0001655210-26-000079 | 10-Q | XBRL Viewer

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Share-Based Compensation - Narrative (Details)								3 Months Ended			9 Months Ended		12 Months Ended
Share-Based Compensation - Narrative (Details)	Feb. 03, 2026	Jan. 01, 2026 shares	Oct. 31, 2025 shares	Oct. 30, 2025 performancePeriod shares	Oct. 15, 2025 USD ($) shares	Feb. 04, 2025	Mar. 01, 2024 USD ($)	Sep. 26, 2026 USD ($) tranche shares	Mar. 28, 2026	Sep. 27, 2025 USD ($) shares	Sep. 26, 2026 USD ($) performancePeriod tranche shares	Sep. 27, 2025 USD ($) shares	Dec. 31, 2025 shares	Mar. 30, 2026 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, outstanding (in shares)								18,299,685			18,299,685		15,122,944
Common stock, issued (in shares)			10,594,483	56,143	10,538,340
Stock options outstanding (in shares)								149,513			149,513		132,382
Total common stock reserved for future issuance (in shares)								6,601,419			6,601,419		6,111,700
Shares issued (in shares)											670,251		627,523
Payments of minimum withholding taxes on net share settlement of equity awards \| $											$ 3,019,000	$ 385,000
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)											280,749
Shares issuable (in shares)								1,388,608			1,388,608		1,178,121
Share-based compensation expense \| $								$ 6,300,000		$ 2,100,000	$ 18,000,000.0	$ 8,300,000
Unrecognized compensation expense, period of recognition											9 months 18 days
Incremental share-based compensation expense \| $								4,300,000			$ 12,800,000
Payments of minimum withholding taxes on net share settlement of equity awards \| $											$ 2,700,000
Shares withheld to cover taxes (in shares)											95,701
Unrecognized share-based compensation expense \| $								$ 30,400,000			$ 30,400,000
Restricted Stock Units (RSUs) \| Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period													2 years
Restricted Stock Units (RSUs) \| Continuing Employees, Option Two \| Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage												50.00%
Vesting period									1 year
Restricted Stock Units (RSUs) \| Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period											1 year
Restricted Stock Units (RSUs) \| Share-Based Payment Arrangement, Tranche One \| Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage													50.00%
Restricted Stock Units (RSUs) \| Share-Based Payment Arrangement, Tranche One \| Continuing Employees, Option One \| Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage											25.00%	25.00%
Vesting period									1 year
Restricted Stock Units (RSUs) \| Share-Based Payment Arrangement, Tranche One \| Continuing Employees, Option Two \| Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period									1 year
Restricted Stock Units (RSUs) \| Share-Based Payment Arrangement, Tranche Two \| Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage													50.00%
Restricted Stock Units (RSUs) \| Share-Based Payment Arrangement, Tranche Two \| Continuing Employees, Option One \| Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period											3 years	3 years
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)											0
Shares issuable (in shares)								2,366			2,366		4,858
Vesting percentage											200.00%
Share-based compensation expense \| $								$ 100,000		200,000	$ 300,000	$ 700,000
Unrecognized compensation expense \| $								$ 200,000			$ 200,000
Unrecognized compensation expense, period of recognition											6 months
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
Number of tranche \| tranche								3			3
Total expense \| $											$ 1,100,000
Performance Shares \| Monte-Carlo
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield							0.00%
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]
Granted (in shares)											2,678
Vesting period											1 year
Award requisite service period (in months)											10 months
Performance Shares \| Share-Based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)											2,492
Vesting period											2 years
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]
Granted (in shares)											2,366
Vesting period											3 years
Award requisite service period (in months)											34 months
Performance Shares \| Less than 30th percentile
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	0.00%					0.00%					0.00%
Performance Shares, Reserved For Issuance Under Unvested PSUs Outstanding If Performance Target Achieved
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total common stock reserved for future issuance (in shares)								2,366			2,366		4,858
Performance Shares, Reserved For Issuance Under MIP PSUs At Maximum Performance
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total common stock reserved for future issuance (in shares)								613,220			613,220		933,294
Vesting percentage											150.00%
Performance Shares, Reserved For Issuance Pursuant To Anti-Dilution Increases
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total common stock reserved for future issuance (in shares)								31,893			31,893
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense \| $								$ 1,200,000		1,400,000	$ 3,200,000	4,900,000
Share-based compensation expense pursuant to modification \| $								200,000			200,000
Unrecognized compensation expense \| $								$ 2,400,000			$ 2,400,000
Unrecognized compensation expense, period of recognition											8 months 12 days
Employee Stock Option \| Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense \| $											$ 200,000
Additional period											5 years
Employee Stock Option \| Share-Based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage											25.00%
Vesting period											1 year
Employee Stock Option \| Share-Based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period											3 years
MIP PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)											338,510
Shares issuable (in shares)								338,510			338,510		0
Share-based compensation expense \| $								$ 1,200,000		$ 0	$ 1,200,000	$ 0
Number of annual performance periods \| performancePeriod				2
Convertible Senior Notes Due 2030
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total common stock reserved for future issuance (in shares)								2,999,211			2,999,211		4,000,000
Convertible Senior Notes Due 2030 \| Convertible Debt
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, issued (in shares)											1,913,604
Exchange principal amount \| $					$ 196,217,000			$ 0			$ 68,800,000
2018 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized (in shares)		3,211,980								911,650		911,650
Fully-diluted shares outstanding (in percent)			0.125
Common stock, outstanding (in shares)			2,300,320
Additional conversion shares (in percent)			0.125
Fully-diluted shares outstanding, annual increase (in percent)			3.00%
Granted (in shares)											239,202
Total common stock reserved for future issuance (in shares)								363,034			363,034		343,686
Shares available for grant (in shares)								363,034			363,034		343,686
Shares withheld to cover taxes (in shares)											108,899
Authorized (in shares)											239,202
2018 Plan \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)											139,518
Shares withheld to cover taxes (in shares)											12,959
2018 Plan \| Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total common stock reserved for future issuance (in shares)								677,073			677,073
2018 Plan \| Performance Shares, Reserved For Issuance Under Unvested PSUs Outstanding If Performance Target Achieved
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total common stock reserved for future issuance (in shares)								2,366			2,366		4,858
2018 Plan \| Performance Shares, Reserved For Issuance Pursuant To Anti-Dilution Increases
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total common stock reserved for future issuance (in shares)								63,853			63,853		17
Shares available for issuance under the 2026 Employment Inducement Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total common stock reserved for future issuance (in shares)								314,456			314,456		0	333,334
Shares available for grant (in shares)								314,456			314,456		0
Authorized (in shares)											333,334
Shares available for issuance under the 2026 Employment Inducement Equity Incentive Plan \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)											11,004
2018 ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total common stock reserved for future issuance (in shares)								151,904			151,904		134,033
2018 ESPP \| Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized (in shares)		151,904
Authorized (in shares)		17,871

