0001655210-25-000159 | 10-Q | XBRL Viewer

Net Loss Per Share Available to Common Stockholders (Tables)

6 Months Ended

Jun. 28, 2025

Schedule of basic and diluted net loss per common share


(in thousands, except share and per share amounts)	Three Months Ended				Six Months Ended
	June 28, 2025		June 29, 2024		June 28, 2025		June 29, 2024
Numerator:


Net loss available to common stockholders—basic	$	(29,242)	$	(34,479)	$	(82,158)	$	(88,840)
Denominator:
Weighted average common shares outstanding—basic	76,491,594		64,901,584		76,348,524		64,797,245
Dilutive effect of shares issuable under stock options	—		—		—		—
Dilutive effect of RSUs	—		—		—		—
Dilutive effect of PSUs	—		—		—		—
Dilutive effect of Notes, if converted(1)	—		—		—		—
Dilutive effect of Warrants, if converted(2)	—		—		—		—
Weighted average common shares outstanding—diluted	76,491,594		64,901,584		76,348,524		64,797,245
Net loss per share available to common stockholders—basic and diluted	$	(0.38)	$	(0.53)	$	(1.08)	$	(1.37)

____________

(1) As the Company recorded a net loss in the three and six months ended June 28, 2025 and June 29, 2024, inclusion of shares from the conversion premium or spread would be anti-dilutive. The Company had $1.15 billion in Notes outstanding as of June 28, 2025 and June 29, 2024.

(2) As the Company recorded a net loss in the three and six months ended June 28, 2025, inclusion of shares from the potential conversion of Warrants would be anti-dilutive. The Company had 3,823,454 Warrants outstanding as of June 28, 2025. No Warrants were outstanding as of June 29, 2024.

Schedule of antidilutive securities excluded from computation of earnings per share

The following outstanding shares of common stock equivalents were excluded from the computation of diluted net loss per share available to common stockholders for the periods presented because the impact of including them would have been antidilutive:


	Three Months Ended		Six Months Ended
	June 28, 2025	June 29, 2024	June 28, 2025	June 29, 2024
Options to purchase common stock	4,100,689	5,400,017	4,100,689	5,400,017
RSUs	1,612,253	2,527,308	1,612,253	2,527,308
PSUs	145,660	225,967	145,660	225,967


Total	5,858,602	8,153,292	5,858,602	8,153,292

Summary of Significant Accounting Policies - Schedule of Changes in Fair Value of Warrants Liability (Details) - Loan Warrants - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 28, 2025	Jun. 29, 2024	Jun. 28, 2025	Jun. 29, 2024
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 0	$ 0	$ 0	$ 0
Fair value of Warrants issued during the period	7,983	0	7,983	0
Fair value of contingently issuable Warrants	12,160	0	12,160	0
Change in fair value of issued Warrants	0	0	0	0
Ending balance	$ 20,143	$ 0	$ 20,143	$ 0

Inventories (Tables)

6 Months Ended

Jun. 28, 2025

Inventory Disclosure [Abstract]

Schedule of major classes of inventory

Major classes of inventory were as follows:


	June 28, 2025		December 31, 2024
(in thousands)
Raw materials and packaging	$	53,795	$	51,303
Work in process	18,561		28,204
Finished goods	38,512		33,937
Total	$	110,868	$	113,444

Property, Plant and Equipment (Tables)

6 Months Ended

Jun. 28, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

A summary of property, plant, and equipment as of June 28, 2025 and December 31, 2024, is as follows:


	June 28, 2025		December 31, 2024
(in thousands)
Manufacturing equipment	$	170,341	$	165,626
Research and development equipment	20,816		20,816
Leasehold improvements	18,455		18,165
Building	28,897		27,155
Finance leases	166,310		5,167
Software	2,740		2,742
Furniture and fixtures	945		941
Vehicles	595		594
Land	5,546		5,416
Assets not yet placed in service	37,928		38,747
Total property, plant and equipment	$	452,573	$	285,369
Less: accumulated depreciation and amortization	131,585		100,482
Property, plant and equipment, net	$	320,988	$	184,887

Summary of Significant Accounting Policies - Narrative (Details) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 28, 2025 USD ($) $ / shares	Mar. 29, 2025 USD ($)	Jun. 29, 2024 USD ($)	Mar. 30, 2024 USD ($)	Jun. 28, 2025 USD ($) segment $ / shares	Jun. 29, 2024 USD ($)	Jun. 26, 2025 USD ($) $ / shares shares	May 07, 2025 shares	Dec. 31, 2024 USD ($)
Class of Warrant or Right [Line Items]
Number of operating segments \| segment					1
Number of reportable segments \| segment					1
Issuance costs	$ 7,700				$ 7,700
Foreign currency translation (losses) gains, net of tax	(2,468)	$ (1,040)	$ 197	$ 673	(3,508)	$ 870
Realized and unrealized foreign currency gains (losses)	$ 7,500		(1,200)		$ 11,000	(3,500)
Class of warrant or right, number of securities called by warrants or rights (in shares) \| shares							3,823,454	9,558,635
Class of warrant or right, exercise price of warrants or rights (in usd per share) \| $ / shares	$ 2.088				$ 2.088		$ 3.26
Stock warrant liability	$ 8,000				$ 8,000		$ 8,000
Liability for estimated sales discounts	5,000				5,000				$ 6,800
Prepaid expenses	5,400				5,400				$ 7,800
Prepaid issuance costs	9,900				9,900
Prepaid employee compensation costs	3,900				3,900
Fair value for the contingently issuable warrants	12,100				12,100
Cost of goods sold	66,367		79,468		136,163	151,403
Shipping and Handling
Class of Warrant or Right [Line Items]
Cost of goods sold	$ 1,500		$ 1,900		$ 2,900	$ 4,000
Distributor One \| Revenue Benchmark \| Customer Concentration Risk
Class of Warrant or Right [Line Items]
Concentration risk (in percent)	14.00%		11.00%		14.00%	12.00%
Distributor Two \| Revenue Benchmark \| Customer Concentration Risk
Class of Warrant or Right [Line Items]
Concentration risk (in percent)	10.00%		11.00%			10.00%
Secured Debt \| Loan and Security Agreement \| Line of Credit
Class of Warrant or Right [Line Items]
Principal Amount	$ 40,000				$ 40,000
Un-drawn amount	$ 60,000				$ 60,000

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 28, 2025	Jun. 29, 2024
Cash flows from operating activities:
Net loss	$ (82,158)	$ (88,840)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	15,682	12,182
Non-cash lease expense	2,889	4,130
Share-based compensation expense	10,157	11,848
Provision for credit losses	0	232
Loss on sale and write-down of fixed assets	223	363
Amortization of debt issuance costs	1,970	1,967
Equity in losses of unconsolidated joint venture	70	23
Unrealized (gains) losses on foreign currency transactions	(11,161)	2,671
Net change in operating assets and liabilities:
Accounts receivable	(9,291)	(3,273)
Inventories	4,709	10,005
Prepaid expenses and other current assets	(8,473)	(2,450)
Accounts payable	25,710	3,633
Accrued expenses and other current liabilities	(3,638)	4,557
Prepaid lease costs, non-current	(3,888)	(3,236)
Operating lease liabilities	(2,156)	(1,626)
Net cash used in operating activities	(59,355)	(47,814)
Cash flows from investing activities:
Purchases of property, plant and equipment	(6,423)	(2,520)
Proceeds from sale of fixed assets	348	3,157
Proceeds from security deposits	0	532
Net cash (used in) provided by investing activities	(6,075)	1,169
Cash flows from financing activities:
Proceeds from delayed draw term loan	40,000	0
Debt issuance costs	(5,117)	0
Principal payments under finance lease obligations	(937)	(514)
Proceeds from exercise of stock options	6	5
Payments of minimum withholding taxes on net share settlement of equity awards	(312)	(539)
Net cash provided by (used in) financing activities	33,640	(1,048)
Net decrease in cash, cash equivalents and restricted cash	(31,790)	(47,693)
Cash, cash equivalents and restricted cash at the beginning of the period	145,554	205,935
Effect of foreign currency exchange rate changes on cash	3,505	(233)
Cash, cash equivalents and restricted cash at the end of the period	117,269	158,009
Cash paid during the period for:
Interest	0	0
Taxes	2	16
Non-cash investing and financing activities:
Issuance of common stock warrants in connection with delayed draw term loan	20,143	0
Non-cash additions to property, plant and equipment	1,345	1,118
Operating lease right-of-use assets obtained in exchange for lease liabilities	2,082	1,389
Reclassification of pre-paid lease costs to finance lease right-of-use assets	19,929	48
Non-cash addition to financing leases	$ 10,091	$ 4,393

Income Taxes	6 Months Ended
Income Taxes	Jun. 28, 2025
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes In the three months ended June 28, 2025 and June 29, 2024, the Company recorded $0 in income tax expense and $34,000 in income tax benefit, respectively, in its condensed consolidated statements of operations. In the six months ended June 28, 2025 and June 29, 2024, the Company recorded $0 in income tax expense and $32,000 in income tax benefit, respectively, in its condensed consolidated statements of operations. The Company has evaluated the available evidence supporting the realization of its deferred tax assets, including the amount and timing of future taxable income, and has determined that it is more likely than not that its net deferred tax assets will not be realized. Due to uncertainties surrounding the realization of the deferred tax assets, the Company maintains a full valuation allowance against substantially all deferred tax assets. If the Company determines that it will be able to realize some portion or all of its deferred tax assets, an adjustment to its valuation allowance on its deferred tax assets will be made and the adjustment would have the effect of increasing net income in the period such determination is made. As of June 28, 2025, the Company did not have any accrued interest or penalties related to uncertain tax positions. The Company’s policy is to recognize interest and penalties related to uncertain tax positions in income tax expense. The Company is subject to U.S. federal tax authority and U.S. state tax authority examinations for all years with respect to net operating loss and credit carryforwards. On July 4, 2025, H.R.1, the “One Big Beautiful Bill Act,” was signed into law, which includes significant changes to federal tax law and other regulatory provisions that may impact the Company. The Company is currently evaluating the provisions of the new law and the potential effects on its financial position, results of operations, and cash flows. As of the date of these financial statements, the Company has not completed its assessment, and therefore no adjustments have been made. Additional disclosures will be provided in future periods as the impact of the legislation is determined.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Debt

6 Months Ended

Jun. 28, 2025

Debt Disclosure [Abstract]

Debt

The following is a summary of debt balances as of June 28, 2025 and December 31, 2024:


	June 28, 2025		December 31, 2024
(in thousands)
0% Convertible senior notes	$	1,150,000	$	1,150,000
Delayed draw term loan	40,000		$	—
Debt issuance costs-convertible senior notes	(6,557)		(8,524)
Debt issuance costs-delayed draw term loan	(1,492)		—
Debt issuance costs-delayed draw term loan warrants	7,983		—
Total debt outstanding	$	1,189,934	$	1,141,476
Less: current portion of long-term debt	—		—
Long-term debt	$	1,189,934	$	1,141,476

Convertible Senior Notes

On March 5, 2021, the Company issued $1.0 billion aggregate principal amount of its 0% Convertible Senior Notes due 2027 (the “Convertible Notes”) in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. On March 12, 2021, the initial purchasers of the Convertible Notes exercised their option to purchase an additional $150.0 million aggregate principal amount of the Company’s 0% Convertible Senior Notes due 2027 (the “Additional Notes”, and together with the Convertible Notes, the “Notes”), and such Additional Notes were issued on March 16, 2021.

The total amount of debt issuance costs of $23.6 million was recorded as a reduction to Convertible senior notes, net in the Company’s condensed consolidated balance sheet and is being amortized as interest expense over the term of the Notes using the effective interest method. In each of the three months ended June 28, 2025 and June 29, 2024, the Company recognized $1.0 million in interest expense related to the amortization of the debt issuance costs related to the Notes. The annualized effective interest rates in the three months ended June 28, 2025 and June 29, 2024 were 0.34% and 0.35%, respectively. In each of the six months ended June 28, 2025 and June 29, 2024, the Company recognized $2.0 million in interest expense related to the amortization of the debt issuance costs related to the Notes. The annualized effective interest rates in the six months ended June 28, 2025 and June 29, 2024, were 0.34% and 0.35%, respectively. There were $6.6 million and $8.5 million in unamortized issuance costs related to the Notes as of June 28, 2025 and December 31, 2024, respectively.

The following is a summary of the Company’s Notes as of June 28, 2025:


(in thousands)	Principal Amount		Unamortized Issuance Costs		Net Carrying Amount		Fair Value
							Amount		Leveling
0% Convertible senior notes due on March 15, 2027	$	1,150,000	$	6,557	$	1,143,443	$	101,200	Level 2

The Notes are carried at face value less the unamortized debt issuance costs on the Company’s condensed consolidated balance sheets. As of June 28, 2025, the estimated fair value of the Notes was approximately $101.2 million. The Notes are quoted on the Intercontinental Exchange and are classified as Level 2 financial instruments. The estimated fair value of the Notes was determined based on the actual bid price of the Notes on June 9, 2025, the last business day of the period when the Notes were traded.

As of June 28, 2025, the remaining life of the Notes was approximately 1.7 years.

Loan and Security Agreement

On May 7, 2025, the Company, as borrower, entered into the Loan and Security Agreement pursuant to which the Lenders agreed to provide for the Delayed Draw Term Loan Facility and the loans thereunder in an aggregate principal amount of $100.0 million. Certain of the Company’s subsidiaries have guaranteed the Company’s obligations under the Loan and Security Agreement. The Delayed Draw Term Loans are secured by a first-priority lien and security interest in substantially all of the assets, subject to certain exceptions, of the Company and certain of its subsidiaries. In connection with the entry into the Delayed Draw Term Loan Facility, the Company paid the Lenders a non-refundable fee of $625,000.

The Delayed Draw Term Loans are available to be drawn in one or more draws until February 7, 2026, subject to a minimum borrowing requirement of $3.0 million and satisfaction or waiver by the Lenders of the applicable conditions precedent set forth in the Loan and Security Agreement. Any Delayed Draw Term Loans borrowed under the Loan and Security Agreement will mature on February 7, 2030 (the “Initial Maturity Date”), which date may be extended by the Company, with the relevant Lenders’ consent, to no later than May 7, 2035. Borrowings under the Loan and Security Agreement will accrue interest at a rate per annum of 12.0%; provided that if the maturity date of any Delayed Draw Term Loan has been extended after the Initial Maturity Date, then such rate per annum will be 17.5% after the Initial Maturity Date. Proceeds of the Delayed Draw Term Loans may not be used to repay, amortize or restructure any debt for borrowed money other than debt owed to the Lenders and debt incurred by a Loan Party to finance the purchase, construction or improvement of any asset or services. Accrued but unpaid interest on each Delayed Draw Term Loan will be compounded on a quarterly basis and payable “in kind” by adding the amount of such accrued interest to the principal amount of the outstanding Delayed Draw Term Loans under the Loan and Security Agreement.

Among other things, the Loan and Security Agreement includes covenants that (i) require the Company to maintain liquidity of at least $15.0 million, (ii) do not permit the Company’s cash interest payments due under all of the Loan Parties’ subordinated debt and unsecured debt for borrowed money for any fiscal year of the Company, in the aggregate, to exceed $20.0 million, and (iii) cap the amount of cash that can be used to repay the Notes at maturity at $60.0 million, subject to increase to the extent of any equity raises by the Company. The Loan and Security Agreement also contains covenants that restrict the ability of the Loan Parties and certain of their subsidiaries to make dividends or distributions, incur additional debt (including subordinated debt), engage in certain asset sales, mergers, acquisitions or similar transactions, create liens on assets, engage in certain transactions with affiliates, change their businesses or make investments. The Loan and Security Agreement also contains change of control provisions that could have the effect of delaying or preventing an otherwise beneficial takeover of the Company.

On June 26, 2025, at the Company’s request, Unprocessed Foods, as the sole Lender at such time, made a Delayed Draw Term Loan to the Company in the principal amount of $40.0 million. The Company plans to use the proceeds of such Delayed Draw Term Loan for general corporate purposes of the Company and the guarantors.

The total amount of debt issuance costs related to the Delayed Draw Term Loan Facility was $3.7 million, consisting of an upfront fee of $0.6 million paid to the Lender, legal and other costs, of which $1.5 million was apportioned to the Initial Draw and recorded as a reduction to the Delayed draw term loan facility, net in the Company’s condensed consolidated balance sheet and is being amortized as interest expense over the term of the Initial Draw using the effective interest rate method. In the three and six months ended June 28, 2025, the Company recognized $3,000 in interest expense related to the amortization of the debt issuance costs related to the Initial Draw. There were $1.5 million and $0 in unamortized issuance costs related to the Initial Draw as of June 28, 2025 and December 31, 2024, respectively. The remaining $2.2 million in debt issuance costs relating to the Delayed Draw Term Loan Facility was apportioned to the $60.0 million in undrawn Delayed Draw Term Loan Facility and has been recorded in Prepaid expenses and other current assets in the Company’s condensed consolidated balance sheet as of June 28, 2025.

Warrant Agreement

On May 7, 2025, in connection with the entry into the Loan and Security Agreement, the Company and the Lenders entered into the Warrant Agreement setting forth the rights and obligations of the Company and the Lenders, as holders, in connection with Warrants representing the Lenders’ right to purchase up to, in the aggregate, 9,558,635 shares of common stock, at an exercise price calculated as 115% of the average daily volume-weighted average prices of the Company’s common stock for the 30-day period beginning on May 8, 2025, subject to a minimum exercise price of $2.00 and a maximum exercise price of $3.75. The Loan and Security Agreement provides that at each funding date of any Delayed Draw Term Loans, the Company will execute and deliver to the applicable Lenders, Warrants representing the pro rata portion of the Maximum Warrant Share Amount based on the amount of Delayed Draw Term Loans provided by such Lender on the date thereof.

The Warrants are exercisable by the Holder thereof, in whole or in part, at any time, or from time to time, prior to the expiration of the Warrant Agreement by tendering to the Company at its principal office a notice of exercise. Promptly upon receipt of such exercise notice and the payment of the exercise price, and in no event later than two business days thereafter, the Company will issue to such Holder the whole number of shares of common stock purchased plus an amount in cash representing any fractional share of common stock otherwise due upon such exercise.

The Warrants will be exercisable by payment in cash from time to time until or prior to 5:00 p.m. (Eastern Time) on the 5th anniversary of the initial issuance of any Warrants, which is expected to occur on the initial funding date of any Delayed Draw Term Loans pursuant to the Loan and Security Agreement. The Warrants are

subject to adjustment from time to time in accordance with the provisions of the Warrant Agreement, including a weighted average adjustment for certain below-market issuances of equity or equity-linked securities, subject to exceptions set forth in the Warrant Agreement. Subject to compliance with applicable federal and state securities laws, the Warrant Agreement and all rights thereunder are transferable by the Holder subject to the terms of the Warrant Agreement.

The Company agreed in the Warrant Agreement to provide certain customary registration rights with respect to the resale of shares of common stock underlying Warrants held by or issuable to the holders from time to time. The Warrant Agreement also contains customary indemnity, exculpation and contribution obligations in connection with such registration.

On June 26, 2025, in connection with the Delayed Draw Term Loan made on the same date, the Company issued to Unprocessed Foods, Warrants to purchase 3,823,454 shares of Common Stock with an exercise price of $3.26 per share, fair value per share of $2.088 and an aggregate fair value of approximately $8.0 million. The change in fair value per share as of June 28, 2025 was not material. The aggregate fair value of the issued Warrants recorded in Delayed draw term loan warrants as of June 28, 2025 was $8.0 million, which was recorded as a reduction of the $40.0 million in debt balance and will be amortized to interest expense using the effective interest rate method.

The Company concluded it was reasonably certain to draw the remaining $60.0 million available under the Delayed Draw Term Loan before December 31, 2025, and expects to issue to the Lenders warrants to purchase the remaining 5,735,181 unissued shares of common stock pursuant to the Loan and Security Agreement. The fair value of the contingently issuable warrants measured as of June 28, 2025 using a Monte-Carlo valuation model was $12.1 million. This amount has been initially classified as a warrant asset included in Prepaid expenses and other current assets in the Company’s condensed consolidated balance sheet. The warrant asset will be proportionately reclassified to debt discount when amounts are drawn from the delayed draw term loan commitment, reducing the initial net carrying amount of the funded debt. The Company has recorded $20.1 million in liability for the total fair value of the issued and contingently issuable warrants in Delayed draw term loan warrant liability in its condensed consolidated balance sheet at June 28, 2025. See Note 2.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Section 50
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-Publisher FASB
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-Topic 235
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+ Details

Share-Based Compensation

6 Months Ended

Jun. 28, 2025

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

In 2019, the Company’s 2011 Equity Incentive Plan (the “2011 Equity Incentive Plan”) was amended, restated and renamed the 2018 Equity Incentive Plan (the “2018 Equity Incentive Plan”). The shares available for issuance under the 2011 Equity Incentive Plan were added to the shares reserved for issuance under the 2018 Equity Incentive Plan. As of January 1, 2025, the maximum aggregate number of shares that may be issued under the 2018 Equity Incentive Plan increased to 27,349,482 shares, which includes an increase of 2,144,521 shares effective January 1, 2025 under the terms of the 2018 Equity Incentive Plan.

The following table summarizes the shares available for issuance under the 2018 Equity Incentive Plan:


			Shares Available for Issuance
Balance - December 31, 2024			7,489,593
Authorized			2,144,521
Granted(1)			(248,018)
Shares withheld to cover taxes			101,373
Forfeited(2)			692,495
Balance - June 28, 2025			10,179,964

____________

(1) Includes 145,660 shares reserved for issuance pursuant to PSUs if 200% of the applicable performance target is achieved.

(2) Includes forfeiture of an additional 80,307 shares reserved for issuance for a potential 200% achievement of the Tranche I award. See Performance Stock Units below.

As of June 28, 2025 and December 31, 2024, there were 4,100,689 and 4,392,460 shares, respectively, issuable under stock options outstanding; 1,612,253 and 2,241,231 shares, respectively, issuable under unvested restricted stock units (“RSUs”) outstanding; 145,660 and 225,967 shares, respectively, issuable under unvested PSUs outstanding; 145,660 and 225,967 shares, respectively, reserved for issuance under unvested PSUs outstanding if 200% of the applicable performance target is achieved; 11,474,702 and 10,837,816 shares, respectively, issued for stock option exercises, RSU settlement and restricted stock grants; and 10,179,964 and 7,489,593 shares, respectively, available for grant under the 2018 Equity Incentive Plan.

Stock Options

Following are the assumptions used in the Black-Scholes valuation model for options granted during the periods shown below:

Three Months Ended

Six Months Ended

June 28, 2025

June 29, 2024

June 28, 2025

June 29, 2024

Risk-free interest rate

N/A

4.5%

N/A

4.3%

Average expected term (years)

N/A

7.0

N/A

7.0

Expected volatility

N/A

55.3%

N/A

55.3%

Dividend yield

—

There were no option grants to employees in the six months ended June 28, 2025. Option grants to employees in the six months ended June 29, 2024 generally vest 25% of the total award on the first anniversary of the vesting commencement date, and thereafter ratably vesting monthly over the remaining three-year period, subject to continued employment through the vesting date.

The following table summarizes the Company’s stock option activity during the six months ended June 28, 2025:


	Number of Stock Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value (in thousands)(1)
Outstanding at December 31, 2024	4,392,460	$	24.44	6.5	$	1,168
Granted	—	$	—	—	$	—
Exercised	(6,303)	$	0.94	—	$	12
Canceled/Forfeited	(285,468)	$	15.18	—	$	—
Outstanding at June 28, 2025	4,100,689	$	25.12	5.9	$	916
Vested and exercisable at June 28, 2025	2,941,413	$	29.89	4.9	$	916
Vested and expected to vest at June 28, 2025	3,857,576	$	26.10	5.7	$	916

____________

(1) Aggregate intrinsic value is calculated as the difference between the value of common stock on the transaction date and the exercise price multiplied by the number of shares issuable under the stock option. Aggregate intrinsic value of shares outstanding at the beginning and end of the reporting period is calculated as the difference between the value of common stock on the beginning and end dates, respectively, and the exercise price multiplied by the number of shares outstanding.

In the three months ended June 28, 2025 and June 29, 2024, the Company recorded $1.5 million and $1.8 million, respectively, of share-based compensation expense related to options. In the six months ended June 28, 2025 and June 29, 2024, the Company recorded $3.5 million and $3.7 million, respectively, of share-based compensation expense related to options. The share-based compensation expense is included in cost of goods sold, research and development expenses and SG&A expenses in the Company’s condensed consolidated statements of operations.

As of June 28, 2025, there was $7.5 million in unrecognized compensation expense related to nonvested stock option awards which is expected to be recognized over a weighted average vesting period of 1.0 year.

Restricted Stock Units

RSU grants to employees in the six months ended June 28, 2025 generally vest: (i) 25% of the total award on the first anniversary of the vesting commencement date, and thereafter vest quarterly over the remaining three years of the award; or (ii) 50% of the total award on the first anniversary of the vesting commencement date, and thereafter vest quarterly over the remaining four quarters of the award, each subject to continued employment through the vesting date. RSU grants to a non-employee consultant and a brand ambassador in the six months ended June 28, 2025 vest on varying dates, subject to continued service through the vesting dates.

RSU grants to employees in the six months ended June 29, 2024 generally vest: (1) 25% of the total award on the first anniversary of the vesting commencement date, and thereafter vest quarterly over the remaining three years of the award; or (ii) 50% of the total award on the first anniversary of the vesting commencement date, and thereafter vest quarterly over the remaining four quarters of the award, each subject to continued employment through the vesting date. RSU grants to non-employee consultants and brand ambassadors in the six months ended June 29, 2024 vest on varying dates, subject to continued service through the vesting date.

