Just like its shares, Beyond Meat Inc. sales are growing faster than expected, and the company plans to sell more of both products.

Beyond Meat

BYND, -5.44%

 on Monday afternoon said that sales nearly quadrupled from a year ago, reporting a second-quarter loss of $9.4 million, or 24 cents a share, on sales of $67.3 million, after losses of $7.4 million on revenue of $17.4 million a year ago. Earnings before interest, income taxes, amortization and depreciation, and adjusted to strip out stock-based compensation and other expenses, came in at a gain of $6.9 million. Analysts on average expected the company to report losses of 9 cents a share on revenue of $52.5 million, according to FactSet.

“Growth in net revenues for the second quarter of 2019 was driven primarily by an increase in sales of the Beyond Burger, expansion in the number of retail and food service points of distribution, including new strategic customers, as well as greater demand from our existing customers,” Chief Financial Officer Mark Nelson said in a conference call Monday afternoon.

Shares wobbled in immediate after-hours trading following the report’s release, but then sank after the company revealed that it plans to sell more shares in a secondary offering. Beyond Meat plans to sell an additional 3.25 million shares, with 3 million coming from selling stockholders and 250,000 shares from the company, at a yet-to-be-determined price. After that announcement hit, the stock plunged to a loss of more than 10%.

For more: Five things to know about Beyond Meat

Beyond Meat stock has performed beyond any expectations so far on the public markets, surging to nine time its IPO price of $25 a share. The stock closed with a 5.4% decline at $222.13 on Monday, giving it a market value of $13.4 billion at the close, according to FactSet. The S&P 500 index

SPX, -0.16%

 has gained about 3.6% since Beyond Meat went public.

Secondary offerings happen often after IPOs, especially when shares are hot and investors are concerned about a flood of sales after the end of the typical six-month lockup period, in which early investors are not allowed to sell shares on the public market. Beyond Meat’s lockup period ends on Oct. 29, according to IPO filings, and all shares not included in the secondary offering can still be sold on or after that date, according to a registration statement published by the Securities and Exchange Commission on Monday afternoon.

About a third of the 3 million shares offered will come from venture-capital shops Kleiner Perkins Caufield & Byers and Obvious Ventures, with Kleiner Perkins planning to sell about 600,000 shares and Obvious selling about 350,000 shares. Chief Executive Ethan Brown plans to sell about 39,000 shares, CFO Nelson will sell 55,530 shares, and employees not listed in the registration offering will sell more than 41,000 shares. The offering will be led by Goldman Sachs, J.P. Morgan and Credit Suisse, and bankers will have access to an additional 487,500 shares from the selling stockholders, according to Monday’s announcement.

Executives said they would not answer any questions about the secondary offering in Monday’s conference call due to regulatory requirements.

See also: Earnings menu for this week includes Beyond Meat, Apple and a big bag of chips

Beyond Meat stormed through its first post-IPO earnings report in early June with ease, providing a rosier forecast than observers expected with predictions of breaking even on an adjusted-Ebitda basis at the end of the year and reaching annual sales of more than $210 million. Shares were still trading lower than $100 at that point, and have more than doubled since.

In Monday’s report, Beyond Meat again raised expectations for the rest of the year, increasing its annual revenue forecast from a minimum of $210 million to at least $240 million. The company now says that it will post positive adjusted Ebitda for the full year, largely thanks to that metric’s expulsion of stock-based compensation, which totaled more than $1.8 billion in the second quarter largely due to the IPO.

Beyond Meat does not provide quarterly guidance, but Nelson said he expects revenue to increase sequentially in the current quarter.

“We do expect Q2 and Q3 to represent the strongest net revenue and profit contribution quarters of the year, with Q3 contributing somewhat more from a net revenue perspective relative to Q2,” Nelson said in prepared remarks.

Between the two forecast increases, Beyond Meat linked up with some new partners, including Del Taco Restaurants Inc.

TACO, +3.38%

  , Blue Apron Inc.

APRN, -4.31%

 and Dunkin’ Brands Group Inc.’s

DNKN, -0.93%

 Dunkin’ Donuts chain. Late in the quarter, which ended June 30, it announced the retail launch of its Beyond Beef product, a raw ground beef-style version of its popular burger patties.

“We are very pleased with our second-quarter results which reflect continued strength across our business as evidenced by new food-service partnerships, expanded distribution in domestic retail channels, and accelerating expansion in our international markets,” CEO Brown said in Monday’s announcement. “We believe our positive momentum continues to demonstrate mainstream consumers’ growing desire for plant-based meat products both domestically and abroad.”

See also: Beyond Meat has hit the ‘short-squeeze trifecta’ as borrow fees keep soaring

The sharp rise in Beyond Meat shares has attracted a bevy of short sellers, who have driven costs to borrow the shares in order to bet against the high prices to astronomical levels. As of Monday, shares were commanding a borrow fee of 135.9%, rising to 150% for new borrows, according to analytics firm S3 Partners.

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