Leases - Narrative (Details)					1 Months Ended		3 Months Ended		9 Months Ended
Leases - Narrative (Details)	Aug. 01, 2027	Sep. 28, 2026 USD ($)	Jul. 31, 2026 USD ($) ft²	Jul. 23, 2026 USD ($)	Nov. 09, 2026 USD ($)	Jul. 31, 2026 USD ($) ft² installment	Sep. 26, 2026 USD ($)	Sep. 27, 2025 USD ($)	Sep. 26, 2026 USD ($)	Sep. 27, 2025 USD ($)	Jul. 31, 2027	Sep. 01, 2026	Jul. 30, 2026 ft²	Jun. 27, 2026 USD ($)	Jul. 22, 2025 ft²	Dec. 31, 2021
Lessee, Lease, Description [Line Items]
Lease, initial term (in years)																8 years
Finance lease, liability to be paid							$ 112,774,000		$ 112,774,000
Standby letter of credit														$ 1,000,000.0
Remaining lease term													1 month
Lessee, finance lease liability remeasurement			$ 38,200,000
Lessee, lease right of use asset decrease from lease modification			22,900,000
Lessee, prepaid expense and other assets decrease from lease modification			$ 15,300,000
Operating lease cost of surrendered premises							20,800,000		20,800,000
Payments of security deposits									407,000	$ 0
Location, Statement of Income, Balance [Axis]: us-gaap:ResearchAndDevelopmentExpense
Lessee, Lease, Description [Line Items]
Operating lease cost of surrendered premises							10,200,000		10,200,000
Location, Statement of Income, Balance [Axis]: us-gaap:SellingGeneralAndAdministrativeExpense
Lessee, Lease, Description [Line Items]
Operating lease cost of surrendered premises							10,600,000		10,600,000
Subsequent Event
Lessee, Lease, Description [Line Items]
Lease, initial term (in years)		24 months
Standby letter of credit					$ 200,000
Operating lease, monthly fee		$ 40,000,000
Operating lease, monthly fee for 13 months to 24 months		$ 41,200,000
Payments of security deposits					240,000
Security deposit					$ 240,000
Period to return security deposit					10 days
Forecast
Lessee, Lease, Description [Line Items]
Finance lease, revised rent schedule, installment term	10 months
HC Hornet Way, LLC
Lessee, Lease, Description [Line Items]
Finance lease, rentable square feet \| ft²													220,519
Finance lease, number of square feet surrendered \| ft²			101,612			101,612
Lessee, finance lease, rentable area \| ft²			118,907			118,907
Finance lease, liability to be paid			$ 14,000,000.0			$ 14,000,000.0
Finance lease, number of monthly installments \| installment						48
Finance lease, monthly rent installment						$ 291,667
Finance lease, estimated tenant improvement costs							4,900,000
Standby letter of credit			$ 12,500,000			$ 12,500,000
Loss from impairment of finance lease right-of-use assets (Note 6)							$ 29,800,000	$ 26,200,000	$ 29,800,000	$ 26,200,000
HC Hornet Way, LLC \| Forecast
Lessee, Lease, Description [Line Items]
Proportionate share percentage of expenses and charges	30.44%										56.45%
HC Hornet Way, LLC \| Phase III Lease Component
Lessee, Lease, Description [Line Items]
Finance lease, rentable square feet \| ft²			2,715			2,715
Varda Space Industries, Inc.
Lessee, Lease, Description [Line Items]
Lessee, finance lease, rentable area \| ft²			54,749			54,749
Finance lease, increase space in rentable area \| ft²			55,109			55,109
Current leases rentable area \| ft²			55,109			55,109							54,749		54,749
Increase in net rentable area \| ft²			360			360
Subtenant's proportionate share of operating expenses and other charges			46.35%			46.35%
Varda Space Industries, Inc. \| Subleased Premises, Improved Space
Lessee, Lease, Description [Line Items]
Current leases rentable area \| ft²															16,967
Monthly installments rent paid				$ 52,026
Rent abatement escalated percentage			3.00%			3.00%
Varda Space Industries, Inc. \| Subleased Premises, Unimproved Space
Lessee, Lease, Description [Line Items]
Current leases rentable area \| ft²															37,782
Varda Space Industries, Inc. \| Subleased Premises, Unimproved Space \| Discount rate (continuous)
Lessee, Lease, Description [Line Items]
Fair value inputs discount rate												0.092
Minimum
Lessee, Lease, Description [Line Items]
Lease, initial term (in years)							2 years		2 years
Maximum
Lessee, Lease, Description [Line Items]
Lease, initial term (in years)							16 years		16 years