There were no annual RSU grants to the directors on Board in the six months ended June 28, 2025. Annual RSU grants to directors on the Board in the six months ended June 29, 2024 vest monthly over a one-year period subject to continued service through the vesting date. RSU grants to new directors on the Board in the six months ended June 29, 2024 vest monthly over a three-year period subject to continued service through the vesting date.

The following table summarizes the Company’s RSU activity during the six months ended June 28, 2025:


	Number of Units	Weighted Average Grant Date Fair Value Per Unit
Unvested at December 31, 2024	2,241,231	$	11.89
Granted	248,018	$	3.02
Vested(1)	(633,345)	$	12.28
Canceled/Forfeited	(243,651)	$	11.68
Unvested at June 28, 2025	1,612,253	$	10.40

____________

(1) Includes 101,373 shares of common stock that were withheld to cover taxes on the release of vested RSUs and became available for future issuance pursuant to the 2018 Equity Incentive Plan.

In the three months ended June 28, 2025 and June 29, 2024, the Company recorded $2.6 million and $3.4 million, respectively, of share-based compensation expense related to RSUs. In the six months ended June 28, 2025 and June 29, 2024, the Company recorded $6.2 million and $7.4 million, respectively, of share-based compensation expense related to RSUs. The share-based compensation expense is included in cost of goods sold, research and development expenses and SG&A expenses in the Company’s condensed consolidated statements of operations.

As of June 28, 2025, there was $13.1 million in unrecognized compensation expense related to unvested RSUs which is expected to be recognized over a weighted average vesting period of 1.1 years.

Performance Stock Units

On March 1, 2024, the Company granted a target amount of $3.3 million in PSUs with market-based and service-based vesting conditions to certain executive officers. The market-based performance condition is based on the Company’s total shareholder return (“TSR”) relative to a TSR comparator group (“Relative TSR Performance”) for each performance period. The TSR comparator group includes the companies included in the S&P Food and Beverage Select Industry Index, excluding companies in the S&P 500, as of the beginning of

each of the three performance periods that apply to the PSUs (each performance period begins on January 1, 2024 and the performance periods end on December 31, 2024, December 31, 2025 and December 31, 2026 for a one-year, two-year and three-year performance period, respectively). The market-based performance condition allows for a range of vesting from 0% to 200% of the target amount, depending on the Company’s Relative TSR Performance for the applicable performance period, as determined by the Company’s Human Capital Management and Compensation Committee (“HCMCC”) within 60 days following the end of the performance period. In addition to the market-based vesting condition, these PSUs are subject to the continued service of the executive officers through the last day of the applicable performance period. PSUs that are unvested three months following the end of the performance period will be forfeited and returned to the 2018 Equity Incentive Plan on that date, or such earlier date as determined by the HCMCC.

The fair value of PSUs is measured on the grant date using a Monte Carlo valuation model. Each of the three performance periods is considered an individual tranche of the award referred to below as “Tranche I,” “Tranche II” and “Tranche III,” respectively.


	Number of Units	Grant Date Fair Value Per Unit		Performance Period
Tranche I	80,307	$	13.49	January 1, 2024 - December 31, 2024
Tranche II	74,714	$	14.50	January 1, 2024 - December 31, 2025
Tranche III	70,946	$	15.27	January 1, 2024 - December 31, 2026

The first performance period for the 2024 PSUs began on January 1, 2024 and ended on December 31, 2024 (the “Tranche I Performance Period”). The shares subject to the Tranche I Performance Period (the “Tranche I Target PSUs”) were to vest on the last day of the Tranche I Performance Period in an amount equal to the applicable percentage set forth below for the Relative TSR Performance for the Tranche I Performance Period, so long as the applicable executive remained a service provider through such date:


Relative TSR Performance(1)						Percentage Applicable to the Relative TSR Performance
Less than 30th percentile						0%
30th percentile						50%
50th percentile						100%
80th percentile and above						200%

____________

(1)Straight-line interpolation shall determine the Percentage Applicable to the Relative TSR Performance when Relative TSR Performance is between the 30th and 50th percentiles or between the 50th and 80th percentiles.

On February 4, 2025, the HCMCC determined that the Company’s Relative TSR Performance for the Tranche I PSUs was less than the 30th percentile, resulting in 0% of the Tranche I Target PSUs vesting. Accordingly, the unvested Tranche I Target PSUs were forfeited and returned to the 2018 Equity Incentive Plan share reserve for future issuance under the 2018 Equity Incentive Plan.

The market-based performance condition used for the 2024 PSU awards is based upon the company’s Relative TSR Performance, which is considered to be a market condition under FASB ASC Topic 718, for each performance period. Consistent with FASB ASC Topic 718, the full grant date fair value (at target performance) for the market-related TSR component for all three tranches of the 2024 PSU awards is included in the amounts shown. As required by SEC rules, the amounts shown exclude the impact of estimated forfeitures related to service-based vesting conditions. The fair value of PSUs is measured on the grant date using a Monte Carlo valuation model. The following valuation assumptions were used in the Monte Carlo valuation model for the PSUs granted on March 1, 2024:


Assumption						As of March 1, 2024
Expected term (years)						2.8
Expected volatility						78.7%
Average correlation						21.4%
Risk-free interest rate						4.36%
Dividend yield						0%
Measurement date stock price						$9.77

•Expected Term: The expected term is based on the grant date of the PSU awards (3/1/2024) through the end of the performance period (12/31/2026).

•Expected Volatility and Correlation Assumptions: Volatility and correlation measures were based on three years of daily historical stock price data through March 1, 2024.

•Starting TSR: Starting TSR was calculated for the company and each of the companies in the TSR comparator group based on the closing price on the date of grant compared to the closing price on the trading day immediately preceding the beginning of each of the performance periods.

•Risk-Free Interest Rate: The risk-free interest rate is based on the U.S. Treasury constant maturities yields on the grant date as reported in the H.15 Federal Reserve Statistical Release with a term corresponding to the remaining length of the performance period.

•Dividend Yield Assumption: For purposes of calculating TSR, which is inclusive of dividend payments, the dividend yield assumption is zero (i.e., stock prices include amounts that would otherwise have been paid as dividends). For purposes of discounting projected payouts to determine the fair value, the dividend yield assumption is also zero because the company is a non-dividend paying company.

The following table summarizes the Company’s PSU activity during the six months ended June 28, 2025:


	Number of Units	Weighted Average Grant Date Fair Value Per Unit
Unvested at December 31, 2024	225,967	$	14.38
Granted	—	$	—
Vested	—	$	—
Canceled/Forfeited	(80,307)	$	13.49
Unvested at June 28, 2025	145,660	$	14.88

The total grant date fair value of the awards was determined to be $3.3 million, with each tranche of the awards representing $1.1 million of the total expense. The requisite service period for each tranche of the award is 10 months, 22 months and 34 months, respectively. Share-based compensation expense related to PSUs is recognized on a straight-line basis over their requisite service periods, regardless of whether the market condition is ultimately satisfied. Share-based compensation expense is not reversed if the achievement of the market condition does not occur.

In the three months ended June 28, 2025, the Company recorded $0.2 million of share-based compensation expense related to Tranche II and Tranche III of the PSUs. In the three months ended June 29, 2024, the Company recorded $0.7 million of share-based compensation expense related to Tranche I, II and III of the PSUs. In the six months ended June 28, 2025, the Company recorded $0.5 million of share-based compensation expense related to Tranche II and Tranche III of the PSUs. In the six months ended June 29, 2024, the Company recorded $0.7 million of share-based compensation expense related to Tranche I, II and III

of the PSUs. The share-based compensation expense is included in SG&A expenses in the Company’s condensed consolidated statements of operations.

As of June 28, 2025, there was $0.9 million in unrecognized compensation expense related to unvested PSUs which is expected to be recognized over a weighted average vesting period of 1.2 years.

Employee Stock Purchase Plan

As of June 28, 2025, the maximum aggregate number of shares that may be issued under the 2018 Employee Stock Purchase Plan (“2018 ESPP”) was 4,020,975 shares of common stock, including an increase of 536,130 shares effective January 1, 2025 under the terms of the 2018 ESPP. The 2018 ESPP is expected to be implemented through a series of offerings under which participants are granted purchase rights to purchase shares of the Company’s common stock on specified dates during such offerings. The administrator has not yet approved an offering under the 2018 ESPP.

Share-Based Compensation (Tables)

6 Months Ended

Jun. 28, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of shares available for grant

The following table summarizes the shares available for issuance under the 2018 Equity Incentive Plan:


			Shares Available for Issuance
Balance - December 31, 2024			7,489,593
Authorized			2,144,521
Granted(1)			(248,018)
Shares withheld to cover taxes			101,373
Forfeited(2)			692,495
Balance - June 28, 2025			10,179,964

____________

(1) Includes 145,660 shares reserved for issuance pursuant to PSUs if 200% of the applicable performance target is achieved.

(2) Includes forfeiture of an additional 80,307 shares reserved for issuance for a potential 200% achievement of the Tranche I award. See Performance Stock Units below.

The following valuation assumptions were used in the Monte Carlo valuation model for the PSUs granted on March 1, 2024:


Assumption						As of March 1, 2024
Expected term (years)						2.8
Expected volatility						78.7%
Average correlation						21.4%
Risk-free interest rate						4.36%
Dividend yield						0%
Measurement date stock price						$9.77

Schedule of fair value assumptions

Following are the assumptions used in the Black-Scholes valuation model for options granted during the periods shown below:

Three Months Ended

Six Months Ended

June 28, 2025

June 29, 2024

June 28, 2025

June 29, 2024

Risk-free interest rate

N/A

4.5%

N/A

4.3%

Average expected term (years)

N/A

7.0

N/A

7.0

Expected volatility

N/A

55.3%

N/A

55.3%

Dividend yield

—

Schedule of stock option activity

The following table summarizes the Company’s stock option activity during the six months ended June 28, 2025:


	Number of Stock Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value (in thousands)(1)
Outstanding at December 31, 2024	4,392,460	$	24.44	6.5	$	1,168
Granted	—	$	—	—	$	—
Exercised	(6,303)	$	0.94	—	$	12
Canceled/Forfeited	(285,468)	$	15.18	—	$	—
Outstanding at June 28, 2025	4,100,689	$	25.12	5.9	$	916
Vested and exercisable at June 28, 2025	2,941,413	$	29.89	4.9	$	916
Vested and expected to vest at June 28, 2025	3,857,576	$	26.10	5.7	$	916

____________

Schedule of RSU activity

The following table summarizes the Company’s RSU activity during the six months ended June 28, 2025:


	Number of Units	Weighted Average Grant Date Fair Value Per Unit
Unvested at December 31, 2024	2,241,231	$	11.89
Granted	248,018	$	3.02
Vested(1)	(633,345)	$	12.28
Canceled/Forfeited	(243,651)	$	11.68
Unvested at June 28, 2025	1,612,253	$	10.40

____________

(1) Includes 101,373 shares of common stock that were withheld to cover taxes on the release of vested RSUs and became available for future issuance pursuant to the 2018 Equity Incentive Plan.

Schedule of Share-Based Payment Arrangement, Performance Shares, Outstanding Activity


	Number of Units	Grant Date Fair Value Per Unit		Performance Period
Tranche I	80,307	$	13.49	January 1, 2024 - December 31, 2024
Tranche II	74,714	$	14.50	January 1, 2024 - December 31, 2025
Tranche III	70,946	$	15.27	January 1, 2024 - December 31, 2026

The shares subject to the Tranche I Performance Period (the “Tranche I Target PSUs”) were to vest on the last day of the Tranche I Performance Period in an amount equal to the applicable percentage set forth below for the Relative TSR Performance for the Tranche I Performance Period, so long as the applicable executive remained a service provider through such date:


Relative TSR Performance(1)						Percentage Applicable to the Relative TSR Performance
Less than 30th percentile						0%
30th percentile						50%
50th percentile						100%
80th percentile and above						200%

____________

Share-Based Payment Arrangement, Performance Shares, Activity

The following table summarizes the Company’s PSU activity during the six months ended June 28, 2025:


	Number of Units	Weighted Average Grant Date Fair Value Per Unit
Unvested at December 31, 2024	225,967	$	14.38
Granted	—	$	—
Vested	—	$	—
Canceled/Forfeited	(80,307)	$	13.49
Unvested at June 28, 2025	145,660	$	14.88

Share-Based Compensation - Schedule of Performance Stock Units (Details) - $ / shares		6 Months Ended
	Feb. 04, 2025	Jun. 28, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Units (in shares)		248,018
Granted (in dollars per share)		$ 3.02
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Units (in shares)		0
Granted (in dollars per share)		$ 0
Vesting percentage		200.00%
Performance Shares \| Tranche I
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Units (in shares)		80,307
Granted (in dollars per share)		$ 13.49
Performance Shares \| Less than 30th percentile
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	0.00%	0.00%
Performance Shares \| 30th percentile
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		50.00%
Performance Shares \| 50th percentile
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		100.00%
Performance Shares \| 80th percentile and above
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		200.00%
Performance Shares \| Tranche II
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Units (in shares)		74,714
Granted (in dollars per share)		$ 14.50
Performance Shares \| Tranche III
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Units (in shares)		70,946
Granted (in dollars per share)		$ 15.27

Share-Based Compensation - Narrative (Details)			3 Months Ended		6 Months Ended		12 Months Ended
Share-Based Compensation - Narrative (Details)	Feb. 04, 2025	Mar. 01, 2024 USD ($)	Jun. 28, 2025 USD ($) shares	Jun. 29, 2024 USD ($)	Jun. 28, 2025 USD ($) performancePeriod shares	Jun. 29, 2024 USD ($)	Dec. 31, 2024 shares	Jan. 01, 2025 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding (in shares)			4,100,689		4,100,689		4,392,460
Shares issued (in shares)					11,474,702		10,837,816
Granted (in shares)					0
Granted (in shares)					248,018
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for issuance (in shares)			536,130		536,130
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issuable (in shares)			1,612,253		1,612,253		2,241,231
Share-based compensation expense \| $			$ 2,600,000	$ 3,400,000	$ 6,200,000	$ 7,400,000
Unrecognized compensation expense, period of recognition					1 year 1 month 6 days
Unrecognized share-based compensation expense \| $			$ 13,100,000		$ 13,100,000
RSUs \| Continuing Employees, Option One \| Employee \| Share-Based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage					25.00%	25.00%
Vesting period					1 year	1 year
RSUs \| Continuing Employees, Option One \| Employee \| Share-Based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					3 years	3 years
RSUs \| Continuing Employees, Option Two \| Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage					50.00%	50.00%
Vesting period					1 year	1 year
RSUs \| Continuing Employees, Option Two \| Employee \| Share-Based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					1 year	1 year
RSUs \| Director \| Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period						1 year
Granted (in shares)					0
RSUs \| New Board Of Directors \| Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period						3 years
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issuable (in shares)			145,660		145,660		225,967
Vesting percentage					200.00%
Share-based compensation expense \| $			$ 200,000		$ 500,000	$ 700,000
Unrecognized compensation expense \| $			900,000		$ 900,000
Unrecognized compensation expense, period of recognition					1 year 2 months 12 days
Granted (in shares)					0
Total grant fair value \| $		$ 3,300,000
Number of performance period \| performancePeriod					3
Period for determination of vesting after end of performance period					60 days
Total expense \| $					$ 1,100,000
Performance Shares \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage					0.00%
Performance Shares \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage					200.00%
Performance Shares \| Share-Based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					1 year
Granted (in shares)					80,307
Award requisite service period (in months)					10 months
Performance Shares \| Less than 30th percentile
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	0.00%				0.00%
Performance Shares \| Share-Based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					2 years
Granted (in shares)					74,714
Award requisite service period (in months)					22 months
Performance Shares \| Share-Based Payment Arrangement, Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					3 years
Granted (in shares)					70,946
Award requisite service period (in months)					34 months
Options to purchase common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense \| $			1,500,000	$ 1,800,000	$ 3,500,000	$ 3,700,000
Unrecognized compensation expense \| $			$ 7,500,000		$ 7,500,000
Unrecognized compensation expense, period of recognition					1 year
Options to purchase common stock \| Share-Based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage						25.00%
Options to purchase common stock \| Share-Based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					3 years
Options to purchase common stock \| Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)					0
2018 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for issuance (in shares)								27,349,482
Authorized (in shares)					2,144,521
Shares available for grant (in shares)			10,179,964		10,179,964		7,489,593
2018 ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant (in shares)			4,020,975		4,020,975		3,484,845
2018 ESPP \| Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for issuance (in shares)								4,020,975
2018 ESPP \| Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage					200.00%

Segment Information (Tables)

6 Months Ended

Jun. 28, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following table presents the details of the significant segment expenses, segment net revenues, and the segment performance measure, net loss, in the periods indicated.


	Three Months Ended				Six Months Ended
	June 28, 2025		June 29, 2024		June 28, 2025		June 29, 2024
Net revenues	$	74,958	$	93,185	$	143,689	$	168,788
Less:
Cost of goods sold	66,367		79,468		136,163		151,403
Research and development expenses	5,807		5,485		13,269		15,345
Selling expenses	6,741		7,632		13,712		15,880
Marketing expenses	8,061		11,959		20,150		20,186
General and administrative expenses	22,893		22,572		51,505		53,379

Interest expense	2,002		1,029		3,026		2,044
Equity in losses of unconsolidated joint venture	59		30		70		23
Other segment items(1)	(7,730)		(511)		(12,048)		(632)
Net loss	$	(29,242)	$	(34,479)	$	(82,158)	$	(88,840)

___________

(1) Includes Other, net and Income tax (benefit) expense as reported in the Company’s condensed consolidated statements of operations. Other, net includes $0.5 million and $1.7 million in interest income in the three months ended June 28, 2025 and June 29, 2024, respectively; and $1.4 million and $3.7 million in interest income in the six months ended June 28, 2025 and June 29, 2024, respectively. Other, net also includes $7.5 million in foreign currency transaction gains and $(1.2) million in foreign currency transaction losses in the three months ended June 28, 2025 and June 29, 2024, respectively; and $11.0 million in foreign currency transaction gains and $(3.5) million in foreign currency transaction losses in the six months ended June 28, 2025 and June 29, 2024, respectively.

Schedule of Long-Lived Assets by Geographic Areas

The following table presents long-lived assets that cannot be readily removed in the Company’s business units as of the periods presented:


	June 28, 2025		December 31, 2024
U.S.	$	298,075	$	275,920
Canada(1)	2,039		2,148
EU B.V. (the Netherlands)	16,341		15,359
China (Jiaxing)(2)	11,060		15,435
Consolidated long-lived assets	$	327,515	$	308,862

____________

(1) The Company’s Canada location serves as an extension of the U.S. sales organization.

(2) As part of the Company’s Global Operations Review, on February 24, 2025, the Company’s board of directors approved a plan to suspend the Company’s operational activities in China, which substantially ceased as of the end of the second quarter of 2025.

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 28, 2025	Jun. 29, 2024	Jun. 28, 2025	Jun. 29, 2024
Statement of Comprehensive Income [Abstract]
Net loss	$ (29,242)	$ (34,479)	$ (82,158)	$ (88,840)
Other comprehensive loss, net of tax:
Foreign currency translation (losses) gains, net of tax	(2,468)	197	(3,508)	870
Comprehensive loss, net of tax	$ (31,710)	$ (34,282)	$ (85,666)	$ (87,970)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Stockholders’ Deficit - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	6 Months Ended	12 Months Ended	20 Months Ended	26 Months Ended
	May 31, 2023	Jun. 28, 2025	Dec. 31, 2024	Dec. 31, 2024	Jun. 28, 2025	Jun. 26, 2025	May 07, 2025
Class of Stock [Line Items]
Common stock, authorized (in shares)		500,000,000	500,000,000	500,000,000	500,000,000
Common stock, par value (in dollars per share)		$ 0.0001	$ 0.0001	$ 0.0001	$ 0.0001
Common stock, issued (in shares)		76,597,624	76,065,969	76,065,969	76,597,624
Common stock, outstanding (in shares)		76,597,624	76,065,969	76,065,969	76,597,624
Preferred stock, authorized (in shares)		500,000	500,000	500,000	500,000
Preferred stock, par value (in dollars per share)		$ 0.0001	$ 0.0001	$ 0.0001	$ 0.0001
Preferred stock, outstanding (in shares)		0	0	0	0
Preferred stock, issued (in shares)		0	0	0	0
Class of warrant or right, number of securities called by warrants or rights (in shares)						3,823,454	9,558,635
Prepaid expenses and other current assets		$ 42,596	$ 11,332	$ 11,332	$ 42,596
Common Stock
Class of Stock [Line Items]
Remaining capacity		201,700	201,700
ATM Program
Class of Stock [Line Items]
Issuance of common stock under the ATM program, net	$ 250,000
ATM Program \| Common Stock
Class of Stock [Line Items]
Issuance of common stock under the ATM program, net				$ 48,300	$ 48,300
Issuance of common stock under the ATM program, net (in shares)				9,750,312	9,750,312
Stock issuance costs		3,300	3,300	$ 3,300	$ 3,300
Net proceeds		45,000	45,000
Stock issuance costs, unpaid		0	300	300	0
Stock issuance costs, capitalized			1,600	1,600
Prepaid expenses and other current assets		$ 1,700	$ 1,700	$ 1,700	$ 1,700
ATM Program \| B. Riley Securities, Inc.
Class of Stock [Line Items]
Percentage of equity distribution agent commission on gross proceed	3.00%
ATM Program \| Maximum \| Common Stock
Class of Stock [Line Items]
Issuance of common stock under the ATM program, net	$ 200,000

Stockholders’ Deficit

6 Months Ended

Jun. 28, 2025

Equity [Abstract]

Stockholders’ Deficit

As of June 28, 2025, the Company’s shares consisted of 500,000,000 authorized shares of common stock, par value $0.0001 per share, of which 76,597,624 shares of common stock were issued and outstanding, and 500,000 authorized shares of preferred stock, par value $0.0001 per share, of which no shares were issued and outstanding.

As of December 31, 2024, the Company’s shares consisted of 500,000,000 authorized shares of common stock, par value $0.0001 per share, of which 76,065,969 shares were issued and outstanding, and 500,000 authorized shares of preferred stock, par value $0.0001 per share, of which no shares were issued and outstanding.

The Company has not declared or paid any dividends, or authorized or made any distribution upon or with respect to any class or series of its capital stock.

Common Stock

Common stock reserved for future issuance consisted of the following:


	June 28, 2025	December 31, 2024

Equity incentive compensation awards granted and outstanding	5,858,602	6,859,658
Shares available for issuance under the 2018 Equity Incentive Plan(1)	10,179,964	7,489,593
Shares available for issuance under the 2018 Employee Stock Purchase Plan	4,020,975	3,484,845
Shares reserved for potential issuance under the Notes	8,234,230	8,234,230
Shares reserved for potential issuance under the Warrants	9,558,635	—
Total common stock reserved for future issuance(2)	37,852,406	26,068,326

_________________

(1) Shares available for issuance under the 2018 Equity Incentive Plan includes 145,660 and 225,967 shares at June 28, 2025 and December 31, 2024, respectively, that may be issued pursuant to performance stock units (“PSUs”) if 200% of the applicable performance target is achieved. See Note 8.

(2) Total common stock reserved for future issuance excludes shares that may be issued pursuant to the ATM Program discussed below.

On May 7, 2025, in connection with the Warrant Agreement, the Company reserved 9,558,635 shares for future issuance upon the exercise of outstanding Warrants in accordance with the Warrant Agreement. See Note 6.

ATM Program

In May 2023, the Company filed an automatic shelf registration statement on Form S-3 (the “2023 Shelf Registration Statement”) with the SEC registering an indeterminate amount of its common stock, preferred stock, debt securities, warrants, purchase contracts and units (collectively, “Company securities”). On March 18, 2024, the Company filed an updated shelf registration statement on Form S-3 (the “2024 Shelf Registration Statement”), which the SEC declared effective on April 12, 2024 and which replaced the 2023 Shelf Registration Statement. The 2024 Shelf Registration Statement allows the Company to sell, from time to time and at its discretion, Company securities having an aggregate offering price of up to $250.0 million including shares of common stock that may be sold pursuant to the Company’s equity distribution agreement, dated as of November 7, 2024 (the “Equity Distribution Agreement”), with B. Riley Securities, Inc. (“B. Riley”), as sales agent, under an “at the market” offering program (the “ATM Program”).

Pursuant to the Equity Distribution Agreement, the Company may offer and sell common stock having an aggregate offering price of up to $200.0 million from time to time to or through B. Riley, subject to the Company’s compliance with applicable laws and the applicable requirements of the Equity Distribution Agreement. The Equity Distribution Agreement stipulates that the Company will pay B. Riley a commission equal to up to 3.0% of the gross offering proceeds of any shares of common stock sold to or through B. Riley pursuant to the Equity Distribution Agreement. The Company intends to use the net proceeds from sales of common stock issued under the ATM Program for general corporate and working capital purposes. The timing of any sales and the number of shares sold will depend on a variety of factors to be determined and considered by the Company. The Company is not obligated to sell any shares under the Equity Distribution Agreement.

As of June 28, 2025 and December 31, 2024, 9,750,312 shares of common stock had been sold under the ATM Program since inception for an aggregate offering price of $48.3 million. There were no sales of common stock under the ATM Program in the three and six months ended June 28, 2025. Total issuance costs related to the ATM Program as of June 28, 2025 and December 31, 2024 were $3.3 million, resulting in aggregate net proceeds of approximately $45.0 million. Of the total issuance costs related to the ATM Program, $0 and $0.3

million remained unpaid as of June 28, 2025 and December 31, 2024, respectively. In the year ended December 31, 2024, approximately $1.6 million was capitalized to reflect the costs associated with the issuance of new shares of common stock and offset against proceeds from the ATM Program. Unamortized issuance costs related to the ATM Program included in Prepaid expenses and other current assets were $1.7 million as of June 28, 2025 and December 31, 2024. As of June 28, 2025 and December 31, 2024, approximately $201.7 million in capacity remained available under the 2024 Shelf Registration Statement.

