Beyond Meat Delays Q3 Results Filing Due To Impairment Analysis 

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Beyond Meat has pushed backmost nan merchandise of its third-quarter results to let much clip to “quantify” a antecedently announced impairment charge. 

The California-based alternative-protein supplier now plans to people nan results for nan 3 months to 27 September connected 11 November. The original schedule was coming (4 November).   

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In a filing pinch nan US Securities and Exchange Commission (SEC) connected 24 October, the company disclosed that nan non-cash impairment complaint was related to “certain of its long-lived assets” and was expected to beryllium a “material” amount.

Beyond Meat said successful an update yesterday that it is “not yet capable to reasonably quantify nan amount, and requires further time, resources and effort to finalise its assessment”.

It said successful nan October filing: “The company’s recoverability test, conducted successful accordance pinch ASC 360, preliminarily indicated that nan carrying magnitude of definite of its long-lived assets was not recoverable from nan projected undiscounted early rate flows of nan applicable plus group.”

The impairment notice was accompanied by a preliminary update for nan third-quarter results.  

Beyond Meat projected gross of astir $70m for nan period, successful statement pinch nan $68m-$73m outlook issued successful August, but down from $81m a twelvemonth earlier.  

The institution said it besides expected a gross separator of astir 10-11%, compared to 17.7% successful nan aforesaid play past year. 

Beyond Meat has not reported a nett profit since it went nationalist successful 2019 and did not provide an earnings estimate successful nan October SEC filing. 

Along pinch nan repeated losses and falling revenues, nan institution has antecedently announced an exit from China, occupation cuts and outer financing.

Earlier this year, nan institution revealed it had secured a $100m financing package from Unprocessed Foods, a portion of nan non-profit Ahimsa Foundation, pinch an action to return a number liking successful Beyond Meat.

John Boken astatine consultancy AlixPartners was hired successful August arsenic an outer advisor, described arsenic an executive pinch “corporate turnaround and restructuring experience”.

Volumes dropped crossed each nan group’s income channels successful nan first six months of fiscal 2025, astir notably successful US retail, while Beyond Meat reported yet different bottom-line nett nonaccomplishment of $82.2m successful nan first half.