Overview

• Plant-based protein maker's Q1 revenue fell 15% yr/yr, slightly beating analyst expectations

• Net loss narrowed from prior year, helped by lower operating expenses and higher gross profit

• Revenue decline driven by weaker demand and reduced distribution, especially in U.S. and foodservice

Outlook

• Company expects Q2 2026 net revenues of $60 mln to $65 mln

• Company cites elevated uncertainty and volatility in its operating environment

Result Drivers

• VOLUME DECLINE - Lower sales to QSR customers in international foodservice and weak demand with reduced distribution in U.S. retail and foodservice drove a 19.5% decrease in product volume sold

• COST CONTROL - Gross profit improved due to lower cost of goods sold per pound and increased net revenue per pound, reflecting reduced inventory provision, lower manufacturing expenses, and favorable product mix and currency changes

• LOWER OPERATING EXPENSES - Reduced operating expenses, mainly from lower product donation costs, legal expenses, and salary-related costs, contributed to the narrower operating loss

Company press release: ID:nGNX3r4VT4

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Revenue	Slight Beat*	$58.20 mln	$58.08 mln (6 Analysts)
Q1 Net Income		-$28.50 mln

*Applies to a deviation of less than 1%; not applicable for per-share numbers.

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 1 "strong buy" or "buy", 3 "hold" and 4 "sell" or "strong sell"

• The average consensus recommendation for the food processing peer group is "buy."

• Wall Street's median 12-month price target for Beyond Meat Inc is $0.65, about 29.2% below its May 5 closing price of $0.92

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