Beyond Meat reported Q3 2025 revenue of $70.22 million, marking a year-over-year decline of 13.32% and a quarter-over-quarter decline of 6.32%. The quarter featured a meaningful deterioration in profitability, with gross profit of $7.23 million and a gross margin of approximately 10.3%. However, despite the modest top-line, the company incurred a substantial non-operating burden, as total other expenses of $81.33 million drove an EBITDA loss of $-90.93 million and an operating loss of $-112.33 million (operating margin of -1.60%). Net income stood at $-106.77 million, or a loss per share of $-1.40.
The decline in profitability is underscored by a outsized non-cash/one-time type expense component (other expenses) that dwarfs the operating result, highlighting ongoing structural cost challenges and limited operating leverage at current volumes. R&D spend remained modest at $4.92 million, while SG&A through the quarter stood at $33.31 million, contributing to a heavy fixed-cost burden in a low-to-mid single-digit revenue level. Net margins remain negative at roughly -1.52%, and the reported EBITDA/EBITDA margin indicate a severe cash burn profile absent significant top-line acceleration or meaningful cost-structure optimization.
Looking ahead, the absence of explicit forward-looking targets in the provided data suggests management guidance and a profitability path may hinge on cost-reduction initiatives, improved efficiency across the go-to-market engine, and potential gains from scale. Investors should monitor any updates on expense rationalization, channel mix evolution, international expansion, and the pace of revenue stabilization to assess the trajectory toward operating breakeven or profitability.