Warrant Agreement and Warrants

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 28, 2025
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Varda Sublease Subsequent to the period ended June 28, 2025, effective as of July 22, 2025, the Company entered into the Varda Sublease with the Subtenant, pursuant to which the Company will sublease to the Subtenant approximately 54,749 rentable square feet, consisting of approximately 16,967 rentable square feet of improved space (the “Improved Space”) and approximately 37,782 rentable square feet of unimproved space (the “Unimproved Space” and, collectively with the Improved Space, the “Subleased Premises”), in a portion of a building located at 888 N. Douglas Street, El Segundo, California leased by the Company pursuant to the Campus Lease, between the Company and the Landlord. The Varda Sublease is subject to the applicable terms and conditions of the Campus Lease. The commencement date for the Improved Space is 30 days after receiving Landlord’s consent (the “Improved Space Commencement Date”). The commencement date for the Unimproved Space is the earlier to occur of (i) the date Subtenant achieves substantial completion of its improvements within the Unimproved Space and receives a temporary Certificate of Occupancy or its equivalent, or (ii) 13 months following the Landlord’s consent (the “Unimproved Space Commencement Date”). The Varda Sublease expires on October 31, 2033, unless extended or sooner terminated pursuant to its terms. Subtenant will pay the Company monthly rent as follows: (a)For the Improved Space, beginning on the Improved Space Commencement Date: (i) base rent for months one through 12 of approximately $50,901 per month, with annual increases of 3.0%, culminating with a monthly base rent of approximately $64,480 in the final 12 months of the initial Varda Sublease term; and (ii) Subtenant’s allocable share of certain operating expenses, personal property taxes and insurance costs. On condition that no default has occurred, Subtenant will receive a rent abatement equal to one-half of the base rent during the second through fifteenth months of the Varda Sublease term. (b)For the Unimproved Space, beginning on the Unimproved Space Commencement Date: (i) base rent for months one through 12 of approximately $113,346 per month, with annual increases of 3.0%, culminating with a monthly base rent of approximately $143,583 in the final 12 months of the initial Varda Sublease term; and (ii) Subtenant’s allocable share of certain operating expenses, personal property taxes and insurance costs. On condition that no default has occurred, Subtenant will receive a rent abatement equal to one-half of the base rent during the second through fifteenth months of the Varda Sublease term. (c)Beginning on the Improved Space Commencement Date: (i) rent (in an amount equal to parking rent then charged by Landlord to the Company) for one parking pass per 1,000 rentable square feet of the Subleased Premises for months one through 24 of the Varda Sublease term; and (ii) rent (in an amount equal to parking rent then charged by Landlord to the Company) for two parking passes per 1,000 rentable square feet of the Subleased Premises for month 25 and for each subsequent month during the Varda Sublease term. On condition that no default has occurred, Subtenant will receive a rent abatement equal to one-half of the parking rent for months two through 15 measured from the Unimproved Space Commencement Date. Subject to the provisions of a work letter, Subtenant will receive an improvement allowance from Master Landlord equal to $3,350,600 to use in constructing improvements within the Unimproved Space and the Company will pay to Subtenant up to $80,000 to construct a demising wall at the Subleased Premises. Subtenant will deliver to the Company a letter of credit in the amount of $1,564,527 as security for the performance of its obligations under the Varda Sublease, which amount is subject to decrease in the future on condition that Subtenant is not then in default of its obligations under the Varda Sublease. 2025 August Reduction-In-Force On August 6, 2025, management of the Company approved a plan to reduce the Company’s current workforce in North America by approximately 44 employees, representing approximately 6% of the Company’s total global workforce. This decision was based on cost-reduction initiatives intended to reduce cost of goods sold and operating expenses. The Company estimates that it will incur one-time cash charges of approximately $0.8 million to $1.3 million in connection with the reduction-in-force, primarily consisting of severance payments, employee benefits and related costs, in all cases, provided to departing employees. The Company expects that the majority of these charges will be incurred in the third quarter of 2025, subject to applicable legal requirements, which may delay the time these charges will be incurred beyond the end of the third quarter of 2025. The calculation of the charges the Company estimates it will incur are subject to uncertainties and based on a number of assumptions, including applicable legal requirements; the actual charges incurred may differ from the estimate disclosed above. In aggregate, over the next twelve months, the reduction-in-force is expected to result in approximately $5.0 million to $6.0 million in cash compensation expense savings, and an additional approximately $0.5 million to $1.0 million in non-cash savings related to previously granted, unvested stock-based compensation that would have vested over the next twelve months.

Segment Information

6 Months Ended

Jun. 28, 2025

Segment Reporting [Abstract]

Segment Information

The Company operates in one segment in the plant-based meat industry, offering a portfolio of revolutionary plant-based meats.

In accordance with ASC 280, “Segment Reporting,” the Company’s Chief Executive Officer and President, who reviews operating results to make decisions about allocating resources and assessing performance for the entire Company, has been identified as the CODM.

The Company derives revenue primarily in North America and Europe and manages the business activities on a consolidated basis. The Company’s CODM allocates resources and assesses performance at the consolidated level. As the Company operates in one segment, entity-wide segment disclosures about products and services, and major customers are the same as what has been presented elsewhere in this report and in the accompanying condensed consolidated financial statements.

The accounting policies of the segment are the same as those described in Note 2. On a quarterly basis, the CODM reviews the GAAP measure of consolidated net (loss) income as the measure of the segment’s performance and for determining the allocation of resources.

The following table presents the details of the significant segment expenses, segment net revenues, and the segment performance measure, net loss, in the periods indicated.


	Three Months Ended				Six Months Ended
	June 28, 2025		June 29, 2024		June 28, 2025		June 29, 2024
Net revenues	$	74,958	$	93,185	$	143,689	$	168,788
Less:
Cost of goods sold	66,367		79,468		136,163		151,403
Research and development expenses	5,807		5,485		13,269		15,345
Selling expenses	6,741		7,632		13,712		15,880
Marketing expenses	8,061		11,959		20,150		20,186
General and administrative expenses	22,893		22,572		51,505		53,379

Interest expense	2,002		1,029		3,026		2,044
Equity in losses of unconsolidated joint venture	59		30		70		23
Other segment items(1)	(7,730)		(511)		(12,048)		(632)
Net loss	$	(29,242)	$	(34,479)	$	(82,158)	$	(88,840)

___________

See the accompanying condensed consolidated financial statements for other financial information regarding the Company's operating segment.

Long-lived assets include property, plant and equipment and operating lease right of use assets. The following table presents long-lived assets that cannot be readily removed in the Company’s business units as of the periods presented:


	June 28, 2025		December 31, 2024
U.S.	$	298,075	$	275,920
Canada(1)	2,039		2,148
EU B.V. (the Netherlands)	16,341		15,359
China (Jiaxing)(2)	11,060		15,435
Consolidated long-lived assets	$	327,515	$	308,862

____________

(1) The Company’s Canada location serves as an extension of the U.S. sales organization.

Net Revenues by Geographic Area

The Company’s revenues are attributed to the country where the products are delivered. For disclosure about the segment’s net revenues by geographic area, see Note 2.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Debt - Schedule of Convertible Senior Notes (Details) - USD ($) $ in Thousands	Jun. 28, 2025	Dec. 31, 2024	Jun. 29, 2024	Mar. 05, 2021
Debt Instrument [Line Items]
Unamortized Issuance Costs	$ 6,600	$ 8,500
Total debt outstanding	1,189,934	1,141,476
Level 2 \| Recurring
Debt Instrument [Line Items]
Fair Value	101,200
Convertible Senior Notes Due 2027 \| Level 2 \| Recurring
Debt Instrument [Line Items]
Fair Value	$ 101,200
Convertible Debt
Debt Instrument [Line Items]
Interest, stated rate (in percent)	0.00%
Principal Amount	$ 1,150,000	1,150,000	$ 1,150,000
Unamortized Issuance Costs	6,557	$ 8,524		$ 23,600
Convertible Debt \| Convertible Senior Notes Due 2027
Debt Instrument [Line Items]
Interest, stated rate (in percent)				0.00%
Principal Amount	1,150,000
Unamortized Issuance Costs	6,557
Total debt outstanding	$ 1,143,443

Introduction	6 Months Ended
Introduction	Jun. 28, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Introduction	Introduction The Company Beyond Meat, Inc., a Delaware corporation (including its subsidiaries unless the context otherwise requires, the “Company”), is a leading plant-based meat company offering a portfolio of revolutionary plant-based meats. The Company builds meat directly from plants, an innovation that enables consumers to experience the taste, texture and other sensory attributes of popular animal-based meat products while enjoying the nutritional and environmental benefits of eating the Company’s plant-based meat products. The Company’s brand promise, “Eat What You Love,” represents a strong belief that there is a better way to feed our future and that the positive choices we all make, no matter how small, can have a great impact on our personal health and the health of our planet. By shifting from animal-based meat to plant-based meat, we can positively impact four growing global issues: human health, climate change, constraints on natural resources and animal welfare. Global Operations Review and Reductions in Force In 2023, to reduce operating expenses, the Company initiated a review of its global operations (the “Global Operations Review”), narrowing the Company’s commercial focus to certain anticipated growth opportunities, and accelerating activities that prioritize gross margin expansion and cash generation. As part of this review, on November 1, 2023, the Company’s board of directors (the “Board”) approved a plan to reduce the Company’s workforce by approximately 65 employees, representing approximately 19% of the Company’s global non-production workforce (or approximately 8% of the Company’s total global workforce). On February 24, 2025, the Board approved a plan to reduce the Company’s workforce in North America and the EU by approximately 44 employees, representing approximately 17% of the Company’s global non-production workforce (or approximately 6% of the Company’s total global workforce). In addition, as part of the Company’s Global Operations Review, on February 24, 2025, the Board approved a plan to suspend the Company’s operational activities in China, which substantially ceased as of the end of the second quarter of 2025. As part of this plan, the Company reduced its workforce in China by approximately 20 employees, representing approximately 95% of the Company’s China workforce (or approximately 3% of the Company’s total global workforce). Subsequent to the period ended June 28, 2025, on August 6, 2025, management of the Company approved a plan to reduce the Company’s current workforce in North America by approximately 44 employees, representing approximately 6% of the Company’s total global workforce. This decision was based on cost-reduction initiatives intended to reduce cost of goods sold and operating expenses. See Note 14. Loan and Security Agreement; Warrant Agreement On May 7, 2025, the Company, as borrower, entered into a Loan and Security Agreement (the “Loan and Security Agreement”) with Unprocessed Foods, LLC, an affiliate of the Ahimsa Foundation, as lender (“Unprocessed Foods”), the other lenders party thereto from time to time (together with Unprocessed Foods, the “Lenders”), and certain of the Company’s subsidiaries party thereto from time to time, as guarantors (together with the Company, the “Loan Parties”), pursuant to which the Lenders agreed to provide for a senior secured delayed draw term loan facility (the “Delayed Draw Term Loan Facility” and the loans thereunder, the “Delayed Draw Term Loans”) in an aggregate principal amount of $100.0 million. Certain of the Company’s subsidiaries have guaranteed the Company’s obligations under the Loan and Security Agreement. The Delayed Draw Term Loans are secured by a first-priority lien and security interest in substantially all of the assets, subject to certain exceptions, of the Company and certain of its subsidiaries. On June 26, 2025, at the Company’s request, Unprocessed Foods, as the sole Lender at such time, made a Delayed Draw Term Loan to the Company in the principal amount of $40.0 million. The Company plans to use the proceeds of such Delayed Draw Term Loan for general corporate purposes of the Company and the guarantors. See Note 6. On May 7, 2025, in connection with the entry into the Loan and Security Agreement, the Company and the Lenders entered into a warrant agreement (the “Warrant Agreement”) setting forth the rights and obligations of the Company and the Lenders as holders (in such capacity, the “Holders”) in connection with warrants (the “Warrants”) representing such Holders’ right to purchase up to, in the aggregate, 9,558,635 shares of the Company’s common stock, which represented 12.5% of the Company’s issued and outstanding shares of common stock as of May 5, 2025) (the “Maximum Warrant Share Amount”) at an exercise price calculated as 115% of the average daily volume-weighted average prices of the common stock for the 30-day period beginning on May 8, 2025, subject to a minimum exercise price of $2.00 and a maximum exercise price of $3.75. The Loan and Security Agreement provides that at each funding date of any Delayed Draw Term Loans, the Company will execute and deliver to the applicable Lenders Warrants representing the pro rata portion of the Maximum Warrant Share Amount based on the amount of Delayed Draw Term Loans provided by such Lender on the date thereof. See Note 6. On June 26, 2025, in connection with the Delayed Draw Term Loan made on the same date, the Company issued to Unprocessed Foods, Warrants to purchase 3,823,454 shares of common stock with an exercise price of $3.26 per share, fair value per share of $2.088 and an aggregate fair value of approximately $8.0 million. See Note 2 and Note 6. The Company concluded it was reasonably certain to draw the remaining $60.0 million available under the Delayed Draw Term Loan before December 31, 2025, and expects to issue to the Lenders warrants to purchase the remaining 5,735,181 unissued shares of common stock pursuant to the Loan and Security Agreement. The fair value of the contingently issuable warrants measured as of June 28, 2025 using a Monte-Carlo valuation model was $12.1 million. The Company has recorded $20.1 million in liability for the total fair value of the issued and contingently issuable warrants in Delayed draw term loan warrants in its condensed consolidated balance sheet at June 28, 2025. See Note 6. Partial Lease Termination and Sublease On May 9, 2025, the Company entered into the Second Amendment to Lease (the “Second Amendment”) with HC Hornet Way, LLC, a Delaware limited liability company (the “Landlord”), amending that certain Lease dated January 14, 2021 (the “Original Lease”), as amended by that certain First Amendment to Lease dated September 17, 2024 (the “First Amendment” and, together with the Original Lease, and as further amended by that certain Third Amendment to Lease dated as of July 16, 2025 (the “Third Amendment”), the “Campus Lease”), pursuant to which the Company leased approximately 282,000 rentable square feet in a portion of a building at 888 Douglas Street, El Segundo, California. The Second Amendment provided for, among other things, the surrender by the Company to the Landlord of approximately 61,556 rentable square feet of the existing premises (the “Surrendered Premises”), a release of all claims arising out of, or based upon, any act, matter, or thing regarding the Surrendered Premises, and the continued leasing of approximately 220,519 rentable square feet of the existing premises. See Note 3. Subsequent to the period ended June 28, 2025, effective as of July 22, 2025, the Company entered into a Sublease Agreement (the “Varda Sublease”) with Varda Space Industries, Inc., a Delaware corporation (the “Subtenant”), pursuant to which the Company will sublease to the Subtenant approximately 54,749 rentable square feet of the existing premises at the Campus Headquarters. See Note 14.

Share-Based Compensation - Schedule of PSU Activity (Details)	6 Months Ended
	Jun. 28, 2025 $ / shares shares
Number of Units
Granted (in shares) \| shares	248,018
Vested (in shares) \| shares	(633,345)
Canceled/Forfeited (in shares) \| shares	(243,651)
Weighted Average Grant Date Fair Value Per Unit
Granted (in dollars per share) \| $ / shares	$ 3.02
Vested (in dollars per share) \| $ / shares	12.28
Canceled/Forfeited (in dollars per share) \| $ / shares	$ 11.68
Performance Shares
Number of Units
Unvested, beginning balance (in shares) \| shares	225,967
Granted (in shares) \| shares	0
Vested (in shares) \| shares	0
Canceled/Forfeited (in shares) \| shares	(80,307)
Unvested, ending balance (in shares) \| shares	145,660
Weighted Average Grant Date Fair Value Per Unit
Unvested, beginning balance (in dollars per share) \| $ / shares	$ 14.38
Granted (in dollars per share) \| $ / shares	0
Vested (in dollars per share) \| $ / shares	0
Canceled/Forfeited (in dollars per share) \| $ / shares	13.49
Unvested, ending balance (in dollars per share) \| $ / shares	$ 14.88

Commitments and Contingencies (Details)												1 Months Ended				3 Months Ended		6 Months Ended		12 Months Ended
Commitments and Contingencies (Details)	Jul. 16, 2025 USD ($)	May 09, 2025 USD ($) ft²	Feb. 27, 2025 EUR (€)	Sep. 17, 2024 USD ($)	Jul. 08, 2024 USD ($)	Feb. 02, 2024 EUR (€) ft²	Nov. 21, 2023 USD ($)	Jul. 12, 2023 jurisdiction	Apr. 21, 2023 action	Apr. 06, 2022	Mar. 13, 2022 EUR (€)	Aug. 31, 2024 USD ($)	Mar. 30, 2024 USD ($)	Nov. 30, 2023 CAD ($)	Oct. 31, 2020 co-manufacturer	Jun. 28, 2025 USD ($)	Jun. 29, 2024 USD ($)	Jun. 28, 2025 USD ($)	Jun. 29, 2024 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2022	Dec. 31, 2020 USD ($) phase	Aug. 07, 2025 USD ($)	Jan. 28, 2025 EUR (€)	Jul. 01, 2023 USD ($)	Dec. 31, 2021 ft²	Jan. 14, 2021 USD ($) ft²	Sep. 22, 2020 USD ($)
Loss Contingencies [Line Items]
Future minimum lease payments																$ 6,788,000		$ 6,788,000
Restricted cash, non-current																12,600,000		12,600,000		$ 12,600,000
Lease, initial term (in years)																										8 years	12 years
Number of phases of development \| phase																						2
Investment agreement, expected amount																22,000,000		22,000,000
Investment agreement, land use right period																					5 years
Investment agreement, amount advanced																20,000,000		20,000,000
Equity in losses of unconsolidated joint venture																59,000	$ 30,000	70,000	$ 23,000
Investment in unconsolidated joint venture																1,531,000		1,531,000		1,601,000
Purchase commitment term (in years)										5 years
Expenses related to a dispute with a former co-manufacturer							$ 4,400,000
Number of company contract manufacturer \| co-manufacturer															1
Accrued litigation settlement																0		0		7,250,000
Legal fee reimbursement \| €																								€ 3,000
Consumer Class Actions Regarding Protein Claims
Loss Contingencies [Line Items]
Accrued litigation settlement																7,250,000		7,250,000		7,250,000
Loss contingency, accrual, payments					$ 7,500,000
Litigation settlement, amount												$ 250,000								250,000
Interbev
Loss Contingencies [Line Items]
Damages sought, value \| €											€ 200,000
Daily penalty \| €			€ 1,000
Legal costs \| €			15,000
Interbev \| Pending Litigation
Loss Contingencies [Line Items]
Damages sought, value													$ 73,000,000.0
Loss contingency, claims filed, vs number of plaintiffs \| action									2
Interbev \| Financial Damages
Loss Contingencies [Line Items]
Loss contingency, damages awarded, value \| €			1
Interbev \| Moral Damages
Loss Contingencies [Line Items]
Loss contingency, damages awarded, value \| €			€ 50,000
BVeggie
Loss Contingencies [Line Items]
Damages sought, value														$ 129,841,920
Certain Machinery
Loss Contingencies [Line Items]
Property, plant and equipment, gross																	5,100,000		5,100,000
Pea Protein
Loss Contingencies [Line Items]
Purchase commitments, year two																									$ 17,000,000
Purchase commitments, remainder of fiscal year																8,500,000		8,500,000
The Planet Partnership, LLC (“TPP”)
Loss Contingencies [Line Items]
Equity in losses of unconsolidated joint venture																59,000	30,000	70,000	23,000
Investment in unconsolidated joint venture																27,600,000		27,600,000		$ 27,600,000
Subsequent Event
Loss Contingencies [Line Items]
Investment agreement, expected amount																							$ 500,000
EU B.V. (the Netherlands) \| Purchase Commitment
Loss Contingencies [Line Items]
Number of square foot property \| ft²						114,000
Lease, initial term (in years)						5 years
Renewal term						5 years
First year annual rent expense \| €						€ 1,000,000.0
Shanghai, China
Loss Contingencies [Line Items]
Number of square feet in lease agreement \| ft²																										12,000
EU and France
Loss Contingencies [Line Items]
Loss contingency, number of jurisdictions \| jurisdiction								27
Letter of Credit
Loss Contingencies [Line Items]
Maximum borrowing capacity																											$ 12,500,000
Letter of Credit \| 5th Anniversary of Rent Commencement
Loss Contingencies [Line Items]
Maximum borrowing capacity																											6,300,000
Letter of Credit \| 8th Anniversary of Rent Commencement
Loss Contingencies [Line Items]
Maximum borrowing capacity																											3,100,000
Letter of Credit \| Event of Certain Credit Ratings and not in Default
Loss Contingencies [Line Items]
Maximum borrowing capacity																											$ 0
Lease Agreements
Loss Contingencies [Line Items]
Increase in the base rent over initial lease term				$ 851,000
HC Hornet Way, LLC
Loss Contingencies [Line Items]
Number of square feet in lease agreement \| ft²		220,519																									282,000
Future minimum lease payments																53,600,000		53,600,000
Termination fee		$ 1,000,000.0
Surrendered premises termination costs																		32,800,000
Surrendered premises termination costs, prepaid rent																31,300,000		31,300,000
Surrendered premises termination costs, one-time payment																1,000,000		1,000,000
Surrendered premises termination costs, broker fees																500,000		500,000
HC Hornet Way, LLC \| Subsequent Event
Loss Contingencies [Line Items]
Tenant improvements rent credit	$ 700,000
Payments (proceeds from) tenant allowance	$ (150,000)
JXEDZ
Loss Contingencies [Line Items]
Gain on investments																$ 0	$ 500,000	$ 0	$ 500,000
Investment agreement, expected amount																						$ 10,000,000.0
Investment agreement, land use right period																						2 years
Investment agreement, additional amount to acquire land																												$ 40,000,000.0

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 28, 2025

Accounting Policies [Abstract]

Schedule of Assumptions Used for Valuation of Warrants

The following are the assumptions used in the Black-Scholes valuation of the Warrants at issuance on June 26, 2025 for the periods indicated:


	Three Months Ended
	June 28, 2025	June 29, 2024
Risk-free interest rate	3.79%	N/A
Average expected term (years)	5.0	N/A
Expected volatility	69.35%	N/A
Dividend yield	—	—

The following are the assumptions used in the Monte-Carlo simulation to determine the fair value of the contingently issuable Warrants as of June 28, 2025, assuming an aggregate draw amount of $60.0 million by December 31, 2025:


Assumption						As of June 28, 2025
Issue date						June 26, 2025
Expiration date						June 26, 2030
Remaining term to expiration (years)						5.0
Remaining term to expiration (trading weeks)						260
Annualized volatility						70.0%
Risk free rate (continuous)						3.76%

Schedule of Changes in Fair Value of Warrants Liability

The following table sets forth a summary of the changes in the fair value of the Warrant liability:


	Three Months Ended				Six Months Ended
(in thousands)	June 28, 2025		June 29, 2024		June 28, 2025		June 29, 2024
Beginning balance	$	—	$	—	$	—	$	—
Fair value of Warrants issued during the period	7,983		—		7,983		—
Fair value of contingently issuable Warrants	12,160		—		12,160		—
Change in fair value of issued Warrants	—		—		—		—

Ending balance	$	20,143	$	—	$	20,143	$	—

Schedule of Disaggregation of Revenue

The following table presents the Company’s net revenues by channel:


	Three Months Ended				Six Months Ended
	June 28, 2025		June 29, 2024		June 28, 2025		June 29, 2024
(in thousands)
U.S.:
Retail	$	32,909	$	44,869	$	64,269	$	81,957
Foodservice	11,055		10,350		20,468		22,654
U.S. net revenues	43,964		55,219		84,737		104,611
International:
Retail	15,867		17,585		28,549		30,163
Foodservice	15,127		20,381		30,403		34,014
International net revenues	30,994		37,966		58,952		64,177
Net revenues	$	74,958	$	93,185	$	143,689	$	168,788

Leases - Schedule of Future Maturities of Operating Lease and Financial Lease Liabilities (Details) $ in Thousands	Jun. 28, 2025 USD ($)
Operating Leases
Remainder of 2025	$ 1,054
2026	1,852
2027	1,565
2028	900
2029	615
Thereafter	802
Total undiscounted future minimum lease payments	6,788
Less imputed interest	(547)
Total discounted future minimum lease payments	6,241
Finance Leases
Remainder of 2025	5,206
2026	10,929
2027	9,866
2028	10,086
2029	9,340
Thereafter	95,565
Total undiscounted future minimum lease payments	140,992
Less imputed interest	(57,033)
Total discounted future minimum lease payments	$ 83,959

