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1. Beyond Meat is like the Tyson Foods of plant-based meat.

2. Beyond Meat is like the Tesla of plant-based food.

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• Beyond Burger: Plant-based patties crafted to look, cook, and satisfy like traditional beef burgers.
• Beyond Sausage: Plant-based sausages designed to mimic the taste and texture of pork sausage, available in various flavors.
• Beyond Beef: Versatile plant-based ground "meat" suitable for a wide range of recipes like tacos, chili, and sauces.
• Beyond Chicken: A line of plant-based chicken alternative products, including tenders, nuggets, and fillets, offering a similar taste and texture to poultry.
• Beyond Meatballs: Fully pre-formed and seasoned plant-based meatballs, ready for cooking in various dishes.

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Beyond Meat (BYND) sells primarily to other companies. Its sales are generally categorized into two main channels: Foodservice and Retail.

While Beyond Meat's latest annual filings (10-K) identify its two largest direct customers for fiscal year 2023 as an unnamed global foodservice distributor (representing approximately 15% of total net revenues) and an unnamed large retail distributor (representing approximately 14% of total net revenues), its products ultimately reach consumers through a wide range of well-known companies. These distributors act as intermediaries, supplying the products to the companies listed below.

Foodservice Channel Customers:

These are businesses that incorporate Beyond Meat products into their menu offerings. Examples of major restaurant chains and foodservice providers that have partnered with Beyond Meat or offered its products include:

• McDonald's (MCD) (for the McPlant, though the scale of the partnership has varied over time)
• Yum! Brands (YUM) (e.g., KFC with Beyond Fried Chicken, Pizza Hut with Beyond Italian Sausage, Taco Bell for specific product offerings)
• Starbucks (SBUX) (in some markets for breakfast sandwiches)
• A&W Canada (private)
• Dunkin' (part of Inspire Brands, private) (for the Beyond Sausage Sandwich)

Retail Channel Customers:

These are grocery stores, supermarkets, and other retail establishments that sell Beyond Meat products directly to consumers. Examples include major chains such as:

• Walmart (WMT)
• Target (TGT)
• Kroger (KR)
• Whole Foods Market (a subsidiary of Amazon - AMZN)
• Costco (COST)

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Ethan Brown, Founder, President and Chief Executive Officer

Ethan Brown is the Founder of Beyond Meat and has served as its President and Chief Executive Officer since the company's inception in 2009. Prior to founding Beyond Meat, he focused on clean energy and the environment, including working as an energy analyst for the National Governors' Center for Best Practices and later joining fuel cell manufacturer Ballard Power Systems. Brown founded Beyond Meat after acquiring a technology license from the University of Missouri, where researchers were developing methods to replicate the texture of meat using plant proteins. He holds an MBA from Columbia University, a Master of Public Policy degree from the University of Maryland, and a BA from Connecticut College.

Lubi Kutua, Chief Financial Officer and Treasurer

Lubi Kutua has served as Beyond Meat's Chief Financial Officer and Treasurer since October 2022. Before this role, he was the Vice President of Financial Planning & Analysis and Investor Relations at Beyond Meat from January 2019 to October 2022. Prior to joining Beyond Meat, Kutua served as Vice President of Equity Research at Jefferies, LLC from August 2015 to January 2019, where he focused on the packaged foods and agribusiness sectors. He also worked as an Associate-Analyst in Equity Research at KeyBanc Capital Markets, focusing on the same sectors, and began his career at Goldman Sachs in 2004.

Jonathan Nelson, Chief Operations Officer

Jonathan Nelson has been the Chief Operations Officer of Beyond Meat since January 2024. His tenure at Beyond Meat includes previous roles such as Senior Vice President of Operations from October 2022 to January 2024 and Senior Vice President of Manufacturing Operations from December 2021 to October 2022. Before joining Beyond Meat in May 2021, Nelson was the Chief Executive Officer of JP Nelson Consulting, a private consulting firm, from March 2021 to May 2021. From 2012 to 2021, he held various operational roles at SunOpta, Inc., a global company specializing in plant-based foods and beverages. Nelson has extensive experience in high-volume manufacturing, consumer packaging, and P&L management, particularly within the plant-based food industry.

Dariush Ajami, PhD, Chief Innovation Officer

Dariush Ajami joined Beyond Meat as Chief Innovation Officer in June 2015.

Teri L. Witteman, Chief Legal Officer and Secretary

Teri L. Witteman became Chief Legal Officer of Beyond Meat in April 2021, having initially joined the company as General Counsel and Secretary in May 2019. Before her time at Beyond Meat, Ms. Witteman was a partner at Musick, Peeler & Garrett LLP from April 2016 to May 2019, where she specialized in areas such as SEC compliance, corporate governance, and mergers and acquisitions.

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Beyond Meat (BYND) faces several critical risks to its business, primarily driven by a significant decline in demand and intense market competition, which collectively contribute to the company's precarious financial position.

1. Declining Consumer Demand and Shifting Preferences: Beyond Meat is grappling with a substantial and ongoing decline in consumer demand for its plant-based meat products. This downturn is attributed to several factors, including consumers reverting to traditional meat due to concerns over the price, taste, and texture of plant-based alternatives, as well as perceptions that these products are "highly processed" or less healthy. The company has reported significant revenue and volume drops in its U.S. retail and foodservice segments, and overall interest in the plant-based meat category has weakened. This shift has led to reduced distribution points and lower international burger sales, prompting cost-cutting measures and layoffs.
2. Intense Competition: The plant-based meat market is increasingly crowded and competitive. Beyond Meat faces strong rivals such as Impossible Foods, which some consumers view as offering a better product, and established traditional meat producers like Tyson Foods and Nestlé, which have entered the plant-based sector with significant resources and distribution networks. This intense competition often leads to price wars, erosion of market share, and pressure on profit margins, making it difficult for Beyond Meat to regain traction even with efforts to lower prices.
3. Financial Instability and Liquidity Concerns: Beyond Meat is experiencing severe financial distress, marked by significant and wider-than-expected losses, negative cash flow, and a high cash burn rate. The company has reported declining revenues for multiple consecutive quarters and a considerable net loss. Concerns about its financial health are so pronounced that some analysts have pointed to a "going concern" risk, suggesting that the company may struggle to meet its financial obligations. Beyond Meat has substantial debt, negative shareholder equity, and has reportedly been taking longer to pay its bills, indicating potential liquidity pressures.

