Beyond Meat further reduces workforce by 8% or 65 employees

Beyond Meat announced in its earnings report that to further reduce operating expenses, it is initiating a review of its global operations, narrowing its commercial focus to certain growth opportunities, and accelerating activities that prioritize gross margin expansion and cash generation. These efforts include the potential exit of select product lines; changes to the company’s pricing architecture within certain channels; accelerated, cash-accretive inventory reduction initiatives; further optimization of the company’s manufacturing capacity and real estate footprint; and a review and potential restructuring of the company’s operations in China. In addition, Beyond Meat is further reducing its current workforce by approximately 65 employees, representing approximately 19% of the company’s global non-production workforce, or approximately 8% of its total global workforce. In aggregate, in 2024, the reduction in force, combined with the elimination of certain open positions, is expected to result in approximately $9.5M to $10.5M in cash operating expense savings, and an additional approximately $1.0M to $2.0M in non-cash savings related to previously granted, unvested stock-based compensation which would have vested in 2024. The Company currently estimates that it will incur one-time cash charges of approximately $2.0M to $2.5M in connection with the reduction in force.