Can you elaborate on the recent corporate changes, specifically the hiring of a COO and your return to the Board, and how they align with the company's strategy?

The new COO, Brijesh Krishnaswamy, brings U.S. and European experience, aligning with the strategy to grow in Europe and stabilize the U.S. CEO Ethan Brown's return to the Board emphasizes focus on the turnaround, which involves stabilizing the core business, expanding into adjacent categories with existing technology, and leveraging innovation. “So I think, you know, John Boken has done a fantastic job for us as an interim Transformation Officer and serving in that capacity, but the goal always was to bring on someone full-time. So he's been very patient working with us and allowing us the time to pick the right candidate.”

What are you seeing in the current cost environment, particularly with freight and other volatile areas, and what actions are being taken to mitigate these costs?

The primary driver for unit economics is throughput; increasing volume through facilities is key. The company is also optimizing facilities, spinning up a new continuous line in Columbia, Missouri, and renegotiating material contracts. While some inflation exists, logistics costs have been offset by consolidating warehousing, leading to a solid performance in this area. “But the main solve here is throughput, right? Like we continue to try to optimize our facilities, but the best and ultimate solve here is to just get more volume through those facilities.”

BYND

Beyond Meat (BYND) Q2 FY26 earnings call: guidance and Q&A

Earnings call· Jun 2026 (Q2 FY26)· Consumer Staples· Aug 5, 2026

Source: earnings call transcript

Executive summary

Beyond Meat Q2 FY26 — Sequential Progress Amidst Turnaround Efforts

Beyond Meat reported sequential progress in Q2 FY26, with revenue exceeding guidance and improved gross margin, driven by operational efficiencies and cost reductions. The company is executing a turnaround strategy focused on international growth, expanding into functional nutrition categories, and further optimizing unit economics, while navigating persistent U.S. market pressures and misinformation campaigns.

Highlights

Net revenues of $68.8 million exceeded the high end of guidance ($60M-$65M).
Net revenue decline improved to 8.2% YoY, from 15.3% in Q1 FY26 and 19.7% in Q4 FY25.
Gross margin improved to 8.5%, up 5 points from Q1 FY26 and 6 points from Q4 FY25.
Operating expenses decreased 19% YoY to $36.7 million.
Cash use (excluding financing) fell 44% YoY to approximately $18 million.

Concerns

Net revenues decreased 8.2% YoY to $68.8 million.
Gross margin of 8.5% was down from 10.6% in the prior year period.
Adjusted EBITDA loss widened to $27.7 million (-40.2% of net revenues) from $24.7 million (-33% of net revenues) in the prior year.
Core plant-based meat business continues to face pressure in U.S. retail and foodservice, and global foodservice.
Volume of products sold decreased 9.5% YoY, primarily due to lower sales to QSR customers and weak category demand.

Guidance & targets

Category	Target	Timeline	Confidence
Net revenues	$60 million to $65 million high materiality	Q3 · FY26	Medium

Segment performance

Segment	Revenue	YoY	QoQ	Margin
U.S. Retail Decrease primarily due to persistent category softness and reduced points of distribution. Some distribution losses were transitory due to packaging transitions. Net revenue per pound impacted by higher trade discounts and lower price realization. Volume of products sold: -5.7% YoYNet revenue per pound: -4.5% YoY	$29.6M	-9.9%	—	—
U.S. Foodservice Negatively impacted by distribution losses, primarily among smaller independent operators, and general category softness. Higher trade discounts and lower price realization offset favorable product sales mix. Volume of products sold: -27.4% YoYNet revenue per pound: slightly unfavorable YoY	$8.0M	-27.6%	—	—
International Retail Benefited from higher sales of burger and chicken products in European markets and increased sales of ground beef products in Canada. Net revenue per pound increased due to price increases in certain geographies and favorable FX rates, partially offset by higher trade discounts. Volume of products sold: 8.2% YoYNet revenue per pound: 7.7% YoY	$18.5M	16.5%	—	—
International Foodservice Decrease mainly reflects lower sales of burger and chicken products to certain QSR customers in Europe and Canada. Net revenue per pound increased due to favorable FX rates and lower trade discounts. Volume of products sold: -20.4% YoYNet revenue per pound: 5.5% YoY	$12.7M	-16.0%	—	—

Product announcements

Product	Type	Timeline
Beyond Steak Filet	launch	Q2 FY26 (retail debut)
Beyond Chicken Pieces Spicy Buffalo	launch	Q2 FY26
Beyond Breakfast Sausage (links and patties)	launch	Q2 FY26
Beyond Immerse	launch	Q2 FY26 (online launch), subsequent rollout with distributor

Capital programs

Continuous production line finishing trials

Benefit:Improved conversion costs, absorbing volume previously outsourced

Finishing trials on the new continuous line at the Columbia, Missouri, facility. Expected to contribute to volume and improve conversion.

