Shares in plant-based meat company Beyond Meat (BYND) spiked nearly 40% on Friday, after the company topped earnings expectations for the first time as a public company.

The alternative food company saw triple-digit percentage gains in revenue, and provided rosy full year guidance.

Yet the most important piece of Beyond Meat’s first earnings report, according to one early investor, was the source of the company’s growth — not just its pace.

“Food service sales [were] nearly six times higher from a year ago—and that’s because of companies like Carl’s Jr. and Del Taco (TACO) now featuring Beyond Meat products,” Nick Cooney, Lever VC’s managing partner told Yahoo Finance’s YFi PM.

Given its explosive growth, Conney thinks Beyond Meat’s outlook for $210 million in full-year revenue for 2019 may actually be conservative.

“All of the attention and buzz they got post-IPO, if that’s going to translate to more food service companies bringing them in, that’s not even reflected in their current $210 million projection,” he argued.

With the alternative meat market potentially worth a whopping $140 billion in 10 years according to Barclays, investors like Conney believe the sky may be the limit for Beyond Meat.

“[It’s] on a great trajectory to become the dominant player in the space globally,” Conney said.

Beyond Meat CEO Ethan Brown emphasized the company’s growing food service partnerships in its growth prospects.

“What’s so exciting for us about the quick-serve restaurant channel is that every time a consumer sees the product on the menu, it's the Beyond Meat brand,” he said during the company’s earnings call.

“We are building our brand alongside these important partners,” Brown added.

Read the latest financial and business news from Yahoo Finance

Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, SmartNews,LinkedIn, YouTube, and reddit.