Share-Based Compensation - Schedule of PSU Activity (Details)	9 Months Ended
	Sep. 26, 2026 $ / shares shares
Performance Shares
Number of Units
Unvested, beginning balance (in shares) \| shares	4,858
Granted (in shares) \| shares	0
Vested (in shares) \| shares	0
Canceled/Forfeited (in shares) \| shares	(2,492)
Unvested, ending balance (in shares) \| shares	2,366
Weighted Average Grant Date Fair Value Per Unit
Unvested, beginning balance (in dollars per share) \| $ / shares	$ 446.25
Granted (in dollars per share) \| $ / shares	0
Vested (in dollars per share) \| $ / shares	0
Canceled/Forfeited (in dollars per share) \| $ / shares	435.00
Unvested, ending balance (in dollars per share) \| $ / shares	$ 458.10
MIP PSUs
Number of Units
Unvested, beginning balance (in shares) \| shares	0
Granted (in shares) \| shares	338,510
Vested (in shares) \| shares	0
Canceled/Forfeited (in shares) \| shares	0
Unvested, ending balance (in shares) \| shares	338,510
Weighted Average Grant Date Fair Value Per Unit
Unvested, beginning balance (in dollars per share) \| $ / shares	$ 0
Granted (in dollars per share) \| $ / shares	23.58
Vested (in dollars per share) \| $ / shares	0
Canceled/Forfeited (in dollars per share) \| $ / shares	0
Unvested, ending balance (in dollars per share) \| $ / shares	$ 23.58

