Key Highlights

  • Net revenues were USD 64.53 million against an estimate of USD 62.0 million and USD 70.2 million a year earlier.
  • Net loss per share was USD 4.32 against an estimate of USD 1.97, with USD 82.8 million of net loss.
  • Gross Margin was 19.3% against 7.4% a year earlier, and Adjusted EBITDA was a loss of USD 24.6 million.
  • The fourth quarter 2026 outlook for total net revenues is USD 54 million to USD 59 million.

Beyond Meat, Inc. (NASDAQ:BYND) limited its outlook to a single line for the fourth quarter: total net revenues of about USD 54 million to USD 59 million. Management said an elevated level of uncertainty and Volatility in its operating environment led it to narrow what it provides. The third quarter, which ended September 26, produced net revenues of USD 64.53 million, a decrease of 8.1% from USD 70.2 million.

Guidance and Management's Framing

Chief executive Ethan Brown said third quarter Revenue came in at the high end of the company's guidance range, that gross margin was the highest in five years, that the Adjusted EBITDA loss narrowed and that the company used less cash year over year. He said the company is pursuing stabilization of U.S. revenues and cost reduction, including steps in the quarter to reduce certain long-term Lease obligations.

All per-share figures reflect a 1-for-30 Reverse Stock Split effective August 13, 2026.

The Quarter in Detail

Net revenues fell on a 10.9% decrease in volume, partly offset by a 3.2% increase in net revenue per pound. Gross Profit was USD 12.4 million against USD 5.2 million, a gross margin of 19.3%, helped by a 10.1% decrease in Cost of Goods Sold per pound. Operating expenses were USD 105.4 million against USD 103.3 million, including USD 57.1 million of non-cash Impairment charges and USD 20.8 million of accelerated rent expense from the partial termination of the Campus Headquarters lease, partly offset by a USD 21.8 million reduction in a litigation-related accrual.

The loss from operations was USD 93.0 million against USD 98.1 million. Total other income, net, was USD 10.1 million, including a USD 13.3 million non-cash gain from remeasuring a derivative liability. Net loss was USD 82.8 million against USD 97.0 million, and net loss per share was USD 4.32 against USD 37.96, on 19,152,391 weighted average shares against 2,555,696. Adjusted EBITDA was a loss of USD 24.6 million against a loss of USD 33.5 million.

Channel Detail

U.S. retail net revenues were USD 24.8 million, down 13.2%, on a 20.8% decrease in Volume that the company tied to lower club channel sales, reduced points of distribution and lower category demand. U.S. foodservice was USD 9.5 million, down 9.7%.

International retail net revenues rose 13.3% to USD 17.9 million, with volume up 17.4% on burger and ground beef sales in European markets and burger sales in Canada, its third consecutive quarter of growth. International foodservice fell 19.4% to USD 12.4 million on lower burger sales to certain quick service restaurant customers.

Cash and Debt

Cash and cash equivalents, including restricted cash, were USD 169.3 million, and the carrying value of debt, net of discount, was USD 313.9 million. On September 23 the company exchanged USD 15.0 million of 2027 Notes for about 1.55 million shares, leaving USD 14.5 million of 2027 Notes outstanding, maturing March 15, 2027. Net cash used in Operating Activities was USD 37.3 million over nine months against USD 101.2 million, and capital expenditures were USD 5.5 million against USD 9.3 million.

Dates and Milestones Named

Fourth quarter revenue guidance of USD 54 million to USD 59 million sits alongside third quarter revenue of USD 64.53 million, cash of USD 169.3 million and USD 14.5 million of 2027 Notes due March 15, 2027.

Management named the fourth quarter 2026 outlook, the March 2027 Maturity of the remaining convertible notes, and the continued pursuit of lower costs and lease obligation reductions as the items ahead. It also said it is pursuing expansion into adjacent product categories as part of its strategic repositioning.