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 28, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 103,497	$ 131,913
Restricted cash, current	1,172	1,041
Accounts receivable, net	37,338	26,862
Inventory	110,868	113,444
Prepaid expenses and other current assets	42,596	11,332
Assets held for sale	1,664	1,864
Total current assets	297,135	286,456
Restricted cash, non-current	12,600	12,600
Property, plant and equipment, net	320,988	184,887
Operating lease right-of-use assets	6,527	123,975
Prepaid lease costs, non-current	52,272	68,005
Other non-current assets, net	688	622
Investment in unconsolidated joint venture	1,531	1,601
Total assets	691,741	678,146
Current liabilities:
Accounts payable	68,837	37,571
Current portion of operating lease liabilities	1,798	4,125
Accrued expenses and other current liabilities	15,618	11,656
Accrued litigation settlement	0	7,250
Short-term finance lease liabilities	3,934	851
Total current liabilities	90,187	61,453
Long-term liabilities:
Convertible senior notes, net	1,143,443	1,141,476
Delayed draw term loan, net	30,525	0
Delayed draw term loan warrants	20,143	0
Operating lease liabilities, net of current portion	4,441	73,613
Finance lease obligations and other long-term liabilities	80,025	2,812
Total long-term liabilities	1,278,577	1,217,901
Commitments and contingencies (Note 9)
Stockholders’ deficit:
Preferred stock, par value $0.0001 per share—500,000 shares authorized, none issued and outstanding	0	0
Common stock, par value $0.0001 per share—500,000,000 shares authorized; 76,597,624 shares and 76,065,969 shares issued and outstanding at June 28, 2025 and December 31, 2024, respectively	8	8
Additional paid-in capital	653,855	644,004
Accumulated deficit	(1,323,689)	(1,241,531)
Accumulated other comprehensive loss	(7,197)	(3,689)
Total stockholders’ deficit	(677,023)	(601,208)
Total liabilities and stockholders’ deficit	$ 691,741	$ 678,146

Income Taxes (Details) - USD ($)	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($)	Jun. 28, 2025	Jun. 29, 2024	Jun. 28, 2025	Jun. 29, 2024
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 0	$ (34,000)	$ 0	$ (32,000)
Accrued interest or penalties related to uncertain tax positions	$ 0		$ 0

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Net Loss Per Share Available to Common Stockholders - Schedule of basic and diluted net loss per common share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 28, 2025	Jun. 29, 2024	Jun. 28, 2025	Jun. 29, 2024	Jun. 26, 2025	Dec. 31, 2024
Numerator:
Net loss available to common stockholders—basic	$ (29,242)	$ (34,479)	$ (82,158)	$ (88,840)
Denominator:
Weighted average common shares outstanding—basic (in shares)	76,491,594	64,901,584	76,348,524	64,797,245
Dilutive effect of Notes, if converted (in shares)	0	0	0	0
Dilutive effect of Warrants, if converted (in shares)	0	0	0	0
Weighted average common shares outstanding—diluted (in shares)	76,491,594	64,901,584	76,348,524	64,797,245
Net loss per share available to common stockholders—basic (in dollars per share)	$ (0.38)	$ (0.53)	$ (1.08)	$ (1.37)
Net loss per share available to common stockholders—diluted (in dollars per share)	$ (0.38)	$ (0.53)	$ (1.08)	$ (1.37)
Debt issuance costs-delayed draw term loan warrants	$ 8,000		$ 8,000		$ 8,000
Warrants outstanding (in shares)	3,823,454	0	3,823,454	0
Convertible Debt
Denominator:
Principal Amount	$ 1,150,000	$ 1,150,000	$ 1,150,000	$ 1,150,000		$ 1,150,000
Options to purchase common stock
Denominator:
Dilutive effect (in shares)	0	0	0	0
RSUs
Denominator:
Dilutive effect (in shares)	0	0	0	0
PSUs
Denominator:
Dilutive effect (in shares)	0	0	0	0

Net Loss Per Share Available to Common Stockholders - Schedule of antidilutive securities excluded from computation of earnings per share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 28, 2025	Jun. 29, 2024	Jun. 28, 2025	Jun. 29, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	5,858,602	8,153,292	5,858,602	8,153,292
Options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	4,100,689	5,400,017	4,100,689	5,400,017
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	1,612,253	2,527,308	1,612,253	2,527,308
PSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	145,660	225,967	145,660	225,967

Stockholders’ Deficit (Tables)

6 Months Ended

Jun. 28, 2025

Equity [Abstract]

Schedule of Common Stock Reserved for Future Issuance

Common stock reserved for future issuance consisted of the following:


	June 28, 2025	December 31, 2024

Equity incentive compensation awards granted and outstanding	5,858,602	6,859,658
Shares available for issuance under the 2018 Equity Incentive Plan(1)	10,179,964	7,489,593
Shares available for issuance under the 2018 Employee Stock Purchase Plan	4,020,975	3,484,845
Shares reserved for potential issuance under the Notes	8,234,230	8,234,230
Shares reserved for potential issuance under the Warrants	9,558,635	—
Total common stock reserved for future issuance(2)	37,852,406	26,068,326

_________________

(2) Total common stock reserved for future issuance excludes shares that may be issued pursuant to the ATM Program discussed below.

Segment Information - Schedule of Long-Lived Assets, by Geographical Areas (Details) - USD ($) $ in Thousands	Jun. 28, 2025	Dec. 31, 2024
Revenues from External Customers and Long-Lived Assets [Line Items]
Consolidated long-lived assets	$ 327,515	$ 308,862
U.S.
Revenues from External Customers and Long-Lived Assets [Line Items]
Consolidated long-lived assets	298,075	275,920
Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Consolidated long-lived assets	2,039	2,148
EU B.V. (the Netherlands)
Revenues from External Customers and Long-Lived Assets [Line Items]
Consolidated long-lived assets	16,341	15,359
China (Jiaxing)
Revenues from External Customers and Long-Lived Assets [Line Items]
Consolidated long-lived assets	$ 11,060	$ 15,435

Leases

6 Months Ended

Jun. 28, 2025

Leases [Abstract]

Leases

See Note 9.

Leases are classified as either finance leases or operating leases based on criteria in Accounting Standards Codification (“ASC”) 842. The Company has operating leases for its corporate offices, including the Campus Headquarters (as defined below), its manufacturing facilities, warehouses and vehicles, and to a lesser extent, certain equipment and finance leases. Such leases generally have original lease terms between 2 years and 12 years, and often include one or more options to renew. Some leases also include early termination options, which can be exercised under specific conditions. The Company includes options to extend the lease term if the options are reasonably certain of being exercised. The Company does not have residual value guarantees or material restrictive covenants associated with its leases.

On January 14, 2021, the Company entered into the Campus Lease, a 12-year lease with two 5-year renewal options to house its corporate headquarters, lab and innovation space (“Campus Headquarters”) in El Segundo, California. Although the Company is involved in the design of the tenant improvements of the Campus Headquarters, the Company does not have title or possession of the assets during construction. In addition, the Company does not have the ability to control the leased Campus Headquarters until each phase of the tenant improvements is complete.

The Company paid $3.9 million and $6.5 million in rent prepayments and payments towards construction costs of the Campus Headquarters in the six months ended June 28, 2025 and the year ended December 31, 2024, respectively. The rent prepayments and payments towards construction costs are initially recorded in Prepaid lease costs, non-current in the Company’s condensed consolidated balance sheets and will ultimately be reclassified as a component of a right-of-use asset upon lease commencement for each phase of the lease.

On September 17, 2024, the Company entered into the First Amendment, which amendment: (i) revised the square footage of the premises, building and project to: (a) increase the Company’s base rent by approximately $851,000 over the initial lease term; (b) adjust the Company’s percentage share of direct expenses; and (c) increase the tenant improvement allowance to reflect a reduction in the scope of the Landlord’s work; (ii) specify which improvements must be removed by the Company from the premises if the premises are not occupied in their entirety throughout the initial lease term and first extension term; and (iii) address other ministerial matters concerning the Campus Lease. Costs associated with this amendment are included in operating lease costs related to research and development expenses and SG&A expenses and are reflected in the tables below.

On May 9, 2025, the Company entered into the Second Amendment, which provided for, among other things, (i) the surrender by the Company to the Landlord of the Surrendered Premises; (ii) a release of all claims arising out of, or based upon, any act, matter, or thing regarding the Surrendered Premises; (iii) the continued leasing of approximately 220,519 rentable square feet of the existing premises by the Company; (iv) payment by the Company of a one-time termination fee of $1.0 million for the benefit of the Landlord; (v) transfer of title to certain equipment from the Company to the Landlord; (vi) construction of modifications to the Surrendered Premises by the Company to be completed by June 30, 2025; (vii) payment by the Company of rent for the Surrendered Premises under the Campus Lease until at latest December 14, 2025; (viii) payment by the Company of the difference between (A) the Company’s base rent and parking charges under the Campus Lease for the Surrendered Premises and (B) the base rent and parking charges payable by a new tenant under its new lease for the Surrendered Premises, beginning on the earlier of when the new tenant commences normal business operations in the Surrendered Premises and December 15, 2025, and ending on the last day of the Initial Term (as defined in the Campus Lease); and (ix) payment by the Company of customary brokers’ fees in connection with the Second Amendment.

Termination costs related to the Surrendered Premises in the three and six months ended June 28, 2025 were $32.8 million, consisting of $31.3 million in prepaid rent related to the Surrendered Premises, a $1.0 million one-time termination fee and $0.5 million in brokers’ fees. The termination costs are being recognized over the remaining initial term and first renewal term of the Campus Lease. These costs are reflected in the tables below. As a result of this lease modification, the Company remeasured the remaining lease liability and ROU asset associated with the continuing portion of the lease. Based on the revised terms, including updated lease payments and term, the Company concluded that the classification of the remaining lease had changed from an operating lease to a finance lease. As such, $115.6 million previously classified as an operating lease right-of-use asset was reclassified as finance lease right-of-use asset. In addition, the right-of-use assets for the continuing portion of the lease increased by $19.9 million, due to the reclassification of amounts previously recorded as prepaid rent, and by $10.1 million related to increases in the present value of the lease liability following the modification.

Subsequent to the period ended June 28, 2025, on July 16, 2025, the Company and the Landlord entered into the Third Amendment, settling a dispute between the Company and the Landlord regarding the provision

and disbursement of the tenant improvement allowance. Under the terms of the Third Amendment, in exchange for a release of certain claims, the Landlord agreed to provide to the Company a rent credit of up to $700,000 for certain tenant improvements, a tenant improvement allowance of up to $150,000 to construct certain improvements, and an extension to the end of the initial term of the Campus Lease for a Landlord-approved subtenant, assignee or transferee to use the tenant improvement allowance to construct improvements for its intended use. The impact of the Third Amendment is not reflected in the tables below.

Subsequent to the period ended June 28, 2025, the Company entered into the Varda Sublease with Subtenant to sublease a portion of the Campus Headquarters. See Note 14 . The impact of the Varda Sublease is not reflected in the tables below.

The lease on the Company’s Manhattan Beach Project Innovation Center expired on January 31, 2024. Costs associated with this lease through its expiration date are included in operating lease costs related to research and development expenses and are reflected in the tables below.

Given the Company’s intention to reduce its overall operating expenses and cash expenditures, on February 2, 2024, the Company terminated the agreement to purchase a property in Enschede, the Netherlands (the “Enschede Property”) and the security deposit was returned to the Company, which was subsequently paid to the purchaser of the property to be applied towards the deposit and future lease payments. The Company entered into a lease agreement with the purchaser of the property to lease the approximately 114,000 square foot property for an initial period of five years with an option to renew for an additional five years at an annual rent of approximately €1.0 million. The lease is classified as a finance lease in the Company’s condensed consolidated balance sheets as of June 28, 2025 and December 31, 2024. Costs associated with this lease are included in finance lease costs related to cost of goods sold and are reflected in the tables below.

Lease costs for operating and finance leases were as follows:


		Three Months Ended
(in thousands)	Statement of Operations Location	June 28, 2025		June 29, 2024
Operating lease cost:
Lease cost	Cost of goods sold	$	419	$	425
Lease cost	Research and development expenses	485		2,377
Lease cost	Selling, general and administrative expenses	557		610
Variable lease cost(1)	Cost of goods sold	66		51
Variable lease cost(1)	Research and development expenses	—		(12)
Variable lease cost(1)	Selling, general and administrative expenses	370		869
Operating lease cost		$	1,897	$	4,320
Short- term lease cost:
Short-term lease cost	Cost of goods sold	$	118	$	23
Short-term lease cost	Research and development expenses	15		30
Short-term lease cost	Selling, general and administrative expenses	109		75
Short-term lease cost		242		128
Finance lease cost:
Amortization of right-of use assets	Cost of goods sold	$	272	$	269
Amortization of right-of use assets	Research and development expenses	1,561		3
Interest on lease liabilities	Interest expense	1,016		45
Variable lease cost(1)	Cost of goods sold	16		2
Variable lease cost(1)	Research and development expenses	1		1
Variable lease cost(1)	Selling, general and administrative expenses	585		—
Finance lease cost		$	3,451	$	320
Total lease cost		$	5,590	$	4,768

____________

(1) Variable lease cost primarily consists of common area maintenance, such as cleaning and repairs.


		Six Months Ended
(in thousands)	Statement of Operations Location	June 28, 2025		June 29, 2024
Operating lease cost:
Lease cost	Cost of goods sold	$	826	$	822
Lease cost	Research and development expenses	2,872		4,768
Lease cost	Selling, general and administrative expenses	1,180		1,278
Variable lease cost(1)	Cost of goods sold	102		116
Variable lease cost(1)	Research and development expenses	—		6
Variable lease cost(1)	Selling, general and administrative expenses	1,468		1,960
Operating lease cost		$	6,448	$	8,950
Short- term lease cost:
Short-term lease cost	Cost of goods sold	$	195	$	44
Short-term lease cost	Research and development expenses	29		54
Short-term lease cost	Selling, general and administrative expenses	245		108
Short-term lease cost		$	469	206
Finance lease cost:
Amortization of right-of use assets	Cost of goods sold	$	526	$	466
Amortization of right-of use assets	Research and development expenses	1,564		7
Interest on lease liabilities	Interest expense	1,056		77
Variable lease cost(1)	Cost of goods sold	28		6
Variable lease cost(1)	Research and development expenses	1		1
Variable lease cost(1)	Selling, general and administrative expenses	585		—
Finance lease cost		$	3,760	$	557
Total lease cost		$	10,677	$	9,713

____________

(1) Variable lease cost primarily consists of common area maintenance, such as cleaning and repairs.

Supplemental balance sheet information related to leases:



(in thousands)	Balance Sheet Location	June 28, 2025		December 31, 2024
Assets
Operating leases	Operating lease right-of-use assets	$	6,527	$	123,975
Finance leases, net	Property, plant and equipment, net	147,785		3,817
Total lease assets		$	154,312	$	127,792

Liabilities
Current:
Operating lease liabilities	Current portion of operating lease liabilities	$	1,798	$	4,125
Finance lease liabilities	Accrued expenses and other current liabilities	3,934		851
Long-term:
Operating lease liabilities	Operating lease liabilities, net of current portion	4,441		73,613
Finance lease liabilities	Finance lease obligations and other long-term liabilities	80,025		2,812
Total lease liabilities		$	90,198	$	81,401

The following is a schedule by year of the maturities of lease liabilities with original terms in excess of one year, as of June 28, 2025:


	June 28, 2025
(in thousands)	Operating Leases		Finance Leases
Remainder of 2025	$	1,054	$	5,206
2026	1,852		10,929
2027	1,565		9,866
2028	900		10,086
2029	615		9,340
Thereafter	802		95,565
Total undiscounted future minimum lease payments	6,788		140,992
Less imputed interest	(547)		(57,033)
Total discounted future minimum lease payments	$	6,241	$	83,959

Weighted average remaining lease terms and weighted average discount rates were:


	June 28, 2025
	Operating Leases	Finance Leases
Weighted average remaining lease term (years)	4.2	12.9
Weighted average discount rate	4.7%	8.2%

Supplemental cash flow information related to leases:


	Three Months Ended				Six Months Ended
(in thousands)	June 28, 2025		June 29, 2024		June 28, 2025		June 29, 2024
Cash paid for amounts included in the measurement of operating lease liabilities	$	1,568	$	2,160	$	3,823	$	4,331
Operating lease right-of-use assets obtained in exchange for lease liabilities	2,082		$	355	2,082		$	1,389

Leases

See Note 9.

Lease costs for operating and finance leases were as follows:


		Three Months Ended
(in thousands)	Statement of Operations Location	June 28, 2025		June 29, 2024
Operating lease cost:
Lease cost	Cost of goods sold	$	419	$	425
Lease cost	Research and development expenses	485		2,377
Lease cost	Selling, general and administrative expenses	557		610
Variable lease cost(1)	Cost of goods sold	66		51
Variable lease cost(1)	Research and development expenses	—		(12)
Variable lease cost(1)	Selling, general and administrative expenses	370		869
Operating lease cost		$	1,897	$	4,320
Short- term lease cost:
Short-term lease cost	Cost of goods sold	$	118	$	23
Short-term lease cost	Research and development expenses	15		30
Short-term lease cost	Selling, general and administrative expenses	109		75
Short-term lease cost		242		128
Finance lease cost:
Amortization of right-of use assets	Cost of goods sold	$	272	$	269
Amortization of right-of use assets	Research and development expenses	1,561		3
Interest on lease liabilities	Interest expense	1,016		45
Variable lease cost(1)	Cost of goods sold	16		2
Variable lease cost(1)	Research and development expenses	1		1
Variable lease cost(1)	Selling, general and administrative expenses	585		—
Finance lease cost		$	3,451	$	320
Total lease cost		$	5,590	$	4,768

____________

(1) Variable lease cost primarily consists of common area maintenance, such as cleaning and repairs.


		Six Months Ended
(in thousands)	Statement of Operations Location	June 28, 2025		June 29, 2024
Operating lease cost:
Lease cost	Cost of goods sold	$	826	$	822
Lease cost	Research and development expenses	2,872		4,768
Lease cost	Selling, general and administrative expenses	1,180		1,278
Variable lease cost(1)	Cost of goods sold	102		116
Variable lease cost(1)	Research and development expenses	—		6
Variable lease cost(1)	Selling, general and administrative expenses	1,468		1,960
Operating lease cost		$	6,448	$	8,950
Short- term lease cost:
Short-term lease cost	Cost of goods sold	$	195	$	44
Short-term lease cost	Research and development expenses	29		54
Short-term lease cost	Selling, general and administrative expenses	245		108
Short-term lease cost		$	469	206
Finance lease cost:
Amortization of right-of use assets	Cost of goods sold	$	526	$	466
Amortization of right-of use assets	Research and development expenses	1,564		7
Interest on lease liabilities	Interest expense	1,056		77
Variable lease cost(1)	Cost of goods sold	28		6
Variable lease cost(1)	Research and development expenses	1		1
Variable lease cost(1)	Selling, general and administrative expenses	585		—
Finance lease cost		$	3,760	$	557
Total lease cost		$	10,677	$	9,713

____________

(1) Variable lease cost primarily consists of common area maintenance, such as cleaning and repairs.

Supplemental balance sheet information related to leases:



(in thousands)	Balance Sheet Location	June 28, 2025		December 31, 2024
Assets
Operating leases	Operating lease right-of-use assets	$	6,527	$	123,975
Finance leases, net	Property, plant and equipment, net	147,785		3,817
Total lease assets		$	154,312	$	127,792

Liabilities
Current:
Operating lease liabilities	Current portion of operating lease liabilities	$	1,798	$	4,125
Finance lease liabilities	Accrued expenses and other current liabilities	3,934		851
Long-term:
Operating lease liabilities	Operating lease liabilities, net of current portion	4,441		73,613
Finance lease liabilities	Finance lease obligations and other long-term liabilities	80,025		2,812
Total lease liabilities		$	90,198	$	81,401

The following is a schedule by year of the maturities of lease liabilities with original terms in excess of one year, as of June 28, 2025:


	June 28, 2025
(in thousands)	Operating Leases		Finance Leases
Remainder of 2025	$	1,054	$	5,206
2026	1,852		10,929
2027	1,565		9,866
2028	900		10,086
2029	615		9,340
Thereafter	802		95,565
Total undiscounted future minimum lease payments	6,788		140,992
Less imputed interest	(547)		(57,033)
Total discounted future minimum lease payments	$	6,241	$	83,959

Weighted average remaining lease terms and weighted average discount rates were:


	June 28, 2025
	Operating Leases	Finance Leases
Weighted average remaining lease term (years)	4.2	12.9
Weighted average discount rate	4.7%	8.2%

Supplemental cash flow information related to leases:


	Three Months Ended				Six Months Ended
(in thousands)	June 28, 2025		June 29, 2024		June 28, 2025		June 29, 2024
Cash paid for amounts included in the measurement of operating lease liabilities	$	1,568	$	2,160	$	3,823	$	4,331
Operating lease right-of-use assets obtained in exchange for lease liabilities	2,082		$	355	2,082		$	1,389

Leases - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 28, 2025	Jun. 29, 2024	Jun. 28, 2025	Jun. 29, 2024
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 1,568	$ 2,160	$ 3,823	$ 4,331
Operating lease right-of-use assets obtained in exchange for lease liabilities	$ 2,082	$ 355	$ 2,082	$ 1,389

Leases - Narrative (Details) $ in Thousands, € in Millions						3 Months Ended	6 Months Ended		12 Months Ended
Leases - Narrative (Details) $ in Thousands, € in Millions	Jul. 16, 2025 USD ($)	May 09, 2025 USD ($) ft²	Sep. 17, 2024 USD ($)	Feb. 02, 2024 EUR (€) ft²	Jan. 14, 2021 ft² renewal_option	Jun. 28, 2025 USD ($)	Jun. 28, 2025 USD ($) renewal_option	Jun. 29, 2024 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2021
Lessee, Lease, Description [Line Items]
Lease, initial term (in years)					12 years					8 years
Number of renewal options \| renewal_option							1
Escrow deposits related to lease not yet commenced							$ 3,900		$ 6,500
Reclassification of operating lease right-of-use assets to finance lease, right-of use assets							115,600
Reclassification of pre-paid lease costs to finance lease right-of-use assets							19,929	$ 48
Non-cash addition to financing leases							10,091	$ 4,393
EU B.V. (the Netherlands) \| Purchase Commitment
Lessee, Lease, Description [Line Items]
Lease, initial term (in years)				5 years
Number of square foot property \| ft²				114,000
Renewal term				5 years
First year annual rent expense \| €				€ 1.0
HC Hornet Way, LLC
Lessee, Lease, Description [Line Items]
Number of square feet in lease agreement \| ft²		220,519			282,000
Termination fee		$ 1,000
Surrendered premises termination costs							32,800
Surrendered premises termination costs, prepaid rent						$ 31,300	31,300
Surrendered premises termination costs, one-time payment						1,000	1,000
Surrendered premises termination costs, broker fees						$ 500	$ 500
HC Hornet Way, LLC \| Subsequent Event
Lessee, Lease, Description [Line Items]
Tenant improvements rent credit	$ 700
Payments (proceeds from) tenant allowance	$ (150)
Lease Agreements
Lessee, Lease, Description [Line Items]
Increase in the base rent over initial lease term			$ 851
Minimum
Lessee, Lease, Description [Line Items]
Lease, initial term (in years)						2 years	2 years
Number of renewal options \| renewal_option					2
Maximum
Lessee, Lease, Description [Line Items]
Lease, initial term (in years)					5 years	12 years	12 years

Inventories (Details) - USD ($) $ in Thousands	Jun. 28, 2025	Dec. 31, 2024
Inventory Disclosure [Abstract]
Raw materials and packaging	$ 53,795	$ 51,303
Work in process	18,561	28,204
Finished goods	38,512	33,937
Total	$ 110,868	$ 113,444

Leases (Tables)

6 Months Ended

Jun. 28, 2025

Leases [Abstract]

Schedule of components of lease

Lease costs for operating and finance leases were as follows:


		Three Months Ended
(in thousands)	Statement of Operations Location	June 28, 2025		June 29, 2024
Operating lease cost:
Lease cost	Cost of goods sold	$	419	$	425
Lease cost	Research and development expenses	485		2,377
Lease cost	Selling, general and administrative expenses	557		610
Variable lease cost(1)	Cost of goods sold	66		51
Variable lease cost(1)	Research and development expenses	—		(12)
Variable lease cost(1)	Selling, general and administrative expenses	370		869
Operating lease cost		$	1,897	$	4,320
Short- term lease cost:
Short-term lease cost	Cost of goods sold	$	118	$	23
Short-term lease cost	Research and development expenses	15		30
Short-term lease cost	Selling, general and administrative expenses	109		75
Short-term lease cost		242		128
Finance lease cost:
Amortization of right-of use assets	Cost of goods sold	$	272	$	269
Amortization of right-of use assets	Research and development expenses	1,561		3
Interest on lease liabilities	Interest expense	1,016		45
Variable lease cost(1)	Cost of goods sold	16		2
Variable lease cost(1)	Research and development expenses	1		1
Variable lease cost(1)	Selling, general and administrative expenses	585		—
Finance lease cost		$	3,451	$	320
Total lease cost		$	5,590	$	4,768

____________

(1) Variable lease cost primarily consists of common area maintenance, such as cleaning and repairs.


		Six Months Ended
(in thousands)	Statement of Operations Location	June 28, 2025		June 29, 2024
Operating lease cost:
Lease cost	Cost of goods sold	$	826	$	822
Lease cost	Research and development expenses	2,872		4,768
Lease cost	Selling, general and administrative expenses	1,180		1,278
Variable lease cost(1)	Cost of goods sold	102		116
Variable lease cost(1)	Research and development expenses	—		6
Variable lease cost(1)	Selling, general and administrative expenses	1,468		1,960
Operating lease cost		$	6,448	$	8,950
Short- term lease cost:
Short-term lease cost	Cost of goods sold	$	195	$	44
Short-term lease cost	Research and development expenses	29		54
Short-term lease cost	Selling, general and administrative expenses	245		108
Short-term lease cost		$	469	206
Finance lease cost:
Amortization of right-of use assets	Cost of goods sold	$	526	$	466
Amortization of right-of use assets	Research and development expenses	1,564		7
Interest on lease liabilities	Interest expense	1,056		77
Variable lease cost(1)	Cost of goods sold	28		6
Variable lease cost(1)	Research and development expenses	1		1
Variable lease cost(1)	Selling, general and administrative expenses	585		—
Finance lease cost		$	3,760	$	557
Total lease cost		$	10,677	$	9,713

____________

(1) Variable lease cost primarily consists of common area maintenance, such as cleaning and repairs.

