Oatly Group AB ADR OTLY, +0.72% stock rose nearly 3% in Wednesday premarket trading after it reported first-quarter revenue that beat expectations. The plant-based dairy company posted a net loss of $87.5 million, or 15 cents per share, after a loss of $32.4 million, or 7 cents per share. Revenue of $166.2 million was up from $140.1 million last year. The FactSet consensus was for a loss of 13 cents per share and revenue of $160.5 million. "Near-term margins and profitability have been impacted by the additional costs associated with scaling of our new facilities, and the inflationary environment, however, we continue to believe that we can achieve much better economies of scale and greater operating efficiencies through our more localized self-manufacturing, which will help us increase our growth while reducing our environmental impact and achieve profitability over the next several years," said Chief Executive Toni Petersson in a statement. The company continues to expect 2022 revenue of $880 million to $920 million. The FactSet consensus is for $883.2 million. Oatly stock has slumped 56.2% for the year to date.