A：The balance sheet reset is significant for Beyond Meat as it represents a fundamental change to support sustainable operations and renewed growth. It involved a major reduction in debt levels and an extension of the maturity of most debt, providing a path for the company to focus on sustainable business practices and recovery of growth.

A：In the third quarter of 2025, Beyond Meat reported net revenue of $70.2 million, which was a 13% decline year over year due to ongoing category challenges. Gross margin declined to 10.3%, down from 17.7% in the prior year, affected by lower volumes, a less favorable product mix, higher trade promotion spending, and $1.7 million in non-cast charges related to suspended Chinese operational activities. Operating expenses, excluding a non-cash impairment charge, improved year over year and sequentially, despite including substantial non-routine expenses.

A：Beyond Meat is focusing on five steps towards sustainable operations and return to growth, which includes addressing misinformation about its plant-based products and reinforcing the health profile of its offerings through various accreditations and recognition. The company is also committed to清晰的广告信息和产品创新路线图 to support this effort.

A：Beyond Meat is countering misinformation by elevating the health profile of its products through taste, ingredients, and nutritional value. The company's products have received various accreditations and recognition from health organizations and have earned support from medical experts. Marketing efforts emphasize the protein to saturated fat, cholesterol, and calorie ratios, as well as clean, simple, and limited ingredients. These efforts are highlighted in a documentary and the innovation roadmap, reinforcing the company's commitment to quality and transparency.

A：The Beyond Ground product is an original design to be seasoned as consumers prefer, and early adopters are developing recipes around it. Varieties such as Tuscan tomato, Korean barbecue, and chipotle pineapple are offered. Distribution plans include rebuilding in US retail and food service, consolidating the brand where possible into brand blocks, and ensuring equal prominence in supermarkets with animal protein in the same section for choice.

A：The company is prioritizing consolidated offerings at high impact chains, such as plans with Walmart to increase availability of select products at over 2,000 stores. The strategy in the US food service targets operators whose consumer base values the company's non-GMO plant-based meats, with an expectation of renewed interest in plant-based meats as the price of animal protein rises.

A：The company is implementing further actions to reduce and reset operating expenses through the transformation office and program. This includes restructuring support from Alex Partners, appointing a Chief Transformation Officer, targeting cost reductions, and reconfiguring product lines. The company is also making targeted investments in facilities and supply chain to improve efficiency and profitability.

A：The company plans to re-explore the potential for growth outside the core actions mentioned, taking a comprehensive view of the Beyond brand technology across its US and European markets. They intend to examine this in coming quarters but did not provide further details at the time of the speech.

A：The company is harnessing adversity to grow stronger and is committed to achieving sustainable growth for all shareholders. They are encouraged by the support from retail investors and are focused on addressing challenges, countering misinformation, and expanding margins. The company aims to reset operations to achieve EBITDA positive as soon as possible and has an enormous enthusiasm to use this reset to hasten their future as a global protein company.

A：The year over year decline in net revenue per pound was primarily driven by higher trade discounts reflecting reduced promotional efficiency and changes in product sales mix, partially offset by favorable changes in foreign currency exchange rates.

A：Net revenues from retail decreased 18.4%, and net revenues from the US Food Service channel decreased 27.3% compared to the year ago period. Internationally, net revenues in retail decreased 4.6%, and net revenues in the international food service channel increased 2.4%.

A：Gross profit in the third quarter was impacted by a decrease due to lower volume which negatively affected fixed cost absorption and higher trade discounts as a percentage of gross revenues. Gross profit included expenses related to the suspension of operations in China.

A：The adjusted EBITDA for the third quarter of 2025 was a loss of $21.6 million or -30.8% of net revenues, compared to an adjusted EBITDA loss of $19.8 million or -24.4% of net revenues in the year ago period.

A：Net cash used in operating activities increased to $98.1 million in the nine months ended September 27, 2025, compared to $69.9 million in the year ago period.

A：The debt exchange offer was successful, with just over three-quarters of the aggregate outstanding principal amount of the 2027 convertible notes being successfully tendered. This substantially reduces the company's total debt outstanding and extends the majority of the remaining obligations. As part of the exchange, new 2nd lien convertible notes and new shares of common stock were issued to participants, further strengthening the company's balance sheet for the long term.

A：The balance sheet was strengthened by issuing new 2nd lien convertible notes and new shares of common stock following the exchange offer. Additionally, the company sold approximately 14.9 million common stock under its ATM program, generating approximately $148.7 million in proceeds. This incremental capital infusion supports the company's efforts to execute its turnaround plan and continue pursuing its near-term objectives.

A：The main hindrance is the lower top line revenue, which is impacting all lines of the P&L. The company has built a system that was geared for much higher revenue, and scaling back to deal with issues like lower overnight absorption is necessary. The more popular products recently have lower margin items, and higher material costs along with charges like China depreciation are putting pressure on margins. The issue is calibrating production capacity to the current level of demand. However, underlying progress in operations is expected to start showing in the next few quarters.

A：The company is implementing continuous production lines for lower margin products to address the mix challenges. Conversion costs are lower year over year, and the RFP work is expected to yield savings on key ingredients and optimize the portfolio. The conservative outcome is a healthy margin with a lower top line, while the high yield outcome is growth. These improvements are expected to take effect in the next several quarters.

A：The cash balance is not directly quantified in the transcript, but it is mentioned that subsequent to the end of the quarter, the cash balance was affected by the company's use of the ATM for stock sales. The specific amount of transaction fees associated with the exchange offer is not quantified, but it is implied that the cash balance has been adjusted by the proceeds from the ATM and the payment of transaction fees. The exact cash balance is not provided due to the need to make assumptions about transaction fees and cash consumption rates.

A：The main objectives of the transformation work include minimizing cash use with the goal of cash generation and dealing with nonrecurring and non-routine expenses such as transactions and arbitrations, in order to reach the desired business outcomes.

A：The new products launched, such as Beyond Ground and Beyond Stake, are significant because they highlight the health benefits, with minimal ingredients, clean and healthy profiles, and strong nutritional values like high protein and low saturated fat. This is intended to resonate with consumers' ability to discern through misinformation and support the company's growth narrative.

A：The company is focusing on price parity with animal protein, highlighting support from health organizations, and reinforcing the health benefits of their products through marketing and new product launches. They are also addressing misinformation with initiatives like 'Plant Change' and continuing their work with Stanford and other health associations to bolster their narrative.

A：The future directions for the company include emphasizing 'beyond' over 'beyond meat' to broaden the business scope and the Beyond Test Kitchen to foster innovation inexpensively and bring new products to consumers. The company will also leverage its considerable R&D capacity and innovation pipeline to enter new markets and disrupt current ones.

A：The speaker implies that the company is not only focusing on transforming its operational base and margins but is also thinking creatively and aggressively about top-line growth. The support and continued investment from resilient investors are acknowledged, and there is an expectation of future growth in partnership with them.