Beyond Meat(US:BYND)2025-11-10 22:14Financial Performance - Net revenues for Q3 2025 were $70.2 million, a decrease of 13.3% year-over-year from $81.0 million[3] - Gross profit was $7.2 million, with a gross margin of 10.3%, down from $14.3 million and 17.7% in the prior year[3] - Loss from operations was $112.3 million, or -160.0% operating margin, compared to a loss of $30.9 million and -38.2% margin in the year-ago period[3] - Net loss was $110.7 million, or $1.44 per common share, compared to a net loss of $26.6 million, or $0.41 per share, in the prior year[3] - Adjusted EBITDA loss was $21.6 million, representing -30.8% of net revenues, compared to a loss of $19.8 million, or -24.4% of net revenues, in the year-ago period[19] - For the nine months ended September 27, 2025, the net loss was $192.846 million, compared to a net loss of $115.416 million for the same period in 2024, representing a 67% increase in losses[45] - The adjusted operating margin for the nine months ended September 27, 2025, was -55.8%, compared to -44.4% for the same period in 2024[55] Revenue Breakdown - U.S. retail channel net revenues decreased 18.4% to $28.5 million, driven by a 12.6% decrease in volume sold[6] - U.S. foodservice channel net revenues decreased 27.3% to $10.5 million, primarily due to a 27.1% decrease in volume sold[8] - International retail channel net revenues decreased 4.6% to $15.8 million, with a 12.5% decrease in volume sold[9] - International foodservice channel net revenues increased 2.3% to $15.3 million, driven by a 4.4% increase in volume sold[10] Operating Expenses - Operating expenses were $119.6 million, significantly up from $45.2 million in the year-ago period, including $77.4 million in non-cash impairment charges[15] - Total operating expenses for the three months ended September 27, 2025, were $119.561 million, significantly higher than $45.217 million for the same period in 2024, primarily due to a loss from impairment of long-lived assets of $77.414 million[39] - The company incurred $9.330 million in capital expenditures for property, plant, and equipment during the nine months ended September 27, 2025, compared to $4.540 million in the same period in 2024[45] Cash Flow and Liquidity - The Company's cash and cash equivalents balance was $131.1 million, with total outstanding debt of $1.2 billion as of September 27, 2025[20] - Net cash used in operating activities was $98.1 million for the nine months ended September 27, 2025, compared to $69.9 million in the prior year[20] - The cash, cash equivalents, and restricted cash at the end of the period were $131.066 million, down from $134.890 million at the end of the same period in 2024[47] Future Outlook - The Company expects net revenues for the fourth quarter of 2025 to be in the range of $60 million to $65 million[23] - The Company is facing elevated uncertainty in its operating environment, which may impact actual realized results[23] - The Company is focusing on narrowing its commercial strategy to anticipated growth opportunities and cost-reduction initiatives[29] - The company is focusing on distribution expansion and new product introductions to increase revenues and market share, including products like Beyond Ground and Beyond Chicken Pieces[31] Stock and Debt - A total of $209.7 million in new convertible notes and 317.8 million shares of common stock were issued in connection with the Exchange Offer, representing 97.44% of the outstanding 2027 convertible notes[21] - The Company sold 58,888,790 shares of common stock under its "at-the-market" offering program for an aggregate price of $151.7 million, resulting in net proceeds of approximately $148.7 million[22] - The Company has approximately $2,000 in capacity remaining for further sale of shares under the ATM Program as of October 27, 2025[22] Impairment and Charges - The company reported a loss from impairment of long-lived assets amounting to $77.414 million for the nine months ended September 27, 2025[45] - The company incurred non-cash charges related to the suspension of operational activities in China amounting to $1.757 million for the three months ended September 27, 2025[61] Shareholder Information - The company’s weighted average common shares outstanding for the three months ended September 27, 2025, were 76,670,868, compared to 65,060,729 for the same period in 2024[39] - Adjusted net loss per diluted common share for the three months ended September 27, 2025, was $(0.47), compared to $(0.41) for the same period in 2024[61]