Beyond Meat reported Q4 2024 revenue of $76.658 million, down 17.7% year over year and 5.4% quarter over quarter, signaling continued near-term demand softness in the plant-based meat category. Gross profit was $10.006 million, yielding a gross margin of 13.05%, while operating and net losses persisted at -$37.81 million and -$44.86 million respectively, with an EPS of -$0.65. EBITDA stood at -$38.17 million, reinforcing a challenging profitability trajectory as the company scales and faces cost pressures.
From a liquidity perspective, the balance sheet shows a cash cushion (cash and equivalents) of $131.913 million and cash at end of period of $145.554 million, against total debt of $1.222 billion and net debt of approximately $1.091 billion. Equity remains negative at -$601.208 million, highlighting an ongoing equity erosion despite a solid current ratio of 4.66 and liquidity coverage. Operating cash flow was negative at -$28.95 million, with negative free cash flow of -$35.43 million for the quarter, underscoring the need for sustained improvements in operating leverage and working capital efficiency.
The absence of explicit management forward guidance in the provided data adds to near-term ambiguity, suggesting that profitability hinges on cost reductions, margin expansion, and revenue growth initiatives. While the long-term addressable market for plant-based proteins remains favorable, the near-term investment thesis requires careful monitoring of gross margin trajectory, operating expense containment, and cash flow progression to return to positive earnings and cash generation.