Beyond Meat's stock is down 95% from its peak and the company just announced another round of layoffs

Beyond Meat is cutting staff again. The El Segundo, California-based company confirmed a new round of layoffs this week, trimming approximately 14% of its non-production workforce as it scrambles to reduce costs and find a path to profitability. For a company that once symbolized the future of food, the numbers tell a sobering story: shares are down roughly 95% from their 2019 peak of $234.90, currently trading in the single digits.

The cuts, first reported by Reuters, come as Beyond Meat continues to burn through cash while posting quarterly losses. CEO Ethan Brown framed the layoffs as part of the company's ongoing restructuring efforts, emphasizing a focus on operational efficiency and the goal of reaching cash flow positivity. This marks the fourth significant round of layoffs since 2022, when the company employed roughly 1,100 people. The workforce is now a fraction of that size.

As VegOut previously covered, Beyond Meat's struggles reflect a broader correction across the plant-based meat category. The initial gold rush — fueled by a blockbuster IPO, celebrity partnerships, and fast-food deals with McDonald's and KFC — gave way to a reality check. Consumers who tried plant-based burgers out of curiosity didn't always come back for a second purchase. Repeat buying rates plateaued. Grocery shelf space started shrinking. The hype cycle did what hype cycles do.

But here's the thing worth sitting with: Beyond Meat's stock price struggles are a Wall Street story, and Wall Street stories don't always map cleanly onto what's actually happening in people's kitchens. Plant-based eating as a broader movement hasn't collapsed — it's evolved. Products that were impossible to find five years ago are now staples at Costco. Oat milk is in every coffee shop in America. The category is bigger than any single company's earnings report.

That said, Beyond Meat's trajectory raises real questions about the economics of plant-based meat specifically. The company has struggled with pricing — its products still cost more than conventional ground beef in most markets, a tough sell during years of grocery inflation when price-conscious shoppers are already hunting for deals. Meanwhile, competitors in the alternative protein space are exploring entirely different approaches. As we explored in our piece on fungal, fermented, and lab-grown food, the next wave of innovation may look nothing like the pea-protein patties that defined the 2019 boom.

Beyond Meat still has significant brand recognition, active partnerships with major food chains, and a presence in roughly 40 countries. Brown has repeatedly said the company's long-term thesis — that plant-based protein can be cheaper, healthier, and more sustainable than animal agriculture at scale — remains intact. The question is whether Beyond Meat has enough runway to get there. With $143 million in net revenue last quarter and a debt load that keeps analysts nervous, the margin for error is razor thin. The company that once made plant-based meat feel inevitable now has to prove it can simply survive long enough for the market to catch up to its original vision.

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