Beyond Meat disclosed on March 16 that it will delay submission of its Form 10-K for 2025 after identifying a material weakness in its internal financial controls. The company said it needs more time to complete a review of inventory balances, including amounts recorded for excess and obsolete inventory, and is developing a remediation plan for its control procedures.
The company provided a preliminary revenue figure for the fourth quarter of about $61 million, below the $62.6 million analysts had expected, according to data compiled by LSEG. Beyond Meat also projected full-year 2025 net revenue of roughly $275 million, versus consensus estimates of $276.5 million.
Shares of the company fell about 5% in extended trading following the announcement. Beyond Meat said it has not yet determined what, if any, adjustments to its financial statements might be required as a result of the ongoing inventory review. The company expects to file its Form 10-K with the securities regulator by March 31.
Management indicated it is reviewing internal control procedures and is in the process of developing a remediation plan to address the identified material weakness. The firm plans to publish its fourth-quarter results after market close on March 25.
Context and implications
Beyond Meat’s announcement centers on two core items disclosed to investors: a preliminary shortfall in fourth-quarter revenue relative to analyst expectations, and a material weakness in internal controls tied to inventory accounting. The company has not quantified any potential corrections to reported financials and has set an internal deadline of March 31 to file its annual report.
- Reported preliminary Q4 revenue - about $61 million, compared with $62.6 million expected by analysts (LSEG).
- Full-year 2025 net revenue outlook - approximately $275 million, versus $276.5 million consensus.
- Regulatory filing timeline - Form 10-K expected to be filed by March 31; Q4 results due after market close on March 25.
The announcement touches on operational and accounting controls, and the inventory review specifically references excess and obsolete inventory categories. The company’s statement stopped short of identifying any definitive financial statement impacts while the review is ongoing.