There was a time when it seemed plant-based burgers were everywhere. Red meat was out, and a plant-based diet was in.
But like many diet fads, that has changed in recent years.
And Beyond Meat, the company promising a plant-based burger that actually tastes like a meat-based burger, continues to be the most at risk.
It recently dropped the Meat in its name to become Beyond The Plant Protein Co. or simply Beyond, launching other drinks and snacks in the hopes of reviving itself.
But there might not be a future for Beyond based on their latest statement.
Beyond Meat edges closer to bankruptcy
Beyond Meat has been on the brink of bankruptcy for a while. Plant-based meat is not as popular in the U.S. as it once was. Annual sales declined in 2025 to $273.5 million, nearing 2019 levels when meat alternatives like Beyond Meat became mainstream, according to BNP Media’s National Provisioner.
Beyond Meat’s net revenue fell 13.3% in the third quarter of 2025, and its share price has been hovering at less than $1 for several months.
The company expects to reveal yet more revenue losses. But due to an inventory balance issue, that announcement could be delayed.
Beyond Meat has delayed filing its 2025 financial report, as it needs more time to complete an inventory review, including for “excess and obsolete inventory.”
Beyond Meat plans to report its financial results for the fourth quarter on March 25. However, its annual financial reports are delayed to March 31, but warned there could be further delays.
It expects to report a net revenue of $61 million for the fourth quarter and $275 million for 2025, compared to $326 million in 2024.
There will also be a material weakness reported in connection to its annual filing due to the inventory filing issue, as its controls on its financial reporting are not effective, Beyond Meat stated. The company is reviewing its control procedures and is developing a remediation plan.
Beyond sets its sights on protein
While the company is struggling financially, it seems that Beyond CEO and President Ethan Brown still holds onto hope.
He plans to reshape the company to go beyond meat and expand to other markets including protein shakes, beverages, and snacks, the Associated Press reported.
In early March, the company changed its website and social media to reflect its new branding. It also introduced Beyond Immerse, a sparkling protein drink and its first beverage in January. Those products are only available online but will eventually be offered in stores.
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The company seems to be chasing another food trend, as demand for protein has soared. Around 61% of U.S. consumers are increasing their protein intake, according to a report from Cargill food conglomerate.
Other food chains have taken note, The Wall Street Journal reports. Starbucks introduced a protein latte, while Chipotle has a high-protein menu, and even Subway has added protein pockets to its offerings.
But whether Beyond Meat will continue to hold its own in yet another saturated market remains to be seen.
Beyond Meat timeline:
- 2009: Founded by Ethan Brown, the company uses plant-protein to create products that taste and look similar to meat.
- 2012: Beyond Meat launches its first commercial product, Beyond Chicken Strips, according to CNBC.
- 2016: Beyond Meat debuts its Beyond Burger and receives investments from investors including Bill Gates and Leonardo DiCaprio, Business Insider reported.
- 2019: Becomes the first plant-based company to go public and becomes one of the best IPOs of the year, with CNBC reporting a market value of $1.46 billion.
- 2023: Beyond Meat’s troubles begin as plant-based meat sales in the U.S. decline and the firm reduces its annual outlook, according to Food Drive.
- 2026: Beyond Meat drops “Meat” from its name and expands beyond plant-based food.
Related: Vegan restaurant chain forced into Chapter 7 bankruptcy shutdown
