Beyond Meat reported a material step in the wrong direction on the top line in 3Q3 2025, with revenue of $70.22 million, down 13.3% year-over-year and 6.3% quarter-over-quarter. Gross profit totaled $7.23 million, yielding a gross margin of 10.3%, but all major operating lines contributed to a steep operating loss of $112.33 million and an EBITDA of approximately $(131.25) million. Net income was $(106.77) million, driving an EPS of $(1.40). The quarterly result underscores persistent profitability headwinds driven by scale challenges, higher cost of goods, and sizable selling, general and administrative expenses relative to revenue.
The earnings reveal a clear need for sustained cost discipline and operational leverage to unlock profitability. While the company continues to invest in R&D and product development, the near-term focus appears to be on cost optimization, supply chain discipline, and accelerating revenue growth through broader distribution and product portfolio optimization. In comparison with industry benchmarks, Beyond Meat’s gross margin remains materially below typical packaged foods peers, signaling a significant margin recovery hurdle even as the plant-based category grows globally.
Overall, the QQ3 2025 results imply a longer runway to profitability. Investors should monitor: (1) whether gross margin can sustainably advance from the low-teens-to-low-double-digit range, (2) the trajectory of SG&A and R&D as a share of revenue, and (3) the pace of revenue stabilization or growth in international markets and new channel partnerships. The outcome hinges on achieving meaningful operating leverage while controlling procurement and manufacturing costs and executing on product-market expansion.