Beyond Meat Faces Delisting as QSR Partners Quietly Exit Plant-Based Menus

Beyond Meat will report its fourth quarter 2025 earnings today, March 25, after market close. The numbers are already ugly. Preliminary revenue for Q4 came in at roughly $61 million, missing Wall Street estimates of $62.6 million, according to LSEG data cited by Investing.com. Full-year 2025 revenue is expected at approximately $275 million. The stock trades around $0.70.

But the earnings call is almost secondary to the structural crisis now unfolding. On March 4, Nasdaq sent Beyond Meat a deficiency letter warning that its shares had traded below $1.00 for 30 consecutive business days, according to an SEC filing disclosed by the company. The deadline to regain compliance is August 31. This is the same company that debuted at $25 per share in May 2019, surged to $235 within months, and briefly carried a market capitalization exceeding $14 billion.

For QSR operators, the question is no longer whether plant-based menu items justify the investment. It is whether the supplier ecosystem that supported those items will exist in 12 months.

The Financial Unraveling

The speed of Beyond Meat's decline is worth understanding in full.

In fiscal Q3 2025, the company posted revenue of $70.22 million, a 13.3% year-over-year drop, with net losses widening to $110.69 million, per the company's earnings release. In Q2 2025, U.S. retail channel revenue fell 26.7% to $32.9 million, driven by a 24.2% collapse in product volume, according to Beyond Meat's SEC filings.

The balance sheet carries its own weight. Beyond Meat entered 2025 with $1.15 billion in convertible senior notes at 0% interest, maturing in 2027. To avoid a liquidity wall, the company completed a debt exchange in late 2025, swapping those notes for new 7% interest notes due in 2030. The exchange eliminated more than $800 million in face-value debt but triggered a share price collapse below $1.00, which prompted the Nasdaq warning, as reported by Just Food and Green Queen.

The company has not turned a profit in any quarter since its 2019 IPO. Cash and equivalents stood at $132 million as of its last public disclosure, raising questions about how many more quarters of nine-figure losses the balance sheet can absorb.

Adding to the crisis, Beyond Meat disclosed in March 2026 that it expects to report a material weakness in internal controls over financial reporting, tied specifically to inventory accounting, per its SEC filing. The 2025 annual report (Form 10-K) has been delayed to March 31, with the company noting that further delays remain possible. Failure to file by that date could trigger immediate delisting proceedings, separate from the stock price compliance issue.

Mizuho analyst John Baumgartner maintains a Sell rating with a $1.00 price target, as reported by Yahoo Finance. The average analyst target is $1.61, per Barchart data, against a current share price roughly 57% below even that depressed consensus.

The QSR Partnership Graveyard

Beyond Meat's collapse did not happen in isolation. Major restaurant chains that once headlined plant-based menu expansions have been quietly backing away.

McDonald's launched the McPlant burger, developed in partnership with Beyond Meat, as one of its highest-profile menu additions in recent years. The product debuted across multiple international markets. In July 2025, McDonald's Austria removed the McPlant from its menu, citing declining consumer demand, according to VegNews. The company stated it would focus instead on a vegetable-based patty and confirmed that no new fully vegan products were planned. The McPlant's U.S. test in 2022 never expanded to a national rollout.

White Castle, one of the earliest major QSR adopters of plant-based protein through its Impossible Slider, quietly removed the product from its menu. "We listen intently to what consumers want, and we act accordingly," Jamie Richardson, White Castle's chief marketing officer, told Grub Street. The chain plans to offer a different plant-based item later this year with "a different flavor profile."

Carl's Jr. ran one of the first plant-based Super Bowl advertisements in 2019, promoting its Beyond Famous Star burger. That promotional energy has largely dissipated. Dunkin's Beyond Sausage breakfast sandwich, launched with investor Snoop Dogg as pitchman in 2019, similarly lost billing. Subway tested Beyond Meatballs. The broader pattern is the same: high-profile launches followed by quiet exits or marginal menu positioning.

Faux-meat burger mentions on restaurant menus decreased 10% over the past year, a drop that analysts cited by Grub Street characterized as "very significant."

The Category, Not Just the Company

Beyond Meat's crisis reflects a category-wide contraction in the U.S. plant-based meat market.

