BYND · CIK 0001655210
What Beyond Meat, Inc. told the SEC could break it.
Beyond Meat's disclosures describe concentration at nearly every layer of its business. Its most acute dependency is supply: it is substantially reliant on a single supplier, Roquette, for the pea protein that is its main ingredient, and its multi-year agreement expired at the end of 2025, replaced with only a two-year term after past supply interruptions. That narrowness repeats elsewhere — its flagship Beyond Burger was about 50% of gross revenue in 2025, and a single distributor, DOT Foods, was roughly 13%. All of it sits against financial strain: net revenue fell to $275.5 million from $343.4 million in 2023, prompting a restructuring that includes secured term debt on substantially all its assets, exiting China, and heavy share dilution from ATM sales.
4 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Sole-source dependency
- Roquette — pea protein (substantially single-source)high
Beyond Meat is substantially dependent on a single supplier, Roquette, for pea protein (its main ingredient, sourced from peas grown in Canada and France); its multi-year Roquette agreement expired Dec 31, 2025 and was replaced with only a 2-year term, and it has had past pea-protein supply interruptions.
“We are substantially dependent upon one supplier, Roquette Frères (“Roquette”), for the supply of pea protein. Our multi-year sales agreement with Roquette for the supply of pea protein expired on December 31, 2025.”
SEC filing →As of 2026
Customer concentration
- DOT Foods — ~13% of gross revenuemedium
A single distributor, DOT Foods, accounted for ~13% of gross revenue in 2025 (12% in prior years); loss of DOT would disrupt distribution and revenue.
“In 2025, 2024 and 2023, DOT Foods, Inc. (“DOT”) accounted for approximately 13%, 12% and 12%, respectively, of our gross revenues. No other distributor or customer accounted for more than 10% of our gross revenues in 2025, 2024 or 2023.”
SEC filing →As of 2026
Liquidity & debt
- revenue decline, secured term debt & heavy share dilutionmedium
Net revenues fell to $275.5M (2025) from $343.4M (2023); Beyond Meat is restructuring — secured $100M Delayed Draw Term Loans on substantially all assets, an Exchange Offer, ceasing China operations, and raising $151.7M via ATM share sales (heavy dilution).
“The Delayed Draw Term Loans are secured by a first-priority lien and security interest in substantially all of our assets and the assets of Beyond Meat BV, subject to certain exceptions.”
SEC filing →As of 2026
Other disclosures
- single-product concentration (Beyond Burger ~50% of revenue)medium
The flagship Beyond Burger accounted for ~50% of gross revenues in 2025 (52% and 51% prior years); a decline in Beyond Burger sales would materially hurt the company.
“The Beyond Burger accounted for approximately 50%, 52% and 51% of our gross revenues in 2025, 2024 and 2023, respectively.”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
DOT Foods, Inc.
“In 2025, 2024 and 2023, DOT Foods, Inc. (“DOT”) accounted for approximately 13%, 12% and 12%, respectively, of our gross revenues. No other distributor or customer accounted for more than 10% of our gross revenues in 2025, 2024 or 2023.”
Cited →
Its suppliers
Roquette Frères
“We are substantially dependent upon one supplier, Roquette Frères (“Roquette”), for the supply of pea protein. Our multi-year sales agreement with Roquette for the supply of pea protein expired on December 31, 2025.”
Cited →
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