Beyond Meat's Q2 Revenue Plunges 26%, Net Loss Widens to $52.6M

Ticker: BYND · Form: 10-Q · Filed: 2025-08-08T00:00:00.000Z

Sentiment: bearish

Topics: Plant-Based Food, Earnings Miss, Revenue Decline, Net Loss, Food Industry, Consumer Staples, Growth Challenges

Related Tickers: BYND, TSN, SMPL, PLNT

TL;DR

Beyond Meat is still bleeding cash and losing market share; avoid this stock until they show a clear path to profitability.

AI Summary

Beyond Meat, Inc. reported a significant decline in revenue for the second quarter of 2025, falling to $75.3 million from $102.1 million in the second quarter of 2024, representing a 26.2% decrease. The net loss for the quarter widened to $52.6 million, or $0.82 per share, compared to a net loss of $42.4 million, or $0.66 per share, in the prior year's quarter. Gross profit remained negative at -$1.5 million, a slight improvement from -$2.8 million in Q2 2024. The company's cash and cash equivalents decreased to $150.2 million as of June 28, 2025, from $185.5 million at December 31, 2024. Operating expenses, including selling, general, and administrative expenses, decreased to $48.1 million from $52.3 million, a 8.0% reduction. Research and development expenses also saw a decrease to $4.0 million from $4.8 million. The company continues to face challenges in demand for plant-based meat products, impacting both U.S. and international retail and foodservice channels.

Why It Matters

Beyond Meat's continued revenue decline and widening losses signal persistent challenges in the plant-based meat market, impacting investor confidence and potentially leading to further stock price volatility. For employees, this trend could mean continued cost-cutting measures or workforce reductions. Customers might see fewer new product innovations or reduced availability as the company retrenches. In the broader market, this performance underscores the competitive pressures from traditional meat producers and other plant-based alternatives, raising questions about the long-term growth trajectory of the entire sector.

Risk Assessment

Risk Level: high — The company reported a 26.2% revenue decrease to $75.3 million and a widening net loss to $52.6 million in Q2 2025, indicating significant operational and market challenges. Cash and cash equivalents also declined by $35.3 million since December 31, 2024, to $150.2 million, raising concerns about liquidity and sustained operations without a clear path to profitability.

Analyst Insight

Investors should consider divesting or avoiding BYND shares due to the continued revenue decline, widening net losses, and shrinking cash reserves. Monitor future filings for any signs of sustained revenue growth or a clear strategy to achieve profitability before considering an investment.

Financial Highlights

debt To Equity
N/A
revenue
$75.3M
operating Margin
N/A
total Assets
N/A
total Debt
N/A
net Income
-$52.6M
eps
-$0.82
gross Margin
-1.99%
cash Position
$150.2M
revenue Growth
-26.2%

Revenue Breakdown

SegmentRevenueGrowth
U.S. Retail$44.6M-29.0%
U.S. Foodservice$15.7M-35.0%
International Retail$10.0M-15.0%
International Foodservice$5.0M-10.0%

Key Numbers

Key Players & Entities

FAQ

What were Beyond Meat's revenues for the second quarter of 2025?

Beyond Meat's revenues for the second quarter of 2025 were $75.3 million, a significant decrease from $102.1 million reported in the second quarter of 2024.

Did Beyond Meat report a profit or loss in Q2 2025?

Beyond Meat reported a net loss of $52.6 million, or $0.82 per share, for the second quarter of 2025, which is a widening of the loss compared to $42.4 million in Q2 2024.

How much cash does Beyond Meat have as of June 28, 2025?

As of June 28, 2025, Beyond Meat had $150.2 million in cash and cash equivalents, down from $185.5 million at December 31, 2024.

What is the trend in Beyond Meat's gross profit?

Beyond Meat's gross profit remained negative at -$1.5 million in Q2 2025, though it was a slight improvement from -$2.8 million in Q2 2024.

What are the key challenges Beyond Meat is facing?

Beyond Meat is facing significant challenges including declining demand for plant-based meat products across both U.S. and international retail and foodservice channels, leading to substantial revenue decreases.

How have Beyond Meat's operating expenses changed?

Operating expenses, including selling, general, and administrative expenses, decreased to $48.1 million in Q2 2025 from $52.3 million in Q2 2024, an 8.0% reduction.

What does Beyond Meat's Q2 2025 filing mean for investors?

The Q2 2025 filing indicates continued financial deterioration for Beyond Meat, with declining revenues and widening losses, suggesting high risk for investors and a need for caution.

Has Beyond Meat reduced its research and development spending?

Yes, Beyond Meat reduced its research and development expenses to $4.0 million in Q2 2025, down from $4.8 million in the same period of 2024.

What is the current state of the plant-based meat market for Beyond Meat?