Risks & headwinds

U.S. market pressure and misinformation Ongoing

Net revenues in U.S. retail down 9.9% YoY, U.S. foodservice down 27.6% YoY.

Mitigation:Leaning into product health, working with health institutions, 'Don't Believe the Cropaganda' campaign, targeted shopper marketing, new product innovations.

Lower volume and underabsorption of overhead Ongoing

Volume of products sold decreased 9.5% YoY.

Mitigation:Addressing through growth programs, facilities planning, optimizing production system, and increasing throughput.

Persistent category softness and reduced distribution Ongoing

U.S. retail volume down 5.7% YoY, U.S. foodservice volume down 27.4% YoY.

Mitigation:Bringing new center-of-the-plate protein to market, strengthening brand blocks in frozen retail, and expanding into adjacent categories.

Increased material costs and manufacturing expenses Q2 FY26

Negatively impacted gross profit and gross margin.

Mitigation:Reduced certain material costs through contract renegotiation, RFPs, secondary sourcing, formulation adjustments, and optimizing production system.

Impact of China operations cessation Q2 FY26 (last quarter to carry this drag)

$1.6 million in expenses, >2 points of margin drag.

Mitigation:This is the last quarter to carry this specific drag.

What to watch in Q3 FY26

Net revenue growth rate

Q3 FY26

Current -8.2% YoY

Target Improvement towards positive growth

Why it matters

Indicates progress on the core business stabilization and growth initiatives, especially in Europe and Canada.

I'll start with our second quarter results, then turn to how we're executing our turnaround across 3 pillars. Beginning with net revenues, we came in at $68.8 million, roughly $4 million above the high end of our $60 million to $65 million guidance range. This figure headlines a quarter of sequential progress, even if it is slower than we would like. Specifically, net revenues were down 8.2% year-over-year, an improvement from year-over-year declines of 15.3% in Q1 2026 and 19.7% in Q4 2025.

Find out whether BYND delivers this. Inve re-checks your case every morning.

Q&A highlights

Why is there a significant difference in consumer acceptance and demand for plant-based products between Europe and the U.S.?

In Europe, the company faces less intense misinformation campaigns from the incumbent industry compared to the U.S. Additionally, European consumers more readily link food choices to climate concerns, which is a stronger driver there due to policy and observed climate impacts.

“I think what we're seeing and we're beginning to see this in a sustained level, in Europe, we do not face the same very significant campaigns and misinformation that we do here in the U.S. from the incumbent industry.”

asked by Benjamin Theurer · answered by Ethan Brown

2 min read 6 chapters

Detailed narrative

U.S. Market Challenges and Mitigation

The U.S. core plant-based meat business continues to face pressure in retail and foodservice channels, attributed to weak category demand, reduced points of distribution, and persistent misinformation campaigns regarding product health. The company is countering this with educational campaigns like 'Don't Believe the Cropaganda' and targeted shopper marketing, alongside new product introductions like Beyond Steak Filet and Beyond Chicken Pieces Spicy Buffalo.

International Growth Engines

Europe and Canada are identified as clear near-term growth engines, with retail sales up double digits year-over-year in both markets. Performance in Germany and the U.K. is cautiously encouraging, and the company plans to invest further in these regions, including bringing innovation to consumers. This growth partially offsets U.S. declines.

Operational Efficiency and Margin Improvement

The company is making progress on operational efficiency, consolidating its production network, finishing trials on a new continuous line in Columbia, Missouri, and reducing material costs through renegotiations and RFPs. Warehousing has been consolidated, logistics expenses lowered, and less profitable product lines exited. These efforts contributed to an 8.5% gross margin, despite a drag from accelerated depreciation related to China operations.

Strategic Pivot to Functional Nutrition

Beyond Meat is broadening its focus from plant-based meat to 'nutrition as Beyond, the plant protein company,' entering faster-growing adjacent markets. The first product under this strategy is Beyond Immerse, a functional beverage with 20g protein, 5-7g fiber, antioxidants, and electrolytes, targeting the functional drink market. This strategy leverages the company's expertise in plant biology and formulation.

Cash Flow and Expense Management

The company demonstrated significant improvement in cash management, with cash use (excluding financing activities) falling 44% YoY to $18 million. Operating expenses decreased 19% YoY to $36.7 million, reflecting ongoing focus on SG&A and transformation efforts to position the business for sustainable operations and cash flow positivity.

Leadership and Board Changes

The company announced the hiring of Brijesh Krishnaswamy as COO, replacing an interim Transformation Officer, to help drive growth in Europe and stabilize the U.S. business. CEO Ethan Brown is also returning to the Board, signaling a renewed focus on operational execution and the turnaround strategy.

Summary of the company's earnings call; see how call summaries are prepared. Not investment advice.