Beyond Meat – now rebranding itself as Beyond The Plant Protein Company – has published its full year 2025 financial results, reporting its lowest revenues since going public in 2019.
The company’s net revenues for 2025 were $275.5 million, a 15.6% decrease year-over-year. Its gross profit dropped to $7.6 million, or gross margin of 2.8%, compared to gross profit of $41.7 million (gross margin of 12.8%) in the year-ago period.
Loss from operations nearly doubled to $332.7 million, compared to $156.1 million in the year-ago period. However, on a more positive note, the company’s debt restructuring initiative delivered a $548.7 million non-cash gain, contributing to its net income of $220 million in 2025.
The results come amid a challenging period for the alt-meat maker, which has seen continued losses and sharp sales declines in recent years. During the company’s fourth quarter in 2025, it saw net revenues decrease by 19.7% year-over-year, while 2025 saw its stocks plummet to record lows.
Last month, Beyond received a notification from Nasdaq, warning that it faces a delisting risk due to its stocks falling below the minimum $1 per share price for 30 consecutive business days. The company has been given until 31 August to regain compliance and boost its stock prices.
Ethan Brown, Beyond’s CEO and president, said its 2025 results reflect not only the ongoing market headwinds in the plant-based meat category, but the financial impact of various restructuring measures Beyond has taken with an aim of boosting performance in the long-term.
Brown said that these changes, “while costly,” will “support the company’s path to sustainable operations”. Restructuring efforts undertaken by the company include the suspension of its China operations and reductions of its workforce in several regions including North America and the EU.
One of the most notable changes made by the company over the past year is its repositioning, diversifying its portfolio beyond plant-based meat alternatives – a market that has seen slower consumer demand since its peak in the early 2020s, likely due to various factors including consumer awareness of ‘ultra-processed foods’ and a shift toward plant proteins that are perceived as more ‘natural,’ as well as challenges around achieving price parity.
The company announced its entry into the beverage category in January this year, unveiling a new line of functional sparkling drinks made with pea protein, fibre and electrolytes. The move generated widespread industry discussion around the future of the brand, with CEO Brown having hinted at an upcoming move into adjacent categories the previous year amid the company’s ongoing turnaround efforts.
Commenting on Beyond’s 2025 results, Brown said: “We enter 2026 with reduced leverage and extended debt maturity, and having added liquidity to our balance sheet. We intend to build on these improvements through the continued pursuit of top-line stabilisation and margin expansion”.
“Furthermore, we are strategically repositioning our brand to Beyond The Plant Protein Company, allowing us to enter into adjacent categories where we believe our brand, technology and commitment to clean plant-based nutrition can deliver significant value to consumers.”