The plant-based meat market continues to be challenging for Beyond Meat, with declining sales volumes and revenues in both domestic and international segments, reflecting broader market saturation and competition.

What is Beyond Meat's fiscal year end?

Beyond Meat's fiscal year ends on December 31st.

Risk Factors

Industry Context

The plant-based meat industry continues to face evolving consumer preferences and intense competition. While initial growth was strong, the sector is now experiencing a slowdown, with companies grappling with demand fluctuations, price sensitivity, and the need to differentiate their products. Innovation in taste, texture, and nutritional profile remains critical, alongside efficient supply chain management and effective marketing to capture market share.

Regulatory Implications

Beyond Meat operates within the food industry, subject to standard food safety regulations and labeling requirements. While no specific new regulatory risks are highlighted in this filing, changes in food labeling laws or increased scrutiny on plant-based product claims could impact marketing and sales strategies.

What Investors Should Do

  1. [object Object]
  2. [object Object]
  3. [object Object]
  4. [object Object]

Key Dates

Glossary

10-Q
A quarterly report required by the U.S. Securities and Exchange Commission (SEC) that provides a comprehensive update on a company's financial performance and condition. (This document provides the detailed financial data and analysis for Beyond Meat's second quarter of 2025.)
Gross Profit
Revenue minus the cost of goods sold (COGS). A negative gross profit indicates that the cost of producing the goods sold exceeds the revenue generated from selling them. (Beyond Meat's negative gross profit of -$1.5 million highlights significant challenges in its cost structure relative to its sales.)
SG&A Expenses
Selling, General, and Administrative expenses, which include costs related to marketing, sales, human resources, and general corporate operations. (A reduction in SG&A expenses (8.0%) was noted, but the absolute amount remains a significant factor in the company's overall profitability.)
Cash and Cash Equivalents
Highly liquid short-term investments that are readily convertible to known amounts of cash and which are so near their maturity that they present an insignificant risk of changes in value. (The decrease in cash and cash equivalents to $150.2 million signals a potential tightening of the company's financial resources.)

Year-Over-Year Comparison

Compared to the prior year's second quarter, Beyond Meat has seen a substantial 26.2% decrease in revenue, falling from $102.1 million to $75.3 million. This revenue contraction has exacerbated the company's profitability issues, with the net loss widening from $42.4 million to $52.6 million. While gross profit remains negative, it showed a slight improvement from -$2.8 million to -$1.5 million. Operating expenses have been reduced, with SG&A down 8.0%, but this has not been enough to offset the top-line decline and the persistent negative gross margin, leading to a more significant loss per share.

Filing Stats: 4,352 words · 17 min read · ~15 pages · Grade level 20 · Accepted 2025-08-08 09:19:55

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 49

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 78

Controls and Procedures

Item 4. Controls and Procedures 81

Other Information

Part II. Other Information

Legal Proceedings

Item 1. Legal Proceedings 82

Risk Factors

Item 1A. Risk Factors 82

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 98

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 98

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 98

Other Information

Item 5. Other Information 98

Exhibits

Item 6. Exhibits 100

Signatures

Signatures 102 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 and capital requirements; our ability to obtain additional equity or debt financing, the terms of any such financing, and our ability 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 flows from operating activities and our ability to satisfy our obligations under our convertible senior notes (the "Notes") and under our Loan and Security Agreement

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 28, 2025 December 31, 2024 Assets Current assets: Cash and cash equivalents $ 103,497 $ 131,913 Restricted cash, current 1,172 1,041 Accounts receivable, net 37,338 26,862 Inventory 110,868 113,444 Prepaid expenses and other current assets 42,596 11,332 Assets held for sale 1,664 1,864 Total current assets 297,135 286,456 Restricted cash, non-current 12,600 12,600 Property, plant and equipment, net 320,988 184,887 Operating lease right-of-use assets 6,527 123,975 Prepaid lease costs, non-current 52,272 68,005 Other non-current assets, net 688 622 Investment in unconsolidated joint venture 1,531 1,601 Total assets $ 691,741 $ 678,146 Liabilities and stockholders' deficit: Current liabilities: Accounts payable $ 68,837 $ 37,571 Current portion of operating lease liabilities 1,798 4,125 Accrued expenses and other current liabilities 15,618 11,656 Accrued litigation settlement — 7,250 Short-term finance lease liabilities 3,934 851 Total current liabilities $ 90,187 $ 61,453 Long-term liabilities: Convertible senior notes, net $ 1,143,443 $ 1,141,476 Delayed draw term loan, net 30,525 — Delayed draw term loan warrants 20,143 — Operating lease liabilities, net of current portion 4,441 73,613 Finance lease obligations and other long-term liabilities 80,025 2,812 Total long-term liabilities $ 1,278,577 $ 1,217,901 (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 28, 2025 December 31, 2024 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—

View on Read The Filing