Share-Based Compensation - Schedule of Performance Stock Units (Details) - Performance Shares - $ / shares			9 Months Ended
	Feb. 03, 2026	Feb. 04, 2025	Sep. 26, 2026
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%
Tranche I
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Units (in shares)			2,678
Granted (in dollars per share)			$ 404.70
Less than 30th percentile
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	0.00%	0.00%	0.00%
30th percentile
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			50.00%
50th percentile
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			100.00%
80th percentile and above
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage			200.00%
Tranche II
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Units (in shares)			2,492
Granted (in dollars per share)			$ 435.00
Tranche III
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Units (in shares)			2,366
Granted (in dollars per share)			$ 458.10

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 26, 2026 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Teri L. Witteman [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On September 14, 2026, Teri L. Witteman, the Company’s Chief Legal Officer and Secretary, adopted a trading plan intended to satisfy the affirmative defense of Rule 10b5-1(c) of the Exchange Act. The plan covers the potential sales of up to an aggregate of 13,834 shares of the Company’s common stock then held by Ms. Witteman, up to an aggregate of 187 shares of the Company’s common stock underlying RSUs which vested on August 31, 2026 and September 1, 2026, and up to an aggregate of 86,208 shares of the Company’s common stock underlying RSUs, as such RSUs vest, at price and volume thresholds and during specified trading periods between December 14, 2026, or such later date that is two (2) business days following the disclosure in certain periodic reports of the Company’s financial results for the fiscal quarter in which the plan was adopted, and June 14, 2027, in each case as set forth in the plan.
Name	Teri L. Witteman
Title	Chief Legal Officer and Secretary
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	September 14, 2026
Expiration Date	June 14, 2027
Arrangement Duration	182 days
Teri L. Witteman Trading Arrangement, Common Stock [Member] \| Teri L. Witteman [Member]
Trading Arrangements, by Individual
Aggregate Available	13,834
Teri L. Witteman Trading Arrangement, Common Stock Underlying RSUs Vested On August 31, 2026 And September 1, 2026 [Member] \| Teri L. Witteman [Member]
Trading Arrangements, by Individual
Aggregate Available	187
Teri L. Witteman Trading Arrangement, Common Stock Underlying RSUs [Member] \| Teri L. Witteman [Member]
Trading Arrangements, by Individual
Aggregate Available	86,208

Segment Information

9 Months Ended

Sep. 26, 2026

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. 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 Chief Operating Decision Maker.

The following table presents the details of the significant segment expenses, segment total net revenues, and the segment performance measure, net loss, in the respective periods presented (in thousands):


	Three Months Ended				Nine Months Ended
	September 26, 2026		September 27, 2025		September 26, 2026		September 27, 2025
Total net revenues	$	64,529	$	70,218	$	191,567	$	213,907
Less:
Total cost of goods sold	52,107		64,990		171,287		207,685
Research and development expenses	15,290		4,917		24,699		18,186
Selling expenses	6,803		5,929		19,920		19,641
Marketing expenses	10,728		7,871		25,782		28,021
General and administrative expenses	15,464		33,330		57,652		89,078
Loss from impairment of long-lived assets	57,097		51,288		57,097		51,288

