Beyond Meat

United States:

Production of woven protein and dry blend flavor systems · Columbia, MO · 64,000 · 8/01/2028

Warehousing and dry blending · Columbia, MO · 142,000 · Owned

Production of finished goods · Devault, PA · 86,000 · Owned

Corporate headquarters, lab and innovation(1) · El Segundo, CA · 220,591 · 11/30/2033

Production of woven protein and dry blend flavor systems · Enschede, the Netherlands · 46,000 · Owned

Warehousing(2) · Enschede, the Netherlands · 80,040 · 1/31/2029

Production of woven protein and finished goods(3) · Jiaxing, China · 38,000 · 9/09/2027

(1)As of December 31, 2025, Phase 1-A and Phase 1-B consisting of approximately 142,000 rentable square feet has been completed and delivered to the Company. In May 2025, we entered into the Second Amendment, which provided for, among other things, the surrender of approximately 61,556 rentable square feet of the existing premises and continued leasing of approximately 220,519 rentable square feet of the existing premises under the Campus Lease, In July 2025, we entered into the Varda Sublease which provided for the sublease of approximately 54,749 rentable square feet of our retained premises subject to the Campus Lease. See Note 5, Leases—Varda Sublease, to the Notes to Consolidated Financial Statements included elsewhere in this report.

(2)In 2022, we entered into an agreement to purchase certain warehousing property on a neighboring site to our manufacturing facility in Europe located in Enschede, the Netherlands, for cash consideration of approximately €6.3 million. Given our intention to reduce our overall operating expenses and cash expenditures, on February 2, 2024, we terminated the purchase agreement and entered into a lease agreement with the subsequent purchaser of the property (the “Enschede Property Lease”) to lease the property. See Note 5, Leases—Enschede Property, to the Notes to Consolidated Financial Statements included elsewhere in this report.

(3)As part of our Global Operations Review, on February 24, 2025, our board of directors approved a plan to suspend our operational activities in China, which ceased as of the end of 2025. In addition, as a result of management finalizing its decision to cease our operations in China indefinitely, we completed an evaluation of our property, plant and equipment in China. Upon valuation of these assets by a third party, assets that were determined to be not salable were fully depreciated, while assets that were determined salable were recorded at estimated fair value, less estimated costs to sell, resulting in non-cash charges of $1.5 million in accelerated depreciation recorded in cost of goods sold and $3.4 million in loss on write-down of assets held for sale recorded in operating expenses in the fourth quarter of 2025.

The lease on our 26,000 square foot facility in Columbia, Missouri, used for the production of woven protein and dry blend favor systems, expired in 2025. In connection with the expiration, we incurred restoration costs of approximately $0.6 million in 2025. The operations previously conducted at this facility were consolidated into our other facilities in Columbia, Missouri.

