Beyond Meat (BYND) investor relations material

Executive summary

• Q4 2025 and full year marked by persistent weak demand in plant-based meat, leading to lower sales volumes, significant non-routine charges, and a 19.7% revenue decline in Q4 and 15.6% for the year.

• Major transformation initiatives included retiring most 2027 convertible debt, raising $149 million in cash, and repositioning the brand to target adjacent categories, including the launch of Beyond Immerse beverage.

• Significant SKU rationalization, asset write-downs, and exit from China operations impacted reported results.

• Net income turned positive due to a $548.7 million non-cash gain on debt restructuring, despite significant operating losses.

• Strategic repositioning to "Beyond The Plant Protein Company™" aims to stabilize top-line and expand margins.

Financial highlights

• Q4 2025 net revenues: $61.6 million (down 19.7% YoY); full year: $275.5 million (down 15.6% YoY).

• Gross margin dropped to 2.3% in Q4 and 2.8% for the year, impacted by non-cash charges and higher COGS.

• Operating expenses surged to $134.2 million in Q4, mainly due to asset write-downs, litigation accrual, and stock compensation.

• Q4 net income: $409.9 million (vs. $44.9 million loss prior year); full year net income: $219.9 million (vs. $160.3 million loss prior year), both driven by debt restructuring gain.

• Adjusted EBITDA loss: $69.0 million in Q4 (vs. $26.0 million loss prior year); $178.4 million loss for the year (vs. $101.7 million loss prior year).

Outlook and guidance

• Q1 2026 net revenues expected to be $57–$59 million, with continued uncertainty and low visibility in the core category.

• No annual gross margin guidance provided due to volatility and soft volumes in plant-based meat.

• Management highlights ongoing uncertainty in the operating environment and is limiting forward guidance.