BYND · BEYOND MEAT, INC.
10-K filed 2026-04-09 period 2025-12-31
22 Distress
confidence high · source filing on SEC.gov ↗
- Completed a massive debt exchange offer in October 2025, exchanging $1.12 billion of 2027 Notes for $209.7 million of 2030 Notes and 317.8 million common shares, resulting in a non-operating gain of $548.7 million.
- Suspended all operational activities in China by the end of 2025, recording $10.5 million in related non-cash charges and workforce reductions.
- Identified a material weakness in internal controls over inventory provisions, leading to the correction of errors in previously issued 2025 interim financial statements.
Filing Health Score pillars
Profitability 25%
15
Net revenues decreased by 15.6% to $275.5 million in 2025, and operating loss remained high at $333.6 million, reflecting persistent weak demand in the plant-based meat category (Item 7, Overview).
Balance sheet 20%
35
While cash increased to $203.9 million following a major debt exchange that reduced 2027 Notes to $29.5 million, outstanding shares diluted massively from 76.1 million to 453.7 million (Item 8, Consolidated Balance Sheets).
Cash generation 20%
10
Operating cash flow deteriorated to -$144.9 million in 2025 from -$98.8 million in 2024, and free cash flow remains deeply negative due to ongoing operational losses (Item 8, Consolidated Statements of Cash Flows).
Risk flags 20%
25
The Company identified a material weakness in internal controls over inventory provisions, corrected errors in its 2025 interim financial statements, and recorded $51.3 million in long-lived asset impairments (Item 7, Impairment of Long-Lived Assets and Correction of Previously Issued Interim Financial Statements).
Mgmt signal 15%
30
Management is aggressively restructuring via workforce reductions, SKU rationalization, and the cessation of China operations, while pivoting to new channels like the Beyond Test Kitchen DTC platform (Item 7, Cost-Reduction Initiatives and Global Operations Review).
Key metrics (Year ended December 31, 2025)
revenue: $275.5 million
cash and equivalents: $203.9 million
total debt: $496.7 million
shares outstanding: 453,688,312
net income: $219.0 million
period: Year ended December 31, 2025
operating cash flow: -$144.9 million
Gemma triage notes (pre-analysis, second opinion)
None for this filing.Automated research summaries derived from SEC filings. Not investment advice.