Shares of Oatly (NASDAQ: OTLY) are down nearly 20% after the company reported disappointments Q3 results and guidance.

Oatly reported EPS of ($0.07), $0.02 better than the analyst estimate of ($0.09). Revenue for the quarter came in at $171.1 million to miss on the consensus estimate of $185.95 million.

The company is calling for $635 million in FY21 revenues, again lower than the consensus of $694.1 million.

“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,” Toni Petersson, Oatly’s CEO, commented.

Despite lower-than-expected Q3 sales and guidance that “fell short of even tempered expectations,” Cowen analyst Brian Holland reiterated an Outperform rating and a $26.00 per share price target.

“The stock's downward spiral is set to continue this morning; however, we remain bullish on oat milk, Oatly is the segment leader, and current issues—albeit painful —appear transitory,” said Holland.

Oatly shares are already down over 41% YTD.