Financial Data and Key Metrics Changes - Net revenue for Q2 2025 was $75 million, down 19.6% from $93.2 million in the same period last year, primarily due to an 18.9% decrease in volume sold and a 0.9% decrease in net revenue per pound [25][26] - Gross margin decreased to 11.5% in Q2 2025 from 14.7% a year ago, impacted by reduced volume and unfavorable product mix [17][32] - Net loss for Q2 2025 was $33.2 million, or a loss of $0.43 per share, compared to a net loss of $34.5 million, or a loss of $0.53 per share, in the prior year [34] Business Line Data and Key Metrics Changes - U.S. Retail channel net revenues decreased 26.7% to $32.9 million, driven by a 24.2% decrease in volume sold and a 3.2% decrease in net revenue per pound [27] - U.S. Foodservice net revenues increased 6.8% to $11.1 million, primarily due to a 4.4% increase in net revenue per pound and a 2.3% increase in volume sold [30] - International Retail channel net revenues decreased 9.8% to $15.9 million, driven by a 13.1% decrease in volume sold, partially offset by a 3.9% increase in net revenue per pound [31] Market Data and Key Metrics Changes - The U.S. Retail channel faced significant challenges due to higher pricing compared to animal protein, negative narratives surrounding plant-based products, and reduced distribution points [12][13] - International Foodservice experienced a decline due to lapping significant promotional activity from the previous year and macroeconomic conditions affecting customer demand [16][60] Company Strategy and Development Direction - The company is focusing on a fundamental reset to stabilize the business and achieve EBITDA positive operations by 2026, including significant expense reductions and gross margin expansion [6][20] - Plans to deepen distribution of core products in U.S. Retail and reposition the brand to emphasize "Beyond" as the primary identifier, expanding beyond animal protein replication [9][10] - The appointment of an interim Chief Transformation Officer aims to enhance operational efficiency and reduce costs [6][79] Management's Comments on Operating Environment and Future Outlook - Management expressed disappointment with Q2 results, citing ongoing softness in the plant-based meat category and the need for a reset [5][21] - The company believes current challenges are transient and anticipates that consumer trends will eventually shift back in favor of plant-based products [22][63] - Future product offerings, such as Beyond Ground, are expected to capture consumer interest by emphasizing nutritional benefits rather than replicating animal protein [50][65] Other Important Information - Adjusted EBITDA loss was $26 million, or -34.7% of net revenues, compared to a loss of $23 million, or -24.7% of net revenues, in the prior year [35] - Cash and cash equivalents were $117.3 million, with total outstanding debt of approximately $1.2 billion as of June 28, 2025 [35] Q&A Session Summary Question: What measures will be taken to scale up the top line while reducing expenses? - Management highlighted the need to stabilize the U.S. Retail business and build brand blocks in key retailers to improve distribution and sales velocity [42][49] Question: What has changed in the international foodservice channel? - Management noted a softening in the international foodservice sector due to macroeconomic conditions and shifting animal protein prices, affecting customer menus [59][60] Question: How will the company address the issue of lapsed consumers? - Management emphasized the importance of stabilizing the business and addressing misinformation while focusing on the nutritional benefits of their products to attract flexitarian consumers [61][63]

Financial Performance - Beyond Meat is cutting jobs after reporting second-quarter results that fell short of Wall Street's expectations [1]

