Beyond Meat Files Q3 2024 10-Q

Ticker: BYND · Form: 10-Q · Filed: 2024-11-07T00:00:00.000Z

Sentiment: neutral

Topics: 10-Q, earnings, financials

Related Tickers: BYND

TL;DR

BYND Q3 10-Q is in. Check financials for latest performance.

AI Summary

Beyond Meat, Inc. filed its 10-Q for the period ending September 28, 2024. The filing covers financial performance and operational details for the third quarter of 2024. Key financial data and business updates are presented within this report.

Why It Matters

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

Risk Assessment

Risk Level: medium — Beyond Meat operates in a competitive and evolving market, facing risks related to consumer demand, production costs, and market share.

Key Players & Entities

FAQ

What is the reporting period for this 10-Q filing?

The reporting period for this 10-Q filing is September 28, 2024.

When was this 10-Q filed with the SEC?

This 10-Q was filed on November 7, 2024.

What was Beyond Meat's former company name?

Beyond Meat's former company name was Savage River, Inc.

What is the fiscal year end for Beyond Meat?

Beyond Meat's fiscal year ends on December 31.

What is the Standard Industrial Classification for Beyond Meat?

The Standard Industrial Classification for Beyond Meat is FOOD & KINDRED PRODUCTS [2000].

Filing Stats: 4,425 words · 18 min read · ~15 pages · Grade level 20 · Accepted 2024-11-07 07:11:53

Key Financial Figures

Filing Documents

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 7 Notes to Unaudited Condensed Consolidated Financial Statements 9

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 35

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 57

Controls and Procedures

Item 4. Controls and Procedures 59

Other Information

Part II. Other Information

Legal Proceedings

Item 1. Legal Proceedings 60

Risk Factors

Item 1A. Risk Factors 60

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 67

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 67

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 67

Other Information

Item 5. Other Information 67

Exhibits

Item 6. Exhibits 68

Signatures

Signatures 69 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 sufficiency of our cash and cash equivalents to meet our liquidity needs, including estimates of our expenses, future revenues, capital expenditures, capital requirements and our ability to obtain additional equity or debt financing, including the terms of such financing (if at all), and to bolster and restructure our balance sheet; the availability of our ATM Program (as defined below); risks related to our significant debt, including our ability to repay our indebtedness, limitations on our cash flow from operations and our ability to satisfy our obligations under the convertible senior notes; our ability to refinance the convertible senior notes; our

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) September 28, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 121,732 $ 190,505 Restricted cash, current 558 2,830 Accounts receivable, net 34,674 31,730 Inventory 125,158 130,336 Prepaid expenses and other current assets 13,016 12,904 Assets held for sale 2,275 4,539 Total current assets $ 297,413 $ 372,844 Restricted cash, non-current 12,600 12,600 Property, plant, and equipment, net 188,115 194,046 Operating lease right-of-use assets 126,092 130,460 Prepaid lease costs, non-current 66,444 61,635 Other non-current assets, net 662 1,192 Investment in unconsolidated joint venture 1,612 1,673 Total assets $ 692,938 $ 774,450 Liabilities and stockholders' deficit: Current liabilities: Accounts payable $ 59,633 $ 56,032 Accrued bonus 345 4,790 Current portion of operating lease liabilities 4,103 3,677 Accrued litigation settlement costs 7,250 — Accrued expenses and other current liabilities 15,260 9,855 Total current liabilities $ 86,591 $ 74,354 Long-term liabilities: Convertible senior notes, net $ 1,140,492 $ 1,137,542 Operating lease liabilities, net of current portion 74,506 75,648 Finance lease obligations and other long-term liabilities 3,273 274 Total long-term liabilities $ 1,218,271 $ 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) September 28, 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; 65,171,128 and 64,624,140 shares issued and outstandin

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