A：During the call, management referenced adjusted EBITDA, adjusted loss from operations, and adjusted net loss as non-GAAP financial measures. These non-GAAP measures provide useful information for investors but should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. Investors are referred to the company's press release and other filings with the SEC for the detailed discussion of these non-GAAP measures and their most comparable GAAP measures.

A：During the challenging year and quarter, Beyond Meat accomplished several key achievements including retiring the majority of its 2027 convertible debt notes, raising significant capital, transforming and strengthening its balance sheet, investing in an enterprise-wide transformation initiative to rightsize operations and expand margins, and taking action to disposition assets, products, and inventories not needed going forward.

A：The financial results for Q4 2025 were impacted by persistent weaker demand in the plant-based meat category, leading to lower volumes and widespread negative pressure across the income statement. Despite this, the company's focus on reducing baseline operating expenses and cash use, increasing conversion efficiency, and addressing category headwinds were pivotal in its transformation efforts. Non-routine charges, primarily related to inventory obsolescence, accelerated depreciation, and litigation, significantly affected the reported gross margin and operating expenses.

A：The company's transformation initiatives are progressing, leading to further reduction in underlying operating expenses and a focus on cost reduction measures. The consolidation of the production network, improvements in asset utilization, and optimization of the continuous production line are expected to contribute to a year-over-year improvement in conversion costs and help sustainably return to healthy gross margins. Material cost reductions, warehouse network consolidation, and inventory reductions are also part of the transformation efforts. These measures are anticipated to significantly reduce baseline cash use and improve financial performance in the future.

A：The increase in total other income net in the fourth quarter of 2025 was primarily due to a gain on debt restructuring resulting from the debt exchange and to a lesser extent, a gain from the remeasurement of warrant liability, partially offset by a loss from the remeasurement of derivative liability and an increase in interest expense.

A：The adjusted EBITDA was a loss of $109 million in the fourth quarter of 2025, which includes the previously mentioned loss from the write-down of assets held for sale, compared to a loss of $109 million in the year ago period.

A：The company continues to experience elevated levels of uncertainty and low visibility within its core category of plant-based meat, and therefore, it is providing limited and very near-term guidance. For the first quarter of 2026, the company expects net revenues to be approximately $100 million to $120 million.

A：The company is unable to file its annual report on Form 10-K within the prescribed deadline because it requires additional time to complete its fourth-quarter and year-end financial close procedures.

A：The company is making a pivot due to the challenging conditions in the market, which include a resurgence of red meat and the influence of pseudoscience, jargon, and promotion that overwhelm scientific facts. These factors are impacting the business and the plant-based meat category overall.

A：The American Heart Association has released new nutrition guidance that advises getting protein from plants rather than meat, choosing low-fat or fat-free dairy, and using specific plant oils instead of certain animal fats, thus supporting plant-based protein.

A：The company has been working to develop extremely clean and healthy products and is looking outside the plant-based meat category to apply this technology and science into much larger markets. They are taking the brand into segments that are many times the size of the plant-based meat category.

A：The company has entered the beverage category, launching an initial version of a protein drink online, which sold out very quickly. They are learning from consumer feedback, making adjustments, and expect to launch a product that will be one of the best protein drinks on the market, satisfying needs for protein, fiber, and other nutrients in a clean way.

A：The company plans to leverage its commitment to clean ingredients, something that larger competitors in the beverage category may not be able to match due to their guidelines and ingredients lists. They will use this as a competitive advantage as they enter those markets.

A：The company is focusing on managing inventory to improve cash flow, removing one-time charges from financial results to see a dramatic slowing of cash usage, and continuing to work on improving working capital management. They have also been adjusting inventory levels to ensure they are appropriately sized relative to the business's current state.

A：The benefits of the new continuous production line include the ability to internalize additional volume that was previously outsourced and to increase the utilization of internal assets.

A：The company plans to focus on getting EBITDA positive targets and minimizing cash use. They will not be making outsized investments but will continue to focus on preserving cash. The company also plans to increase CapEx investments in automation and continuous lines to reduce cash outflow from general sales and operations.

A：One-time charges that affected the company's financial results include skewer accels charges, expenses related to shutting down the China business, and higher inventory provisions than normal.

A：The company's focus is now on stabilizing the top line because the existing category遇到了 headwinds that are expected to persist for a while, and the company needs to find a solution outside of that category. They are looking to adjacent areas for growth.

A：The balance sheet restructuring allows the company to reallocate focus to the primary business and spend more on marketing to stabilize the top line and expand into adjacent categories. It also provides relief from the previous debt restructuring efforts and allows the management team to concentrate on the necessary steps to turn the business around.

A：The company plans to integrate a new product line into its current operations by leveraging its existing production and distribution assets. They intend to obtain mass stores for distribution and reconnect with the US retail consumer, which they believe is within reach. This approach should be additive to their core business and contribute to the overall growth strategy.

A：Turning plants into meat for the center of the plate is compared to blending together protein, fiber, and flavor in a drink, which is considered much easier from a production perspective.

A：The company is taking a careful approach to scaling, initially launching with limited distribution, gathering feedback, making adjustments, and then expanding regionally, emphasizing natural distribution, and then into mass distribution. They will adjust their spending based on success or failure and are planning a measured approach. They are also leveraging an existing well-known brand to sell additional products to an interested consumer base.

A：While specific details about the target customer were not provided, the company is focusing on creating a product that appeals to a broad group of consumers with different taste profiles.

A：The initial feedback on the 20g beverage product was polarizing, with many either loving it or not liking it much. As a result, the company has toned down the intensity of flavors and sweetness in the 10g and 20g products, and they're confident in the current iteration of the product, which they believe will be one of the best protein drinks on the market.

A：Unfortunately, the company is not providing guidance for gross margin for the year due to the volatility in their core category of plant-based meat and the impact of softer volumes on margins. They mention that lower fixed cost absorption is a headwind on margins and that they need to see stabilization in top-line revenue to have greater confidence in margin expectations.