Beyond Meat Seeks Consent to Address Residual $29M of 2027 Notes

Beyond Meat, founded in 2009, sells plant-based meat products through retail and foodservice channels in the U.S. and internationally. At approximately $309 million in market capitalization, the company has spent years burning through cash as category demand has eroded. Full-year 2025 net revenues fell 15.6% to $275.5 million, with gross profit of just $7.6 million — a 2.8% margin. The Adjusted EBITDA loss for 2025 was $178.4 million, more than doubling the year-prior loss of $101.7 million. First quarter 2026 revenues fell another 15.3% to $58.2 million.

In October 2025, Beyond Meat completed a debt-for-equity exchange that retired $1.12 billion — about 97.4% — of its 0% Convertible Senior Notes due 2027, replacing them with $209.7 million of new 7.00% Convertible Senior Secured Second Lien PIK Toggle Notes due 2030 and approximately 317.8 million new shares of common stock. The transaction generated a $548.7 million non-cash accounting gain, producing reported net income for the year, but the underlying business remained deeply loss-making. Net cash used in operating activities in 2025 was $144.9 million.

Operational and governance pressures have accumulated alongside the financial stress. On March 4, 2026, Beyond Meat received a Nasdaq deficiency notice after its stock price traded below $1.00 for 30 consecutive business days; it has until August 31, 2026 to regain compliance. The company reported material weaknesses in internal controls as of December 31, 2025 — including a newly identified weakness related to inventory provision accounting — and corrected errors across all three interim quarters of 2025. Chief Operations Officer Jonathan Nelson resigned effective May 17, 2026, with interim Chief Transformation Officer John Boken absorbing the COO duties on an interim basis.