LONDON, Aug 16 (Reuters Breakingviews) - Oatly (OTLY.O) still has some froth. The Swedish oat milk producer on Monday reported revenue of $286 million in the first six months of the year, up 59% year-on-year. Boss Toni Petersson now expects full-year revenue exceeding $690 million, above analysts’ forecasts of $681 million. Shares rose 3%. Still, Oatly’s operating losses ballooned to $77 million, compared with $9.5 million in the first half of 2020. Its gross margin fell from 32.4% to 28.1% due to higher logistics expenses and shipment rates. Petersson expects new manufacturing plants in Asia and the United States to better meet demand and eventually cut costs, but inflation and climate change could complicate how he sources oats. Then there’s short seller Spruce Point’s allegations of issues like accounting irregularities read more , which have fueled a 25% drop in Oatly’s market value in the last month to only slightly above its $17 IPO price . Oatly does trade at about 8 times 2022 sales, above traditional milk producers’ 2 times. Petersson needs to control his costs better to get investors comfortable again. (By Karen Kwok) On Twitter http://twitter.com/breakingviews Capital Calls - More concise insights on global finance: Sonos win booms for small tech read more Germany vectors a steady Lufthansa landing read more India’s Ola can bring cleaner rides to the masses read more Coupang loses investors on winding path to profit read more Juicy Couture owner sees gold in Adidas castoff read more