Beyond Meat has announced a delay of its fourth-quarter and full-year results while it completes an accounting review focused on inventory.
In a SEC filing yesterday (16 March), the California-based alternative-protein supplier said it cannot file its annual report for the year ended 31 December on time “without unreasonable effort or expense”.
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It needs “additional time” to complete work on its “inventory balances”, including sums set aside for “excess and obsolete inventory”.
Beyond Meat is aiming to complete the review and file the annual report by 31 March but warned the timetable for its results could still face “further delay”.
The Nasdaq-listed company previously delayed the release of its third-quarter results to give itself more time to “quantify” an impairment charge it had already announced.
In its latest regulatory filing, Beyond Meat also said it expects to report a “material weakness” existed in its internal control over financial reporting as of 31 December. It is linked to controls tied to accounting for its inventory provision, the company said.
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By GlobalDataAs a result, the Beyond Burger brand owner believes its internal control over financial reporting, as well as disclosure controls and procedures, were not effective, as of that date.
“The company is reviewing its internal control procedures and is in the process of developing a remediation plan,” the statement added.
In a separate SEC filing, Beyond Meat provided a preliminary update on revenue.
It said unaudited, preliminary net revenues for the fourth quarter are expected to be about $61m, in line with its earlier guidance range of $60m-$65m.
Full-year net revenues are expected to be approximately $275m.
In January, shareholders filed a legal case against Beyond Meat, alleging the business “failed to disclose material adverse facts”.
Represented by Holzer & Holzer, the shareholders’ main gripe appeared to revolve around a $77.4m impairment charge that Nasdaq-listed Beyond Meat eventually revealed in November.
Earlier this month, Beyond Meat received a delisting warning notice from Nasdaq after its shares traded below $1 for 30 straight business days.
Beyond Meat has 180 calendar days to comply again with Nasdaq listing rules, giving it until 31 August.
The warning landed after a bruising period marked by falling sales and volumes, widening losses and balance-sheet strains. The company has not turned a profit since going public through an IPO in 2019.
Management had already outlined a turnaround “reset”, including cost reductions, margin expansion efforts and unspecified strategic initiatives.
In late 2025, Beyond Meat launched and then completed a debt exchange aimed at eliminating more than $800m in debt, triggering a slide in its shares below $1.
The transaction extended maturities to 2030 but increased interest costs and triggered equity dilution.
