Beyond Meat, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Beyond Meat, Inc. has filed its 2023 10-K report detailing its financial performance and business operations.</b>

AI Summary

BEYOND MEAT, INC. (BYND) filed a Annual Report (10-K) with the SEC on March 1, 2024. Beyond Meat, Inc. filed its 10-K report for the fiscal year ended December 31, 2023. The company's principal executive offices are located at 888 N. Douglas Street, Suite 100, El Segundo, CA 90245. Beyond Meat, Inc. was formerly known as Savage River, Inc., with a name change effective October 8, 2015. The filing includes financial data for the fiscal years 2023, 2022, and 2021. The company operates within the Food & Kindred Products industry.

Why It Matters

For investors and stakeholders tracking BEYOND MEAT, INC., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Beyond Meat's financial health, operational strategies, and risk factors for the fiscal year 2023, crucial for investors assessing the company's current standing and future prospects. The detailed financial statements and disclosures within the report offer insights into revenue trends, expenses, and balance sheet items, enabling stakeholders to understand the company's performance in the competitive plant-based meat market.

Risk Assessment

Risk Level: medium — BEYOND MEAT, INC. shows moderate risk based on this filing. The company's financial performance and ability to achieve profitability are subject to significant risks, including intense competition and evolving consumer preferences in the plant-based food market, as indicated by its historical financial results and market conditions.

Analyst Insight

Investors should closely examine Beyond Meat's revenue growth, cost management strategies, and path to profitability detailed in the 10-K to assess its long-term viability.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-03-01 — Filing Date (Date of submission)
• 001-38879 — SEC File Number (Company's SEC file number)
• 264087597 — IRS Number (Company's IRS number)

Key Players & Entities

• BEYOND MEAT, INC. (company) — Filer name
• Savage River, Inc. (company) — Former company name
• 2023-12-31 (date) — Fiscal year end
• 2024-03-01 (date) — Filing date
• 888 N. DOUGLAS STREET, SUITE 100 (address) — Business street address
• EL SEGUNDO (location) — Business city
• CA (location) — Business state
• 90245 (postal_code) — Business zip code

FAQ

Industry Context

Beyond Meat operates in the Food & Kindred Products sector, specifically focusing on the rapidly growing plant-based meat alternative market.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to disclose material information about their business, financial condition, and operations.

What Investors Should Do

1. Review the detailed financial statements for revenue, net income, and cash flow for FY2023.
2. Analyze the risk factors section for potential challenges in market competition and operational execution.
3. Assess management's discussion and analysis (MD&A) for strategic priorities and outlook.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-03-01: Filing Date — Date the 10-K report was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial analysis of the 2023 10-K filing; comparative data from previous filings will be incorporated as available.

Key Financial Figures

• $0.0001 — ange on which registered Common Stock, $0.0001 par value BYND The Nasdaq Stock Market

Filing Documents

• bynd-20231231.htm (10-K) — 2143KB
• ex108-7thamendmentto1325el.htm (EX-10.8) — 71KB
• ex1032-offerletterxlubikut.htm (EX-10.32) — 28KB
• exh1034revisedakerho_akxog.htm (EX-10.34) — 129KB
• ex1035offer_letterxxjonath.htm (EX-10.35) — 109KB
• ex1036jonnelsonpromotionle.htm (EX-10.36) — 19KB
• ex191-insidertradingpolicy.htm (EX-19.1) — 64KB
• ex-211subsidiaries.htm (EX-21.1) — 2KB
• ex231beyondmeat2023consent.htm (EX-23.1) — 2KB
• ex-31110k2023.htm (EX-31.1) — 12KB
• ex-31210xk2023.htm (EX-31.2) — 12KB
• ex-32110k2023.htm (EX-32.1) — 7KB
• ex-32210xk2023.htm (EX-32.2) — 8KB
• ex971-policyforrecoveryofe.htm (EX-97.1) — 30KB
• bynd-20231231_g1.gif (GRAPHIC) — 40KB
• bynd-20231231_g2.jpg (GRAPHIC) — 143KB
• image_0.jpg (GRAPHIC) — 0KB
• image_1a.jpg (GRAPHIC) — 50KB
• image_2.jpg (GRAPHIC) — 0KB
• 0001655210-24-000025.txt (&nbsp;) — 11524KB
• bynd-20231231.xsd (EX-101.SCH) — 58KB
• bynd-20231231_cal.xml (EX-101.CAL) — 106KB
• bynd-20231231_def.xml (EX-101.DEF) — 336KB
• bynd-20231231_lab.xml (EX-101.LAB) — 954KB
• bynd-20231231_pre.xml (EX-101.PRE) — 623KB
• bynd-20231231_htm.xml (XML) — 1405KB

