Key Highlights

  • Total net revenues fell 8.1% to USD 64.5 million in the third quarter ended September 26, 2026, as Volume dropped 10.9% and Revenue per pound rose 3.2%.
  • Gross Margin reached 19.3% on Gross Profit of USD 12.4 million, compared with 7.4% a year earlier, helped by a 10.1% decrease in Cost of Goods Sold per pound.
  • Net loss narrowed to USD 82.8 million, or USD 4.32 per share, from USD 97.0 million, including USD 57.1 million of non-cash Impairment charges.
  • Adjusted EBITDA loss narrowed to USD 24.6 million from USD 33.5 million, while cash and equivalents including restricted cash were USD 169.3 million.

Margin Gain Meets a Shrinking Top Line

Beyond Meat (NASDAQ:BYND) reported third quarter results on November 4, 2026. Revenue of USD 64.5 million compared with USD 70.2 million a year earlier. Gross profit was USD 12.4 million, up from USD 5.2 million, and the prior-year figure included USD 1.7 million of expenses tied to ending operations in China. The company said lower Manufacturing expenses, lower inventory provision and lower logistics costs drove the cost decline. President and CEO Ethan Brown said gross margin was the highest in five years and that revenue came in at the high end of the guidance range. The release did not give the guidance range itself in the material reviewed. Per-share figures reflect a 1-for-30 Reverse Stock Split effective August 13, 2026.

U.S. Declines Offset Only Part by International Retail

The channel split shows where pressure sits. U.S. retail revenues fell 13.2% to USD 24.8 million on a 20.8% volume drop, and U.S. foodservice fell 9.7% to USD 9.5 million. International retail rose 13.3% to USD 17.9 million, led by burger and ground beef sales in Europe, while international foodservice fell 19.4% to USD 12.4 million on lower burger sales to quick service restaurant customers. For Beyond Meat (NASDAQ:BYND), nine-month revenue was USD 191.6 million, down 10.4%. The company cited reduced points of distribution and weak category Demand in U.S. channels. Management described international retail as a third consecutive quarter of growth.

Impairments, Lease Charges and a Debt Load

The loss from operations was USD 93.0 million, which included USD 57.1 million of non-cash impairment of long-lived Assets and USD 20.8 million of accelerated rent from a partial lease termination at the El Segundo campus headquarters. A USD 21.8 million Credit from a lower litigation-related accrual partly offset those items, and other income included a USD 13.3 million non-cash derivative gain. Debt carried at USD 313.9 million, including the 7.00% second Lien notes due 2030, is a risk for Beyond Meat (NASDAQ:BYND). On September 23, 2026 it exchanged USD 15.0 million of 2027 notes for about 1.55 million shares, leaving USD 14.5 million due March 15, 2027. Nine-month operating cash outflow was USD 37.3 million versus USD 101.2 million.

Where Things Stand

The margin came from lower unit costs and better pricing, not from growth. Beyond Meat (NASDAQ:BYND) lifted gross margin to 19.3% from 7.4% even as revenue slid 8.1% and U.S. volumes kept falling. The net loss of USD 82.8 million still reflects large non-cash charges, and share count changes make the per-share loss of USD 4.32 hard to compare with last year's USD 37.96. Next markers are U.S. stabilization, the March 15, 2027 Maturity of the remaining 2027 notes and whether the cost cuts and lease actions keep cash use below last year's.