Key Partners
- DOT Foods — about 13% of 2025 gross revenues; no other customer or distributor over 10% (FACT).
- Roquette Frères — the substantially-sole pea protein supplier; new agreement to Dec 31, 2027 (FACT).
- Contract manufacturers — including The New Plant B.V. in Europe, a disclosed related party (FACT).
- Unprocessed Foods LLC — $100M first-lien term loans drawn in 2025; $110.9M outstanding with PIK interest at Jun 27, 2026 (FACT).
- Holders of the 2027 and 2030 convertible notes — the Oct 2025 exchange cut debt but added share dilution (FACT).
Key Activities
- Product development — 2025 launches: Beyond Ground, Beyond Steak Filet, Beyond Chicken Pieces (FACT).
- Woven-protein manufacturing — dry blend, extruder, heat and pressure forming (FACT).
- Test-and-learn DTC — Beyond Test Kitchen opened Q4 2025; Beyond Immerse drink in 2026 (FACT).
- Selling — four sales divisions working with brokers and distributors (FACT).
- Restructuring — China wind-down, Feb 2025 layoffs, 1-for-30 reverse split effective Aug 13, 2026 (FACT).
Key Resources
- Columbia, MO — woven-protein production (leased to Aug 2028) and an owned 142,000 sq ft warehouse (FACT).
- Devault, PA — owned 86,000 sq ft finished-goods plant (FACT).
- Enschede, Netherlands — owned woven-protein plant; leased warehouse to Jan 2029 (FACT).
- El Segundo, CA — headquarters and innovation center leased to Nov 2033; part sublet (FACT).
- Cash — $171.4M unrestricted at Jun 27, 2026; 589 full-time employees at Dec 31, 2025 (FACT).
Value Propositions
- Meat-style foods — beef, pork and poultry platforms from plant protein (FACT).
- Clean label — 0 mg cholesterol; no added antibiotics, hormones or GMOs (FACT).
- Simple ingredients — Beyond Ground has four; Beyond Steak Filet is a whole cut (FACT).
- New formats — Beyond Immerse protein drink via Test Kitchen in 2026 (FACT).
- Reality check — category demand has fallen for three years, per the company (FACT).
Customer Relationships
- Sales team — retail, foodservice, international and strategic partnerships (FACT).
- Brokers and distributors — the access layer into grocery and restaurants (FACT).
- Trade discounts — higher in 2025 and a drag on net price (FACT).
- Beyond Test Kitchen — online store for limited-run products and feedback (FACT).
- Distribution losses — fewer US retail points and lost international retail distribution in 2025 (FACT).
Channels
- US retail — $124.5M in 2025, down 17.5% (FACT).
- International foodservice — $58.9M, down 13.7% (FACT).
- International retail — $53.2M, down 11.1% (FACT).
- US foodservice — $39.0M, down 18.1% (FACT).
- Direct online — Beyond Test Kitchen since Q4 2025, third-party fulfillment (FACT).
Customer Segments
- US grocery, mass and club shoppers — US retail $124.5M in 2025 (FACT).
- US foodservice buyers — $39.0M in 2025, including quick-service chains (FACT).
- International retail and foodservice — $112.1M, mainly EU and Canada (FACT).
- Online fans — limited-time products via Test Kitchen (FACT).
- Snack buyers via the PepsiCo venture — negligible in the numbers (FACT).
Cost Structure
- Cost of goods sold — $267.9M, 97.2% of FY25 revenue (FACT).
- SG&A — $217.8M excluding write-down, 79.0% of revenue, incl. $38.9M litigation accrual (FACT).
- Impairments — $51.3M long-lived asset impairment and $49.0M assets-held-for-sale write-down (FACT).
- Operating loss — $333.6M in FY25; operating cash flow −$144.9M (FACT).
- Debt — $110.9M term loans (incl. PIK) at Jun 27, 2026, plus convertible notes (FACT).
Revenue Streams
- FY2025 net revenues — $275.5M, down 15.6% from $326.5M (FACT).
- Volume — 58.9M pounds sold, down 15.9%; revenue per pound +0.4% (FACT).
- Mix — US retail $124.5M, intl foodservice $58.9M, intl retail $53.2M, US foodservice $39.0M (FACT).
- FY2025 reported net income $219.0M — driven by a $548.7M debt gain, not operations (FACT).
- H1 2026 — $127.0M revenue, down 11.6%; net loss $12.1M (FACT).