U.S. plant-based protein retail sales fell 7.5% through the spring of 2025, according to industry data compiled by Grub Street. The sector peaked at $1.54 billion in 2020 and has since contracted to roughly $1.17 billion, a 24% decline from the high-water mark.

The consumer story is straightforward. The initial enthusiasm for meat-mimicking products was driven by a combination of health curiosity, environmental concern, and novelty. As prices for plant-based items stayed elevated while traditional protein prices fluctuated, and as consumers increasingly evaluated these products on taste rather than concept, the repeat purchase rate fell off.

Helen Breewood of the Good Food Institute Europe noted in June 2025 that "the rate of decline in the sales volume of plant-based foods has slowed," framing the contraction as stabilization rather than free fall. Tesco, the UK's largest supermarket chain, acknowledged it missed its target to triple plant-based meat sales by the end of 2025, per Vegconomist.

Globally, market research firms project continued growth for plant-based meat. Coherent Market Insights sizes the global market at $9.43 billion in 2025 and forecasts $20.86 billion by 2032 at a 12% compound annual growth rate. The apparent contradiction between global growth projections and the domestic collapse of the category's most prominent company reflects geographic divergence: markets in Asia-Pacific and parts of Europe are still expanding, while the U.S. market that launched the trend is consolidating sharply.

What Operators Should Be Modeling

For QSR operators, the Beyond Meat situation creates supplier concentration risk. Chains that built menu items around a single plant-based supplier now face the possibility that their ingredient partner may not survive as a public company, or potentially not as a going concern.

A reverse stock split, which shareholders pre-approved in November 2025 per the company's SEC filings, would address the Nasdaq compliance issue on paper. But it does nothing to fix revenue declines, operating losses, or the material weakness in financial controls. If Beyond Meat is delisted or acquired in a distressed transaction, supply agreements may be renegotiated or terminated.

The company is attempting a strategic pivot. It rebranded as "Beyond, the Plant Protein Company" and launched new product lines: Beyond Ground, a clean-label mince product with four ingredients that does not attempt to replicate meat, and Beyond Immerse, a line of sparkling protein drinks that sold out initially before expanding to four new flavors in February 2026.

These moves signal that even Beyond Meat recognizes the "fake meat" positioning has failed. As Grub Street reported, if meat comes from animals, any plant-based analogue is "fake" by definition, and "fake" is not a winning strategy in the current consumer environment.

For operators still carrying plant-based menu items, the practical moves are clear.

Diversify your supplier base. If you source from Beyond Meat, identify backup suppliers now. Impossible Foods remains privately held and has its own challenges, but carries a more stable capitalization. Smaller regional producers may offer viable alternatives for specific product formats.

Re-evaluate menu economics. Plant-based items that do not sell enough volume to justify their shelf space, ingredient complexity, and training overhead should be removed. The data supports this: the 10% decline in menu mentions reflects operators already making this calculation.

Watch the hybrid play. Brands moving toward plant-forward items that blend plant and animal proteins, or that use vegetable-based formulations without trying to replicate meat, are seeing better consumer acceptance. White Castle's planned replacement for the Impossible Slider points in this direction.

Monitor the earnings call. Beyond Meat's March 25 call at 5:00 PM ET will include management commentary on the inventory accounting issues, the 10-K filing timeline, and any forward revenue guidance. If the company withdraws or meaningfully lowers guidance, the delisting timeline accelerates.

The Bigger Lesson

The plant-based meat boom of 2019 through 2021 was powered by a narrative that consumer behavior was permanently shifting away from animal protein. The investment thesis, the QSR menu expansions, and the media coverage all reflected that assumption.

The data tells a different story. Consumers tried plant-based meat and many did not come back. The U.S. market has given back nearly a quarter of its peak value. The most prominent public company in the category is trading at less than one-third of one percent of its 2019 peak stock price.

For QSR operators, the lesson is not that plant-based products have no place on the menu. It is that building menu strategy around a supplier category in its hype cycle carries different risk than building around stable, demand-proven ingredients. The chains that treated plant-based as a low-commitment experiment have minimal exposure. The chains that treated it as a core pillar are now scrambling.

Beyond Meat's earnings call tonight will fill in some numbers. But the numbers that matter most for operators have already arrived: $0.70 a share, a 24% category contraction from peak, and a Nasdaq warning that the clock is running.