Beyond Meat (NASDAQ: BYND) went public on May 2, 2019, at $25. It raised $241 million. Its stock soared 163% that day, and it briefly had a valuation of $3.77 billion. After announcing fourth-quarter earnings yesterday, the stock hit $.63, down over 99% in the past five years.
In the fourth quarter, Beyond Meat’s revenue dropped to $62 million, down from $76 million in the same period a year ago. Its operating loss was $133 million, compared with a $36 million loss the year before. Two days earlier, the company said it would be late filing financials because “the Company determined that a material weakness in internal control over financial reporting existed as of December 31, 2025.”
The one saving grace is that Beyond Meat has $203 million in cash and cash equivalents, which, however, could be eaten up quickly at the current burn rate
The reasons meatless meat was popular, temporarily, were that it was supposed to be better for people’s health and better for the environment. Livestock, particularly cattle, account for about 40% of global methane emissions (though some scientists put the figure lower).
Consumers found meatless meat expensive and bland. Additionally, the products were not much different from tofu, which is easily available and relatively inexpensive.
The high-water mark for Beyond Meat was in 2021, when, with a partnership with McDonald’s (NYSE: MCD | MCD Price Prediction), it launched a product called “McPlant”. It had tested the product for a year. By 2024, it was gone. Given the size of the McDonald’s customer base, it was a strong signal that “meatless” meat had little future. Another reason for failure is that health claims may have been too aggressive.
The era of meatless meat is behind us. So is any chance Beyond Meat can make it? No
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