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• Rise of Cultivated Meat and Precision Fermentation Technologies: These emerging biotechnologies aim to produce real animal meat from cells (cultivated meat) or animal-identical proteins via microbes (precision fermentation). Companies like Upside Foods and Good Meat have received regulatory approval in the US for cultivated chicken and are beginning initial commercial sales. Products using precision fermentation-derived proteins (e.g., Perfect Day's dairy) are already on store shelves. Should these technologies scale, reduce costs, and become widely available, they could offer consumers a product with an identical or superior taste and texture profile to traditional meat without the ethical or environmental concerns, potentially rendering current plant-based meat alternatives less competitive or desirable by offering a "next-generation" solution.
• Growing Consumer Scrutiny and Backlash Against "Ultra-Processed" Plant-Based Foods: A significant and growing narrative questions the health benefits of highly processed plant-based meat alternatives like Beyond Meat's products. This perception shift, fueled by media reports, dietitians, and some consumer research, highlights the long ingredient lists, high sodium, and sometimes high fat content of these products. This scrutiny undermines the initial "healthy" halo associated with plant-based meats. Evidence includes slowing sales growth in some categories, increasing media focus on the "ultra-processed" nature, and shifts in consumer sentiment towards less processed whole-food plant-based options or even a return to traditional meat, diminishing Beyond Meat's value proposition.

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Beyond Meat's main products include plant-based burgers, ground "beef," sausages, meatballs, and steak alternatives.

The addressable market for these products is the plant-based meat market, which can be sized both globally and for the U.S. region.

• Global Plant-Based Meat Market:
• The global plant-based meat market was valued at approximately USD 7.17 billion in 2023 and is projected to reach USD 24.77 billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 19.4% from 2024 to 2030. Other estimates place the global market at USD 8.5 billion in 2024, projected to reach USD 40.38 billion by 2033 with a CAGR of 18.9% from 2025 to 2033.
• U.S. Plant-Based Meat Market:
• The U.S. plant-based meat market size was estimated at USD 3.21 billion in 2024 and is projected to grow to USD 8.70 billion by 2030, with a CAGR of 18.1% from 2025 to 2030. Another report indicated the U.S. market reached USD 3.4 billion in 2024 and is expected to reach USD 18.9 billion by 2033, exhibiting a CAGR of 21.2% during 2025-2033.

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1. New Product Launches and Innovation: Beyond Meat is focusing on launching new products and improving existing ones, such as the "Beyond IV" platform. This includes innovations like the Beyond IV Burger and Beef, emphasizing improved taste, nutrition, and cleaner ingredients like avocado oil. The company has also introduced "Beyond Ground," a versatile plant-based product with a simplified ingredient list, and "Beyond Sun Sausage."
2. Price Increases and Reduced Trade Discounts: Recent financial reports indicate that strategic price increases on certain products and a reduction in trade discounts have positively impacted net revenue per pound and contributed to overall revenue growth. This aggressive pricing strategy is part of the company's efforts to work towards profitability.
3. International Expansion and Distribution Gains: Beyond Meat is actively pursuing international expansion, particularly focusing on the European market, including Germany, where it has met necessary shelf-life requirements for retail access. The company also announced the launch of new value packs of Beyond Beef at retailers across Canada.
4. Strategic Partnerships and Increased Distribution: The company is leveraging partnerships to expand its market reach and product availability. Recent examples include the launch of the Beyond IV Burger at all Hard Rock Cafe locations in North America and expanding retail distribution to over 2,000 Walmart stores in the U.S.
5. Focus on Health Messaging and Cleaner Ingredients: Beyond Meat is strategically emphasizing the health benefits and cleaner ingredient profiles of its new products. The "Beyond IV" platform and products like "Beyond Ground" are being marketed with simpler, more wholesome ingredients and have received certifications such as the American Heart Association's Heart-Check program, aiming to attract health-conscious consumers and address previous criticisms.

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Share Issuance

• In October 2025, Beyond Meat issued 316,926,786 new common shares as part of a debt exchange offer for its 0% Convertible Senior Notes due 2027, aiming to reduce its debt burden.
• During the fourth quarter of 2024, the company raised $46.7 million by selling 9.75 million shares of common stock through an at-the-market (ATM) offering.
• Beyond Meat anticipates raising additional capital in 2025 through the issuance of equity and/or debt securities, including through the ATM program, which is expected to result in further dilution.

Inbound Investments

• In the first quarter of 2025, Beyond Meat secured $100 million in new senior secured financing from Unprocessed Foods, an affiliate of the Ahimsa Foundation, enhancing the company's liquidity.
• Chiron Capital Management made an investment in Beyond Meat in a Post IPO round in July 2023.

Capital Expenditures

• Capital expenditures totaled $6.4 million in the first six months of 2025.
• In the first six months of 2024, capital expenditures were $2.5 million.
• For 2025, the company plans to make targeted capital investments to increase the efficiency of its internal production processes and expand gross margin.