Beyond Meat reported second-quarter 2026 results with net revenues of $68.8 million and GAAP net income of $16.4 million, driven largely by a $57.7 million non-cash gain on debt extinguishment. Gross profit was $5.9 million (8.5% gross margin) and loss from operations was $30.8 million for the quarter. Adjusted EBITDA was a loss of $27.7 million, and the company expects third-quarter 2026 net revenues of approximately $60 million to $65 million.

Financial Highlights

  • Net revenues: $68.8 million for the three months ended June 27, 2026 (down 8.2% year-over-year).
  • Gross profit: $5.9 million; gross margin: 8.5% (compared to $7.9 million and 10.6% in prior-year quarter).
  • Loss from operations: $30.8 million (operating margin -44.8%).
  • Net income: $16.4 million (reflecting a $57.7 million non-cash gain on debt extinguishment related to conversions of 2030 Notes).
  • Adjusted EBITDA: loss of $27.7 million (‑40.2% of net revenues).

Business Highlights

  • Volume sold declined 9.5% year-over-year (14,478 thousand lbs vs. 15,990 thousand lbs), driven by lower burger and chicken sales to QSR customers internationally and reduced distribution and weak category demand in U.S. foodservice and retail.
  • U.S. retail net revenues declined 9.9% to $29.6 million; U.S. foodservice declined 27.6% to $8.0 million.
  • International retail grew 16.5% to $18.5 million, supported by higher sales in Europe, the U.K. and increased ground beef sales in Canada; international foodservice fell 16.0% to $12.7 million.
  • Operational items included cessation of operational activities in China (charges of $1.6 million in COGS and related non-cash impacts), partial lease termination costs related to the El Segundo campus, and a settlement credit of $11.0 million from arbitration with a former co-manufacturer.
  • Company strategic initiatives: U.S. retail launch of Beyond Steak Filet, launch of Beyond Immerse beverage line, and continued repositioning toward "Beyond The Plant Protein Company" to pursue adjacent categories.

Original SEC Filing:

This is an AI-powered summary. It may contain inaccuracies. Consider verifying important information with the source. Please note this summary is solely based on documents filed with the SEC.