[Q2 2025 Financial and Operational Overview](index=1&type=section&id=Q2%202025%20Financial%20and%20Operational%20Overview) This section provides an overview of Beyond Meat's financial performance and strategic responses for the second quarter of 2025 [Second Quarter 2025 Financial Highlights](index=1&type=section&id=Second%20Quarter%202025%20Financial%20Highlights) Beyond Meat reported a **19.6% decline in Q2 2025 net revenues to $75.0 million**, with gross margin contracting to 11.5% and operating loss widening to $38.8 million | Financial Metric | Q2 2025 | Q2 2024 | Change (YoY) | | :--- | :--- | :--- | :--- | | Net Revenues | $75.0 million | $93.2 million | -19.6% | | Gross Profit | $8.6 million | $13.7 million | -37.2% | | Gross Margin | 11.5% | 14.7% | -3.2 p.p. | | Loss from Operations | $(38.8) million | $(33.9) million | +14.5% | | Net Loss | $(33.2) million | $(34.5) million | -3.8% | | Net Loss per Share | $(0.43) | $(0.53) | +18.9% | | Adjusted EBITDA | $(26.0) million | $(23.0) million | +13.0% | - Financial results were negatively impacted by several one-off expenses, including **$1.7 million** related to the cessation of operations in China, **$4.5 million** in non-routine SG&A, and **$2.5 million** in legal expenses, totaling **$9.2 million** in aggregate charges affecting net loss[3](index=3&type=chunk)[4](index=4&type=chunk) [Management Commentary and Strategic Actions](index=2&type=section&id=Management%20Commentary%20and%20Strategic%20Actions) Management attributed disappointing Q2 results to category softness, accelerating transformation through cost reduction, core product focus, and margin expansion initiatives - CEO Ethan Brown cited "ongoing softness in the plant-based meat category, particularly in the U.S. retail channel and certain international foodservice markets" as the primary reason for the disappointing results[4](index=4&type=chunk) - The company is accelerating its transformation activities, including: - Aggressively reducing operating expenses - Prioritizing distribution of core product lines - Investing in margin expansion initiatives[4](index=4&type=chunk) [Reduction-in-Force](index=2&type=section&id=Reduction-in-Force) Beyond Meat initiated a Reduction-in-Force affecting approximately **44 North American employees (6% of global workforce)**, expecting $0.8M-$1.3M in one-time charges and $5.5M-$7.0M in annual savings - The company approved a plan to reduce its North American workforce by approximately **44 employees**, representing about **6% of its total global workforce**[5](index=5&type=chunk) | RIF Financial Impact | Estimated Amount | | :--- | :--- | | One-time Cash Charges | $0.8M - $1.3M | | Expected Annual Cash Savings | $5.0M - $6.0M | | Expected Annual Non-Cash Savings | $0.5M - $1.0M | [Appointment of interim Chief Transformation Officer](index=3&type=section&id=Appointment%20of%20interim%20Chief%20Transformation%20Officer) John Boken, a Partner at AlixPartners with over 35 years of restructuring experience, was appointed interim Chief Transformation Officer to lead turnaround efforts - John Boken, a Partner at AlixPartners with over **35 years of restructuring experience**, was appointed as the company's interim Chief Transformation Officer[9](index=9&type=chunk) [Detailed Financial Performance](index=3&type=section&id=Detailed%20Financial%20Performance) Revenue declined across most channels due to lower volumes, gross margin eroded from higher costs, operating loss widened, and the balance sheet shows **$117.3 million cash** against **$1.2 billion debt** [Net Revenues Analysis](index=3&type=section&id=Net%20Revenues%20Analysis) Q2 net revenues decreased **19.6% to $75.0 million** due to an **18.9% volume drop**, with significant declines in U.S. retail and international foodservice | Net Revenues by Channel (Q2 2025) | Amount (in thousands) | Change (YoY) | | :--- | :--- | :--- | | U.S. Retail | $32,909 | -26.7% | | U.S. Foodservice | $11,055 | +6.8% | | International Retail | $15,867 | -9.8% | | International Foodservice | $15,127 | -25.8% | | **Total Net Revenues** | **$74,958** | **-19.6%** | | Volume of Products Sold (Q2 2025) | Volume (in thousands of lbs) | Change (YoY) | | :--- | :--- | :--- | | U.S. Retail | 6,136 | -24.2% | | U.S. Foodservice | 1,809 | +2.3% | | International Retail | 3,410 | -13.1% | | International Foodservice | 4,635 | -21.6% | | **Total Volume** | **15,990** | **-18.9%** | [Profitability Analysis](index=6&type=section&id=Profitability%20Analysis) Gross profit declined to **$8.6 million (11.5% margin)** due to China operations cessation and lower volume, widening operating loss to **$38.8 million**, though net loss slightly narrowed - Gross margin decreased to **11.5%** from **14.7%** YoY, negatively impacted by **$1.7 million** in expenses related to the cessation of operations in China and increased cost of goods sold per pound[18](index=18&type=chunk) - Operating expenses were roughly flat at **$47.4 million**, but included **$7.5 million** in special charges for non-routine SG&A, legal fees, and lease termination costs[19](index=19&type=chunk)[20](index=20&type=chunk) - Net loss improved to **$33.2 million** from **$34.5 million** YoY, primarily due to a **$5.7 million** gain in 'Total other income, net', largely from foreign currency transactions[21](index=21&type=chunk)[22](index=22&type=chunk) [Balance Sheet and Cash Flow](index=7&type=section&id=Balance%20Sheet%20and%20Cash%20Flow) As of June 28, 2025, the company held **$117.3 million in cash** against **$1.2 billion in debt**, with net cash used in operating activities increasing to **$59.4 million** year-to-date | Key Metric (as of June 28, 2025) | Amount | | :--- | :--- | | Cash and Cash Equivalents (incl. restricted) | $117.3 million | | Total Outstanding Debt | $1.2 billion | | Net Cash Used in Operating Activities (YTD) | $(59.4) million | | Capital Expenditures (YTD) | $6.4 million | [2025 Outlook](index=7&type=section&id=2025%20Outlook) Citing high uncertainty, the company is not providing full-year 2025 guidance but expects Q3 net revenues between **$68 million and $73 million** - The company is not providing full-year guidance for 2025, citing an "elevated level of uncertainty within its operating environment"[25](index=25&type=chunk) - For the third quarter of 2025, net revenues are expected to be between **$68 million and $73 million**[25](index=25&type=chunk) [Consolidated Financial Statements (Unaudited)](index=16&type=section&id=Consolidated%20Financial%20Statements%20(Unaudited)) This section presents the unaudited condensed consolidated statements of operations, balance sheets, and cash flows for the specified periods [Condensed Consolidated Statements of Operations](index=16&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For Q2 2025, net revenues were **$75.0 million**, gross profit **$8.6 million**, loss from operations **$38.8 million**, and net loss **$33.2 million**, with a **$0.43** net loss per share | (In thousands, except per share data) | Three Months Ended June 28, 2025 | Three Months Ended June 29, 2024 | | :--- | :--- | :--- | | Net revenues | $74,958 | $93,185 | | Gross profit | $8,591 | $13,717 | | Loss from operations | $(38,832) | $(33,931) | | Net loss | $(33,162) | $(34,479) | | Net loss per share | $(0.43) | $(0.53) | [Condensed Consolidated Balance Sheets](index=17&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 28, 2025, total assets were **$687.8 million** against **$1.37 billion in liabilities**, including **$1.14 billion in convertible senior notes**, resulting in a **$680.9 million** stockholders' deficit | (In thousands) | June 28, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $103,497 | $131,913 | | Inventory | $110,868 | $113,444 | | Total current assets | $293,215 | $286,456 | | Total assets | $687,821 | $678,146 | | **Liabilities and Stockholders' Deficit** | | | | Total current liabilities | $90,187 | $61,453 | | Convertible senior notes, net | $1,143,443 | $1,141,476 | | Total liabilities | $1,368,764 | $1,279,354 | | Total stockholders' deficit | $(680,943) | $(601,208) | [Condensed Consolidated Statements of Cash Flows](index=19&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the first six months of 2025, net cash used in operating activities increased to **$59.4 million**, while financing activities provided **$33.6 million**, leading to a **$31.8 million** decrease in cash | (In thousands) | Six Months Ended June 28, 2025 | Six Months Ended June 29, 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(59,355) | $(47,814) | | Net cash (used in) provided by investing activities | $(6,075) | $1,169 | | Net cash provided by (used in) financing activities | $33,640 | $(1,048) | | **Net decrease in cash, cash equivalents and restricted cash** | **$(31,790)** | **$(47,693)** | [Non-GAAP Financial Measures Reconciliation](index=21&type=section&id=Non-GAAP%20Financial%20Measures%20Reconciliation) This section provides reconciliations of GAAP financial measures to non-GAAP measures, offering insights into the company's operational performance [Reconciliation of GAAP to Non-GAAP Measures](index=21&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Measures) The company reconciles GAAP to non-GAAP measures, reporting Q2 2025 Adjusted Loss from Operations of **$36.6 million** and an Adjusted EBITDA loss of **$26.0 million** after various adjustments Reconciliation of Loss from Operations to Adjusted Loss from Operations (Q2 2025) | (in thousands) | Amount | | :--- | :--- | | Loss from operations, as reported | $(38,832) | | Non-cash charges related to China operations | $1,739 | | Costs related to partial lease termination | $499 | | **Adjusted loss from operations** | **$(36,594)** | Reconciliation of Net Loss to Adjusted EBITDA (Q2 2025) | (in thousands) | Amount | | :--- | :--- | | Net loss, as reported | $(33,162) | | Interest expense | $2,002 | | Depreciation and amortization expense | $6,530 | | Share-based compensation expense | $4,304 | | Non-cash charges related to China operations | $1,739 | | Costs related to partial lease termination | $275 | | Other, net | $(7,731) | | **Adjusted EBITDA** | **$(26,043)** |

