Highlights 

  • Q3 net revenues decline 13.3% to 70.2M USD, affected by weaker U.S. retail and foodservice sales. 
  • Net loss rises to 110.7M USD, including impairment charges and China operational suspension costs. 
  • The company completes the majority exchange of 2027 convertible notes and generates 148.7M USD via the ATM program. 

Beyond Meat, Inc. (NASDAQ:BYND) announced results for the quarter ended September 27, 2025. Net revenues totaled 70.2M USD, down 13.3% from 81.0M USD in Q3 2024. The decline was primarily driven by a 10.3% decrease in product volume sold and a 3.5% drop in net revenue per pound, reflecting weaker category demand, reduced U.S. retail distribution points, and lower burger product sales to international QSR customers. 

Gross profit for the quarter was 7.2M USD, representing a gross margin of 10.3%, compared to 14.3M USD and 17.7% in the year-ago period. Gross profit included 1.7M USD in costs tied to the suspension and substantial cessation of operations in China and was further impacted by higher materials costs and inventory provisions. 

Operating expenses reached 119.6M USD, up from 45.2M USD in Q3 2024. This included 77.4M USD in non-cash impairment charges on certain long-lived assets, 0.8M USD in non-routine SG&A expenses, 0.7M USD in arbitration-related legal costs, and 0.6M USD for partial lease termination of a portion of the Company’s Campus Headquarters. 

Loss from operations rose to 112.3M USD, with an operating margin of -160.0%, compared to a loss of 30.9M USD in Q3 2024. Net loss for the quarter was 110.7M USD, or 1.44 USD per share, versus a net loss of 26.6M USD, or 0.41 USD per share, in the year-ago period. Adjusted EBITDA reflected a loss of 21.6M USD, or -30.8% of net revenues. 

Channel Performance 

  • U.S. Retail: Net revenues decreased 18.4% to 28.5M USD, due to lower volumes and price reductions. 
  • U.S. Foodservice: Net revenues fell 27.3% to 10.5M USD, reflecting weaker demand and lapping of prior-year sales. 
  • International Retail: Net revenues declined 4.6% to 15.8M USD, partially offset by favorable pricing and foreign currency effects. 
  • International Foodservice: Net revenues increased 2.3% to 15.3M USD, driven by higher chicken product sales but offset by burger declines. 

Total product volume sold declined 10.3% to 14,989 thousand pounds in Q3 2025, down from 16,718 thousand pounds in Q3 2024. 

Balance Sheet and Capital Actions 

As of September 27, 2025, cash and cash equivalents, including restricted cash, were 131.1M USD, while total debt stood at 1.2B USD. Net cash used in operating activities for the nine months ended September 27, 2025, was 98.1M USD. Capital expenditures totaled 9.3M USD, and net cash used in investing activities amounted to 8.0M USD. 

Following the quarter, the Company completed its exchange offer for 2027 convertible notes, issuing 317.8M shares of common stock and new convertible notes totaling 209.7M USD. Additionally, Beyond Meat raised net proceeds of 148.7M USD through its ATM program. 

Management Commentary 

Ethan Brown, President and CEO, stated: “As we approach the end of 2025, we’ve achieved three important building blocks for our broader transformation efforts: significantly reducing leverage, extending debt maturity, and adding substantial liquidity to our balance sheet. Simultaneously, we are taking equally strong measures to accelerate our path to sustainable operations, including pursuing further cost reductions, gross margin expansion, and targeted strategic growth initiatives. Though category headwinds and softer top-line continue to weigh on current performance, we are closing out the year with a much improved balance sheet, transformation spadework underway, and genuine optimism regarding our future.”