Beyond Meat delays FY25 results amid accounting investigation

Dive Brief:

Plant-based meat company Beyond Meat is delaying the filing of its fourth quarter and full-year 2025 results as it “requires additional time to complete a review and analysis related to its inventory balances, including amounts recorded for the provision of excess and obsolete inventory,” according to a Tuesday press release and securities filing.
The delayed filing comes after the El Segundo, Calif.-based company first identified a material weakness in its internal controls for financial reporting and delayed its Q3 2025 results for approximately a week in November, CFO Dive previously reported.
Beyond expects to report that a material weakness in its internal control over financial reporting “existed as of December 31, 2025, related to controls associated with the accounting for its inventory provision,” according to the Tuesday filing with the Securities and Exchange Commission. It is reviewing its internal control procedures and is developing a remediation plan.

Dive Insight:

Beyond Meat expects to report results for the full year and fourth quarter ended Dec. 31 on Mar. 25 after market close, according to the press release. The company is working “diligently to complete its fourth-quarter and full-year financial close procedures and has not yet made a determination regarding the potential impact on its financial statements,” according to the release. It currently expects to finalize its review and file its annual 10-K “no later” than Mar. 31.

“However, the timing of the filing may be subject to further delay, and the Company cannot provide assurance regarding the definitive filing date while this work remains in progress,” Beyond Meat said.

The delayed results represent the latest development for the embattled plant-based meat company as it seeks to shore up its financial reporting processes. That includes hiring new accounting leadership after noting “strong financial technical accounting and public company reporting knowledge” was necessary to improve its controls in its November filing.

In December, about a month after first identifying the material weakness, Beyond Meat terminated the employment of its previous principal accounting officer and controller, Yi (Jevy) Luo, and appointed Tony Kalajian as its chief accounting officer and principal accounting officer, effective Jan. 12, CFO Dive reported.

The company announced in November that it would implement trainings for accounting and financial personnel. It also planned to help improve its technical resources for proper accounting related to certain transactions.

The company had provided preliminary revenue results for both its full-year 2025 and fourth-quarter, expecting Q4 25 revenue of about $61 million, in line with its previous range of between $60 million and $65 million provided in its Q3 results. Full-year net revenues are expected to reach around $275 million.

Both revenue and gross profit tumbled for its Q3, with Beyond Meat reporting a non-cash impairment charge of $77.4 million related to certain of its long-lived assets, according to its Nov. 10 earnings release.

Beyond Meat’s shares have traded below $1 since the start of the year, according to data from Nasdaq.

As it continues its efforts to address the material weakness and enhance its accounting processes, the plant-based meat provider has also undertaken numerous initiatives to improve its sales and regain lost ground with both its customers and shareholders. Earlier this month, the company announced a name rebrand, recasting to “Beyond The Plant Protein Company” on its social media channels and website, according to a Mar. 4 post on its X account.

The prior month, it announced an expansion of its plant-based protein drinks with four new flavors, which featured ingredients such as protein from peas and fiber from tapioca, according to a Feb. 26 press release.

Beyond Meat has continued to face scrutiny both from customers and shareholders, however. The company, as well as its CEO Ethan Brown and CFO Lubi Kutua, are the subject of a class action lawsuit filed on behalf of shareholders by The Rosen Law Firm, according to a post on the firm’s website. No class has been certified in the suit, which alleges the named defendants made materially false or misleading statements relating to the book value of certain long-lived assets.