Beyond Meat — research brief (BMC #075 on gallery, queue id 74)

Prepared 2026-10-11 (America/Chicago). Labels: FACT = stated in Beyond Meat's SEC filings. INFERENCE = conclusions drawn by this project. No press estimates used.

Sources (accessed 2026-10-11)

Form 10-K for FY2025, filed 2026-04-09: https://www.sec.gov/Archives/edgar/data/1655210/000165521026000022/bynd-20251231.htm
Form 10-Q for quarter ended 2026-06-27, filed 2026-08-06: https://www.sec.gov/Archives/edgar/data/1655210/000165521026000055/bynd-20260627.htm
8-K 2026-08-11/13 (1-for-30 reverse split): https://www.sec.gov/Archives/edgar/data/1655210/000165521026000059/bynd-20260813.htm
8-K 2026-08-28 (Nasdaq compliance regained): https://www.sec.gov/Archives/edgar/data/1655210/000165521026000062/bynd-20260828.htm
8-K 2026-09-30/10-01 (operations leadership change): https://www.sec.gov/Archives/edgar/data/1655210/000165521026000068/bynd-20260930.htm
Logo: project monogram ("B" on an orange tile), not Beyond Meat's official mark.

Teaching arc

Sell plant-based meat by the pound through grocery, club and restaurant channels while category demand falls: FY25 sales $275.5M (-15.6%), 2.8% gross margin, $333.6M operating loss, offset in reported net income by a $548.7M debt-restructuring gain.

Revenue standard note

Full-year figure stated: FY2025 net revenues $275.5M (-15.6% vs $326.5M). H1 2026 ($127.0M, -11.6%) is shown for context only and is not annualized.

Key facts (all FACT, from filings)

FY25 channels: US retail $124.5M (-17.5%), US foodservice $39.0M (-18.1%), international retail $53.2M (-11.1%), international foodservice $58.9M (-13.7%). Volume 58.9M lb (-15.9%), net revenue per lb +0.4%.
FY25 gross profit $7.6M (2.8%; 12.8% in 2024). COGS $267.9M (97.2% of revenue). SG&A ex-write-down $217.8M (79.0%). Loss from operations $333.6M. Operating cash flow -$144.9M. Reported net income $219.0M due to $548.7M gain on debt restructuring.
DOT Foods ~13% of gross revenues; no other customer/distributor >10%. Roquette is substantially the sole pea-protein supplier; new agreement to 2027-12-31.
Debt: $100M first-lien delayed-draw term loans from Unprocessed Foods LLC (Ahimsa Foundation affiliate); $110.9M outstanding incl. PIK at 2026-06-27. Oct 2025 exchange: 0% 2027 converts -> 7.00% second-lien PIK-toggle notes due 2030 + equity.
2026-06-27: $171.4M unrestricted cash, $14.8M restricted. H1'26: revenue $127.0M (-11.6%), Q2 $68.8M (-8.2%), gross margin 6.2% (Q2 8.5%), net loss $12.1M, operating cash flow -$23.2M.
Nasdaq deficiency notice 2026-03-04; 1-for-30 reverse split effective 2026-08-13; compliance regained 2026-08-28.
Facilities: Columbia MO (woven protein, leased to 2028; owned 142k sq ft warehouse), Devault PA (owned, finished goods), Enschede NL (owned), El Segundo CA HQ (leased to 2033), Jiaxing China (winding down). 589 full-time employees at 2025-12-31.

# Beyond Meat — research brief (BMC #075 on gallery, queue id 74) Prepared 2026-10-11 (America/Chicago). Labels: **FACT** = stated in Beyond Meat's SEC filings. **INFERENCE** = conclusions drawn by this project. No press estimates used. ## Sources (accessed 2026-10-11) - Form 10-K for FY2025, filed 2026-04-09: https://www.sec.gov/Archives/edgar/data/1655210/000165521026000022/bynd-20251231.htm - Form 10-Q for quarter ended 2026-06-27, filed 2026-08-06: https://www.sec.gov/Archives/edgar/data/1655210/000165521026000055/bynd-20260627.htm - 8-K 2026-08-11/13 (1-for-30 reverse split): https://www.sec.gov/Archives/edgar/data/1655210/000165521026000059/bynd-20260813.htm - 8-K 2026-08-28 (Nasdaq compliance regained): https://www.sec.gov/Archives/edgar/data/1655210/000165521026000062/bynd-20260828.htm - 8-K 2026-09-30/10-01 (operations leadership change): https://www.sec.gov/Archives/edgar/data/1655210/000165521026000068/bynd-20260930.htm - Logo: project monogram ("B" on an orange tile), **not** Beyond Meat's official mark. ## Teaching arc **Sell plant-based meat by the pound through grocery, club and restaurant channels while category demand falls: FY25 sales $275.5M (-15.6%), 2.8% gross margin, $333.6M operating loss, offset in reported net income by a $548.7M debt-restructuring gain.** ## Revenue standard note Full-year figure stated: FY2025 net revenues $275.5M (-15.6% vs $326.5M). H1 2026 ($127.0M, -11.6%) is shown for context only and is not annualized. ## Key facts (all FACT, from filings) - FY25 channels: US retail $124.5M (-17.5%), US foodservice $39.0M (-18.1%), international retail $53.2M (-11.1%), international foodservice $58.9M (-13.7%). Volume 58.9M lb (-15.9%), net revenue per lb +0.4%. - FY25 gross profit $7.6M (2.8%; 12.8% in 2024). COGS $267.9M (97.2% of revenue). SG&A ex-write-down $217.8M (79.0%). Loss from operations $333.6M. Operating cash flow -$144.9M. Reported net income $219.0M due to $548.7M gain on debt restructuring. - DOT Foods ~13% of gross revenues; no other customer/distributor >10%. Roquette is substantially the sole pea-protein supplier; new agreement to 2027-12-31. - Debt: $100M first-lien delayed-draw term loans from Unprocessed Foods LLC (Ahimsa Foundation affiliate); $110.9M outstanding incl. PIK at 2026-06-27. Oct 2025 exchange: 0% 2027 converts -> 7.00% second-lien PIK-toggle notes due 2030 + equity. - 2026-06-27: $171.4M unrestricted cash, $14.8M restricted. H1'26: revenue $127.0M (-11.6%), Q2 $68.8M (-8.2%), gross margin 6.2% (Q2 8.5%), net loss $12.1M, operating cash flow -$23.2M. - Nasdaq deficiency notice 2026-03-04; 1-for-30 reverse split effective 2026-08-13; compliance regained 2026-08-28. - Facilities: Columbia MO (woven protein, leased to 2028; owned 142k sq ft warehouse), Devault PA (owned, finished goods), Enschede NL (owned), El Segundo CA HQ (leased to 2033), Jiaxing China (winding down). 589 full-time employees at 2025-12-31.