TLDR
- Beyond Meat reported a third-quarter loss of $110.7 million, much wider than the $26.6 million loss from the same period last year.
- Revenue dropped 13.3% year-over-year to $70.2 million, driven by a 10% decline in product volumes and a 3.5% decrease in revenue per pound.
- The company took a $77.4 million noncash impairment charge on long-lived assets, pushing total operating losses to $112.3 million.
- Shares fell 8.2% in premarket trading after the earnings report, down from a late October peak of $7.69 during meme-stock mania.
- Beyond Meat forecasts fourth-quarter sales of $60-65 million, below Wall Street’s $70 million estimate, as weak demand continues.
Beyond Meat released its third-quarter earnings Monday evening, and the results weren’t pretty. The plant-based meat maker posted a net loss of $110.7 million. That’s more than four times the $26.6 million loss from the same quarter last year.
Revenue came in at $70.2 million for the quarter. While that number barely beat analyst estimates of $69 million, it marked a 13.3% drop from the prior year.
The revenue decline came from two sources. Product volumes fell 10% compared to last year. Revenue per pound also dropped 3.5%.
This volume problem isn’t new for Beyond Meat. The plant-based meat industry has been dealing with falling sales for years now.
Beyond Meat has never turned an annual profit since going public in 2019. The company was the first pure-play plant-based meat maker to hit the stock market.
Sales peaked in 2021. They’ve fallen sharply since then as customer preferences shifted away from plant-based alternatives.
The company had to delay its earnings report last week. Management said they needed more time to calculate a noncash impairment charge on certain long-lived assets.
Impairment Charge Adds to Financial Pain
That impairment charge came to $77.4 million. The write-down pushed the company’s total operating loss to $112.3 million for the quarter.
Last year’s third-quarter operating loss was just $30.9 million. The latest number shows how much financial pressure the company is under.
CEO Ethan Brown acknowledged the ongoing challenges. He said “category headwinds and an accompanying softer top-line continue” to hurt the business.
Shares dropped 8.2% to $1.21 in premarket trading Tuesday. That’s a long way from the $7.69 peak the stock hit in late October.
Weak Outlook for Fourth Quarter
The company’s forward guidance didn’t inspire confidence either. Beyond Meat expects fourth-quarter sales between $60 million and $65 million.
Wall Street analysts had been expecting $70.03 million. The company’s forecast came in well below that target.
Brown said the company is working on more cost cuts. He described the planned reductions as “sizable.”
The stock has been on a wild ride lately. Shares soared over 1,350% in just three days during late October’s meme-stock frenzy.
That rally briefly brought back memories of the 2021 meme-stock mania. But the gains proved short-lived once investors looked at the fundamentals.
Inflation has hurt demand for Beyond Meat’s products. Consumers have pulled back from pricier items as grocery bills climbed.
The company also faced headwinds from the “Make America Healthy Again” movement. That trend has pushed shoppers toward less processed foods.
Beyond Meat shares have lost two-thirds of their value in 2025. Investors also reacted poorly to a September debt-for-equity swap the company used to avoid default on its credit obligations.
The adjusted loss per share for the quarter was 47 cents. The third-quarter net loss included impairment charges and costs from suspending China operations earlier this year.
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