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Beyond Meat (BYND) investor relations material

Beyond Meat Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary6 Aug, 2025

Executive summary

  • Net revenues for Q2 2025 were $75M, down 19.6% year-over-year, reflecting ongoing softness in the plant-based meat category, especially in U.S. retail and international foodservice segments.

  • Management is implementing a fundamental reset, including intensified cost reductions, gross margin expansion, and operational efficiency, aiming for EBITDA positive operations by 2026.

  • Announced a 6% workforce reduction and appointed an interim Chief Transformation Officer from AlixPartners to lead transformation activities.

  • Brand repositioning is underway, with increased use of "Beyond" as the primary identifier and expansion beyond animal protein replicates.

  • Liquidity remains a concern, with $103.5M–$117.3M in cash and plans to raise additional capital through equity or debt, which may be highly dilutive.

Financial highlights

  • Net revenues decreased 19.6% to $75M compared to $93.2M in Q2 2024, driven by an 18.9% drop in volume and a 0.9% decrease in net revenue per pound.

  • Gross margin fell to 11.5% from 14.7% year-over-year, impacted by lower volumes, unfavorable product mix, and China exit costs.

  • Net loss was $29.2M ($0.38/share), improved from $34.5M ($0.53/share) a year ago, aided by higher other income.

  • Adjusted EBITDA loss was $22.1M (-29.5% of net revenues), compared to a $23M–$26M loss (-24.7%–34.7%) last year.

  • Cash and equivalents at quarter-end were $103.5M–$117.3M; total debt was $1.15B–$1.2B as of June 28, 2025.

Outlook and guidance

  • Q3 2025 net revenues expected between $68M and $73M, reflecting continued demand softness and recent distribution losses at certain QSR customers.

  • Management targets EBITDA positive operations within 2026, focusing on cost control, margin expansion, and selective top-line growth.

  • No full-year guidance provided due to ongoing market uncertainty.

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Frequently asked questions

Meat Substitutes

Beyond Meat is an American company headquartered in Los Angeles and the company’s shares are listed on the Nasdaq. The company develops, manufactures, and sells various plant-based substitutes for vegetarians, vegans, and consumers looking for alternatives to traditional hamburgers, sausages, and other meat-based products. The company is relatively young and was founded with the stated mission of combating climate change by reducing the amount of meat consumed worldwide.

Founded in 2009

The company was founded in 2009 by Ethan Brown. He had a vision of combating climate change by offering appetizing alternatives to traditional meat products, and to launch his company he contacted two professors at the University of Missouri. The two professors in question, Fu-hung Hsieh and Harold Huff had been developing a meatless protein for years. Brown subsequently licensed their technology and began selling Beyond Meat’s first product, Chicken-Free Strips, at select Whole Foods (now owned by Amazon) locations in 2012.

The IPO and Founding

Beyond Meat has significant backing during the years ahead of its IPO. Several large venture capital firms were heavily involved in the growth process, as well as a number of high-profile individuals and organizations such as Bill Gates and The Humane Society. Beyond Meat also gathered significant buzz amongst celebrities, with names such as Leonardo DiCaprio, Snoop Dogg, Jessica Chastain, and several others providing funding for the company.

In 2019, the company went public on the Nasdaq. It became the first company of its kind to become publicly traded and on its IPO date it was the best-performing public offering in almost two decades when compared to other major US companies.

The Products

The company, as previously mentioned, is exclusively focused on selling various types of plant-based foods made to look and taste as close to real meat as possible. Beyond Meat started out by only selling a chicken substitute, but today markets a wide array of different “meats”. This includes beef, pork, poultry, and more in various forms. The company sells its products to supermarkets like Costco and Kroger, as well as to restaurants. While the company primarily sells in the USA, it has a presence in over 50 countries.

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