Beyond Meat Inc (NASDAQ:BYND) shares fell 13% on Wednesday after the plant-based meat company’s fourth quarter earnings fell short of expectations.

The company posted a net loss per share of $0.29, wider than analysts’ expectation of $0.14.

Revenue was $61.6 million, slightly below the projected $63 million and down 19.7% from the year-ago period.

Gross profit was $1.4 million, down from $10 million in Q4 2024, with gross margin contracting to 2.3% from 13.1% a year earlier. The results were affected by non-cash charges including inventory provisions, discontinued product lines, and the cessation of certain operations in China.

Operating loss widened to $132.7 million, or an operating margin of -215.5%, compared with a loss of $37.8 million in Q4 2024. The quarter included several restructuring and litigation-related charges, as well as non-routine expenses tied to the company’s headquarters lease and arbitration proceedings.

Despite the loss, Beyond Meat reported net income of $409.9 million due to a $548.7 million non-cash gain from debt restructuring. Adjusted EBITDA was negative $69 million, representing -112.1% of revenue.

“Our results for the fourth quarter of 2025 reflect ongoing headwinds in the plant-based meat category as well as the financial impact of several restructuring charges that, while costly, we believe will support the Company’s path to sustainable operations,” Beyond Meat CEO Ethan Brown said.

He added that the company is entering 2026 with reduced leverage, extended debt maturities, and added liquidity, with a strategic focus on top-line stabilization and margin expansion.

Looking ahead, Beyond Meat expects first quarter 2026 revenue of $57 million to $59 million amid continued uncertainty in the operating environment.