Beyond Meat, Inc.

Second-quarter 2026 net revenue was $68.8 million, down 8.2% from $75 million a year ago, and above the company’s $60 million to $65 million guidance range. Gross profit was $5.9 million with gross margin of 8.5%, versus $7.9 million and 10.6% in the prior-year quarter. Operating expenses were $36.7 million, down from $45.4 million, and loss from operations improved to $30.8 million from $37.5 million. Net income was $16.4 million, or $0.03 per basic share, versus a net loss of $31.8 million, or $0.42 per share, a year ago, helped by a non-cash $57.7 million gain on debt extinguishment. Adjusted EBITDA was a loss of $27.7 million, compared with a loss of $24.7 million last year. For Q3 2026, management expects net revenue of approximately $60 million to $65 million.

Ethan Brown framed the quarter as incremental progress in a broader turnaround, saying the company is moving across three pillars: investing in Europe and Canada, broadening beyond plant-based meat into nutrition-oriented adjacencies, and improving efficiency and unit economics. He said Europe and Canada are the clearest near-term growth engines and pointed to new launches such as Beyond Steak Filet, Beyond Chicken Pieces Spicy Buffalo, Beyond Breakfast sausage, and Beyond Immerse as examples of the next phase of innovation. His tone was cautiously optimistic: he acknowledged there is “substantial ground still to cover,” but said he feels good about the turnaround trajectory and the opportunity to build momentum in adjacent categories.

Lubi Kutua detailed that net revenue fell 8.2% to $68.8 million, driven mainly by a 9.5% drop in volume, partly offset by a 1.4% increase in net revenue per pound. Gross profit was $5.9 million and gross margin was 8.5%, with $1.6 million of China cessation costs included, while operating expenses were $36.7 million and included $4.7 million of incremental share-based compensation plus a $11 million credit from arbitration settlement. She said cash and cash equivalents, including restricted cash, were $186.1 million and total debt carrying value was $323.8 million at quarter end. She also highlighted improved cash discipline, noting net cash used in operating activities was $23.2 million for the first six months, versus $58 million a year ago, and capex was $4 million versus $6.4 million.

Analysts pressed management on why Europe appears to be performing better than the U.S., and Ethan Brown said the company faces less industry misinformation there and consumers link food choices more closely to climate. He also said strong pockets in Germany, the UK, and the Netherlands support further investment, and pointed to a new Europe leader as a sign of commitment. On costs and inflation, Brown said the key issue is throughput and facility utilization, while Kutua added that some inputs still show inflation but logistics costs have been helped by warehouse consolidation. Both emphasized that more savings should come from automation, the new continuous line in Columbia, and better volume absorption.