Beyond Meat has spiralled to a loss of more than $100m (£76.1m) in the third quarter as demand for its plant-based products remained sluggish.
Revenues at the New York-listed group fell 13.3% year on year to $70.2m (£53.4m) in the three months to 27 September 2025 as volumes declined by 10.3%. Beyond Meat attributed the fall to “weak category demand”, reduced distribution in US retail, and lower sales at fast food chains internationally. Revenues in the US fell by 18.4% in the retail channel and by 27.3% in foodservice during the quarter, while international numbers slipped by 4.6% in retail and 2.3% in foodservice.
The group registered a net loss of $110.7m in Q3 as it logged $77.4m in non-cash impairment charges related to its assets. Other one-off costs related to terminating the lease on its California campus headquarters and closing down operations in China.
CEO Ethan Brown said: “As we approach the end of 2025, we’ve achieved three important building blocks for our broader transformation efforts. These are significantly reducing our overall leverage in connection with the previously announced exchange of substantially all of our 2027 convertible notes; meaningfully extending our debt maturity; and finally, adding substantial liquidity to our balance sheet.
“Simultaneously, we are taking equally strong measures to accelerate our path to sustainable operations, including pursuing further and sizable cost reductions, gross margin expansion investments and targeted strategic growth initiatives. Though category headwinds and an accompanying softer top-line continue to weigh on and reverberate throughout our current performance, including our Q3 results, we are closing out the year with a much-improved balance sheet, important transformation spadework underway, and genuine optimism and excitement regarding our future.”
Earlier this year, Beyond Meat announced plans to help it avoid defaulting on looming debt maturities. A new debt-for-equity swap will see the business shift repayments of its $1.1bn debt pile from 2027 to 2030.
In its Q3 outlook for the future, the company said it continued to experience “an elevated level of uncertainty within its operating environment”.
In light of the uncertainty, Beyond Meat limited its revised outlook to fourth-quarter revenue expectations in the range of $60m to $65m.
Shares in the group are now worth just $1.34 each, having lost 65% of their value in 2025 and crashed from a 2019 peak of $234.90.
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