Business

Item 1. Business 1

Risk Factors

Item 1A. Risk Factors 13

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 55 I tem 1C. Cybersecurity 55

Properties

Item 2. Properties 57

Legal Proceedings

Item 3. Legal Proceedings 57

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 58 Part II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 58

[Reserved]

Item 6. [Reserved] 59

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 60

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 83

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 85

Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 129

Controls and Procedures

Item 9A. Controls and Procedures 130

Other Information

Item 9B. Other Information 132

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 132 Part III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 133

Executive Compensation

Item 11. Executive Compensation 133

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 133

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 133

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 133 Part IV

Exhibit and Financial Statement Schedules

Item 15. Exhibit and Financial Statement Schedules 134

Form 10-K Summary

Item 16. Form 10-K Summary 139

Signatures

Signatures 140 Note Regarding Forward-Looking Statements This report includes forward-looking statements within the meaning of the federal securities laws that involve risks and uncertainties concerning the business, products and financial results of Beyond Meat, Inc. (including its subsidiaries unless the context otherwise requires, "Beyond Meat," "we," "us," "our" or the "Company"). We have based these forward-looking statements largely on our current opinions, expectations, beliefs, plans, objectives, assumptions and projections about future events and financial trends affecting the operating results and financial condition of our business. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time those statements are made and/or management's good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause such differences include, but are not limited to: the impact of inflation and higher interest rates across the economy, including higher food, grocery, raw materials, transportation, energy, labor and fuel costs; a continued decrease in demand, and the underlying factors negatively impacting demand, in the plant-based meat category; risks and uncertainties related to certain cost-reduction initiatives, cost structure improvements, workforce reductions and executive leadership changes, and the timing and success of reducing operating expenses and achieving certain financial goals and cash flow positive objectives; the timing and success of narrowing our commercial focus to certain growth opportunities; accele

BUSINESS

ITEM 1. BUSINESS. Overview Beyond Meat is a leading plant-based meat company offering a portfolio of revolutionary plant-based meats. We build meat directly from plants, an innovation that enables consumers to experience the taste, texture and other sensory attributes of popular animal-based meat products while enjoying the nutritional and environmental benefits of eating our plant-based meat products. Our brand promise, "Eat What You Love," represents a strong belief that there is a better way to feed our future and that the positive choices we all make, no matter how small, can have a great impact on our personal health and the health of our planet. By shifting from animal-based meat to plant-based meat, we can positively impact four growing global issues: human health, climate change, constraints on natural resources and animal welfare. To capture this broad market opportunity, we have developed three core plant-based product platforms that align with the largest meat categories globally: beef, pork and poultry. The primary components of animal-based meat—amino acids, lipids, carbohydrates, trace minerals and water—are not exclusive to animals and are plentiful in plants. We create our plant-based products using proprietary scientific processes that determine the architecture of the animal-based meat we are seeking to replicate and then we assemble it using plant-derived amino acids, lipids, carbohydrates, trace minerals and water. We are focused on continuously improving our products so that eventually they are, to the human sensory system, indistinguishable from their animal-based counterparts. Our flagship product is the Beyond Burger, designed to look, cook and taste like a traditional beef burger. We also sell a range of other plant-based meat products, including Beyond Sausage, Beyond Beef, Beyond Meatballs, Beyond Breakfast Sausage Patties, Beyond Breakfast Sausage Links, Beyond Beef Crumbles, Beyond Italian Sausage Crumbles, Beyond Chicken Tenders, Be