Core Insights - Beyond Meat reported disappointing financial results for Q2 2025, primarily due to ongoing softness in the plant-based meat category, particularly in the U.S. retail channel and certain international foodservice markets [3][9][24] - The company is implementing cost-reduction measures, including a workforce reduction of approximately 44 employees, representing about 6% of its total global workforce, to strengthen its financial profile [4][6] - Net revenues decreased by 19.6% year-over-year to $75.0 million, driven by an 18.9% decrease in product volume sold and a 0.9% decrease in net revenue per pound [7][9][10] Financial Performance - Gross profit for Q2 2025 was $8.6 million, with a gross margin of 11.5%, down from $13.7 million and 14.7% in the previous year [7][19] - Loss from operations was $38.8 million, compared to a loss of $33.9 million in the same period last year, reflecting increased operational challenges [7][19] - Net loss was $33.2 million, or $0.43 per share, an improvement from a net loss of $34.5 million, or $0.53 per share, in the prior year [20][21] Revenue Breakdown - U.S. retail channel net revenues fell by 26.7% to $32.9 million, primarily due to a 24.2% decrease in volume sold [10][14] - U.S. foodservice channel net revenues increased by 6.8% to $11.1 million, driven by a 4.4% increase in net revenue per pound [11][14] - International retail channel net revenues decreased by 9.8% to $15.9 million, while international foodservice channel revenues dropped by 25.8% to $15.1 million [12][13] Cost Management Initiatives - The company anticipates one-time cash charges of approximately $0.8 million to $1.3 million related to the workforce reduction, with expected savings of $5.0 million to $6.0 million in cash compensation expenses over the next twelve months [5][6] - Operating expenses were $47.4 million, slightly down from $47.6 million in the previous year, with reductions in marketing and selling expenses [17][18] Future Outlook - Beyond Meat is not providing full-year guidance due to uncertainty in the operating environment but expects Q3 2025 net revenues to be in the range of $68 million to $73 million [24][23] - The company is focusing on strengthening its balance sheet and pursuing margin expansion initiatives despite the challenging market conditions [3][22]

