Oatly Group AB shares jumped 5% in Wednesday premarket trading after it reported fourth-quarter revenue that beat expectations.
The oat milk maker posted a net loss of $79.8 million, or 13 cents per share, after a loss of $37.0 million, or 8 cents per share, last year.
Revenue of $185.9 million was up from $127.1 million the previous year.
The FactSet consensus was for a loss of 10 cents per share and revenue of $178.0 million.
Gross profit was 15.9% compared with 27.7% the previous year.
"While we experienced inflationary cost pressures and supply chain challenges in certain areas of our business during the fourth quarter, we continue to believe that by having more localized self-manufacturing production, we can achieve much better production economics and operating efficiencies, reduce our environmental impact, and increase profitability over the next several years," said Chief Executive Toni Petersson in a statement.
For the year, Oatly is guiding for revenue of $880 million to $920 million.
The FactSet consensus is for $988 million. Oatly shares began trading in May 2021.
The stock has tumbled 33.6% over the last three months while the S&P 500 index is down 10.6%.