substitute maker Beyond Meat released weak 3Q results. The company's revenue grew by 12.7% yoy and reached $ 106.4 million versus $ 94.4 million a year earlier, which was below the consensus forecast at $ 109.2 million. The company's net loss for the quarter ended October 2 was $ 54.816 million, or 87 cents per share, compared with $ 19.285 million, or 31 cents per share, in the comparable period last year. The result was significantly worse than market expectations at minus $ 0.3. The deterioration in financial performance occurred against the backdrop of an increase in the wage bill due to an increase in the number of personnel, an increase in marketing costs and transportation costs. The results of the company greatly disappointed investors, so the shares on the day of the release of the reports fell by almost 16% and continue to decline to the current day. Many global investment houses have downgraded their valuations of the issuer's stock. We also revised our financial model and downgraded the share price from $ 101 to $ 79.
Despite the weak quarter, we believe in a strong trend in the artificial meat industry and believe that Beyond Meat has every reason to become the industry leader. We expect to see a steady increase in the share of plant-based meat in the total turnover of meat products in the long term, thanks to the evolution of artificial analogues that are becoming more comparable in taste, texture and appearance. It is also important to understand that changing consumer preferences across generations and increased customer awareness of the adverse environmental impacts of animal meat production will further support the meat-based alternative sector. Management of Beyond Meat predicts revenues in the current fiscal quarter in the range of $ 85-110 million, while market experts are expecting the figure at $ 130.5 million. We forecast Beyond Meat's total revenue of $ 469.1 million in fiscal 2021, $ 616.5 million. in fiscal 2022 and $ 1,160 million for fiscal 2026.
Beyond Meat, founded in 2009, offers a range of plant-based beef, pork, and poultry—building meat directly from plants to replicate the taste and texture, as well as other sensory attributes, of animal based products. The company’s primary production facilities are located in Columbia, Missouri, the Netherlands, and China; it also uses various co manufacturers around the world. Research & development, administrative, and corporate headquarters are located in El Segundo, California.