On Monday, Nasdaq-listed shares in the Swedish oat drink producer Oatly Group AB (NASDAQ: OTLY) dropped sharply in pre-market trading after the company sank to a deeper loss in Q3 and lowered its 2023 sales guidance.

The Malmö-based firm posted a net loss attributable to shareholders of $107.9 million during the quarter, widening a loss of $41.2 million in the corresponding timeframe last year.

Q3 financial results were below expectations, primarily driven by production challenges in the Americas, COVID-19 restrictions in Asia, and continued foreign exchange headwinds.

The company also released its annual sales forecast, stating it expects to post top-line returns of between $700 million and $720 million in 2022. In Q2, the group had predicted revenues would come in at $800 million to $830 million.