Core Viewpoint - Beyond Meat, Inc. is set to report its financial results for the second quarter of 2025 on August 6, 2025, after market close, indicating ongoing transparency and engagement with investors [1]. Financial Reporting - The financial results will cover the period ended June 28, 2025, showcasing the company's performance in the second quarter [1]. - A conference call will be held at 5:00 p.m. Eastern, 2:00 p.m. Pacific, allowing investors to discuss the results live [1]. Company Overview - Beyond Meat is a leading company in the plant-based meat sector, offering products made from simple ingredients without GMOs, added hormones, or antibiotics, and with 0 mg of cholesterol per serving [3]. - Founded in 2009, the company aims to replicate the taste and texture of animal-based meat while promoting better health and environmental sustainability [3]. - The brand's promise, "Eat What You Love®," reflects its commitment to positively impacting human health, climate change, natural resource constraints, and animal welfare through a shift to plant-based proteins [3].

Market Overview - US stock market opened higher with the Dow Jones up 0.49%, Nasdaq up 0.25%, and S&P 500 up 0.3% [2] - European major indices also showed gains, with Germany's DAX up 0.64%, France's CAC40 up 1.26%, and the UK's FTSE 100 up 0.44% [4][5] Company Highlights - ABIVAX surged over 527% following strong results from late-stage trials of its new drug [2] - Toyota's stock rose over 13% in pre-market trading after President Trump announced a reduction in tariffs on Japanese car imports to 15% [8] - Alibaba's stock increased over 2% in pre-market trading due to the launch of its new AI coding model, Qwen3-Coder [8] - Beyond Meat saw a pre-market rise of over 13% as US beef prices reached a historical high, increasing nearly 9% this year [9] - Texas Instruments fell over 9% after the company projected third-quarter earnings below market expectations [2] Futures Market - US stock index futures were all up, with Dow futures rising 0.53%, S&P 500 futures up 0.35%, and Nasdaq futures up 0.04% [6][7]

Group 1 - The article highlights a surge in stock prices for companies like Krispy Kreme and GoPro, driven by retail investor interest and high short-selling ratios [1][3] - Krispy Kreme's stock rose approximately 34% in pre-market trading, following a nearly 27% increase the previous day, while GoPro's stock soared over 83% after a 41% rise [1] - Companies such as Beyond Meat and 1-800-Flowers.com also experienced pre-market increases of around 15%, with high short-selling ratios of 38% and 71.66% respectively [1] Group 2 - The article discusses the phenomenon of "meme stocks," which are characterized by retail investor enthusiasm and lack of fundamental support for price increases [3] - S3 Partners' Ihor Dusaniwsky describes meme stocks as "battlefield stocks," where retail investors and short-sellers engage in intense market competition [3] - The article draws parallels to the speculative frenzy surrounding GameStop during the pandemic, warning that rapid price increases could be followed by equally swift declines [3] Group 3 - Analysts, including Barclays' Stefano Pascale, express concerns about excessive market enthusiasm, citing signs of a bubble, such as the rise of SPAC mergers and the performance of ARK Innovation ETF [4] - Pascale emphasizes that certain market segments exhibit significant bubble characteristics, indicating potential risks for investors [4]

Group 1 - The core viewpoint of the article highlights a significant increase in the stock price of Beyond Meat, which rose over 13% in pre-market trading, driven by rising beef prices in the U.S. [1] - The U.S. Department of Agriculture reported that beef prices have increased nearly 9% since January, reaching a historical high of $9.26 per pound [1]

植物性肉类供应商 Beyond Meat今日盘前股价涨超13%。 ...

智通财经7月23日电，植物性肉类供应商Beyond Meat今日盘前股价涨超13%。 ...