Beyond Meat (BYND) Q1 2026 earnings summary

Executive summary

• Net revenues for Q1 2026 declined 15.3% year-over-year to $58.2 million, reflecting persistent weak demand, reduced distribution, and lower product volumes, especially in U.S. and international foodservice channels.

• Gross margin improved to 3.4% from -10.1% year-over-year, aided by cost reductions, operational efficiencies, and higher net revenue per pound, though still impacted by legacy high-cost inventory.

• Net loss narrowed to $28.5 million ($0.06 per share) from $61.1 million ($0.80 per share) in Q1 2025, driven by improved gross margin and lower operating expenses.

• Adjusted EBITDA loss improved to $27.8 million (-47.7% of net revenues) from $50.5 million (-73.5%) year-over-year.

• The company is repositioning its brand to "Beyond The Plant Protein Company," expanding into adjacent categories such as plant-based protein beverages.

Financial highlights

• U.S. retail net revenues fell 15.3% to $26.6 million; U.S. foodservice dropped 29.7% to $6.6 million.

• International retail net revenues rose 8.1% to $13.7 million, while international foodservice declined 25.9% to $11.3 million.

• Gross profit was $2.0 million (3.4% margin), up from a loss of $6.9 million (-10.1% margin) a year ago.

• Operating expenses decreased to $43.1 million from $57.4 million, with SG&A down 24.2% to $37.9 million and R&D down 30% to $5.2 million.

• Cash and equivalents at quarter-end were $205.8 million; total debt stood at $411.6 million as of March 28, 2026.

Outlook and guidance

• Q2 2026 net revenues expected between $60 million and $65 million.

• Management anticipates sequential gross margin improvement due to higher seasonal volumes and reduced impact from high-cost inventory.

• Ongoing uncertainty and volatility in the operating environment limit further guidance; continued losses and negative cash flows are expected near term.