• We estimate market opportunity and forecast market growth that may prove to be inaccurate, and even if the market in which we compete achieves the forecasted growth, our business could fail to grow at similar rates, if at all.
• Because we rely on a limited number of third party suppliers, we may not be able to obtain raw materials on a timely basis or in sufficient quantities at competitive prices to produce our products or meet the demand for our products.
• Disruptions to our supply chain could have a material adverse effect on our operating and financial results.
• Inflationary price pressures of raw materials, labor, transportation, fuel or other inputs used by us and our suppliers, including the effects of high interest rates, has negatively impacted, and could continue to negatively impact, our business and results of operations.
• Our future business, results of operations and financial condition may be adversely affected by reduced or limited availability of plant-based protein or avocado oil that meets our standards.
• We rely on a limited number of distributors, and if we experience the loss of one or more distributors and cannot replace them in a timely manner or successfully expand our distribution footprint to new channels, our results of operations may be adversely affected.
• If we fail to cost-effectively acquire new customers or retain our existing customers, or if we fail to derive revenue from our existing customers consistent with our historical performance, our business could be materially adversely affected.
• Consolidation of customers or the loss of a significant customer could negatively impact our sales and profitability.
• Loss of one or more of our co-manufacturers or our failure to timely identify and establish relationships with new co-manufacturers could harm our business and impede our growth.
• Any damage or disruption at our domestic or international manufacturing facilities may harm our business.
• Our business could be adversely affected by a workplace accident or safety incident.
• The operation, management and optimization of our production facilities may require more resources than we expect and may not meet our expectations at a reasonable cost, or at all. Moreover, we face competition for employees and may be unable to hire and retain employees at these facilities.
• We may face difficulties as we expand our operations in other countries, including into those in which we have no prior operating experience.
• Our revenue growth rate has fluctuated in recent periods and may continue to slow or decline in the future.
• Our revenues and earnings may fluctuate as a result of our promotional activities.
• Historical results are not indicative of future results.
• Failure by our transportation providers to deliver our products on time, or at all, could result in lost sales.
• We have undergone, and may continue to experience, changes to our executive leadership team and senior management, and if we are unable to integrate new members of our executive leadership team or senior management, or if we fail to retain members of our executive leadership team and senior management, our business and operations may be adversely affected.
• If we are unable to attract, train and retain employees or maintain our company culture, we may not be able to grow or successfully operate our business.
• Some of our international employees are employed by professional employer organizations.
• We are subject to the Netherlands Works Council Act. If regular or statutory consultation processes with employee representatives such as the Netherlands Works Council fail or are delayed, our business, financial condition and results of operations could be materially harmed.
• An interruption in services provided by third party service providers could adversely affect our business operations.
• Future acquisitions or investments could disrupt our business and harm our financial condition.
• Our business and reputation could be negatively impacted by ESG matters and/or our reporting of such matters.
• The Company is subject to accounting estimate risks.
• Any changes in estimates, judgments and assumptions used in the preparation of financial statements in accordance with GAAP or any future impairment charges could have a material adverse effect on our business, financial position and operating results.
• Our results of operations could be materially negatively affected if we cannot successfully keep pace with or are unable to properly manage technological changes impacting the development of our products and implementation of our business needs.
• The implementation of artificial intelligence technologies by us or our suppliers or other service providers could cause disruption in our business.
• Risks Related to Our Products
• Food safety and food-borne illness incidents, or the perception of related risks, may materially adversely affect our business by exposing us to lawsuits, product recalls or regulatory enforcement actions, increasing our operating costs and reducing demand for our product offerings.
• Consumer preferences for our products are difficult to predict and may change, and, if we are unable to respond quickly to new trends and demands, our business may be adversely affected.
• Sales of the Beyond Burger contribute a significant portion of our revenue. A reduction in sales of Beyond Burger would have an adverse effect on our financial condition.
• We have in the past, and may in the future, increase the prices of our products; however, consumers may not be willing to pay increased prices for our products or, if we cannot maintain such prices in accordance with our business strategy, our margins may stagnate or decrease.
• Failure to continually innovate and successfully introduce and commercialize new products or successfully improve existing products may adversely affect our ability to continue to grow.
• Ingredient and packaging costs are volatile and may rise significantly, which may negatively impact the profitability of our business.
• Risks Related to Our Industry and Brand
• We face intense competition in our market from our competitors, including manufacturers of animal-based meat products and other brands that produce plant-based meat products, and potential competitors and new market entrants and we may lack sufficient financial or other resources to compete successfully.
• Our brand and reputation may be diminished due to real or perceived quality or health issues with our products, which could have an adverse effect on our business, reputation, operating results and financial condition.
• If we fail to develop and maintain our brand, our business could suffer.
• Risks Related to Our International Operations
• Our international operations could expose us to substantial business, regulatory, political, financial and economic risks.
• Fluctuations in currency exchange rates could negatively impact our earnings.
• Our international operations are subject to the FCPA and we could be adversely affected by violations of the FCPA and similar worldwide anti-corruption laws.
• Risks Related to Our Investments
• Our international manufacturing operations have required and may continue to require substantial investments and are subject to numerous risks and uncertainties. The cessation of our operational activities in China in 2025 resulted in significant accelerated depreciation and impairment charges and will continue to result in accelerated depreciation and impairment charges in 2026.
• Our ownership of real property is subject to all the risks inherent in an investment in real estate.
• The divestiture, discontinuation, suspension or cessation of businesses and product lines, including the discontinuation of our Beyond Meat Jerky product line, our 2025 SKU rationalization and cessation of our operational activities in China, could result in unexpected liabilities and adversely affect our financial condition, cash flows and results of operations.
• Risks Related to Our Intellectual Property, Information Technology, Cybersecurity and Privacy
• We may not be able to protect our proprietary technology adequately, which may impact our commercial success.
• We may not be able to protect our intellectual property adequately, which may harm the value of our brand.
• We rely on information technology systems, and any inadequacy, failure, interruption or security breaches of those systems, including those of third parties upon which we rely, may harm our ability to effectively operate our business.
• A cybersecurity incident, other technology disruptions or failure to comply with laws and regulations relating to privacy and the protection of data relating to individuals could negatively impact our business, our reputation and our relationships with customers.
• Risks Related to Our Lease Obligations, Indebtedness, Financial Position and Need for Additional Capital
• If we are unable to build out or occupy the rest of the Campus Headquarters and cannot negotiate a partial lease termination, or sublease, assign or otherwise transfer the unoccupied space on terms favorable to us or at all, which may result in penalty payments, impairment charges and/or write-offs, our business or financial condition or results of operations may be adversely affected.
• We currently have, and will continue to have, significant lease obligations, and our failure to meet those obligations could adversely affect our financial condition and business.
• Our significant indebtedness and liabilities could limit the cash flow available for our operations, expose us to risks that could adversely affect our business, financial condition and results of operations and impair our ability to satisfy our obligations under our outstanding indebtedness.
• We may be unable to raise the funds necessary to repurchase the Notes for cash following a fundamental change, or to pay the cash amounts due upon conversion, and our future indebtedness may limit our ability to repurchase the Notes or pay cash upon their conversion.
• Provisions in the indentures governing the Notes and the Loan and Security Agreement could delay or prevent an otherwise beneficial takeover of us.
• The value of our shares of common stock may decrease as a result of dilution in connection with the Exchange Offer or exercise of the Warrants.
• The market price of our common stock has experienced, and may continue to experience volatility, which could cause purchasers of our common stock to incur substantial losses.
• We will require additional financing to achieve our goals, and a failure to obtain this necessary capital when needed on acceptable terms, or at all, may force us to delay, limit, reduce or terminate our product manufacturing and development, and other operations.
• Our inability to access and employ the cash that collateralizes our outstanding and future letters of credit may impact our liquidity.
• Adverse developments affecting the financial services industry could adversely affect our current and projected business operations, our financial condition and results of operations.
• Risks Related to the Environment, Climate and Weather
• A major earthquake, tsunami, tornado, wildfire, flood, drought or other natural disaster or severe weather event could seriously disrupt our entire business.
• Climate change may negatively affect our business and operations.
• Risks Related to Being a Public Company
• We have identified material weaknesses in our internal control over financial reporting. If we fail to remediate these material weaknesses or maintain proper and effective internal controls, our ability to produce accurate financial statements on a timely basis could be impaired, investors may lose confidence in our financial reporting and the trading price of our common stock may decline.