Beyond Meat has a noble purpose. It wants to make people healthier by selling them plant-based meat instead of the traditional animal-based version.
Unfortunately, only a relatively small number of Americans actually want plant-based proteins (and those that do have cheaper alternatives than Beyond Meat).
“While interest in plant-based eating remains, it has largely dipped from 2023 levels. Only 19% will intentionally choose animal-free dishes when dining out this year (versus 27% in 2023),” according to a 2024 study from Culinary Institute of America, the nonprofit Food for Climate League, and the Menus of Change University Research Collaborative.
“The research shows that Americans are enamoured by protein, especially poultry, which is consumed by 90% of the population. Dairy and eggs aren’t far behind, and red meat intake stands at 86%. In contrast, the most consumed plant-based protein sources are nuts and seeds (77%), followed by whole grains (62%) and legumes (57%).
Plant-based meat is way down the list, with only 23% of Americans eating products like the Impossible Burger. Even fewer (21%) eat tofu and tempeh, and seitan is at the bottom of the list, appearing on the table of only one in eight Americans.”
Beyond Meat may have made plant-based meat acceptable, but demand has stalled out as competition has increased.
The company has been losing money, and multiple analysts have shared concerns over its chances of remaining a viable business.
Beyond Meat is in “survival mode” with a “going concern” risk possible for the plant-based pioneer due to deteriorating trends in its business and negative cash flow, according to a TD Cowen report.
“We believe that the company’s deteriorating financial situation and weak category consumption presents ‘going concern’ risk for investors,” the TD Cowen report said, FoodDive reported.
A look at Beyond Meat's financials
According to data from Beyond Meat's quarterly SEC filing:
- Net revenues were $75 million, a decrease of 19.6% year-over-year.
- Gross profit was $8.6 million, or gross margin of 11.5%, compared to gross profit of $13.7 million, or gross margin of 14.7%, in the year-ago period.
- Loss from operations was $34.9 million, or operating margin of -46.6%, compared to loss from operations of $33.9 million, or operating margin of -36.4%, in the year-ago period.
Creditsafe shares facts on Beyond Meat's prospects
Beyond Meat (BYND) took significant objection to a previous analysis by TheStreet co-Editor-in-Chief Daniel Kline that looked at its finances and the prospects of a Chapter 11 bankruptcy.
“Your story suggesting that Beyond Meat filed for bankruptcy is unequivocally false. We have not filed nor are we planning to file for bankruptcy,” the company shared in an email to TheStreet.
After receiving that comment, Kline asked Creditsafe, the world’s most used provider of business credit reports, to analyze Beyond Meat's business. The company's Head of Brand and Spokesperson Ragini Bhalla shared some data:
● Beyond Meat's Days Beyond Terms (DBT), or how late they pay their bills, has more than doubled over the past 12 months. According to Creditsafe data,
Beyond Meat historically kept its DBT below the industry average of 12 for the second half of 2024. But then its DBT began to increase in early 2025. In August 2024, for example, Beyond Meat’s DBT sat at 8, and even dropped to 5 in October 2024 and then to 4 in November 2024.
Starting in March 2025, its DBT increased to 11. The company’s DBT then rose to 18 in April 2025 and reached a high of 20 in May 2025. As of July 2025, Beyond Meat’s DBT is 19, which is much greater than the industry average of 12 and is more than double what it was one year ago.
“This increasing delay in payments to suppliers indicates that the company could be experiencing liquidity pressures. Although the company has denied imminent bankruptcy filings, these rising DBT figures highlight growing financial challenges, especially considering their troubling Q2 earnings results,” Bhalla wrote.
Image source: Shutterstock
Beyond Meat pays its bills slower
● Over the past year, Beyond Meat's payment behavior has fluctuated significantly, particularly in the 1-30 days past due category.
Creditsafe data shows that 30.97% of the company’s outstanding bills were 1-30 days past due in September 2024, a percentage that continued to rise in subsequent months. By January 2025, this figure increased to 46.56% and then peaked at 48.75% in July 2025, reflecting a worsening trend in meeting short-term payment obligations.
Meanwhile, the 31-60 days overdue category saw a significant jump in April 2025, climbing to 19.23% (the highest over the recent 12-month period), compared to just 8.24% in November 2024 and 9% in February 2025.
In addition, the 61-90 days overdue category remained relatively stable, with June 2025 seeing the highest percentage at 13.07%.
The 91+ days overdue category spiked notably in July 2025, reaching 12.77%, a significant increase from the 1.31% seen in May 2025.
“This upward trend in overdue payments suggests growing liquidity pressures, which could be a signal of escalating cash flow challenges at Beyond Meat,” Bhalla added.
Beyond Meat sales are falling
● Beyond Meat is currently struggling with declining sales, increased competition and financial instability.
“The company, once a leader in the plant-based meat industry, has faced significant setbacks, including a 20% drop in revenues during Q2 2025 compared to the previous year. Despite efforts to improve its financial position through gross margin expansion and cost reductions, these measures have been insufficient to offset its mounting losses,” Bhalla wrote.
With $1.2 billion in debt and cash reserves dwindling to just $117 million, Beyond Meat is working with advisors to explore restructuring options.
The company has brought in John Boken, a restructuring expert, as interim chief transformation officer to help guide the process.
“Although Beyond Meat has denied reports of filing for bankruptcy, the financial strain continues to grow, and the company now faces the challenge of restructuring its operations to regain stability. A bankruptcy filing could signal a critical turning point for Beyond Meat, offering a chance for a financial reset as it navigates the increasingly competitive plant-based market,” Bhalla wrote.
U.S. plant-based meat sales (2020-2025)
- 2020: Sales surged to $1.4 billion, marking a 46% increase over 2019, driven by pandemic-related demand and heightened interest in plant-based diets. (Plant Based Foods Association)
- 2021: Sales remained stable at approximately $1.4 billion, with unit sales declining by 8.2%. (Plant Based Foods Association)
- 2022: Sales held steady at $1.4 billion, despite an 8.2% drop in unit sales. (Choices Magazine)
- 2023: Sales fell to $1.2 billion, down 12% from 2022, with unit sales decreasing by 19%. (Powder & Bulk Solids)
- 2024: Sales declined further to $1.2 billion, with unit sales down 11%. Notably, plant-based meat accounted for 1.7% of total retail packaged meat dollar sales. (The Good Food Institute)
- 2025: Sales dropped to $1.13 billion, a 7.5% decrease from the previous year, with unit sales down 10%. Refrigerated plant-based burgers saw a 26% year-over-year decline. (AgFunderNews)
