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THE ORIGINAL OATLY ! Oatly Reports Third Quarter 2021 Financial Results November 15 , 2021 Record Quarterly Revenue of $ 171.1 Million , an Increase of 49 % Year - Over - Year All - Time High Production Output for the Month of October As Company Continues to Scale Production Across Three Continents Company Updates Fiscal Year 2021 Outlook MALMÖ , Sweden , Nov. 15 , 2021 ( GLOBE NEWSWIRE ) -- Oatly Group AB ( Nasdaq : OTLY ) ( " Oatly " or the " Company " ) , the world's original and largest oat drink company , today announced financial results for the third quarter and nine months ended September 30 , 2021 . Toni Petersson , Oatly's CEO , commented , " Global consumer demand for our products continues to be strong and grow as we expand production and increasingly scale our operations . The robust third quarter revenue increase reflects broad - based growth across geographies and sales channels . We're pleased with our ability to continue to be a leader in driving growth and sales velocity for the plant - based milk category within our key markets . This positive momentum was partially offset by temporary headwinds as we scale our global production capacity , particularly in Ogden , Utah , and as we manage through COVID - 19 Delta - variant related restrictions and temporary foodservice closures in Asia . Despite this near - term variability , we remain very confident in our ability to meet the rapidly growing global demand for our products . " Third Quarter 2021 Highlights • Revenue of $ 171.1 million , a 49.2 % increase compared to $ 114.7 million in the prior year period ; as expected there was a benefit to revenue from foreign exchange , the benefit was approximately $ 4.4 million • Gross profit of $ 44.9 million , or a 26.2 % gross profit margin , compared to $ 36.0 million , or a 31.3 % gross profit margin , in the prior year period Nine Month 2021 Highlights • Revenue of $ 457.3 million , a 55.4 % increase compared to $ 294.2 million in the prior year period ; as expected there was a benefit to revenue from foreign exchange , the benefit was approximately $ 23.4 million • Gross profit of $ 125.4 million , or a 27.4 % gross profit margin , compared to $ 94.0 million , or a 32.0 % gross profit margin , in the prior year period Third Quarter 2021 Results Revenue increased $ 56.4 million , or 49.2 % , to $ 171.1 million for the third quarter ended September 30 , 2021 , compared to $ 114.7 million for the third quarter ended September 30 , 2020. The revenue increase was primarily driven by additional supply from the Company's new production capacity in Vlissingen , Netherlands to meet the growing global demand for its products . This revenue growth was partially offset by lower than expected production output at the Company's facility in Ogden , Utah primarily due to temporary mechanical and automation issues in late August which impacted revenue by approximately $ 3.0 million , foodservice location closures in Asia due to the COVID - 19 Delta variant of approximately $ 3.0 million , and a truck driver shortage in the United Kingdom temporarily delaying distribution of products which impacted revenue by an estimated $ 1.0 million . Produced finished goods volume for the third quarter of 2021 amounted to 131 million liters compared to 74 million liters for the same period last year , an increase of 77.0 % . As expected , there was a minimal benefit to revenue from foreign exchange , the benefit was approximately $ 4.4 million . The Company experienced broad - based growth across retail and foodservice channels in the third quarter of 2021. The foodservice channel contribution increased in the third quarter of 2021 compared to the prior year period with the continued reopening of on - premise outlets upon the lifting of certain COVID - 19 restrictions in the Company's key Western markets , partially offset by certain COVID - 19 Delta variant - related foodservice location closures in Asia . In the third quarter of 2021 and 2020 , the foodservice channel accounted for 35.8 % and 27.3 % of the Company's revenue , respectively , and the retail channel accounted for 59.4 % and 69.4 % of the Company's revenue , respectively . Gross profit was $ 44.9 million for the third quarter of 2021 compared to $ 36.0 million for the third quarter of 2020. Gross profit margin decreased 510 basis points to 26.2 % for the third quarter of 2021 compared to 31.3 % in the same period last year . The gross profit margin decline in the third quarter of 2021 compared to the prior year period was primarily due to higher logistics expenses in EMEA and the Americas as well as higher container rates for shipments from EMEA to Asia , a change in channel and customer mix primarily in Americas , short - term challenges related to scaling up production capacity at the Company's Ogden , Utah facility , which also resulted in a higher share of co - packing production , partially offset by positive channel and customer mix in Asia and a minor impact from foreign exchange . Research and development expenses in the third quarter of 2021 increased $ 2.4 million to $ 4.1 million compared to $ 1.7 million in the prior year period . Selling , general and administrative expenses in the third quarter of 2021 increased $ 44.5 million to $ 85.1 million compared to $ 40.6 million in the prior