Beyond Meat has reported its fourth-quarter and full-year 2024 financial results, revealing modest revenue growth in late 2024 alongside cost reductions and improved margins. However, the company continues to operate at a loss and has announced further restructuring efforts, including job cuts and the suspension of operations in China, as it targets profitability by the end of 2026.
“We intend to strengthen our balance sheet to improve liquidity and optimize our capital structure”
Beyond Meat generated $76.7 million in revenue for the fourth quarter of 2024, a 4% increase from the previous year. Full-year revenue declined by nearly 5% to $326.5 million. While the company reduced its net loss from $338.1 million in 2023 to $160.3 million in 2024, it remains unprofitable. CEO Ethan Brown stated that 2024 was a “pivotal year” for the company, noting improvements in cost control and operational efficiency.
To further cut expenses, Beyond Meat will reduce its workforce in North America and Europe by 17% among non-production employees. Additionally, the company will exit China, with operations ceasing by mid-2025. The move will eliminate nearly all of its workforce in the country and result in one-time costs related to severance and asset write-downs, estimated between $12 million and $17 million.
Despite financial challenges, Beyond Meat has continued expanding its product portfolio. In early 2025, the company introduced Pre-Seasoned Beyond Steak in the US and launched Beyond Steak in the French food sector. These efforts come as part of its strategy to drive consumer interest and compete in a plant-based meat market that has faced declining demand.
Industry-wide setbacks
Beyond Meat’s struggles are not unique. Unilever has faced challenges selling its plant-based brand, The Vegetarian Butcher, after announcing plans in late 2024 to scale back its exposure to the category. Stock analysts believe that the spread of the “ultra-processed” narrative surrounding plant-based meat alternatives has led to a shift in consumer perception regarding their health benefits, directly contributing to the downturn, according to Stock Invest.
Nestlé has also reduced its plant-based portfolio. The company has scaled back its Sweet Earth brand in the US after previously discontinuing its Garden Gourmet and Wunda brands in the UK in 2023, citing weak sales. A Nestlé spokesperson told Reuters that the company has “significantly reduced” its plant-based offerings as part of a broader shift toward focusing on fewer, more profitable brands.
Critical steps for long-term viability
As Beyond Meat works to stabilize its business, the company faces ongoing challenges, including shifting consumer preferences, pricing pressures, and increasing competition. The next two years will be critical as it attempts to reach profitability and regain investor confidence.
“In 2025, we are pursuing four main goals. One, we plan to produce comparable year-over-year top-line net revenues as we focus on sustainable operations. Two, we aim to improve gross margin to approximately 20%, with the longer-term goal of ultimately exceeding 30%.
“Three, we plan to further reduce our operating expenses over the next two years in an effort to position the business for run-rate EBITDA-positive operations by the end of 2026. Four, we intend to strengthen our balance sheet to improve liquidity and optimize our capital structure,” said Brown.