Interest expense	6,962		4,418		20,265		7,444
Remeasurement of delayed draw term loan warrant liability	(2,614)		(4,774)		(3,838)		(4,774)
Remeasurement of derivative liability	(13,321)		—		(21,374)		—
Gain on debt extinguishment	—		—		(63,789)		—
Equity in losses of unconsolidated joint venture	11		7		43		77
Other segment items, net(1)	(1,169)		(750)		(1,270)		(12,799)
Net loss	$	(82,829)	$	(97,008)	$	(94,907)	$	(189,940)

___________

(1) Includes Other, net and Income tax (benefit) expense as reported in the Company’s unaudited condensed consolidated statements of operations. Other, net includes $1.3 million and $0.6 million in interest income in the three months ended September 26, 2026 and September 27, 2025, respectively, and $4.3 million and $2.0 million in interest income in the nine months ended September 26, 2026 and September 27, 2025, respectively. Other, net also includes $(0.1) million and $0.1 million in foreign currency transaction (losses) gains in the three months ended September 26, 2026 and September 27, 2025, respectively, and $(3.2) million and $11.1 million in foreign currency transaction (losses) gains in the nine months ended September 26, 2026 and September 27, 2025, respectively.

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

- Definition

The entire disclosure for segment reporting.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 42
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 32
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

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+ Details

Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended		9 Months Ended
	Sep. 26, 2026	Sep. 27, 2025	Sep. 26, 2026	Sep. 27, 2025
Statement [Line Items]
Net revenues	$ 64,529,000	$ 70,218,000	$ 191,567,000	$ 213,907,000
Cost of goods sold	52,107,000	64,990,000	171,287,000	207,685,000
Gross profit	12,422,000	5,228,000	20,280,000	6,222,000
Operating expenses:
Research and development expenses	15,290,000	4,917,000	24,699,000	18,186,000
Selling, general and administrative expenses	32,995,000	47,130,000	103,354,000	136,740,000
Loss from impairment of finance lease right-of-use assets	57,097,000	51,288,000	57,097,000	51,288,000
Total operating expenses	105,382,000	103,335,000	185,150,000	206,214,000
Loss from operations	(92,960,000)	(98,107,000)	(164,870,000)	(199,992,000)
Other income (expense), net:
Interest expense	(6,962,000)	(4,418,000)	(20,265,000)	(7,444,000)
Remeasurement of delayed draw term loan warrant liability	2,614,000	4,774,000	3,838,000	4,774,000
Remeasurement of derivative liability	13,321,000	0	21,374,000	0
Gain on debt extinguishment	0	0	63,789,000	0
Other (expense) income, net	1,169,000	750,000	1,270,000	12,799,000
Total other income, net	10,142,000	1,106,000	70,006,000	10,129,000
Loss before taxes	(82,818,000)	(97,001,000)	(94,864,000)	(189,863,000)
Income tax expense	0	0	0	0
Equity in losses of unconsolidated joint venture	11,000	7,000	43,000	77,000
Net loss	$ (82,829,000)	$ (97,008,000)	$ (94,907,000)	$ (189,940,000)
Net income (loss) per share attributable to common stockholders:
Basic (in dollars per share)	$ (4.32)	$ (37.96)	$ (5.82)	$ (74.53)
Diluted (in dollars per share)	$ (4.32)	$ (37.96)	$ (5.82)	$ (74.53)
Weighted average common shares outstanding
Basic (in shares)	19,152,391	2,555,696	16,301,717	2,548,532
Diluted (in shares)	19,152,391	2,555,696	16,301,717	2,548,532
Nonrelated Party
Statement [Line Items]
Net revenues	$ 55,149,000	$ 62,776,000	$ 163,747,000	$ 194,223,000
Cost of goods sold	46,498,000	57,688,000	154,228,000	189,204,000
Operating expenses:
Selling, general and administrative expenses	32,949,000	46,962,000	103,002,000	136,141,000
Related Party
Statement [Line Items]
Net revenues	9,380,000	7,442,000	27,820,000	19,684,000
Cost of goods sold	5,609,000	7,302,000	17,059,000	18,481,000
Operating expenses:
Selling, general and administrative expenses	$ 46,000	$ 168,000	$ 352,000	$ 599,000

Debt (Tables)