Weighted average remaining lease terms and weighted average discount rates were:


	June 28, 2025
	Operating Leases	Finance Leases
Weighted average remaining lease term (years)	4.2	12.9
Weighted average discount rate	4.7%	8.2%

Schedule of supplemental balance sheet information

Supplemental balance sheet information related to leases:



(in thousands)	Balance Sheet Location	June 28, 2025		December 31, 2024
Assets
Operating leases	Operating lease right-of-use assets	$	6,527	$	123,975
Finance leases, net	Property, plant and equipment, net	147,785		3,817
Total lease assets		$	154,312	$	127,792

Liabilities
Current:
Operating lease liabilities	Current portion of operating lease liabilities	$	1,798	$	4,125
Finance lease liabilities	Accrued expenses and other current liabilities	3,934		851
Long-term:
Operating lease liabilities	Operating lease liabilities, net of current portion	4,441		73,613
Finance lease liabilities	Finance lease obligations and other long-term liabilities	80,025		2,812
Total lease liabilities		$	90,198	$	81,401

Schedule of future maturities of operating lease liabilities

The following is a schedule by year of the maturities of lease liabilities with original terms in excess of one year, as of June 28, 2025:


	June 28, 2025
(in thousands)	Operating Leases		Finance Leases
Remainder of 2025	$	1,054	$	5,206
2026	1,852		10,929
2027	1,565		9,866
2028	900		10,086
2029	615		9,340
Thereafter	802		95,565
Total undiscounted future minimum lease payments	6,788		140,992
Less imputed interest	(547)		(57,033)
Total discounted future minimum lease payments	$	6,241	$	83,959

Schedule of future maturities of finance lease liabilities

The following is a schedule by year of the maturities of lease liabilities with original terms in excess of one year, as of June 28, 2025:


	June 28, 2025
(in thousands)	Operating Leases		Finance Leases
Remainder of 2025	$	1,054	$	5,206
2026	1,852		10,929
2027	1,565		9,866
2028	900		10,086
2029	615		9,340
Thereafter	802		95,565
Total undiscounted future minimum lease payments	6,788		140,992
Less imputed interest	(547)		(57,033)
Total discounted future minimum lease payments	$	6,241	$	83,959

Schedule of supplemental cash flow information

Supplemental cash flow information related to leases:


	Three Months Ended				Six Months Ended
(in thousands)	June 28, 2025		June 29, 2024		June 28, 2025		June 29, 2024
Cash paid for amounts included in the measurement of operating lease liabilities	$	1,568	$	2,160	$	3,823	$	4,331
Operating lease right-of-use assets obtained in exchange for lease liabilities	2,082		$	355	2,082		$	1,389

Share-Based Compensation - Schedule of RSU Activity (Details)	6 Months Ended
	Jun. 28, 2025 $ / shares shares
Number of Units
Granted (in shares)	248,018
Vested (in shares)	(633,345)
Canceled/Forfeited (in shares)	(243,651)
Weighted Average Grant Date Fair Value Per Unit
Granted (in dollars per share) \| $ / shares	$ 3.02
Vested (in dollars per share) \| $ / shares	12.28
Canceled/Forfeited (in dollars per share) \| $ / shares	$ 11.68
2018 Plan
Weighted Average Grant Date Fair Value Per Unit
Shares withheld to cover taxes (in shares)	101,373
RSUs
Number of Units
Unvested, beginning balance (in shares)	2,241,231
Unvested, ending balance (in shares)	1,612,253
Weighted Average Grant Date Fair Value Per Unit
Unvested, beginning balance (in dollars per share) \| $ / shares	$ 11.89
Unvested, ending balance (in dollars per share) \| $ / shares	$ 10.40

Segment Information - Narrative (Details)	6 Months Ended
Segment Information - Narrative (Details)	Jun. 28, 2025 segment
Segment Reporting [Abstract]
Number of reportable segments	1

Cover Page Document - shares	6 Months Ended
Cover Page Document - shares	Jun. 28, 2025	Aug. 06, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 28, 2025
Document Transition Report	false
Entity File Number	001-38879
Entity Registrant Name	BEYOND MEAT, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-4087597
Entity Address, Address Line One	888 N. Douglas Street, Suite 100
Entity Address, City or Town	El Segundo
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90245
City Area Code	866
Local Phone Number	756-4112
Title of 12(b) Security	Common Stock, $0.0001 par value
Trading Symbol	BYND
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		76,646,121
Central Index Key	0001655210
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Statements of Stockholders’ Deficit - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Dec. 31, 2023		64,624,140
Beginning balance at Dec. 31, 2023	$ (513,368)	$ 6	$ 573,128	$ (1,081,253)	$ (5,249)
Common Stock
Net loss	(54,361)			(54,361)
Issuance of common stock under equity incentive plans, net (in shares)		228,702
Issuance of common stock under equity incentive plans, net	(430)		(430)
Share-based compensation for equity-classified awards	6,075		6,075
Foreign currency translation adjustment	673				673
Ending balance (in shares) at Mar. 30, 2024		64,852,842
Ending balance at Mar. 30, 2024	(561,411)	$ 6	578,773	(1,135,614)	(4,576)
Beginning balance (in shares) at Dec. 31, 2023		64,624,140
Beginning balance at Dec. 31, 2023	(513,368)	$ 6	573,128	(1,081,253)	(5,249)
Common Stock
Net loss	(88,840)
Foreign currency translation adjustment	870
Ending balance (in shares) at Jun. 29, 2024		64,993,318
Ending balance at Jun. 29, 2024	(590,025)	$ 6	584,441	(1,170,093)	(4,379)
Beginning balance (in shares) at Mar. 30, 2024		64,852,842
Beginning balance at Mar. 30, 2024	(561,411)	$ 6	578,773	(1,135,614)	(4,576)
Common Stock
Net loss	(34,479)			(34,479)
Issuance of common stock under equity incentive plans, net (in shares)		140,476
Issuance of common stock under equity incentive plans, net	(105)		(105)
Share-based compensation for equity-classified awards	5,773		5,773
Foreign currency translation adjustment	197				197
Ending balance (in shares) at Jun. 29, 2024		64,993,318
Ending balance at Jun. 29, 2024	(590,025)	$ 6	584,441	(1,170,093)	(4,379)
Beginning balance (in shares) at Dec. 31, 2024		76,065,969
Beginning balance at Dec. 31, 2024	(601,208)	$ 8	644,004	(1,241,531)	(3,689)
Common Stock
Net loss	(52,916)			(52,916)
Issuance of common stock under equity incentive plans, net (in shares)		342,908
Issuance of common stock under equity incentive plans, net	(220)		(220)
Share-based compensation for equity-classified awards	5,853		5,853
Foreign currency translation adjustment	(1,040)				(1,040)
Ending balance (in shares) at Mar. 29, 2025		76,408,877
Ending balance at Mar. 29, 2025	(649,531)	$ 8	649,637	(1,294,447)	(4,729)
Beginning balance (in shares) at Dec. 31, 2024		76,065,969
Beginning balance at Dec. 31, 2024	(601,208)	$ 8	644,004	(1,241,531)	(3,689)
Common Stock
Net loss	(82,158)
Foreign currency translation adjustment	(3,508)
Ending balance (in shares) at Jun. 28, 2025		76,597,624
Ending balance at Jun. 28, 2025	(677,023)	$ 8	653,855	(1,323,689)	(7,197)
Beginning balance (in shares) at Mar. 29, 2025		76,408,877
Beginning balance at Mar. 29, 2025	(649,531)	$ 8	649,637	(1,294,447)	(4,729)
Common Stock
Net loss	(29,242)			(29,242)
Issuance of common stock under equity incentive plans, net (in shares)		188,747
Issuance of common stock under equity incentive plans, net	(86)		(86)
Share-based compensation for equity-classified awards	4,304		4,304
Foreign currency translation adjustment	(2,468)				(2,468)
Ending balance (in shares) at Jun. 28, 2025		76,597,624
Ending balance at Jun. 28, 2025	$ (677,023)	$ 8	$ 653,855	$ (1,323,689)	$ (7,197)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

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+ Details

Share-Based Compensation - Schedule of Shares Available for Grant (Details) - shares	6 Months Ended
	Jun. 28, 2025	Dec. 31, 2024
Performance Shares
Shares Available for Issuance
Shares issuable (in shares)	145,660	225,967
Vesting percentage	200.00%
2018 Plan
Shares Available for Issuance
Beginning balance (in shares)	7,489,593
Authorized (in shares)	2,144,521
Granted (in shares)	(248,018)
Shares withheld to cover taxes (in shares)	101,373
Forfeited (in shares)	692,495
Ending balance (in shares)	10,179,964
2018 Plan \| Performance Shares \| Share-Based Payment Arrangement, Tranche One
Shares Available for Issuance
Forfeited (in shares)	80,307

Summary of Significant Accounting Policies

6 Months Ended

Jun. 28, 2025

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

A detailed description of the Company's significant accounting policies can be found in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on March 5, 2025

(the “2024 10-K”). There have been no material changes in the Company’s significant accounting policies from those that were disclosed in the 2024 10-K, except as noted below.

Basis of Presentation

The unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, the condensed consolidated financial statements include all adjustments necessary, which are of a normal and recurring nature, for the fair presentation of the Company’s financial position and of the results of operations and cash flows for the periods presented. These interim results are not necessarily indicative of the results to be expected for the fiscal year ending December 31, 2025 or for any other interim period or for any other future fiscal year. These condensed consolidated financial statements should be read in conjunction with the Company's audited financial statements and notes thereto included in the 2024 10-K. The condensed consolidated balance sheet as of December 31, 2024 has been derived from the audited financial statements at that date.

Principles of Consolidation

The unaudited condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany balances and transactions have been eliminated.

Segment Information

The Company has one operating segment and one reportable segment, in the plant-based meat industry, offering a portfolio of revolutionary plant-based meat. The Company’s chief operating decision maker (“CODM”), who is its Chief Executive Officer and President, reviews operating results to make decisions about allocating resources and assessing performance for the entire company. The Company derives revenue primarily in North America and Europe and manages the business activities on a consolidated basis. The Company’s CODM allocates resources and assesses performance at the consolidated level. See Note 13.

Management’s Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant accounting estimates made by the Company include trade promotion accruals; useful lives of property, plant and equipment; valuation of fixed assets; valuation of deferred tax assets; valuation of inventory; incremental borrowing rate used to determine lease right-of-use assets and lease liabilities; assessment of contract-based factors, asset-based factors, entity-based factors and market-based factors to determine the lease term impacting right-of-use assets and lease liabilities; the valuation of the fair value of stock options and performance stock units (“PSUs”) used to determine share-based compensation expense; the valuation of the fair value of common stock used in the remeasurement of warrant liability; and liabilities and loss contingency accruals in connection with claims, lawsuits and administrative proceedings. These estimates and assumptions are based on current facts, historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources. Actual results could differ from those estimates and such differences may be material to the financial statements.

Issuance Costs

Issuance costs related to the offering of the Company’s Notes (as defined in Note 6) were capitalized and offset against proceeds from the Notes. Issuance costs consist of legal and other costs related to the issuance of the Notes and are amortized to interest expense over the term of the Notes. See Note 6 .

Issuance costs related to the ATM Program (as defined below) were capitalized to reflect the costs associated with the issuance of new shares of common stock and offset against proceeds from the ATM Program. See Note 7.

Issuance costs related to the Delayed Draw Term Loan Facility were apportioned to the $40.0 million Delayed Draw Term Loan drawn in the quarter ended June 28, 2025 (the “Initial Draw”) and recorded as a reduction to Delayed draw term loan facility, net in the Company’s condensed consolidated balance sheet and are being amortized as interest expense over the term of the Initial Draw. The remaining debt issuance costs relating to the Delayed Draw Term Loan Facility were apportioned to the $60.0 million undrawn Delayed Draw Term Loan Facility and have been recorded in Prepaid expenses and other current assets in the Company’s condensed consolidated balance sheet. See Note 6.

Issuance costs related to the Company’s efforts to strengthen its balance sheet were approximately $7.7 million and are included in Prepaid expenses and other current assets as of June 28, 2025.

Stock Warrant Liability

The Company accounts for freestanding warrants to purchase shares of its common stock as a liability, as the underlying shares of common stock are redeemable any time after issuance of the warrants and, therefore, may obligate the Company to transfer assets at some point in the future. The warrants to purchase shares of common stock are recorded at fair value upon issuance and are subject to remeasurement at each balance sheet date. Any change in fair value is recognized in the Company’s condensed consolidated statements of operations in Other income (expense), net. Contingently issuable warrants were valued using a Monte Carlo simulation and the Company recognizes a liability for the fair value of the contingently issuable warrants in its financial statements. See Note 6.

Foreign Currency

Foreign currency translation (losses) gains, net of tax, reported as cumulative translation adjustment through Other comprehensive (loss) income, net of tax were $(2.5) million and $0.2 million in the three months ended June 28, 2025 and June 29, 2024, respectively. Net realized and unrealized foreign currency transaction gains (losses) included in Other, net were $7.5 million and $(1.2) million in the three months ended June 28, 2025 and June 29, 2024, respectively.

Foreign currency translation (losses) gains, net of tax, reported as cumulative translation adjustment through Other comprehensive (loss) income, net of tax were $(3.5) million and $0.9 million in the six months ended June 28, 2025 and June 29, 2024, respectively. Net realized and unrealized foreign currency transaction gains (losses) included in Other, net were $11.0 million and $(3.5) million, in the six months ended June 28, 2025 and June 29, 2024, respectively.

Fair Value of Financial Instruments

The Company had no financial instruments measured at fair value on a recurring basis at December 31, 2024.

There were no transfers of financial assets or liabilities into or out of Level 1, Level 2 or Level 3 in the three and six months ended June 28, 2025 and June 29, 2024.

On June 26, 2025, in connection with the Delayed Draw Term Loan made on the same date, the Company issued to Unprocessed Foods, Warrants to purchase 3,823,454 shares of common stock with an exercise price of $3.26 per share, fair value per share of $2.088 and an aggregate fair value of approximately $8.0 million. The change in fair value per share as of June 28, 2025 was not material. The aggregate fair value of the issued Warrants recorded in Delayed draw term loan warrants as of June 28, 2025 was $8.0 million, which was recorded as a reduction of the $40.0 million in debt balance and will be amortized to interest expense using the effective interest rate method.

The Warrants were measured at fair value using Level 2 inputs at issuance and are subject to remeasurement at each balance sheet date. The following are the assumptions used in the Black-Scholes valuation of the Warrants at issuance on June 26, 2025 for the periods indicated:


	Three Months Ended
	June 28, 2025	June 29, 2024
Risk-free interest rate	3.79%	N/A
Average expected term (years)	5.0	N/A
Expected volatility	69.35%	N/A
Dividend yield	—	—


Assumption						As of June 28, 2025
Issue date						June 26, 2025
Expiration date						June 26, 2030
Remaining term to expiration (years)						5.0
Remaining term to expiration (trading weeks)						260
Annualized volatility						70.0%
Risk free rate (continuous)						3.76%

The following table sets forth a summary of the changes in the fair value of the Warrant liability:


	Three Months Ended				Six Months Ended
(in thousands)	June 28, 2025		June 29, 2024		June 28, 2025		June 29, 2024
Beginning balance	$	—	$	—	$	—	$	—
Fair value of Warrants issued during the period	7,983		—		7,983		—
Fair value of contingently issuable Warrants	12,160		—		12,160		—
Change in fair value of issued Warrants	—		—		—		—

Ending balance	$	20,143	$	—	$	20,143	$	—

Inventories and Cost of Goods Sold

Inventories are recorded at lower of cost or net realizable value. The Company accounts for inventory using the weighted average cost method. In addition to product cost, inventory costs include expenditures such as direct labor and certain supply and overhead expenses including in-bound shipping and handling costs incurred

in bringing the inventory to its existing condition and location. Inventories are comprised primarily of raw materials, direct labor and overhead costs. Weighted average cost method is used to absorb raw materials, direct labor, and overhead into inventory. The Company reviews inventory quantities on hand and records a provision for excess and obsolete inventory based primarily on historical and forecasted demand, estimated shelf life of various raw materials and packaging, work in process and finished goods inventory, as well as the age of the inventory, among other factors.

Leases

The Company leases certain equipment used for research and development and operations under both finance and operating lease agreements. An asset and a corresponding liability for the finance lease obligations are established for the cost of a finance lease. Finance lease assets are included in Property, plant and equipment, net in the Company’s consolidated balance sheets.

Operating leases include lease arrangements for the Company’s corporate offices, the Campus Lease, manufacturing facilities, warehouses, vehicles and, to a lesser extent, equipment. Operating leases with a term greater than one year are recorded on the consolidated balance sheets as operating lease right-of-use assets and operating lease liabilities at the commencement date. Operating lease assets represent the right to use an underlying asset for the lease term, and operating lease liabilities represent the obligation to make lease payments arising from the lease.

The Company records these balances initially at the present value of future minimum lease payments calculated using the Company’s incremental borrowing rate and expected lease term. The Company estimates the incremental borrowing rate for each lease based on prevailing market rates for collateralized debt in a similar economic environment with similar payment terms and maturity dates commensurate with the terms of the lease. Certain adjustments to the lease right-of-use assets may be required for items such as initial direct costs paid or incentives received. Certain leases contain variable payments, which are expensed as incurred and not included in the Company’s lease right-of-use assets and lease liabilities. These amounts primarily include payments for maintenance, utilities, taxes and insurance on the Company’s corporate, research and development, and manufacturing facilities and warehouse leases and are excluded from the present value of the Company’s lease obligations. Some leases also include early termination options, which can be exercised under specific conditions. The Company includes options to extend the lease term if the options are reasonably certain of being exercised. The Company does not have residual value guarantees or material restrictive covenants associated with its leases. lass of assets, which the Company recognizes over the expected term on a straight-line expense basis. The Company elected to separate the lease and non-lease components on all new or modified operating leases for the co-manufacturing class of assets for the purpose of recording operating lease right-of-use assets and operating lease liabilities. See Note 3.

When the Company purchases property that it was previously leasing under an operating lease, the Company de-recognizes the right-of-use asset and lease liability and recognizes the difference between the purchase price and the carrying amount of the lease liability immediately before the purchase as an adjustment to the carrying value of the asset. The Company allocates the purchase price to the assets acquired based upon their relative values.

When the Company enters into a lease termination, the termination penalty and the revised lease consideration from the amended lease payment schedule are allocated to the remaining lease components on the effective date of the termination.

Revenue Recognition

At the end of each accounting period, the Company recognizes a contra asset to accounts receivable for estimated sales discounts that have been incurred but not paid which totaled $5.0 million and $6.8 million as of June 28, 2025 and December 31, 2024, respectively. The offsetting charge is recorded as a reduction of revenues in the same period when the expense is incurred.

Presentation of Net Revenues by Channel

The Company’s revenues are attributed to the country where the products are delivered. The following table presents the Company’s net revenues by channel:


	Three Months Ended				Six Months Ended
	June 28, 2025		June 29, 2024		June 28, 2025		June 29, 2024
(in thousands)
U.S.:
Retail	$	32,909	$	44,869	$	64,269	$	81,957
Foodservice	11,055		10,350		20,468		22,654
U.S. net revenues	43,964		55,219		84,737		104,611
International:
Retail	15,867		17,585		28,549		30,163
Foodservice	15,127		20,381		30,403		34,014
International net revenues	30,994		37,966		58,952		64,177
Net revenues	$	74,958	$	93,185	$	143,689	$	168,788

Two distributors accounted for approximately 14% and 10% of the Company’s gross revenues, respectively, in the three months ended June 28, 2025 and two distributors each accounted for approximately 11% of the Company’s gross revenues in the three months ended June 29, 2024. One distributor accounted for approximately 14% of the Company’s gross revenues in the six months ended June 28, 2025 and two distributors accounted for approximately 12% and 10%, respectively, of the Company’s gross revenues in the six months ended June 29, 2024. No other customer or distributor accounted for more than 10% of the Company’s gross revenues in the three and six months ended June 28, 2025 and June 29, 2024.

Earnings (Loss) Per Share

Earnings (loss) per share (“EPS”) represents net income available to common stockholders divided by the weighted average number of common shares outstanding for the period. Diluted EPS represents net income available to common stockholders divided by the weighted-average number of common shares outstanding, inclusive of the dilutive impact of potential common shares outstanding during the period. Such potential common shares include options, Warrants to issue common stock, restricted stock units (“RSUs”) and PSUs. In periods when the Company records net loss, all potential common shares are excluded in the computation of EPS because their inclusion would be anti-dilutive. See Note 11.

Prepaid Expenses

Prepaid expenses include prepaid insurance and other prepaid vendor costs, which are expensed in the period to which they relate. Prepaid expenses are included in Prepaid expenses and other current assets in the Company’s condensed consolidated balance sheets and were $5.4 million and $7.8 million as of June 28, 2025 and December 31, 2024, respectively. Prepaid expenses as of June 28, 2025 included $9.9 million in prepaid issuance costs, $3.9 million in prepaid employee compensation costs and $12.1 million in fair value for the contingently issuable warrants.

Shipping and Handling Costs

Outbound shipping and handling costs included in selling, general and administrative (“SG&A”) expenses in the three months ended June 28, 2025 and June 29, 2024 were $1.5 million and $1.9 million, respectively. Outbound shipping and handling costs included in SG&A expenses in the six months ended June 28, 2025 and June 29, 2024 were $2.9 million and $4.0 million, respectively.

New Accounting Pronouncements

In October 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-06 “Disclosure Improvements—Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative” (“ASU 2023-06”), which provides amendments to the Codification in response to the 2018 SEC release No. 33-10532, “Disclosure Update and Simplification.” The amendments modify the disclosure and presentation requirements of a variety of Topics in the Codification and apply to all reporting entities within the scope of the affected Topics. ASU 2023-06 is effective for companies that are subject to the SEC’s existing disclosure requirements and for entities required to file or furnish financial statements with or to the SEC in preparation for the sale of or purpose of issuing securities on the date which the SEC removes the related disclosure from Regulation S-X or Regulation S-K. Early adoption is prohibited. For all other entities, the amendments are effective two years later. If the SEC has not removed the applicable disclosure from Regulation S-X or Regulation S-K by June 30, 2027, the pending content related to ASU 2023-06 will not become effective for any entity and will be removed from the codification. Adoption of ASU 2023-06 is expected to modify the disclosure and presentation requirements only and is not expected to have a material impact on the Company’s financial position, results of operations or cash flows.

In November 2024, the FASB issued ASU 2024-03—Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”) in order to improve the disclosures about a public business entity’s expenses and address requests from investors for more detailed information about the types of expenses in commonly presented expense captions. In January 2025, the FASB issued ASU 2025-01—Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date (“ASU 2025-01”) to clarify the effective date of ASU 2024-03.

The amendments in ASU 2024-03 require disclosure, in the notes to the financial statements, of specified information about certain costs and expenses in interim and year-end reporting periods. Specifically, entities will be required to:

1.Disclose the amounts of (a) purchase of inventory, (b) employee compensation, (c) depreciation, (d) intangible asset amortization, and (e) depreciation, depletion, and amortization recognized as part of oil- and gas-producing activities included in each expense caption presented on the face of the Statement of Operations within continuing operations that includes items (a)-(e).

2.Include certain amounts that are already required to be disclosed under current GAAP in the same disclosure as the other disaggregation requirements.

3.Disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively.

4.Disclose the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses.

Pursuant to ASU 2025-01, the amendments in ASU 2024-03 apply to all public business entities and are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The amendments are to be applied either (1)

prospectively to financial statements issued for reporting periods after the effective date or (2) retrospectively to any or all prior periods presented in the financial statements. Adoption of ASU 2024-03 is expected to modify the disclosure and presentation requirements only and is not expected to have a material impact on the Company’s financial position, results of operations or cash flows.

In November 2024, the FASB issued ASU 2024-04—Debt—Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments (“ASU 2024-04”) to improve the relevance and consistency in the application of induced conversion guidance in Subtopic 470-20, Debt—Debt with Conversion and Other Options. The amendments in ASU 2024-04 clarify the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion. The amendments in ASU 2024-04 affect entities that settle convertible debt instruments for which the conversion privileges were changed to induce conversion. The amendments in ASU 2024-04 are effective for all entities for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted for all entities that have adopted the amendments in ASU 2020-06. The amendments in ASU 2024-04 permit an entity to apply the new guidance on either a prospective or a retrospective basis. The Company has not determined the impact of the adoption of ASU 2024-04 will have on the Company’s financial position, results of operations or cash flows.

Recently Adopted Accounting Pronouncements

In December 2023, the FASB issued “ASU 2023-09—Income Taxes (Topic 740)—Improvements to Income Tax Disclosures” (“ASU 2023-09”) which amends the Codification to enhance the transparency and decision usefulness of income tax disclosures. ASU 2023-09 requires additional disaggregation of the reconciliation between the statutory and effective tax rate for an entity and of income taxes paid, both of which are disclosures required by current GAAP. The amendments improve the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. The amendments in ASU 2023-09 apply to all entities that are subject to Topic 740, Income Taxes. For public business entities, the amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. The Company adopted ASU 2023-09 beginning January 1, 2025. Adoption of ASU 2023-09 did not have a material impact on the Company’s financial position, results of operations or cash flows.

In March 2024, the FASB issued ASU 2024-02 “Codification Improvements—Amendments to Remove References to the Concepts Statements” (“ASU 2024-02”) which amends the Codification to remove references to various FASB Concept Statements. The amendments in ASU 2024-02 are considered to be Codification improvements only. The amendments in ASU 2024-02 apply to all reporting entities within the scope of the affected accounting guidance and are effective for the Company for fiscal years beginning after December 15, 2024. The Company adopted ASU 2024-02 beginning January 1, 2025. Adoption of ASU 2024-02 did not have a material impact on the Company’s financial position, results of operations or cash flows.

