Executive Summary

Q4 2024 net revenues were $76.7M (+4.0% YoY) with gross margin 13.1% vs -113.8% YoY; sequentially, revenues fell from $81.0M in Q3 and margin from 17.7% as mix skewed to international foodservice and FX headwinds .
GAAP net loss improved sharply YoY to -$44.9M (-$0.65 EPS) from -$155.1M (-$2.40 EPS), but worsened vs Q3’s -$26.6M (-$0.41 EPS) on higher FX losses; Adjusted EBITDA loss narrowed to -$26.0M from -$125.1M YoY .
Management introduced FY 2025 guidance: revenues $320–$335M, gross margin ≈20%, OpEx $160–$180M, CapEx $15–$20M; targeting EBITDA-positive run-rate by end of 2026 with additional RIF and suspension of China operations .
Product/health narrative advances: Beyond IV, Beyond Sun Sausage nationwide at Whole Foods, and expanded AHA/ADA-certified Beyond Steak SKUs at Sprouts; near-term mix/pricing actions support margin, while elasticity in U.S. retail was manageable .
Street consensus via S&P Global was unavailable at time of retrieval; beats/misses vs estimates cannot be assessed and should be updated when data access resumes.*

What Went Well and What Went Wrong

What Went Well

“Second consecutive quarter of year-over-year net revenue growth” with gross margin expansion to 13.1% and sizable OpEx reduction YoY; CEO framed 2024 as “pivotal” with nearly $100M YoY improvement in Adjusted EBITDA .
U.S. retail grew +5.7% on +10.6% net revenue per pound despite -4.5% volume; management noted clean-ingredient pricing strategy resonating with health-oriented consumers (“we were pleased to see the elasticity”) .
International foodservice +9.2% on +8.9% volume, aided by a large EU QSR chicken program; McDonald’s Veggie McPlant Nuggets launched in France (>1,500 restaurants) and other EU expansions .

What Went Wrong

Sequential revenue and margin declined vs Q3 (revenue $81.0M; GM 17.7%) due to high international foodservice mix and FX; Q4 net revenue per pound fell short of internal expectations .
U.S. foodservice -2.1% on -11% volumes (lower burger sales to a large QSR); international retail -1.7% on -10.4% volumes amid EU softness in ground beef/chicken .
Other expense swung to -$7.0M from +$5.7M YoY on FX losses, pressuring EPS sequentially; large debt ($1.1B) and need to bolster capital structure persisted (ATM raised ~$46.7M in Q4) .

Financial Results

Metric	Q2 2024	Q3 2024	Q4 2024
Revenue ($USD Millions)	$93.2	$81.0	$76.7
Gross Margin %	14.7%	17.7%	13.1%
Operating Income ($USD Millions)	-$33.9	-$30.9	-$37.8
Operating Margin %	-36.4%	-38.1%	-49.3%
Net Income ($USD Millions)	-$34.5	-$26.6	-$44.9
Diluted EPS ($USD)	-$0.53	-$0.41	-$0.65
Adjusted EBITDA ($USD Millions)	-$23.0	-$19.8	-$26.0

YoY reference points (Q4 2023):

Revenue: $73.7M
Gross Margin: -113.8%
Net Loss: -$155.1M; EPS -$2.40
Adjusted EBITDA: -$125.1M

Segment (Net Revenues) breakdown

Channel ($USD Millions)	Q2 2024	Q3 2024	Q4 2024
U.S. Retail	$44.9	$35.0	$33.9
U.S. Foodservice	$10.4	$14.5	$10.5
International Retail	$17.6	$16.6	$13.1
International Foodservice	$20.4	$15.0	$19.3
Total	$93.2	$81.0	$76.7

KPIs

KPI	Q2 2024	Q3 2024	Q4 2024
Volume sold (000 lbs) – Total	19,705	16,718	17,042
U.S. Retail outlets (approx.)	29,000	28,000	27,000
International Foodservice outlets (approx.)	25,000	25,000	26,000
COGS per pound ($/lb)	n/a	n/a	$3.91 (best since Q2’21)

Notes:

Q4 gross profit benefited from lower COGS per pound and higher net revenue per pound; sequential GM decline driven by mix (international foodservice) and FX .
Prior-year Q4 GM was heavily impacted by $77.4M non-cash charges (Global Operations Review, inventory provision, co-manufacturing write-off) .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Net Revenues	FY 2025	n/a	$320–$335M	New
Gross Margin %	FY 2025	n/a	≈20%	New
Operating Expenses	FY 2025	n/a	$160–$180M	New
Capital Expenditures	FY 2025	n/a	$15–$20M	New
Net Revenues	Q1 2025	n/a	Comparable to Q1 2024	New
Strategic Goal	YE 2026 run-rate	n/a	EBITDA-positive run-rate target	New
Organizational Actions	2025	n/a	RIF (~44 roles), suspend China ops (95% China workforce reduction)	New

Reference prior FY 2024 guidance (for context):

FY 2024 Revenues $320–$330M; GM mid-teens; OpEx ex-settlement $180–$190M; CapEx $10–$15M .

