Beyond Meat (BYND) Q1 2025 earnings summary

Executive summary

• Q1 2025 net revenues declined 9.1% year-over-year to $68.7 million, driven by lower volumes, weak demand, and distribution gaps, especially in U.S. retail as products transitioned from refrigerated to frozen aisles.

• Gross margin turned negative at -1.5% (vs. 4.9% prior year), impacted by higher costs, inventory provisions, and China exit charges.

• Net loss was $52.9 million ($0.69/share), slightly improved from $54.4 million ($0.84/share) last year, aided by higher other income.

• Management withdrew full-year guidance due to macroeconomic uncertainty, providing only Q2 revenue outlook of $80–$85 million.

• $100 million senior secured debt facility closed to strengthen liquidity, with warrants issued as part of the deal.

Financial highlights

• Net revenues fell 9.1% year-over-year to $68.7 million, with an 11.2% drop in volume partially offset by a 2.4% increase in net revenue per pound.

• Gross profit was a loss of $1.1 million, with gross margin at -1.5%.

• Adjusted EBITDA loss widened to $42.3 million (-61.6% of revenue), compared to $(32.9) million (-43.5%) prior year.

• Cash and equivalents were $115.8 million (including restricted cash); total debt stood at $1.1 billion as of March 29, 2025.

• Net cash used in operations was $26.1 million, down from $31.8 million prior year.

Outlook and guidance

• Full-year guidance withdrawn due to volatile macroeconomic conditions and unpredictable demand.

• Q2 2025 net revenue expected between $80 million and $85 million.

• Management targets EBITDA-positive run rate by year-end 2026, focusing on cost savings and margin recovery.

• Continued losses expected for the foreseeable future, with plans to raise additional capital in 2025.

• Suspension of China operations expected to result in $13–14 million in accelerated depreciation and asset write-offs through 2026.