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 28, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, authorized (in shares)	500,000	500,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	500,000,000	500,000,000
Common stock, issued (in shares)	76,597,624	76,065,969
Common stock, outstanding (in shares)	76,597,624	76,065,969

Leases - Components of Lease (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 28, 2025	Jun. 29, 2024	Jun. 28, 2025	Jun. 29, 2024
Lease Cost
Operating lease cost	$ 1,897	$ 4,320	$ 6,448	$ 8,950
Short-term lease cost	242	128	469	206
Interest on lease liabilities	1,016	45	1,056	77
Finance lease cost	3,451	320	3,760	557
Total lease cost	$ 5,590	4,768	$ 10,677	9,713
Operating Leases
Weighted average remaining lease term (years)	4 years 2 months 12 days		4 years 2 months 12 days
Weighted average discount rate	4.70%		4.70%
Finance Leases
Weighted average remaining lease term (years)	12 years 10 months 24 days		12 years 10 months 24 days
Weighted average discount rate	8.20%		8.20%
Cost of goods sold
Lease Cost
Lease cost	$ 419	425	$ 826	822
Variable lease cost	66	51	102	116
Short-term lease cost	118	23	195	44
Amortization of right-of use assets	272	269	526	466
Variable lease cost	16	2	28	6
Research and development expenses
Lease Cost
Lease cost	485	2,377	2,872	4,768
Variable lease cost	0	(12)	0	6
Short-term lease cost	15	30	29	54
Amortization of right-of use assets	1,561	3	1,564	7
Variable lease cost	1	1	1	1
Selling, general and administrative expenses
Lease Cost
Lease cost	557	610	1,180	1,278
Variable lease cost	370	869	1,468	1,960
Short-term lease cost	109	75	245	108
Variable lease cost	$ 585	$ 0	$ 585	$ 0

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 28, 2025
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, the condensed consolidated financial statements include all adjustments necessary, which are of a normal and recurring nature, for the fair presentation of the Company’s financial position and of the results of operations and cash flows for the periods presented. These interim results are not necessarily indicative of the results to be expected for the fiscal year ending December 31, 2025 or for any other interim period or for any other future fiscal year. These condensed consolidated financial statements should be read in conjunction with the Company's audited financial statements and notes thereto included in the 2024 10-K. The condensed consolidated balance sheet as of December 31, 2024 has been derived from the audited financial statements at that date.
Principles of Consolidation	Principles of Consolidation The unaudited condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany balances and transactions have been eliminated.
Segment Information	Segment Information The Company has one operating segment and one reportable segment, in the plant-based meat industry, offering a portfolio of revolutionary plant-based meat. The Company’s chief operating decision maker (“CODM”), who is its Chief Executive Officer and President, reviews operating results to make decisions about allocating resources and assessing performance for the entire company. The Company derives revenue primarily in North America and Europe and manages the business activities on a consolidated basis. The Company’s CODM allocates resources and assesses performance at the consolidated level.
Management’s Use of Estimates	Management’s Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant accounting estimates made by the Company include trade promotion accruals; useful lives of property, plant and equipment; valuation of fixed assets; valuation of deferred tax assets; valuation of inventory; incremental borrowing rate used to determine lease right-of-use assets and lease liabilities; assessment of contract-based factors, asset-based factors, entity-based factors and market-based factors to determine the lease term impacting right-of-use assets and lease liabilities; the valuation of the fair value of stock options and performance stock units (“PSUs”) used to determine share-based compensation expense; the valuation of the fair value of common stock used in the remeasurement of warrant liability; and liabilities and loss contingency accruals in connection with claims, lawsuits and administrative proceedings. These estimates and assumptions are based on current facts, historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources. Actual results could differ from those estimates and such differences may be material to the financial statements.
Issuance Costs	Issuance Costs Issuance costs related to the offering of the Company’s Notes (as defined in Note 6) were capitalized and offset against proceeds from the Notes. Issuance costs consist of legal and other costs related to the issuance of the Notes and are amortized to interest expense over the term of the Notes.
Stock Warrant Liability	Stock Warrant Liability The Company accounts for freestanding warrants to purchase shares of its common stock as a liability, as the underlying shares of common stock are redeemable any time after issuance of the warrants and, therefore, may obligate the Company to transfer assets at some point in the future. The warrants to purchase shares of common stock are recorded at fair value upon issuance and are subject to remeasurement at each balance sheet date. Any change in fair value is recognized in the Company’s condensed consolidated statements of operations in Other income (expense), net. Contingently issuable warrants were valued using a Monte Carlo simulation and the Company recognizes a liability for the fair value of the contingently issuable warrants in its financial statements.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company had no financial instruments measured at fair value on a recurring basis at December 31, 2024.
Inventories and Cost of Goods Sold	Inventories and Cost of Goods Sold Inventories are recorded at lower of cost or net realizable value. The Company accounts for inventory using the weighted average cost method. In addition to product cost, inventory costs include expenditures such as direct labor and certain supply and overhead expenses including in-bound shipping and handling costs incurred in bringing the inventory to its existing condition and location. Inventories are comprised primarily of raw materials, direct labor and overhead costs. Weighted average cost method is used to absorb raw materials, direct labor, and overhead into inventory. The Company reviews inventory quantities on hand and records a provision for excess and obsolete inventory based primarily on historical and forecasted demand, estimated shelf life of various raw materials and packaging, work in process and finished goods inventory, as well as the age of the inventory, among other factors.
Leases	Leases The Company leases certain equipment used for research and development and operations under both finance and operating lease agreements. An asset and a corresponding liability for the finance lease obligations are established for the cost of a finance lease. Finance lease assets are included in Property, plant and equipment, net in the Company’s consolidated balance sheets. Operating leases include lease arrangements for the Company’s corporate offices, the Campus Lease, manufacturing facilities, warehouses, vehicles and, to a lesser extent, equipment. Operating leases with a term greater than one year are recorded on the consolidated balance sheets as operating lease right-of-use assets and operating lease liabilities at the commencement date. Operating lease assets represent the right to use an underlying asset for the lease term, and operating lease liabilities represent the obligation to make lease payments arising from the lease. The Company records these balances initially at the present value of future minimum lease payments calculated using the Company’s incremental borrowing rate and expected lease term. The Company estimates the incremental borrowing rate for each lease based on prevailing market rates for collateralized debt in a similar economic environment with similar payment terms and maturity dates commensurate with the terms of the lease. Certain adjustments to the lease right-of-use assets may be required for items such as initial direct costs paid or incentives received. Certain leases contain variable payments, which are expensed as incurred and not included in the Company’s lease right-of-use assets and lease liabilities. These amounts primarily include payments for maintenance, utilities, taxes and insurance on the Company’s corporate, research and development, and manufacturing facilities and warehouse leases and are excluded from the present value of the Company’s lease obligations. Some leases also include early termination options, which can be exercised under specific conditions. The Company includes options to extend the lease term if the options are reasonably certain of being exercised. The Company does not have residual value guarantees or material restrictive covenants associated with its leases. lass of assets, which the Company recognizes over the expected term on a straight-line expense basis. The Company elected to separate the lease and non-lease components on all new or modified operating leases for the co-manufacturing class of assets for the purpose of recording operating lease right-of-use assets and operating lease liabilities. See Note 3. When the Company purchases property that it was previously leasing under an operating lease, the Company de-recognizes the right-of-use asset and lease liability and recognizes the difference between the purchase price and the carrying amount of the lease liability immediately before the purchase as an adjustment to the carrying value of the asset. The Company allocates the purchase price to the assets acquired based upon their relative values. When the Company enters into a lease termination, the termination penalty and the revised lease consideration from the amended lease payment schedule are allocated to the remaining lease components on the effective date of the termination.
Revenue Recognition	Revenue Recognition At the end of each accounting period, the Company recognizes a contra asset to accounts receivable for estimated sales discounts that have been incurred but not paid which totaled $5.0 million and $6.8 million as of June 28, 2025 and December 31, 2024, respectively. The offsetting charge is recorded as a reduction of revenues in the same period when the expense is incurred.
Earnings (Loss) Per Share	Earnings (Loss) Per Share Earnings (loss) per share (“EPS”) represents net income available to common stockholders divided by the weighted average number of common shares outstanding for the period. Diluted EPS represents net income available to common stockholders divided by the weighted-average number of common shares outstanding, inclusive of the dilutive impact of potential common shares outstanding during the period. Such potential common shares include options, Warrants to issue common stock, restricted stock units (“RSUs”) and PSUs. In periods when the Company records net loss, all potential common shares are excluded in the computation of EPS because their inclusion would be anti-dilutive.
Prepaid Expenses	Prepaid Expenses Prepaid expenses include prepaid insurance and other prepaid vendor costs, which are expensed in the period to which they relate.
New and Recently Adopted Accounting Pronouncements	New Accounting Pronouncements In October 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-06 “Disclosure Improvements—Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative” (“ASU 2023-06”), which provides amendments to the Codification in response to the 2018 SEC release No. 33-10532, “Disclosure Update and Simplification.” The amendments modify the disclosure and presentation requirements of a variety of Topics in the Codification and apply to all reporting entities within the scope of the affected Topics. ASU 2023-06 is effective for companies that are subject to the SEC’s existing disclosure requirements and for entities required to file or furnish financial statements with or to the SEC in preparation for the sale of or purpose of issuing securities on the date which the SEC removes the related disclosure from Regulation S-X or Regulation S-K. Early adoption is prohibited. For all other entities, the amendments are effective two years later. If the SEC has not removed the applicable disclosure from Regulation S-X or Regulation S-K by June 30, 2027, the pending content related to ASU 2023-06 will not become effective for any entity and will be removed from the codification. Adoption of ASU 2023-06 is expected to modify the disclosure and presentation requirements only and is not expected to have a material impact on the Company’s financial position, results of operations or cash flows. In November 2024, the FASB issued ASU 2024-03—Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”) in order to improve the disclosures about a public business entity’s expenses and address requests from investors for more detailed information about the types of expenses in commonly presented expense captions. In January 2025, the FASB issued ASU 2025-01—Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date (“ASU 2025-01”) to clarify the effective date of ASU 2024-03. The amendments in ASU 2024-03 require disclosure, in the notes to the financial statements, of specified information about certain costs and expenses in interim and year-end reporting periods. Specifically, entities will be required to: 1.Disclose the amounts of (a) purchase of inventory, (b) employee compensation, (c) depreciation, (d) intangible asset amortization, and (e) depreciation, depletion, and amortization recognized as part of oil- and gas-producing activities included in each expense caption presented on the face of the Statement of Operations within continuing operations that includes items (a)-(e). 2.Include certain amounts that are already required to be disclosed under current GAAP in the same disclosure as the other disaggregation requirements. 3.Disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively. 4.Disclose the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses. Pursuant to ASU 2025-01, the amendments in ASU 2024-03 apply to all public business entities and are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The amendments are to be applied either (1) prospectively to financial statements issued for reporting periods after the effective date or (2) retrospectively to any or all prior periods presented in the financial statements. Adoption of ASU 2024-03 is expected to modify the disclosure and presentation requirements only and is not expected to have a material impact on the Company’s financial position, results of operations or cash flows. In November 2024, the FASB issued ASU 2024-04—Debt—Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments (“ASU 2024-04”) to improve the relevance and consistency in the application of induced conversion guidance in Subtopic 470-20, Debt—Debt with Conversion and Other Options. The amendments in ASU 2024-04 clarify the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion. The amendments in ASU 2024-04 affect entities that settle convertible debt instruments for which the conversion privileges were changed to induce conversion. The amendments in ASU 2024-04 are effective for all entities for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted for all entities that have adopted the amendments in ASU 2020-06. The amendments in ASU 2024-04 permit an entity to apply the new guidance on either a prospective or a retrospective basis. The Company has not determined the impact of the adoption of ASU 2024-04 will have on the Company’s financial position, results of operations or cash flows. Recently Adopted Accounting Pronouncements In December 2023, the FASB issued “ASU 2023-09—Income Taxes (Topic 740)—Improvements to Income Tax Disclosures” (“ASU 2023-09”) which amends the Codification to enhance the transparency and decision usefulness of income tax disclosures. ASU 2023-09 requires additional disaggregation of the reconciliation between the statutory and effective tax rate for an entity and of income taxes paid, both of which are disclosures required by current GAAP. The amendments improve the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. The amendments in ASU 2023-09 apply to all entities that are subject to Topic 740, Income Taxes. For public business entities, the amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. The Company adopted ASU 2023-09 beginning January 1, 2025. Adoption of ASU 2023-09 did not have a material impact on the Company’s financial position, results of operations or cash flows. In March 2024, the FASB issued ASU 2024-02 “Codification Improvements—Amendments to Remove References to the Concepts Statements” (“ASU 2024-02”) which amends the Codification to remove references to various FASB Concept Statements. The amendments in ASU 2024-02 are considered to be Codification improvements only. The amendments in ASU 2024-02 apply to all reporting entities within the scope of the affected accounting guidance and are effective for the Company for fiscal years beginning after December 15, 2024. The Company adopted ASU 2024-02 beginning January 1, 2025. Adoption of ASU 2024-02 did not have a material impact on the Company’s financial position, results of operations or cash flows.

Share-Based Compensation - Performance Stock Unit Valuation Assumptions (Details) - $ / shares		3 Months Ended		6 Months Ended
	Mar. 01, 2024	Jun. 28, 2025	Jun. 29, 2024	Jun. 28, 2025	Jun. 29, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Average expected term (years)			7 years		7 years
Expected volatility			55.30%		55.30%
Risk-free interest rate			4.50%		4.30%
Dividend yield		0.00%	0.00%	0.00%	0.00%
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Average expected term (years)	2 years 9 months 18 days
Expected volatility	78.70%
Average correlation	21.40%
Risk-free interest rate	4.36%
Dividend yield	0.00%
Measurement date stock price	$ 9.77

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Subsequent Events (Details)	Aug. 06, 2025 USD ($) position	Jul. 22, 2025 USD ($) ft²	Jan. 14, 2021 USD ($)
Letter of Credit
Subsequent Event [Line Items]
Maximum borrowing capacity			$ 12,500,000
Subsequent Event \| North America
Subsequent Event [Line Items]
Expected number of positions eliminated \| position	44
Expected number of positions eliminated as percentage of global non-production workforce (in percent)	6.00%
Subsequent Event \| North America \| Minimum
Subsequent Event [Line Items]
Expected restructuring charges	$ 800,000
Expected savings	5,000,000
Expected non-cash savings	500,000
Subsequent Event \| North America \| Maximum
Subsequent Event [Line Items]
Expected restructuring charges	1,300,000
Expected savings	6,000,000.0
Expected non-cash savings	$ 1,000,000.0
Varda Space Industries, Inc. \| Subsequent Event
Subsequent Event [Line Items]
Net rentable area \| ft²		54,749
Payment for demising wall construction		$ 80,000
Varda Space Industries, Inc. \| Subsequent Event \| Letter of Credit
Subsequent Event [Line Items]
Maximum borrowing capacity		$ 1,564,527
Varda Space Industries, Inc. \| Subsequent Event \| Subleased Premises, Improved Space
Subsequent Event [Line Items]
Net rentable area \| ft²		16,967
Sublease commencement period, after landlord consent		30 days
Annual base rent increase (in percent)		3.00%
Varda Space Industries, Inc. \| Subsequent Event \| Subleased Premises, Improved Space \| Lease Contractual Term, 1 - 12 Months
Subsequent Event [Line Items]
Base rent, per month		$ 50,901
Varda Space Industries, Inc. \| Subsequent Event \| Subleased Premises, Improved Space \| Lease Contractual Term, Final Twelve Months
Subsequent Event [Line Items]
Base rent, per month		$ 64,480
Varda Space Industries, Inc. \| Subsequent Event \| Subleased Premises, Improved Space \| Lease Contractual Term, 2 - 15 Months
Subsequent Event [Line Items]
Rent abatement ratio		0.50
Varda Space Industries, Inc. \| Subsequent Event \| Subleased Premises, Improved Space \| Lease Contractual Term, 1 - 24 Months \| Parking
Subsequent Event [Line Items]
Area of land ratio		0.001
Varda Space Industries, Inc. \| Subsequent Event \| Subleased Premises, Improved Space \| Lease Contractual Term, Month 25 And Thereafter \| Parking
Subsequent Event [Line Items]
Area of land ratio		0.002
Varda Space Industries, Inc. \| Subsequent Event \| Subleased Premises, Unimproved Space
Subsequent Event [Line Items]
Net rentable area \| ft²		37,782
Sublease commencement period, after landlord consent		13 months
Annual base rent increase (in percent)		3.00%
Improvement allowance payable		$ 3,350,600
Varda Space Industries, Inc. \| Subsequent Event \| Subleased Premises, Unimproved Space \| Lease Contractual Term, 1 - 12 Months
Subsequent Event [Line Items]
Base rent, per month		113,346
Varda Space Industries, Inc. \| Subsequent Event \| Subleased Premises, Unimproved Space \| Lease Contractual Term, Final Twelve Months
Subsequent Event [Line Items]
Base rent, per month		$ 143,583
Varda Space Industries, Inc. \| Subsequent Event \| Subleased Premises, Unimproved Space \| Lease Contractual Term, 2 - 15 Months
Subsequent Event [Line Items]
Rent abatement ratio		0.50
Varda Space Industries, Inc. \| Subsequent Event \| Subleased Premises, Unimproved Space \| Lease Contractual Term, 2 - 15 Months \| Parking
Subsequent Event [Line Items]
Rent abatement ratio		0.50

Debt - Schedule of Debt Balances (Details) - USD ($) $ in Thousands	Jun. 28, 2025	Dec. 31, 2024	Jun. 29, 2024	Mar. 05, 2021
Debt Instrument [Line Items]
Unamortized Issuance Costs	$ (6,600)	$ (8,500)
Total debt outstanding	1,189,934	1,141,476
Less: current portion of long-term debt	0	0
Long-term debt	$ 1,189,934	1,141,476
Convertible Debt
Debt Instrument [Line Items]
Interest, stated rate (in percent)	0.00%
Long-term debt, gross	$ 1,150,000	1,150,000	$ 1,150,000
Unamortized Issuance Costs	(6,557)	(8,524)		$ (23,600)
Secured Debt
Debt Instrument [Line Items]
Long-term debt, gross	40,000	0
Unamortized Issuance Costs	(1,492)	0
Debt issuance costs-delayed draw term loan warrants	$ (7,983)	$ 0

Property, Plant and Equipment

6 Months Ended

Jun. 28, 2025

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

The Company records property, plant, and equipment at cost and includes finance lease assets in Property, plant and equipment, net in its condensed consolidated balance sheets. A summary of property, plant, and equipment as of June 28, 2025 and December 31, 2024, is as follows:


	June 28, 2025		December 31, 2024
(in thousands)
Manufacturing equipment	$	170,341	$	165,626
Research and development equipment	20,816		20,816
Leasehold improvements	18,455		18,165
Building	28,897		27,155
Finance leases	166,310		5,167
Software	2,740		2,742
Furniture and fixtures	945		941
Vehicles	595		594
Land	5,546		5,416
Assets not yet placed in service	37,928		38,747
Total property, plant and equipment	$	452,573	$	285,369
Less: accumulated depreciation and amortization	131,585		100,482
Property, plant and equipment, net	$	320,988	$	184,887

Depreciation and amortization expense in the three months ended June 28, 2025 and June 29, 2024 was $8.3 million and $5.2 million, respectively. Depreciation and amortization expense in the three months ended June 28, 2025 included $1.7 million in accelerated depreciation related to the reassessment of useful lives of certain assets resulting from the suspension and substantial cessation of the Company’s operational activities in China. Of the total depreciation and amortization expense in the three months ended June 28, 2025 and June 29, 2024, $6.1 million (including $1.7 million in accelerated depreciation related to the reassessment of

useful lives of certain assets resulting from the suspension and substantial cessation of the Company’s operational activities in China) and $4.5 million, respectively, were recorded in cost of goods sold, $2.1 million and $0.5 million, respectively, were recorded in research and development expenses, and $0.1 million and $0.2 million, respectively, were recorded in SG&A expenses, in the Company’s condensed consolidated statements of operations.

Depreciation and amortization expense in the six months ended June 28, 2025 and June 29, 2024 was $15.7 million and $12.2 million, respectively. Depreciation and amortization expense in the six months ended June 28, 2025 included $3.2 million in accelerated depreciation related to the reassessment of useful lives of certain assets resulting from the suspension and substantial cessation of the Company’s operational activities in China. Of the total depreciation and amortization expense in the six months ended June 28, 2025 and June 29, 2024, $12.0 million (including $2.3 million in accelerated depreciation related to the reassessment of useful lives of certain assets resulting from the suspension and substantial cessation of the Company’s operational activities in China) and $10.6 million, respectively, were recorded in cost of goods sold, $3.4 million (including $0.9 million in accelerated depreciation related to the reassessment of useful lives of certain assets resulting from the suspension and substantial cessation of the Company’s operational activities in China), and $1.1 million, respectively, were recorded in research and development expenses, and $0.3 million and $0.5 million, respectively, were recorded in SG&A expenses, in the Company’s condensed consolidated statements of operations.

The Company had $1.7 million and $1.9 million in property, plant and equipment concluded to meet the criteria for assets held for sale as of June 28, 2025 and December 31, 2024, respectively. The Company recorded $0.1 million and $0.2 million in loss on sale of fixed assets in the three months ended June 28, 2025 and June 29, 2024, respectively, and $0.2 million and $0.4 million in loss on sale of fixed assets in the six months ended June 28, 2025 and June 29, 2024, respectively.

Summary of Significant Accounting Policies - Schedule of Assumptions Used for Valuation of Warrants (Details) $ in Millions	Jun. 28, 2025 USD ($) wk	Jun. 29, 2024
Secured Debt \| Loan and Security Agreement \| Line of Credit
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Un-drawn amount \| $	$ 60.0
Risk free rate \| Black-Scholes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0379
Risk free rate \| Monte-Carlo
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0376
Expected term \| Black-Scholes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Average expected term (years)	5 years
Expected term \| Monte-Carlo
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input \| wk	260
Average expected term (years)	5 years
Price volatility \| Black-Scholes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.6935
Price volatility \| Monte-Carlo
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.700
Dividend yield \| Black-Scholes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0	0

Stockholders’ Deficit - Schedule of Common Stock Reserved for Future Issuance (Details) - shares	6 Months Ended
	Jun. 28, 2025	Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding (in shares)	4,100,689	4,392,460
Total common stock reserved for future issuance (in shares)	37,852,406	26,068,326
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issuable (in shares)	145,660	225,967
Vesting percentage	200.00%
Equity incentive compensation awards granted and outstanding
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding (in shares)	5,858,602	6,859,658
2018 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for issuance (in shares)	10,179,964	7,489,593
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for issuance (in shares)	4,020,975	3,484,845
Employee Stock Purchase Plan \| Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	200.00%
Notes
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for issuance (in shares)	8,234,230	8,234,230
Warrant Agreement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for issuance (in shares)	9,558,635	0

Introduction (Details) $ / shares in Units, $ in Thousands					6 Months Ended
Introduction (Details) $ / shares in Units, $ in Thousands	Aug. 06, 2025 position	May 07, 2025 USD ($) $ / shares shares	Feb. 24, 2025 position	Nov. 01, 2023 employee	Jun. 28, 2025 USD ($) globalIssue $ / shares shares	Jul. 22, 2025 ft²	Jun. 26, 2025 USD ($) $ / shares shares	May 09, 2025 ft²	Dec. 31, 2024 USD ($)	Jan. 14, 2021 ft²
Product Information [Line Items]
Number of growing global issues \| globalIssue					4
Number of positions eliminated \| employee				65
Number of positions eliminated as percentage of global non-production workforce (in percent)				19.00%
Number of positions eliminated as percentage of global workforce (in percent)				8.00%
Class of warrant or right, number of securities called by warrants or rights (in shares) \| shares		9,558,635					3,823,454
Number of shares callable by warrants as percentage of issued and outstanding shares		12.50%
Class of warrant or right, exercise price of warrants or rights, percentage of VWAP		115.00%
Class of warrant or right, exercise price of warrants or rights, percentage of VWAP, term (in days)		30 days
Class of warrant or right, exercise price of warrants or rights (in usd per share) \| $ / shares					$ 2.088		$ 3.26
Stock warrant liability					$ 8,000		$ 8,000
Unissued warrants \| shares					5,735,181
Contingently issuable warrants					$ 12,100
Delayed draw term loan warrants					20,143				$ 0
HC Hornet Way, LLC
Product Information [Line Items]
Number of square feet in lease agreement \| ft²								220,519		282,000
Number of square feet surrendered in lease agreement \| ft²								61,556
Minimum
Product Information [Line Items]
Class of warrant or right, exercise price of warrants or rights (in usd per share) \| $ / shares		$ 2.00
Maximum
Product Information [Line Items]
Class of warrant or right, exercise price of warrants or rights (in usd per share) \| $ / shares		$ 3.75
Secured Debt \| Loan and Security Agreement \| Line of Credit
Product Information [Line Items]
Debt, face amount		$ 100,000
Principal Amount					40,000
Un-drawn amount					$ 60,000
Subsequent Event \| Varda Space Industries, Inc.
Product Information [Line Items]
Net rentable area \| ft²						54,749
North America And EU
Product Information [Line Items]
Expected number of positions eliminated \| position			44
Expected number of positions eliminated as percentage of global non-production workforce (in percent)			17.00%
Expected number of positions eliminated as percentage of global workforce (in percent)			6.00%
China (Jiaxing)
Product Information [Line Items]
Expected number of positions eliminated \| position			20
Expected number of positions eliminated as percentage of global workforce (in percent)			3.00%
Expected number of positions eliminated as percentage of geographical workforce (in percent)			95.00%
North America \| Subsequent Event
Product Information [Line Items]
Expected number of positions eliminated \| position	44
Expected number of positions eliminated as percentage of global non-production workforce (in percent)	6.00%

