Odd as they just lost their plant controller and are expanding like mad. I wonder if one of their big contracts fell through or if this truly is restructuring around their new plants and expansion model
this post was submitted on 13 Sep 2023
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Edit: apparently that $50MM injection came with the stipulation that they are profitable within ~1 year. That's never going to happen in manufacturing with high capex, hell even if it was tech that's not going to happen. Either the investors are going to have to get a dose of reality or Meati will cease to exist by around this time next year and these myopic investors get to eat crow. I feel bad for employees because profitability in the timeframe being demanded by investors is beyond unreasonable and I suspect investors will want to sell off IP to recoup their money and the hard working employees will suffer
I hope they are able to stay viable. I've not seen it on the shelves anywhere else (yet) and I've not been to Whole Foods in a long, long time...