Beyond Meat Files Q2 2024 10-Q

TL;DR

BYND Q2 10-Q filed. Financials out.

AI Summary

Beyond Meat, Inc. filed its 10-Q for the period ending June 29, 2024. The company reported its financial results, including revenue and expenses, for the second quarter of 2024. Key financial data and operational updates are detailed within the filing.

Why It Matters

This filing provides investors and analysts with the latest financial performance data for Beyond Meat, crucial for understanding the company's current financial health and future prospects in the plant-based meat market.

Risk Assessment

Risk Level: medium — Beyond Meat operates in a competitive and evolving market, and its financial performance can be volatile, necessitating careful review of its 10-Q filings.

Key Players & Entities

• Beyond Meat, Inc. (company) — Filer of the 10-Q
• 20240629 (date) — End of the reporting period
• 20240808 (date) — Date of filing
• Savage River, Inc. (company) — Former company name

FAQ

Key Financial Figures

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

Filing Documents

• bynd-20240629.htm (10-Q) — 1615KB
• byndq2202410qex-311.htm (EX-31.1) — 11KB
• byndq2202410qex-312.htm (EX-31.2) — 11KB
• byndq2202410qex-321.htm (EX-32.1) — 7KB
• byndq2202410qex-322.htm (EX-32.2) — 8KB
• bynd-20240629_g1.gif (GRAPHIC) — 40KB
• 0001655210-24-000210.txt ( ) — 8526KB
• bynd-20240629.xsd (EX-101.SCH) — 46KB
• bynd-20240629_cal.xml (EX-101.CAL) — 77KB
• bynd-20240629_def.xml (EX-101.DEF) — 293KB
• bynd-20240629_lab.xml (EX-101.LAB) — 693KB
• bynd-20240629_pre.xml (EX-101.PRE) — 531KB
• bynd-20240629_htm.xml (XML) — 1179KB

Financial Information

Part I. Financial Information

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited): 1 Condensed Consolidated Balance Sheets 1 Condensed Consolidated Statements of Operations 3 Condensed Consolidated Statements of Comprehensive Loss 4 Condensed Consolidated Statements of Stockholders' Deficit 5 Condensed Consolidated Statements of Cash Flows 6 Notes to Unaudited Condensed Consolidated Financial Statements 8

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 33

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 52

Controls and Procedures

Item 4. Controls and Procedures 54

Other Information

Part II. Other Information

Legal Proceedings

Item 1. Legal Proceedings 55

Risk Factors

Item 1A. Risk Factors 55

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 60

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 60

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 60

Other Information

Item 5. Other Information 60

Exhibits

Item 6. Exhibits 61

Signatures

Signatures 62 i 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; acc

Financial Information

Part I. Financial Information ITEM I. FINANCIAL STATEMENTS BEYOND MEAT, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (In thousands, except share and per share data) (unaudited) June 29, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 144,873 $ 190,505 Restricted cash, current 536 2,830 Accounts receivable, net 34,463 31,730 Inventory 119,532 130,336 Prepaid expenses and other current assets 15,538 12,904 Assets held for sale 2,323 4,539 Total current assets $ 317,265 $ 372,844 Restricted cash, non-current 12,600 12,600 Property, plant, and equipment, net 186,584 194,046 Operating lease right-of-use assets 127,679 130,460 Prepaid lease costs, non-current 64,822 61,635 Other non-current assets, net 634 1,192 Investment in unconsolidated joint venture 1,650 1,673 Total assets $ 711,234 $ 774,450 Liabilities and stockholders' deficit: Current liabilities: Accounts payable $ 59,449 $ 56,032 Accrued bonus 393 4,790 Current portion of operating lease liabilities 4,125 3,677 Accrued litigation settlement costs 7,500 — Accrued expenses and other current liabilities 12,051 9,855 Total current liabilities $ 83,518 $ 74,354 Long-term liabilities: Convertible senior notes, net $ 1,139,509 $ 1,137,542 Operating lease liabilities, net of current portion 74,884 75,648 Finance lease obligations and other long-term liabilities 3,348 274 Total long-term liabilities $ 1,217,741 $ 1,213,464 (continued on the next page) 1 BEYOND MEAT, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (In thousands, except share and per share data) (unaudited) June 29, 2024 December 31, 2023 Commitments and Contingencies ( Note 9 ) Stockholders' deficit: Preferred stock, par value $ 0.0001 per share— 500,000 shares authorized, none issued and outstanding $ — $ — Common stock, par value $ 0.0001 per share— 500,000,000 shares authorized; 64,993,318 and 64,624,140 shares issued and outstanding at June