Leases - Schedule of Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Jun. 28, 2025	Dec. 31, 2024
Assets
Operating lease right-of-use assets	$ 6,527	$ 123,975
Finance lease, right-of-use asset, statement of financial position	Property, plant and equipment, net	Property, plant and equipment, net
Finance leases, net	$ 147,785	$ 3,817
Total lease assets	154,312	127,792
Current:
Current portion of operating lease liabilities	1,798	4,125
Finance lease liabilities	$ 3,934	$ 851
Finance lease liability, current, statement of financial position	Accrued expenses and other current liabilities	Accrued expenses and other current liabilities
Long-term:
Operating lease liabilities	$ 4,441	$ 73,613
Finance lease obligations and other long-term liabilities	$ 80,025	$ 2,812
Finance lease liability, noncurrent, statement of financial position	Finance lease obligations and other long-term liabilities	Finance lease obligations and other long-term liabilities
Total lease liabilities	$ 90,198	$ 81,401

Debt (Tables)

6 Months Ended

Jun. 28, 2025

Debt Disclosure [Abstract]

Schedule of debt balances

The following is a summary of debt balances as of June 28, 2025 and December 31, 2024:


	June 28, 2025		December 31, 2024
(in thousands)
0% Convertible senior notes	$	1,150,000	$	1,150,000
Delayed draw term loan	40,000		$	—
Debt issuance costs-convertible senior notes	(6,557)		(8,524)
Debt issuance costs-delayed draw term loan	(1,492)		—
Debt issuance costs-delayed draw term loan warrants	7,983		—
Total debt outstanding	$	1,189,934	$	1,141,476
Less: current portion of long-term debt	—		—
Long-term debt	$	1,189,934	$	1,141,476

The following is a summary of the Company’s Notes as of June 28, 2025:


(in thousands)	Principal Amount		Unamortized Issuance Costs		Net Carrying Amount		Fair Value
							Amount		Leveling
0% Convertible senior notes due on March 15, 2027	$	1,150,000	$	6,557	$	1,143,443	$	101,200	Level 2

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
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-Name Accounting Standards Codification
-Section 45
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 505
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-Section 50
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 942
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-Section 50
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-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 505
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-Section 50
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 28, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Leases See Note 3. On January 14, 2021, the Company entered into the Campus Lease with the Landlord to house the Company’s Campus Headquarters. Under the terms of the Campus Lease, the Company will lease an aggregate of approximately 282,000 rentable square feet in a portion of a building located in El Segundo, California, to be built out by the Landlord and delivered to the Company in multiple phases. As of June 28, 2025 and December 31, 2024, the Company has recognized a right-of-use asset and lease liability for Phase 1-A and Phase 1-B in its condensed consolidated balance sheets. On September 17, 2024, the Company entered into the First Amendment, which amendment: (i) revised the square footage of the premises, building and project to: (a) increase the Company’s base rent by approximately $851,000 over the initial lease term; (b) adjust the Company’s percentage share of direct expenses; and (c) increase the tenant improvement allowance to reflect a reduction in the scope of Landlord’s work; (ii) specify which improvements must be removed by the Company from the premises if the premises are not occupied in their entirety throughout the initial lease term and first extension term; and (iii) address other ministerial matters concerning the Campus Lease. Aggregate payments towards base rent over the initial lease term associated with the remaining phases not yet delivered to the Company are approximately $53.6 million. On May 9, 2025, the Company entered into the Second Amendment, which provided for, among other things, (i) the surrender by the Company to the Landlord of the Surrendered Premises; (ii) a release of all claims arising out of, or based upon, any act, matter, or thing regarding the Surrendered Premises; (iii) the continued leasing of approximately 220,519 rentable square feet of existing premises by the Company; (iv) payment by the Company of a one-time termination fee of $1.0 million for the benefit of the Landlord; (v) transfer of title to certain equipment from the Company to the Landlord; (vi) construction of modifications to the Surrendered Premises by the Company to be completed by June 30, 2025; (vii) payment by the Company of rent for the Surrendered Premises under the Campus Lease until at latest December 14, 2025; (viii) payment by the Company of the difference between (A) the Company’s base rent and parking charges under the Campus Lease for the Surrendered Premises and (B) the base rent and parking charges payable by a new tenant under its new lease for the Surrendered Premises, beginning on the earlier of when the new tenant commences normal business operations in the Surrendered Premises and December 15, 2025, and ending on the last day of the Initial Term (as defined in the Campus Lease); and (ix) payment by the Company of customary brokers’ fees in connection with the Second Amendment. As a result of the Second Amendment, the Company remeasured the remaining lease liability and ROU asset associated with the continuing portion of the lease. Based on the revised terms, including updated lease payments and term, the Company concluded that the classification of the remaining lease had changed from an operating lease to a finance lease. The remeasurement was performed using the Company’s incremental borrowing rate as of the modification date. Termination costs related to the Surrendered Premises in the three and six months ended June 28, 2025 were $32.8 million, consisting of $31.3 million in prepaid rent related to the Surrendered Premises, a $1.0 million one-time termination fee and $0.5 million in brokers’ fees. The termination costs are being recognized over the remaining initial term and first renewal term of the Campus Lease. Subsequent to the period ended June 28, 2025, on July 16, 2025, the Company and the Landlord entered into the Third Amendment to the Campus Lease, settling a dispute between the Company and the Landlord regarding the provision and disbursement of the tenant improvement allowance. Under the terms of the Third Amendment, in exchange for a release of certain claims, the Landlord agreed to provide to the Company a rent credit of up to $700,000 for certain tenant improvements, a tenant improvement allowance of up to $150,000 to construct certain improvements, and an extension to the end of the initial term of the Campus Lease for a Landlord-approved subtenant, assignee or transferee to use the tenant improvement allowance to construct improvements for its intended use. Subsequent to the period ended June 28, 2025, effective as of July 22, 2025, the Company entered into the Varda Sublease with the Subtenant, to sublease a portion of the Campus Headquarters. See Note 14. Concurrent with the Company’s execution of the Campus Lease, the Company delivered to the Landlord a letter of credit in the amount of $12.5 million as security for the performance of its obligations under the Campus Lease, which amount will decrease to: (i) $6.3 million on the fifth (5th) anniversary of the Rent Commencement Date (as defined in the Campus Lease); (ii) $3.1 million on the eighth (8th) anniversary of the Rent Commencement Date; and (iii) $0 in the event the Company receives certain credit ratings; provided the Company is not then in default of its obligations under the Campus Lease. The letter of credit is secured by a $12.6 million deposit included in the Company’s condensed consolidated balance sheets as “Restricted cash, non-current” as of June 28, 2025 and December 31, 2024. The lease on the Company’s Manhattan Beach Project Innovation Center expired on January 31, 2024. Given the Company’s intention to reduce its overall operating expenses and cash expenditures, on February 2, 2024, the Company terminated the agreement to purchase the Enschede Property and the security deposit was returned to the Company, which was subsequently paid to the purchaser of the property to be applied towards the deposit and future lease payments. The Company entered into a lease agreement with the purchaser of the property to lease the approximately 114,000 square foot property for an initial period of five years with an option to renew for an additional five years at an annual rent of approximately €1.0 million. China Investment and Lease Agreement In 2020, the Company and its subsidiary, Beyond Meat (Jiaxing) Food Co., Ltd. (“BYND JX”), entered into an investment agreement with the Administrative Committee (the “JX Committee”) of the Jiaxing Economic & Technological Development Zone (the “JXEDZ”) pursuant to which, among other things, BYND JX agreed to make certain investments in the JXEDZ in two phases of development, and the Company agreed to guarantee certain repayment obligations of BYND JX under such agreement. In the three and six months ended June 28, 2025 and June 29, 2024, the Company received $0 and $0.5 million, respectively, in subsidies from the JXEDZ Finance Bureau. During Phase 1, the Company agreed to invest $10.0 million as the registered capital of BYND JX in the JXEDZ through intercompany investment in BYND JX and BYND JX agreed to lease a facility in the JXEDZ for a minimum of two years. In connection with such agreement, BYND JX entered into a factory leasing contract with a JXEDZ company, pursuant to which BYND JX agreed to lease and renovate a facility in the JXEDZ and lease it for a minimum of two years. In the year ended December 31, 2022, the lease was amended to extend the term for an additional five years without rent escalation. In the event that the Company and BYND JX determine, in their sole discretion, to proceed with the Phase 2 development in the JXEDZ, BYND JX has agreed in the first stage of Phase 2 to increase its registered capital to $40.0 million and to acquire the land use right to a state-owned land plot in the JXEDZ to conduct development and construction of a new production facility. Following the first stage of Phase 2, the Company and BYND JX may determine, in their sole discretion, to permit BYND JX to obtain a second state-owned land plot in the JXEDZ in order to construct an additional facility thereon. In the fourth quarter of 2021, BYND JX leased an approximately 12,000 square foot facility in Shanghai, China, for a period of eight years, which is used as a local research and development facility. In connection with the suspension and substantial cessation of operational activities in China, BYND JX and the landlord agreed to terminate the lease early effective as of May 20, 2025. On February 24, 2025, as part of the Company’s Global Operations Review, the Company’s board of directors approved a plan to suspend the Company’s operational activities in China, which substantially ceased as of the end of the second quarter of 2025. As of June 28, 2025, the Company had invested $22.0 million as the registered capital of BYND JX and advanced $20.0 million to BYND JX. Subsequent to the period ended June 28, 2025, the Company invested an additional $0.5 million in registered capital of BYND JX to fund the suspension and cessation of its operational activities in China. The Planet Partnership In 2021, the Company entered into the Planet Partnership, LLC (“TPP”), a joint venture with PepsiCo, Inc., to develop, produce and market innovative snack and beverage products made from plant-based protein. In the three months ended June 28, 2025 and June 29, 2024, the Company recognized its share of the net loss in TPP in the amount of $59,000 and $30,000, respectively. In the six months ended June 28, 2025 and June 29, 2024, the Company recognized its share of the net loss in TPP in the amount of $70,000 and $23,000, respectively. As of June 28, 2025 and December 31, 2024, the Company had contributed its share of the investment in TPP in the amount of $27.6 million. See Note 12. In 2023, the Company continued the process of renegotiating certain contracts and changing operating activities related to Beyond Meat Jerky and assumed distribution responsibilities for Beyond Meat Jerky in the fourth quarter of 2023. As part of its Global Operations Review, in 2023, the Company made the decision to discontinue the Beyond Meat Jerky product line and discontinued it in 2024. Purchase Commitments On July 1, 2023, the Company and Roquette Frères entered into a second amendment (the “Second Amendment to the Supply Agreement”) to the Company’s existing pea protein supply agreement dated January 10, 2020, as amended by the first amendment dated August 3, 2022 (the “First Amendment to the Supply Agreement”). Pursuant to the Second Amendment to the Supply Agreement, the terms of the agreement and existing purchase commitments set forth in the First Amendment to the Supply Agreement were revised and extended through December 31, 2025. Pursuant to the Second Amendment to the Supply Agreement, the purchase commitment was revised such that the Company had committed to purchase pea protein inventory totaling $17.0 million in 2025, of which $8.5 million remains as of June 28, 2025. On April 6, 2022, the Company entered into a co-manufacturing agreement (“Agreement”) with a co-manufacturer to manufacture various products for the Company. The Agreement included a minimum order quantity commitment per month and an aggregate quantity over a five-year term. On November 21, 2023, the Company terminated the Agreement because the co-manufacturer failed to meet its obligations under the Agreement and recorded $4.4 million in termination-related charges. In March 2024, the co-manufacturer brought an action against the Company in a confidential arbitration proceeding. See Litigation—Arbitration with Former Co-Manufacturer. Litigation In connection with the matters described below, the Company has accrued for loss contingencies where it believes that losses are probable and estimable. No loss contingency is recorded for matters where such losses are either not probable or reasonably estimable (or both). Although it is reasonably possible that actual losses could be in excess of the Company’s accrual, the Company is unable to estimate a reasonably possible loss or range of loss in excess of its accrual, due to various reasons, including, among others, that: (i) the proceedings are in early stages or no claims have been asserted, (ii) specific damages have not been sought in all of these matters, (iii) damages, if asserted, are considered unsupported and/or exaggerated, (iv) there is uncertainty as to the outcome of pending appeals, motions or settlements, (v) there are significant factual issues to be resolved, and/or (vi) there are novel legal issues or unsettled legal theories presented. It is not possible to predict the ultimate outcome of all pending legal proceedings, and some of the matters discussed below seek or may seek potentially large and/or indeterminate amounts. Any such loss or excess loss could have a material effect on the Company’s results of operations or cash flows or on the Company’s financial condition. In addition to the matters described below, the Company is involved in various other legal proceedings, claims and litigation arising in the ordinary course of business. Based on the facts currently available, the Company does not believe that the disposition of such other matters that are pending or asserted will have a material effect on its financial statements. Aliments BVeggie, Inc. In November 2023, Aliments BVeggie, Inc. (“BVeggie”) filed and served legal proceedings against the Company before the Superior Court of Quebec’s District of Montreal. BVeggie alleges, among other things that: (i) in 2019, the Company and BVeggie entered into a co-manufacturing agreement, by which BVeggie would produce and deliver products for the benefit of the Company, in exchange for a tolling fee to be paid per pound of product produced and delivered to the Company; (ii) the Company would have made false and misleading statements regarding the volume of purchase orders it would provide BVeggie; (iii) BVeggie invested significant sums to adapt its facilities for the intended production; (iv) the Company fell short of its undertakings and promises; and (v) in March 2023, the Company illegally terminated the business relationship. BVeggie intends to claim damages in the total amount of 129,841,920 CAD, in compensation for its investments, lost profits and the repairs needed to be made to its facility post-termination of the business relationship and removal of the Company’s equipment. The case is at a preliminary stage. The Company intends to vigorously defend against these claims. On December 7, 2023, the Company filed a motion for declinatory exception to stay the proceedings pending before the Superior Court of Quebec, district of Montreal, and refer the dispute to arbitration in California. A hearing on the motion for declinatory exception occurred on April 25, 2024. By judgment dated May 9, 2024, the Superior Court of Quebec granted the motion for declinatory exception filed by the Company and declared that the courts sitting in Los Angeles County, in the State of California, are in a better position to decide the dispute. BVeggie appealed the court’s decision on June 7, 2024, and the Company filed a cross-appeal on June 18, 2024. The appeals are expected to be heard on October 30, 2025. The litigation in Quebec is currently suspended pending the outcome of the appeals. In June 2024 and in parallel to the litigation mentioned above, BVeggie filed and served legal proceedings against the Company before the Superior Court of Quebec’s District of Montreal, asking that an agreement between the parties by which BVeggie was to purchase certain machinery from the Company, in the amount of $5.1 million, be voided. This litigation is also currently suspended pending the outcome of the aforementioned appeals. Saskatchewan Healthcare Employees’ Pension Plan v. Beyond Meat, Inc. et al. On May 11, 2023, a class action complaint was filed against the Company and certain current and former officers and directors in the United States District Court for the Central District of California, captioned Retail Wholesale Department Store Union Local 338 Retirement Fund v. Beyond Meat, Inc., et al., Case No. 2:23-cv-03602. On July 26, 2023, the Court granted Saskatchewan Healthcare Employees’ Pension Plan’s motion to be appointed lead plaintiff and for its counsel to be appointed lead counsel. On August 9, 2023, the case was re-captioned as Saskatchewan Healthcare Employees’ Pension Plan v. Beyond Meat, Inc., et al., Case No. 2:23-cv-03602 (“SHEPP Action”). On October 9, 2023, the plaintiffs filed a consolidated class action complaint. The complaint alleges, among other things, that the Company and the individual defendants made false and misleading statements or omissions regarding the Company’s ability to manufacture its products at scale and to its partners’ specifications. The complaint seeks an order certifying the class; awarding compensatory damages, interest, costs, expenses, attorneys’ and expert fees; and granting other unspecified equitable or injunctive relief. The complaint alleges causes of action under Sections 10(b), 20(a), and 20A of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), on behalf of a putative class of investors who purchased the Company’s common stock between May 5, 2020 and October 13, 2022, inclusive. On December 8, 2023, the Company and the individual defendants filed a motion to dismiss the consolidated class action complaint. The parties completed briefing on the motion to dismiss in March 2024. On August 9, 2024, the court granted defendants’ motion to dismiss but granted plaintiffs’ leave to amend. Plaintiffs filed a first amended complaint on September 6, 2024 (the “First Amended Complaint”), which no longer asserted a claim under Section 20A and which no longer included two of the individual defendants from the original complaint. Defendants filed a motion to dismiss the First Amended Complaint on September 30, 2024. A hearing was held on November 25, 2024. On February 27, 2025, the court granted Defendants’ motion to dismiss the First Amended Complaint in its entirety and dismissed all of the plaintiffs’ claims with prejudice. Plaintiffs did not appeal the court’s decision. Accordingly, the SHEPP Action was terminated. Stockholder Derivative Litigation Actions Following the SHEPP Action, derivative shareholder actions were filed by purported stockholders against the Company and certain directors and officers. On July 21, 2023, a derivative shareholder action was filed against certain current and former officers and directors of the Company in the United States District Court for the Central District of California, captioned Gervat v. Brown, et al., Case No. 2:23-cv-05954 (“Gervat Action”). The Gervat Action alleges substantially similar facts as those alleged in the SHEPP Action. The complaint asserts claims for breach of fiduciary duty, unjust enrichment, and gross mismanagement. It also asserts violations of Section 14(a) of the Exchange Act against a subset of defendants and seeks contribution for violations of Sections10(b) and 21D of the Exchange Act from the individual defendants named in the SHEPP Action. The Company is named as a nominal defendant only. On July 27, 2023, a second derivative shareholder action was filed in the United States District Court for the Central District of California, captioned Brink v. Brown, et al., Case No. 2:23-cv-06110 (“Brink Action”), alleging substantially the same causes of action as alleged in the Gervat Action and facts substantially similar to those alleged in the SHEPP Action. On August 15, 2023, the Gervat and Brink Actions were consolidated into a single matter, with the complaint in the Gervat Action being the operative one, and such consolidated case was captioned In Re Beyond Meat, Inc. Stockholder Derivative Litigation, Case No. 2:23-cv-05954 (“Consolidated Derivative Action”). The Consolidated Derivative Action was stayed pending resolution of the defendants’ motion to dismiss in the SHEPP Action. On April 28, 2025, the stay lifted. On May 7, 2025, the parties in the Consolidated Derivative Action filed a stipulation seeking that the court dismiss the action without prejudice. On May 8, 2025, the court entered the order of dismissal. On August 4, 2023, a third derivative shareholder action was filed in the Superior Court of the State of California for the County of Los Angeles, captioned Moore v. Nelson, et al., Case No. 23STCV18587 (“Moore Action”), alleging causes of action substantially similar to those alleged in the Consolidated Derivative Action and facts substantially similar to those alleged in the SHEPP Action. On January 23, 2024, the plaintiff dismissed the complaint without prejudice. On December 8, 2023, a fourth derivative action was filed in the United States District Court for the District of Delaware, captioned Gilardy v. Brown, et al., Case No. 1:23-cv-01415 (“Gilardy Action”). The Gilardy Action alleges causes of action substantially similar to those alleged in the Consolidated Derivative Action and Moore Action and facts substantially similar to those alleged in the SHEPP Action. On April 23, 2025, the plaintiff dismissed the complaint without prejudice. On April 24, 2025, the court entered the order of dismissal. Litigation Pursuant to Section 220 of the Delaware General Corporation Law (“DGCL”) On November 17, 2023, purported stockholder Christina Brown (“Brown”) issued a books and records demand pursuant to Section 220 of the DGCL seeking documents, including board minutes and materials generally related to the same issues as those raised in the SHEPP Action and related derivative actions. On December 12, 2023, Brown filed a complaint in Delaware Chancery Court naming the Company as defendant and seeking such documents pursuant to Section 220, captioned Brown v. Beyond Meat, Case No. 2023-1262 (Del. Ch.). The parties submitted periodic status reports to the court on April 12, 2024, July 9, 2024, October 7, 2024 and December 9, 2024. On January 13, 2025, the court relieved the parties of any further reporting requirements and noted that the action remained stayed until relief is requested or the action is ripe for dismissal. On April 24, 2025, Brown dismissed the complaint without prejudice. Consumer Class Actions Regarding Protein Claims From May 31, 2022 through January 13, 2023, multiple putative class action lawsuits were filed against the Company in various federal and state courts alleging that the labeling and marketing of certain of the Company’s products is false and/or misleading under federal and/or various states’ laws. Specifically, each of these lawsuits allege one or more of the following theories of liability: (i) that the labels and related marketing of the challenged products misstate the quantitative amount of protein that is provided by each serving of the product; (ii) that the labels and related marketing of the challenged products misstate the percent daily value of protein that is provided by each serving of the product; and (iii) that the Company has represented that the challenged products are “all-natural,” “organic,” or contain no “synthetic” ingredients when they in fact contain methylcellulose, an allegedly synthetic ingredient. The named plaintiffs of each complaint seek to represent classes of nationwide and/or state-specific consumers, and seek on behalf of the putative classes damages, restitution, and injunctive relief, among other relief. Additional complaints asserting these theories of liability are possible. Some lawsuits previously filed were voluntarily withdrawn or dismissed without prejudice, though they may be refiled. On November 14, 2022, the Company filed a motion with the Judicial Panel on Multidistrict Litigation to transfer and consolidate all pending class actions. No party opposed the motion, and the Panel held oral argument on the motion on January 26, 2023. The Panel granted the motion on February 1, 2023, consolidating the pending class action lawsuits and transferring them to Judge Sara Ellis in the Northern District of Illinois for pre-trial proceedings, In re: Beyond Meat, Inc. Protein Content Marketing and Sales Practices Litigation, No. 1:23-cv-00669 (N.D. Ill.) (the “MDL”). On March 3, 2023, the MDL court held the initial status conference. The MDL court granted plaintiffs’ motion to appoint interim class counsel. On May 3, 2023, plaintiffs filed an amended consolidated complaint. The Company’s motion to dismiss was filed on June 5, 2023, and plaintiffs filed a brief in opposition on July 5, 2023. The Company’s reply in support of the motion to dismiss was filed on July 21, 2023. On February 22, 2024, the MDL court issued an order granting in part and denying in part the Company’s motion to dismiss. On March 5, 2024, the parties filed a joint status report noting they had agreed to engage in mediation. On April 24, 2024, the parties engaged in mediation before the Honorable Wayne R. Andersen (Ret.) but did not reach agreement. Negotiations continued and the parties entered into a confidential binding settlement term sheet on May 6, 2024. On July 8, 2024, the parties entered into a class action settlement agreement, pursuant to which the Company has agreed to contribute $7.5 million to a settlement fund in full satisfaction of all settlement costs and attorneys’ fees. On August 5, 2024, the parties filed a motion for preliminary approval of the settlement agreement. The MDL court granted the motion for preliminary approval on August 14, 2024. On January 23, 2025, upon reviewing submissions from the court-appointed settlement administrator and the plaintiffs acting on behalf of the class, and after holding a final settlement hearing, the court issued a minute order approving the class action settlement and indicating a final approval order will be entered. On March 24, 2025, the court issued the final approval order. Final approval resolves the claims of all persons (individuals and/or entities) who purchased any Beyond Meat product (as defined in the settlement agreement) for household use and not for resale or distribution, from May 31, 2018 to August 14, 2024. The Company paid $250,000 to the settlement fund in August 2024. The final effective date of the settlement agreement was on April 24, 2025. The Company recorded $7.5 million in SG&A expenses in its condensed consolidated statement of operations and paid $250,000 in the year ended December 31, 2024, and included $7.25 million in Accrued litigation settlement costs in the Company’s condensed consolidated balance sheets as of June 28, 2025 and December 31, 2024. The Company’s final payment of $7.25 million was paid into escrow by May 14, 2025. The court appointed settlement administrator will handle distributions to the class. The active lawsuits, each of which was consolidated and transferred to the MDL and is subject to the class action settlement agreement, are: •Roberts v. Beyond Meat, Inc., No. 1:22-cv-02861 (N.D. Ill.) (filed May 31, 2022) •Cascio v. Beyond Meat, Inc., No. 1:22-cv-04018 (E.D.N.Y.) (filed July 8, 2022) •Miller v. Beyond Meat, Inc., No. 1:22-cv-06336 (S.D.N.Y.) (filed July 26, 2022) •Garcia v. Beyond Meat, Inc., No. 4:22-cv-00297 (S.D. Iowa) (filed September 9, 2022) •Borovoy v. Beyond Meat, Inc., No. 1:22-cv-06302 (N.D. Ill.) (filed September 30, 2022 in DuPage Co., Ill.; removed on Nov. 10, 2022) •Zakinov v Beyond Meat, Inc., No. 4:23-cv-00144 (S.D. Tex.) (filed January 13, 2023) Interbev In October 2020, Interbev, a French trade association for the livestock and meat industry sent a cease-and-desist letter to one of the Company’s contract manufacturers alleging that the use of “meat” and meat-related terms is misleading the French consumer. Despite the Company’s best efforts to reach a settlement, including a formal settlement proposal from the Company in March 2021, the association no longer responded. Instead, on March 13, 2022, the Company was served a summons by Interbev to appear before the Commercial Court of Paris (the “Economic Activities Court”). The summons alleges that the Company misleads the French consumer with references to e.g. “plant based meat,” “plant based burger” and related descriptive names, and alleges that the Company is denigrating meat and meat products. The relief sought by Interbev includes (i) changing the presentation of Beyond Meat products to avoid any potential confusion with meat products, (ii) publication of the judgment of the court in the media, and (iii) damages of EUR 200,000. On October 12, 2022, the Company submitted its brief in defense. On February 1, 2023, the French trade association submitted updated pleadings to the Economic Activities Court. The association maintains its position that the Company is misleading the consumer, and additionally alleges that the Company is engaging in unlawful comparative advertising of its products with respect to meat and meat products. The relief sought is unchanged. On May 24, 2023, the Company submitted its defense, strongly disputing these claims. In September 2023, the Company submitted a request to stay proceedings in the commercial litigation proceedings, pending the decision of the CJEU in the administrative litigation case against the Contested Decree. On September 27, 2023, Interbev obtained an extension to submit a response to the Company. On October 25, 2023, Interbev submitted its response opposing the Company’s request to stay proceedings and asking that the written procedure of the case be closed. The Company responded on November 22, 2023, and Interbev submitted an additional reply on January 16, 2024. On March 20, 2024, the Economic Activities Court held a hearing on the decision to stay proceedings, and on April 25, 2024, the Economic Activities Court decided that the case should proceed. To that end, the Economic Activities Court set the date for an oral hearing on September 4, 2024, which was subsequently postponed to December 18, 2024, following a joint request from the parties. Interbev submitted its last written brief on September 30, 2024. The Company filed its last written brief on October 28, 2024. On November 26, 2024, Interbev filed an amended brief, including a reference to the CJEU judgment of October 4, 2024, in which the CJEU ruled that "meat" is defined under EU law as "edible parts of certain animals," meaning that the Company could not use the term, even in its marketing materials. The Company filed a subsequent amended brief on December 3, 2024. On December 17, 2024, Interbev submitted a copy of the EUIPO Board of Appeal’s decision partially rejecting the Company’s appeal against the first instance decision taken by the EUIPO on May 7, 2024 by which the latter invalidated the Caped Steer logo/mark. The hearing on the merits was held on December 18, 2024. Initially, a first-instance decision was expected on February 17, 2025, but it was postponed to February 20, 2025, and then again to February 27, 2025. On February 27, 2025, the Economic Activities Court rendered its first-instance judgment (the “Judgment”). In the Judgment, the Court ruled that (i) the Company may continue to use meaty names (sausage, burger, etc.) for its products, but that it must immediately cease using the term “meat” to describe them (the Court relied on the CJEU ’s decision of October 4, 2024 on this point). The Court considers that this can be done immediately as the term “meat” is only used on the Company’s website and social media; (ii) the Company must remove the caped steer logo from its packaging and communications within 18 months of service of the Judgment (the Court relied on the EUIPO Board of Appeal’s decision of December 17, 2024 on this point); (iii) the Court considered that from the time of its penetration of the French market until 2021, Beyond Meat referred French consumers to its US social media. These media contained health claims that are illegal in Europe and thus constituted a misleading practice. However, the Court noted that such activity had ceased; and (iv) the Court found that the Company engages in illegal comparative advertising by comparing its products to meat in a subjective matter (e.g., better taste, better for the environment, healthier than animal meat) and ordered it to immediately cease all communications that equate its products to meat and/or include a subjective comparison. The decisions under points (i) and (iv) above were made under a daily penalty of EUR 1,000 starting to count one month after the service of the Judgment on the Company. However, the Court also dismissed several of Interbev’s other arguments. In complete contradiction to its rulings above, the Court found that the physical and nutritional characteristics of the Company’s products, their packaging, labeling, the indication of source of protein or rich in protein, and their general presentation do not create any confusion between the Company’s products and meat or meat products. Moreover, the presentation of the Company’s products in the meat aisle of supermarkets was irrelevant for the question of whether or not there was confusion between the products and meat. This means that the Company does not need to change the brand name—Beyond Meat—nor does the Company need to make any changes to the meaty names of the Company’s products. The Company does not need to make any changes to the physical and nutritional characteristics of the Company’ products, or any changes to the labels or lists of ingredients of the Company’s products. The Company will continue to present its products as an alternative source of protein. In terms of costs and damages, the Court ordered the Company, as well as The New Plant, to pay EUR 1 for financial damage, EUR 50,000 for moral damage and EUR 15,000 for legal costs to Interbev. The publication of the Judgment in three specialized reviews/magazines has also been ordered, unless there is an appeal. The Judgment is subject to appeal before the Paris Court of Appeals within a period of three months starting from the service of the Judgment. As the Judgment was served on June 17, 2025, the Company has until September 17, 2025 to file an appeal. The Company is currently examining the Judgment with a view to a recourse against it as well as taking steps to comply with the Judgment as necessary. On April 21, 2023, Interbev filed two actions before the European Union Intellectual Property Office (the “EUIPO”) to cancel the Company’s EU trademark registration for the Caped Steer logo. Interbev sought cancellation of the trademark, alleging that the trademark was invalid because it allegedly misleads the public about the nature and characteristics of the products offered under the mark. Interbev also sought cancellation on the basis of allegedly misleading use. On July 7, 2023, the Company submitted its responses to these actions, strongly disputing these claims and defending its use and registration of the Caped Steer logo. Interbev’s response regarding misleading use of the mark was filed on September 14, 2023, and the Company responded on November 17, 2023. Interbev’s response regarding the invalidity of the mark was filed and served on the Company in November 2023, and the Company responded on January 12, 2024. On May 7, 2024, the Company was served with the EUIPO’s first instance decision regarding the invalidity of the mark. The EUIPO held the mark to be invalid insofar as the registration covered specifically meat or dairy substitute goods. The EUIPO held the trademark to be valid insofar as the registration is for other plant, cereal, vegetable, fruit or nut-based goods. The Company filed a formal appeal of the first instance decision on July 5, 2024, followed by its substantive grounds of appeal on September 9, 2024. Interbev filed a response on November 11, 2024. On December 17, 2024, the Company was served with the EUIPO Board of Appeal decision. The Board of Appeal upheld the appeal on one point, allowing the goods chili con carne to also remain on the register and confirmed the first instance decision on all other points. The Company decided against a further appeal, i.e. against bringing an action to the EU General Court in the matter. While the second proceeding regarding misleading use was suspended in May 2024 due to the first instance decision regarding the invalidity of the mark in the parallel proceeding, the EUIPO has now requested that Interbev indicate by September 20, 2025 whether they will withdraw this second proceeding or wish to receive a decision. The Company is monitoring for Interbev’s response. Decree prohibiting meat names On June 29, 2022, France adopted a Decree implementing a prohibition of June 2020 on the use of denominations used for foodstuffs of animal origin to describe, market or promote foodstuffs containing plant proteins (the “Contested Decree”). The Contested Decree prohibited the use of meat names (such as “sausage” or “meatballs”) for plant-based products, from its date of entry into force on October 1, 2022. On July 27, 2022, the French High Administrative Court issued a temporary and partial suspension of the execution of the Contested Decree, in response to a motion filed by a French trade association. On October 21, 2022, the Company filed a request for annulment of the Contested Decree before the French High Administrative Court. On November 16, 2022, the Company filed a voluntary intervention in the French trade association’s own application for annulment, to ensure that both the Company’s voice and strong EU law arguments were heard. On January 23, 2023, the French Ministry for the Economy (the “French Ministry”) responded to the Company’s request for annulment and intervention. The French Ministry’s response made clear that it would enforce the Contested Decree as a blanket ban on the use of all “meaty” names for plant-based products in France. On April 20, 2023, a number of plant-based companies voluntarily filed interventions in support of the Company’s case. On July 12, 2023, the French High Administrative Court issued an intermediate judgment in the proceedings against the French meaty names ban. The court held that there were a number of difficulties interpreting EU law, which will be decisive for the resolution of the case. For that reason, the French High Administrative Court referred the case to the CJEU, which is the highest court in the EU and can issue a legally binding interpretation of EU law valid in all 27 EU member states, including France. The French High Administrative Court is bound to follow judgments of the CJEU. The procedure before the CJEU started on August 22, 2023, and the Company filed its submission on October 31, 2023. On January 15, 2024, the CJEU closed the written procedure. The period to request an oral hearing closed on February 5, 2024. In parallel to the litigation before the CJEU against the Contested Decree, on August 23, 2023, France published a proposal for a new decree replacing the Contested Decree (the “New Decree”). The New Decree has removed some of the Contested Decree’s most open-ended language, but essentially maintains the prohibition on meaty names for plant-based proteins. The New Decree was subject to administrative review procedure by the European Commission (the EU’s executive body) and the EU member states other than France. The six-months standstill period under that procedure ended on February 23, 2024. The Company supported plant-based protein trade associations against the New Decree. On February 26, 2024, the New Decree was adopted. However, on April 10, 2024, the French High Administrative Court decided once again to postpone the applicability of the New Decree. The interim relief judge noted that there were serious doubts as to whether such national measures could be adopted based on EU law, which had already prompted the ongoing CJEU litigation. In this context, on March 1, 2024, the CJEU requested the French High Administrative Court to provide its view on the impact of the adoption of the New Decree on the litigation against the Contested Decree, and whether it should be declared moot or it should be allowed to proceed. On March 14, 2024, the French High Administrative Court responded to the CJEU's request for information asking it to rule in the current proceedings. On April 15, 2024, the CJEU decided that the litigation against the Contested Decree would proceed, and that an oral hearing was not necessary. On October 4, 2024, the CJEU rendered its judgment. The judgment of the CJEU determined that the manner in which the Contested Decree seeks to ban meat names for plant-based foods is unlawful under EU law. It sets a precedent on the extent to which EU member states may regulate the naming of plant-based foods at the national level in the absence of harmonization at the EU level. In its judgment, the CJEU also ruled that “meat” is defined under EU law as “edible parts of certain animals.” The Company is taking the view that the court’s interpretation only affects the use of the term in the sales denomination on the label and not the use of the term in marketing and advertising materials. Following the CJEU’s judgment, the case was referred to the French High Administrative Court, which, on January 28, 2025, annulled the Contested Decree and the New Decree. Beyond Meat has been reimbursed by the French State for legal costs incurred in challenging the Contested Decree, for a total of 3,000 euros. Arbitration with Former Co-Manufacturer In March 2024, a former co-manufacturer (“Manufacturer”) brought an action against the Company in a confidential arbitration proceeding. The Company had entered into an agreement with the Manufacturer, under which the Manufacturer was responsible for producing products on behalf of the Company. The Company terminated the agreement in November 2023 due to the Manufacturer’s failure to produce food in compliance with applicable laws, as required by the agreement. The Manufacturer alleges that the Company terminated the agreement without a contractual basis to do so and that it is owed past and future payments under the agreement. The Manufacturer claims total damages of at least approximately $73.0 million. The Company intends to vigorously defend against these claims. In October 2024, the Company filed amended counterclaims against the Manufacturer for breach of contract, breach of the duty of good faith and fair dealing, fraudulent inducement, false promise, concealment, and intentional misrepresentation, and negligent misrepresentation. The Company intends to vigorously prosecute the claims asserted against the Manufacturer. The arbitration commenced in the first quarter of 2025 and is ongoing.

