Beyond Meat (BYND) Q2 2026 earnings summary

Executive summary

• Q2 net revenue was $68.8 million, down 8.2% year over year; the decline narrowed from 15.3% in Q1 2026 and 19.7% in Q4 2025, and revenue exceeded the guidance range’s $65 million high end.

• Turnaround priorities include investing in Europe and Canada, stabilizing U.S. core sales, expanding into nutrition adjacencies, and improving operational efficiency and unit economics.

• Sequential progress in revenue, gross margin, operating expenses, and cash use was offset by continued top-line and margin challenges; management cited further work to restore growth and reach cash-flow-positive operations.

Financial highlights

• Net revenue fell 8.2% to $68.8 million from $75.0 million; product volume declined 9.5%, partly offset by a 1.4% increase in net revenue per pound.

• Gross profit was $5.9 million and gross margin 8.5%, versus $7.9 million and 10.6% a year earlier; Q2 included $1.6 million in China cessation costs.

• Operating expenses declined 19% to $36.7 million from $45.4 million, including an $11 million arbitration settlement credit.

• Operating loss was $30.8 million versus $37.5 million; net income was $16.4 million versus a $31.8 million net loss, primarily reflecting a $57.7 million non-cash debt-extinguishment gain.

• Adjusted EBITDA loss was $27.7 million versus $24.7 million; Q2 cash use excluding financing was ~$18 million, 44% lower and $14 million below the year-ago period.

Outlook and guidance

• Q3 2026 net revenue guidance is $60 million-$65 million; broader guidance remains limited by operating uncertainty and volatility.

• Near-term growth focus is Europe and Canada, alongside U.S. core-business stabilization and new product launches; Germany and the U.K. were cited as encouraging markets.

• Cost priorities include lower operating expenses, production optimization, sourcing initiatives, facility calibration to volume, and reaching cash-flow-positive operations; near-term operating losses and negative cash flows are expected.

• Existing cash balances and anticipated cash flows are expected to fund operations for at least 12 months, though additional capital may be sought if needed.