10-Q · May 7, 2026
Beyond Meat reported a Q4 2026 net revenue of $58.2 million, a decline of 15.3% from $68.7 million in the same quarter last year. Despite a reported net loss of $28.5 million (better than a $61.1 million loss last…
BYND earnings analysis
10-Q · Filed November 10, 2026 · Our reading of the company's report
The latest report
Beyond Meat delivered $64.529 million of Q3 revenue and diluted EPS of $(2.21), but the filing shows continuing losses, $57.1 million of impairment charges and $37.3 million of operating cash use for the first nine…
Read full summary
Beyond Meat delivered $64.529 million of Q3 revenue and diluted EPS of $(2.21), but the filing shows continuing losses, $57.1 million of impairment charges and $37.3 million of operating cash use for the first nine months. Liquidity remains highly constrained with $114.2 million of delayed draw term loans, $14.5 million of 2027 Notes due in March 2027 and a $15.0 million minimum-liquidity covenant. Persistent material weaknesses in internal controls and unresolved Campus lease obligations add significant execution and solvency risk despite the company regaining Nasdaq bid-price compliance.
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Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-2.21
What stood out
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Revenue beat, EPS missed estimates
Reported Q3 revenue was $64.529 million, modestly above the supplied consensus estimate of $63.942 million, while diluted EPS was $(2.21), below the $(2.02) estimate.
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Impairment charges quantified
The company recognized total impairment losses of $57.1 million in the three and nine months ended September 26, 2026, including $27.3 million on the entity-wide asset group and $29.8 million on the sublease asset group.
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Debt increased with no availability
The September 26, 2026 balance sheet included $114.2 million of delayed draw term loans, up from $104.6 million at December 31, 2025; the company had no remaining borrowing availability under the facility.
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Operating cash burn remains substantial
For the nine months ended September 26, 2026, the company reported a net loss of $94.9 million and used $37.3 million of cash in operating activities.
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Nasdaq deficiency was cured
The company regained Nasdaq minimum bid-price compliance after its 1-for-30 reverse split, with Nasdaq confirming compliance for the 10 consecutive business days from August 14 through August 27, 2026.
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Lease restructuring reduced obligations
The Q3 lease modification reduced lease liabilities by $38.2 million, right-of-use assets by $22.9 million and prepaid lease balances by $15.3 million.
What to watch
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Material control weaknesses persist
Management concluded disclosure controls were ineffective as of September 26, 2026, and stated that previously identified material weaknesses in complex transaction accounting and inventory valuation remained unremediated.
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Near-term maturities and liquidity risk
Liquidity and refinancing risk is acute: $14.5 million of 2027 Notes mature on March 15, 2027, delayed draw term loans totaled $114.2 million, and the company is required to maintain at least $15.0 million of liquidity.
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Campus lease default exposure
The company did not complete required Campus Headquarters surrender and restoration work by August 31, 2026; a landlord notice was delivered on September 18, 2026, and a lease default could trigger acceleration of debt.
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Repositioning execution risk
The company’s new strategic repositioning toward “Beyond The Plant Protein Company” may require substantial resources while the company reported a $94.9 million nine-month net loss and $37.3 million of operating cash use.
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Further impairment remains possible
Continuing operating and cash flow losses and a significant decline in market capitalization triggered a Q3 impairment assessment, resulting in $57.1 million of total impairment losses.
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Ingredient and tariff exposure
A hypothetical 10% increase in pea-protein costs would have increased cost of goods sold by approximately $0.5 million in Q3 and $1.4 million year to date; the filing also identifies potential tariff and supply-chain exposure.
Management's outlook
The provided 10-Q text does not include quantitative revenue or EPS guidance. The previously reported Q4 2026 revenue outlook of approximately $54 million-$59 million was disclosed in the 8-K, not this filing.
Earlier filings 2
10-K · April 9, 2026
Beyond Meat describes a strategic reset focused on margin recovery, cost reduction and portfolio rationalization (Global Operations Review and Transformation Office) while maintaining three core product platforms (beef,…
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