Beyond Meat, Inc.

What they do

Beyond Meat develops and sells plant-based meat products built on three core platforms: beef, pork and poultry, using proprietary processes that assemble plant-derived amino acids, lipids, carbohydrates and trace minerals to replicate animal meat. Products are sold through mainstream grocery, mass merchandiser, club store and natural retailer channels, plus food-away-from-home outlets including restaurants, foodservice and schools. The company also sells limited-time products through its Beyond Test Kitchen direct-to-consumer channel, launched in the fourth quarter of 2025, and introduced a plant-based protein beverage, Beyond Immerse, in January 2026.

Revenue drivers

• U.S. retail channel — Largest reported channel; net revenues were $29.6 million in Q2 2026, down 9.9% year-over-year on a 5.7% volume decline and a 4.5% decline in net revenue per pound.
• International and U.S. foodservice — Serves QSR customers and foodservice outlets; Q2 2026 weakness was driven by lower sales of burger and chicken products to international QSR customers and reduced U.S. foodservice distribution.
• Beyond Test Kitchen DTC and Beyond Immerse — Direct-to-consumer channel launched in Q4 2025, generally offering new products for a limited time; Beyond Immerse, a sparkling plant-based protein beverage, launched through this channel in January 2026.

Recent performance

Second quarter 2026 net revenues were $68.8 million, down 8.2% year-over-year, primarily on a 9.5% decline in volume partially offset by a 1.3% increase in net revenue per pound. Gross profit was $5.9 million, or 8.5% gross margin, compared with $7.9 million and 10.6% a year earlier, and included $1.6 million of China cessation costs. Loss from operations was $30.8 million, or -44.8% operating margin, versus a $37.5 million loss a year ago. Net income was $16.4 million, driven primarily by a $57.7 million non-cash gain on debt extinguishment from conversions of a portion of the 2030 Notes, while Adjusted EBITDA was a loss of $27.7 million, or -40.2% of net revenues. Diluted net loss per share was $(0.06), compared with $(0.42) in the year-ago period.

Strategy

Management is executing cost-reduction initiatives while repositioning the brand as "Beyond The Plant Protein Company," expanding beyond plant-based meat into adjacent plant-based protein categories. The company launched Beyond Immerse, its first functional beverage line, and in April 2026 signed a distribution agreement with Big Geyser to expand Beyond Immerse into retail, convenience and foodservice in the New York metropolitan area. It continues to simplify ingredient lists, including using avocado oil in many products, and uses the Beyond Test Kitchen DTC platform to test products and gather consumer feedback before broader releases. Management states the repositioning and beverage expansion will require incremental investment in marketing, distribution infrastructure and working capital.

Risks

• Persistent category decline — Demand for plant-based meat has declined persistently over the past three years, and the company cites ongoing weakness and category contraction as the core pressure on its traditional meat business.
• Debt and liquidity — The company has significant debt including the Loan and Security Agreement, 0% Convertible Senior Notes due 2027 and 7.00% Convertible Senior Secured Second Lien PIK Toggle Notes due 2030, with $294.3 million of long-term debt and $56.8 million of shareholder equity as of June 27, 2026.
• Losses and negative operating cash flow — The company reports a history of losses and negative cash flows from operating activities, with operating cash flow of negative $144.9 million in 2025 and a Q2 2026 operating loss of $30.8 million.
• Capital access and dilution — Beyond Meat no longer satisfies the eligibility requirements to use a Form S-3 registration statement and therefore cannot access its ATM Program, and it flags significant dilution from the Exchange Offer plus additional dilution if outstanding Notes are exchanged for equity.

Outlook

Management describes Q2 2026 results as directional progress, noting sequential improvement in net revenues, gross margin and operating expenses and a top line comfortably exceeding the high end of guidance. The company says it is working to stabilize the plant-based meat business while building adjacent categories under the Beyond The Plant Protein Company repositioning, with Beyond Immerse as the first output and more expected. No specific forward financial guidance figures are provided in the excerpts.