Related Party Transactions	6 Months Ended
Related Party Transactions	Jun. 28, 2025
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions TPP In connection with the Company’s investment in TPP, a joint venture with PepsiCo, Inc., the Company sold certain products directly to the joint venture. As part of its Global Operations Review, in 2023, the Company made the decision to discontinue the Beyond Meat Jerky product line and discontinued it in 2024. See Note 9. The Company earned $0 net revenues from TPP in each of the three and six months ended June 28, 2025 and June 29, 2024.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
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+ Details

Inventories

6 Months Ended

Jun. 28, 2025

Inventory Disclosure [Abstract]

Inventories

Major classes of inventory were as follows:


	June 28, 2025		December 31, 2024
(in thousands)
Raw materials and packaging	$	53,795	$	51,303
Work in process	18,561		28,204
Finished goods	38,512		33,937
Total	$	110,868	$	113,444

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 28, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Property, Plant and Equipment - Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Jun. 28, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Finance leases	$ 166,310	$ 5,167
Total property, plant and equipment	452,573	285,369
Less: accumulated depreciation and amortization	131,585	100,482
Property, plant and equipment, net	320,988	184,887
Manufacturing equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	170,341	165,626
Research and development equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	20,816	20,816
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	18,455	18,165
Building
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	28,897	27,155
Software
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	2,740	2,742
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	945	941
Vehicles
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	595	594
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	5,546	5,416
Assets not yet placed in service
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 37,928	$ 38,747

Share-Based Compensation - Schedule of Fair Value Assumptions (Details)	3 Months Ended		6 Months Ended
	Jun. 28, 2025	Jun. 29, 2024	Jun. 28, 2025	Jun. 29, 2024
Share-Based Payment Arrangement [Abstract]
Risk-free interest rate		4.50%		4.30%
Average expected term (years)		7 years		7 years
Expected volatility		55.30%		55.30%
Dividend yield	0.00%	0.00%	0.00%	0.00%

Debt - Narrative (Details) - USD ($)		3 Months Ended		6 Months Ended
Debt - Narrative (Details) - USD ($)	May 07, 2025	Jun. 28, 2025	Jun. 29, 2024	Jun. 28, 2025	Jun. 29, 2024	Jun. 26, 2025	Dec. 31, 2024	Mar. 12, 2021	Mar. 05, 2021
Debt Instrument [Line Items]
Debt issuance costs		$ 6,600,000		$ 6,600,000			$ 8,500,000
Amortization of debt issuance costs				$ 1,970,000	$ 1,967,000
Class of warrant or right, number of securities called by warrants or rights (in shares)	9,558,635					3,823,454
Class of warrant or right, exercise price of warrants or rights, percentage of VWAP	115.00%
Class of warrant or right, exercise price of warrants or rights, percentage of VWAP, term (in days)	30 days
Class of warrant or right, exercise price of warrants or rights (in usd per share)		$ 2.088		$ 2.088		$ 3.26
Class of warrant or right, issuable (in years)	2 days
Class of warrant or right, exercisable (in years)	5 years
Unissued warrants		5,735,181		5,735,181
Stock warrant liability		$ 8,000,000		$ 8,000,000		$ 8,000,000
Contingently issuable warrants		12,100,000		12,100,000
Delayed draw term loan warrants		20,143,000		20,143,000			0
Minimum
Debt Instrument [Line Items]
Class of warrant or right, exercise price of warrants or rights (in usd per share)	$ 2.00
Maximum
Debt Instrument [Line Items]
Class of warrant or right, exercise price of warrants or rights (in usd per share)	$ 3.75
Level 2 \| Recurring
Debt Instrument [Line Items]
Convertible notes, fair value		$ 101,200,000		$ 101,200,000
Convertible Debt
Debt Instrument [Line Items]
Interest, stated rate (in percent)		0.00%		0.00%
Debt issuance costs		$ 6,557,000		$ 6,557,000			8,524,000		$ 23,600,000
Amortization of debt issuance costs		$ 1,000,000.0	$ 1,000,000.0	$ 2,000,000.0	$ 2,000,000.0
Annualized effective interest rate (in percent)		0.34%	0.35%	0.34%	0.35%
Remaining term (in years)				1 year 8 months 12 days
Principal Amount		$ 1,150,000,000	$ 1,150,000,000	$ 1,150,000,000	$ 1,150,000,000		1,150,000,000
Convertible Senior Notes Due 2027 \| Level 2 \| Recurring
Debt Instrument [Line Items]
Convertible notes, fair value		101,200,000		101,200,000
Convertible Senior Notes Due 2027 \| Convertible Debt
Debt Instrument [Line Items]
Debt, face amount									$ 1,000,000,000.0
Interest, stated rate (in percent)									0.00%
Debt issuance costs		6,557,000		6,557,000
Principal Amount		1,150,000,000		1,150,000,000
Additional Convertible Senior Notes Due 2027 \| Convertible Debt
Debt Instrument [Line Items]
Debt, face amount								$ 150,000,000.0
Loan and Security Agreement \| Line of Credit \| Secured Debt
Debt Instrument [Line Items]
Debt, face amount	$ 100,000,000.0
Amortization of debt issuance costs				3,000
Upfront fee	625,000
Minimum borrowing requirement	3,000,000.0
Covenant, minimum liquidity	15,000,000.0
Covenant, minimum cash principal and interest payments due	20,000,000.0
Covenant, maximum cash used to repay debt	60,000,000.0
Principal Amount		40,000,000.0		40,000,000.0
Unamortized debt issuance costs	$ 3,700,000
Reduction in term loan facility				1,500,000
Un-drawn amount		60,000,000.0		60,000,000.0
Loan and Security Agreement \| Line of Credit \| Secured Debt \| Minimum
Debt Instrument [Line Items]
Interest, stated rate (in percent)	12.00%
Loan and Security Agreement \| Line of Credit \| Secured Debt \| Maximum
Debt Instrument [Line Items]
Interest, stated rate (in percent)	17.50%
Loan and Security Agreement, Initial Draw \| Line of Credit \| Secured Debt
Debt Instrument [Line Items]
Debt issuance costs		1,500,000		1,500,000			$ 0
Loan and Security Agreement, Undrawn Amount \| Line of Credit \| Secured Debt
Debt Instrument [Line Items]
Debt issuance costs		$ 2,200,000		$ 2,200,000

Related Party Transactions (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 28, 2025	Jun. 29, 2024	Jun. 28, 2025	Jun. 29, 2024
Affiliated Entity
Related Party Transaction [Line Items]
Revenues	$ 0	$ 0	$ 0	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

Segment Information - Schedule of Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 28, 2025	Mar. 29, 2025	Jun. 29, 2024	Mar. 30, 2024	Jun. 28, 2025	Jun. 29, 2024
Segment Reporting Information [Line Items]
Net revenues	$ 74,958		$ 93,185		$ 143,689	$ 168,788
Less:
Cost of goods sold	66,367		79,468		136,163	151,403
Research and development expenses	5,807		5,485		13,269	15,345
Interest expense	2,002		1,029		3,026	2,044
Equity in losses of unconsolidated joint venture	59		30		70	23
Net loss	(29,242)	$ (52,916)	(34,479)	$ (54,361)	(82,158)	(88,840)
Realized and unrealized foreign currency gains (losses)	7,500		(1,200)		11,000	(3,500)
Reporting Segment
Segment Reporting Information [Line Items]
Net revenues	74,958		93,185		143,689	168,788
Less:
Cost of goods sold	66,367		79,468		136,163	151,403
Research and development expenses	5,807		5,485		13,269	15,345
Selling expenses	6,741		7,632		13,712	15,880
Marketing expenses	8,061		11,959		20,150	20,186
General and administrative expenses	22,893		22,572		51,505	53,379
Interest expense	2,002		1,029		3,026	2,044
Equity in losses of unconsolidated joint venture	59		30		70	23
Other segment items	(7,730)		(511)		(12,048)	(632)
Net loss	(29,242)		(34,479)		(82,158)	(88,840)
Interest income	500		1,700		1,400	3,700
Realized and unrealized foreign currency gains (losses)	$ 7,500		$ (1,200)		$ 11,000	$ (3,500)

Net Loss Per Share Available to Common Stockholders

6 Months Ended

Jun. 28, 2025

Earnings Per Share [Abstract]

Net Loss Per Share Available to Common Stockholders

The Company calculates basic and diluted net loss per share available to common stockholders in conformity with the provisions of ASC 260 “Earnings Per Share.” Pursuant to ASU 2020-06, the Company applies the if-converted method to its Notes. See Note 2.


(in thousands, except share and per share amounts)	Three Months Ended				Six Months Ended
	June 28, 2025		June 29, 2024		June 28, 2025		June 29, 2024
Numerator:


Net loss available to common stockholders—basic	$	(29,242)	$	(34,479)	$	(82,158)	$	(88,840)
Denominator:
Weighted average common shares outstanding—basic	76,491,594		64,901,584		76,348,524		64,797,245
Dilutive effect of shares issuable under stock options	—		—		—		—
Dilutive effect of RSUs	—		—		—		—
Dilutive effect of PSUs	—		—		—		—
Dilutive effect of Notes, if converted(1)	—		—		—		—
Dilutive effect of Warrants, if converted(2)	—		—		—		—
Weighted average common shares outstanding—diluted	76,491,594		64,901,584		76,348,524		64,797,245
Net loss per share available to common stockholders—basic and diluted	$	(0.38)	$	(0.53)	$	(1.08)	$	(1.37)

____________


	Three Months Ended		Six Months Ended
	June 28, 2025	June 29, 2024	June 28, 2025	June 29, 2024
Options to purchase common stock	4,100,689	5,400,017	4,100,689	5,400,017
RSUs	1,612,253	2,527,308	1,612,253	2,527,308
PSUs	145,660	225,967	145,660	225,967


Total	5,858,602	8,153,292	5,858,602	8,153,292

Summary of Significant Accounting Policies - Schedule of Net Revenues by Platform and Channel (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 28, 2025	Jun. 29, 2024	Jun. 28, 2025	Jun. 29, 2024
Disaggregation of Revenue [Line Items]
Net revenues	$ 74,958	$ 93,185	$ 143,689	$ 168,788
U.S. net revenues
Disaggregation of Revenue [Line Items]
Net revenues	43,964	55,219	84,737	104,611
U.S. net revenues \| Retail
Disaggregation of Revenue [Line Items]
Net revenues	32,909	44,869	64,269	81,957
U.S. net revenues \| Foodservice
Disaggregation of Revenue [Line Items]
Net revenues	11,055	10,350	20,468	22,654
International net revenues
Disaggregation of Revenue [Line Items]
Net revenues	30,994	37,966	58,952	64,177
International net revenues \| Retail
Disaggregation of Revenue [Line Items]
Net revenues	15,867	17,585	28,549	30,163
International net revenues \| Foodservice
Disaggregation of Revenue [Line Items]
Net revenues	$ 15,127	$ 20,381	$ 30,403	$ 34,014

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Property, Plant and Equipment - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 28, 2025	Jun. 29, 2024	Jun. 28, 2025	Jun. 29, 2024	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Depreciation and amortization	$ 8,300	$ 5,200	$ 15,682	$ 12,182
Accelerated depreciation related to the idled assets	1,700		3,200
Assets held for sale	1,664		1,664		$ 1,864
Loss on sale of assets	100	200	223	363
Cost of goods sold
Property, Plant and Equipment [Line Items]
Depreciation and amortization	6,100	4,500	12,000	10,600
Accelerated depreciation related to the idled assets	1,700		2,300
Research and development expenses
Property, Plant and Equipment [Line Items]
Depreciation and amortization	2,100	500	3,400	1,100
Accelerated depreciation related to the idled assets			900
SG&A expenses
Property, Plant and Equipment [Line Items]
Depreciation and amortization	$ 100	$ 200	$ 300	$ 500

- Definition

The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.

+ References + Details

Share-Based Compensation - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 28, 2025	Dec. 31, 2024
Number of Stock Options
Outstanding, beginning balance (in shares)	4,392,460
Granted (in shares)	0
Forfeited (in shares)	(6,303)
Canceled/Forfeited (in shares)	(285,468)
Outstanding, ending balance (in shares)	4,100,689	4,392,460
Vested and exercisable (in shares)	2,941,413
Vested and expected to vest (in shares)	3,857,576
Weighted Average Exercise Price
Outstanding, beginning balance (in dollars per share)	$ 24.44
Granted (in dollars per share)	0
Exercised (in dollars per share)	0.94
Canceled/Forfeited (in dollars per share)	15.18
Outstanding, ending balance (in dollars per share)	25.12	$ 24.44
Vested and exercisable (in dollars per share)	29.89
Vested and expected to vest (in dollars per share)	$ 26.10
Weighted Average Remaining Contractual Life (Years)
Outstanding	5 years 10 months 24 days	6 years 6 months
Vested and exercisable	4 years 10 months 24 days
Vested and expected to vest	5 years 8 months 12 days
Aggregate Intrinsic Value
Outstanding, beginning balance	$ 1,168
Outstanding, ending balance	916	$ 1,168
Exercised	12
Vested and exercisable	916
Vested and expected to vest	$ 916

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 28, 2025	Jun. 29, 2024	Jun. 28, 2025	Jun. 29, 2024
Income Statement [Abstract]
Net revenues	$ 74,958	$ 93,185	$ 143,689	$ 168,788
Cost of goods sold	66,367	79,468	136,163	151,403
Gross profit	8,591	13,717	7,526	17,385
Research and development expenses	5,807	5,485	13,269	15,345
Selling, general and administrative expenses	37,696	42,163	85,368	89,445
Total operating expenses	43,503	47,648	98,637	104,790
Loss from operations	(34,912)	(33,931)	(91,111)	(87,405)
Other income (expense), net:
Interest expense	(2,002)	(1,029)	(3,026)	(2,044)
Other, net	7,731	477	12,049	600
Total other income (expense), net	5,729	(552)	9,023	(1,444)
Loss before taxes	(29,183)	(34,483)	(82,088)	(88,849)
Income tax benefit	0	(34)	0	(32)
Equity in losses of unconsolidated joint venture	59	30	70	23
Net loss	$ (29,242)	$ (34,479)	$ (82,158)	$ (88,840)
Net loss per share available to common stockholders—basic (in dollars per share)	$ (0.38)	$ (0.53)	$ (1.08)	$ (1.37)
Net loss per share available to common stockholders—diluted (in dollars per share)	$ (0.38)	$ (0.53)	$ (1.08)	$ (1.37)
Weighted average common shares outstanding—basic (in shares)	76,491,594	64,901,584	76,348,524	64,797,245
Weighted average common shares outstanding—diluted (in shares)	76,491,594	64,901,584	76,348,524	64,797,245