Earnings Call Themes & Trends

Topic	Q2 2024 (Q-2)	Q3 2024 (Q-1)	Q4 2024 (Current)	Trend
Health focus/products	Launch of Beyond IV; AHA/ADA recognition emphasized	Continued reformulation momentum; clean ingredient narrative	Health-oriented consumer focus; Beyond Steak expanded SKUs at Sprouts; Sun Sausage growth	Building health credentials and portfolio breadth
Supply chain/network	Progress in COGS per pound; logistics/materials cost reductions	Continued GM expansion; network consolidation ongoing	Nearly complete consolidation; warehouse rationalization; automation investments	Optimization phase; margin lever
U.S. retail dynamics	Price increases, lower promos, elasticity manageable	U.S. retail +14.6% YoY; mix/pricing drove gains	U.S. retail +5.7% YoY; elasticity acceptable; distribution to expand in frozen aisle	Moderate growth; mix management
Foodservice (U.S./Intl.)	Intl FS -2.5% YoY; U.S. FS -18.9% YoY	U.S. FS +15.5% YoY; Intl FS -17.2% YoY	U.S. FS -2.1% YoY (large QSR burger down); Intl FS +9.2% YoY (EU QSR chicken up)	Mixed; EU QSR drives intl
Macro/FX/tariffs	Inflation/FX cited in risk disclosures	Similar macro caution	FX losses increased; macro uncertainty noted	Ongoing headwind
Capital structure/liquidity	“Bolstering balance sheet” in plan	Anticipated ATM; restructuring in 2025	ATM raised ~$46.7M; evaluating recap options; convert maturity within ~2 years acknowledged	Incremental liquidity; recap still pending
China operations	Review ongoing	Continued review	Suspension approved; one-time charges/cash savings outlined	Exit/suspension to cut costs

Management Commentary

CEO on 2024 inflection: “In the second half of the year, we registered 2 consecutive quarters of year-over-year net revenue growth… sharply reduced operating expenses, and delivered a significant year-over-year improvement in Adjusted EBITDA.”
Strategic goals for 2025: “Produce comparable year-over-year net revenues… improve gross margin to approximately 20%… further reduce operating expenses… strengthen our balance sheet… position the business for run-rate EBITDA-positive operations by the end of 2026.”
On U.S. retail pricing and elasticity: “It’s about providing a very clean and simple product to a consumer that’s willing to pay more for it… we were pleased to see the elasticity.”
Gross margin drivers: “Stabilizing and then optimizing our internal production processes… incremental investments in equipment, automation… network consolidation” to reach ~20% in 2025 and longer-term 30%+ .
On consumer and narrative: “Our consumer is increasingly that sort of more educated… carrying us back to growth… we continue to innovate and make the products healthier and healthier.”

Q&A Highlights

Elasticity and go-to-market: Health-oriented consumers accepted price increases in U.S. retail; volumes fell modestly (-4.5%) despite +10.6% net revenue per pound .
Guidance posture & China: FY 2025 “flat-ish” revenue reflects prioritizing EBITDA-positive run-rate; China impact not broken out, suspension designed to reduce OpEx .
Gross margin path: Consolidation, automation, pricing actions, and warehouse rationalization underpin uplift to ≈20% in 2025; full-year impact of 2024 U.S. price increases to help .
Distribution focus: Regaining lost placement and expanding frozen aisle presence across existing customers rather than new banners .
Balance sheet: ATM added ~$46.7M in Q4; broader recap alternatives under evaluation; convert maturity in ~2 years noted without specifics .

Estimates Context

Wall Street consensus via S&P Global could not be retrieved at time of analysis due to access limits; results vs estimates (revenue, EPS, EBITDA) for Q4 2024 are therefore not assessed and should be updated when S&P data is available.*

Key Takeaways for Investors

Mix and FX mattered: Sequential step-down in revenue and margin vs Q3 was driven by a heavier international foodservice mix and FX losses; YoY fundamentals improved markedly on lower COGS per pound and price actions .
Margin roadmap credible: Near-complete network consolidation, targeted automation, and selective pricing underpin ≈20% GM in 2025 and longer-term 30%+ target; watch execution on warehouse footprint and Columbia, MO plant optimization .
Cost discipline intensifies: 2025 RIF (~6% total workforce) and China suspension with cash/non-cash charges are intended to reduce OpEx and improve EBITDA trajectory toward YE 2026 run-rate profitability .
U.S. retail resilience: Health-centric positioning and clean-label narrative are gaining traction; distribution expansion in frozen aisle may lift mix and margin accretively .
Capital structure watch: $1.1B convertible notes and stockholders’ deficit require proactive refinancing/recap; ATM proceeds help liquidity but are not a full solution—expect further actions .
EU foodservice is a swing factor: Large QSR programs in EU (e.g., McDonald’s France nuggets) can move volumes; sustainability of programs and broader EU demand will influence 2025 top line .
Product momentum: Expanded Beyond Steak SKUs and national Whole Foods rollout of Beyond Sun Sausage support brand narrative; health certifications (AHA/ADA) create differentiation in a challenged category .

Sources: All figures and statements are drawn from BYND’s Q4 2024 Form 8‑K and press release (Exhibit 99.1), Q4 2024 earnings call transcript, and Q2/Q3 2024 press releases, with citations in brackets.
*Estimates unavailable: S&P Global consensus data could not be retrieved due to access limits at time of query.

BEYOND MEAT, INC. (BYND)·Q4 2024 Earnings Summary