Sales continue to decline, especially in the restaurant sector, but Beyond Meat, the US plant-based giant (or former giant?), "sees some signs of recovery." This, in a nutshell, is the summary of the first quarter ended March 28 of the El Segundo, California-based company, also known as Beyond The Plant Protein Company, which closed the period with net revenues of $58.2 million, a 15.3% decline from the previous year. Gross profit was $2 million, equal to a gross margin of 3.4%, compared to a gross loss of $6.9 million, equal to a gross margin of -10.1%, recorded in the same period the previous year.

Operating loss was $41.1 million, equal to an operating margin of -70.6%, compared to an operating loss of $64.4 million, equal to an operating margin of -93.6%, in the same period of the prior year. Net loss was $28.5 million, compared to a net loss of $61.1 million in the same period of the prior year. Net loss per common share was $0.06, compared to a net loss per common share of $0.80 in the same period of the prior year. Adjusted EBITDA was a loss of $27.8 million, equal to a 47.7% reduction in net revenue, compared to an adjusted EBITDA loss of $50.5 million, equal to a 73.5% reduction in net revenue, in the same period of the prior year.

"This quarter," emphasized Ethan Brown , president and CEO of Beyond Meat, "marked a decisive expansion of our reach, including the rapidly growing functional foods and beverages sector. While applying our brand, expertise, and technology to adjacent markets, we remain fiercely focused on the performance of our core business, which we believe will generate substantial long-term value. To that end, we are pleased to report a significant improvement in operating expenses and our lowest quarterly cash burn in two years. We look forward," Brown concluded, "to continuing this transformational work for the remainder of the year."

The company, therefore, continues to struggle, having been experiencing difficulties for over a year. The decrease in product sales in the first quarter was primarily due to lower sales of burgers and chicken products to quick-service restaurant (QSR) customers in the international restaurant channel, as well as weak demand for the category and the reduction in store numbers in the U.S. retail and foodservice channels.

Net revenue from the U.S. retail channel fell 15.3% to $26.6 million in the first quarter of 2026, compared to $31.4 million in the same period the previous year, with the Yankee foodservice channel dropping 29.7%. This decline was so severe that it forced the company to reposition itself, focusing more on plant-based proteins rather than imitation meat. It's no coincidence that the Californian company, after announcing the elimination of the "meat" word from its branding in August 2025 (see EFA News ), has now announced Beyond Ground, whose strength is protein content rather than its resemblance to meat, and even a U-turn with its other launch, Beyond Immerse, a range of high-protein drinks.

These products, however, are not yet available to the general public, and for now, they continue to suffer losses. In the first quarter of 2026, these losses were primarily driven by the restaurant industry, whose volumes declined by 31.8% in the United States and 32.6% internationally. In particular, burger and chicken alternatives saw a decline in sales in this sector.

The company expects second-quarter net revenue to be between $60 million and $65 million, according to the company. The repositioning toward plant-based proteins, rather than plant-based meat substitutes, and beverages should work wonders. Beyond Immerse, currently available only on the Beyond Meat website, will launch in New York this summer with beverage distributor Big Geyser.