Key Highlights

• Total net revenues came in at $64.5 million for Q3 2026, a decrease of 8.1% compared to the year-ago period

• Gross Margin reached 19.3%, the highest level in five years, up from 7.4% a year earlier

• International retail channel net revenues grew 13.3% year-over-year, marking the third consecutive quarter of growth

• Adjusted EBITDA loss narrowed to $24.6 million from $33.5 million in the prior-year quarter

Beyond Meat Inc(NASDAQ:BYND), the El Segundo, California-based plant-based protein company, reported its third quarter 2026 financial results on November 4, 2026, revealing a mixed picture of declining topline Revenue alongside improving profitability metrics. The company, which produces plant-based meat alternatives including burgers, sausages, and other products sold through retail and foodservice channels globally, continues to contend with category headwinds in the United States while finding pockets of growth overseas.

Revenue Breakdown Across Channels

Total net revenues for the quarter ended September 26, 2026, came in at $64.5 million, representing an 8.1% decline from $70.2 million in the comparable period. The decrease was driven primarily by a 10.9% drop in the Volume of products sold, though this was partially offset by a 3.2% increase in total net revenue per pound due to higher price realization and lower trade discounts.

The U.S. retail channel recorded net revenues of $24.8 million, down 13.2% from $28.5 million a year earlier. Volume of products sold in this channel fell 20.8%, driven by lower sales of burger and dinner sausage products to club channels and reduced points of distribution, partially offset by a 9.5% increase in net revenue per pound. The U.S. foodservice channel saw net revenues decline 9.7% to $9.5 million, with volume down 12.6% as reduced distribution and category-wide softness continued to weigh on performance.

In contrast, the international retail channel posted net revenues of $17.9 million, up 13.3% from $15.8 million, fueled by a 17.4% increase in volume of products sold. Performance in Europe was cited as a key contributor. International foodservice revenue declined 20.2% to $12.3 million, reflecting lower sales of burger products to Quick Service Restaurant customers, though the channel saw a 7.3% increase in net revenue per pound.

Margin Improvement and Operating Losses

The quarter's Gross Profit reached $12.4 million, representing a gross margin of 19.3%, a considerable improvement from gross profit of $5.2 million and a 7.4% margin in Q3 2025. The prior-year period included $1.7 million in expenses tied to the cessation of the company's operations in China.

Loss from operations totaled $93.0 million, compared to $98.1 million a year ago. The figure included $57.1 million in non-cash Impairment charges related to long-lived assets, as well as $20.8 million in non-cash charges related to the company's Campus Headquarters building in El Segundo. An additional $5.5 million in incremental share-based compensation expense was recorded in connection with the Exchange Offer completed in October 2025 for the company's 0% Convertible Senior Notes due 2027. These charges were partially offset by a $21.8 million Credit from a reduction in a litigation-related accrual.

Net loss for the quarter was $82.8 million, narrowing from $97.0 million in Q3 2025. On a per-share basis, net loss was $4.32, compared to $37.96 in the year-ago period, with the difference largely attributable to the significant increase in weighted average common shares outstanding following the Exchange Offer.

Cash Position and Outlook

Adjusted EBITDA loss improved to $24.6 million, or 38.1% of total net revenues, compared to an Adjusted EBITDA loss of $33.5 million, or 47.7% of revenues, a year earlier. CEO Ethan Brown noted that the company used less cash year-over-year and described the results as representing measurable progress. He indicated the company is pursuing stabilization of U.S. revenues while aggressively driving enterprise-wide cost reduction, including actions taken during the quarter to reduce certain long-term Lease obligations.

Looking Ahead

Beyond Meat faces an uneven landscape heading into the final months of 2026. While the company's margin trajectory and international retail performance offer signs of operational improvement, the persistent softness in U.S. channels — both retail and foodservice — remains a defining challenge. The plant-based category as a whole continues to navigate shifting consumer preferences, and the company's ability to translate cost discipline and international momentum into sustained revenue stabilization will be closely watched in subsequent quarters.