9 Months Ended

Sep. 26, 2026

Debt Disclosure [Abstract]

Schedule of Debt Balances

The following is a summary of debt balances as of September 26, 2026 and December 31, 2025 (in thousands):


	September 26, 2026		December 31, 2025

2027 Notes	$	14,459	$	29,459
2030 Notes	224,269		334,148
Debt discount—2030 Notes issue date embedded derivatives, net(1)	(14,663)		(25,745)
Delayed draw term loans(2)	114,238		104,569
Debt issuance costs—Delayed draw term loans	(6,495)		(7,181)
Debt discount—Delayed draw term loan warrants	(17,916)		(19,510)

Total debt outstanding	$	313,892	$	415,740
Less: current portion of long-term debt	(14,459)		—
Long-term debt	$	299,433	$	415,740

_________

(1) 2030 Notes Embedded Derivative was valued using the binomial lattice valuation model and recorded as debt discount. Amount shown is net of amortization from the issue date discount and pro rata reductions from conversions. See Note 2 and Note 5.

(2) Includes accrued PIK interest of $14.2 million and $4.6 million as of September 26, 2026 and December 31, 2025, respectively.

The following is a summary of the 2027 Notes as of September 26, 2026, included in Current liabilities in the Company’s unaudited condensed consolidated balance sheet (in thousands):


	Principal Amount		Unamortized Issuance Costs		Net Carrying Amount		Fair Value
							Amount		Leveling
2027 Notes	$	14,459	$	—	$	14,459	$	11,567	Level 2

The following is a summary of the 2027 Notes as of December 31, 2025, included in Long-term liabilities in the Company’s unaudited condensed consolidated balance sheet (in thousands):


	Principal Amount		Unamortized Issuance Costs		Net Carrying Amount		Fair Value
							Amount		Leveling
2027 Notes	$	29,459	$	—	$	29,459	$	19,693	Level 2

The following is a summary of the 2030 Notes as of September 26, 2026 (in thousands):


	Principal Amount(1)		Undiscounted Cash Flows(2)		Unamortized Derivative Discount(3)		Net Carrying Amount		Fair Value
									Amount		Leveling
2030 Notes, net	$	151,288	$	72,981	$	(14,663)	$	209,606	$	66,434	Level 2

__________

(1) Represents the net principal amount remaining after $68.8 million of 2030 Note conversions settled during the nine months ended September 26, 2026. See Note 2. On May 1, 2026, the aggregate remaining principal amount of the 2030 Notes was increased by approximately $10.4 million in interest payment in the form of PIK interest at a rate of 9.5% for the period from October 15, 2025 to May 1, 2026, pursuant to the terms of the 2030 Notes Indenture.

(2) Represents the remaining undiscounted future cash flows using the PIK election, including any amounts contingently payable.

(3) Represents the remaining unamortized debt discount in the 2030 Notes. The discount was reduced by $8.0 million for conversions settled during the nine months ended September 26, 2026. See Note 2. The remaining discount is being amortized to interest expense at an effective interest rate of 1.7% per annum over the term of the 2030 Notes.

The following is a summary of the 2030 Notes as of December 31, 2025 (in thousands):


	Principal Amount		Undiscounted Cash Flows(1)		Unamortized Derivative Discount(2)		Carrying Amount		Fair Value
									Amount		Leveling
2030 Notes, net	$	209,721	$	124,427	$	(25,745)	$	308,403	$	166,267	Level 2

__________

(1) Represents the undiscounted future cash flows using the PIK election, including any amounts contingently payable, recognized on the restructuring date in accordance with TDR accounting discussed in Note 2.

(2) Represents the unamortized embedded derivatives in the 2030 Notes, recorded as a single derivative, bifurcated from the host and recorded as a discount in accordance with ASC 815. The 2030 Notes Embedded Derivative discount is being amortized to interest expense at an effective interest rate of 1.6% per annum over the term of the 2030 Notes.

- 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.

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+ Details

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 26, 2026	Sep. 27, 2025	Sep. 26, 2026	Sep. 27, 2025
Statement of Comprehensive Income [Abstract]
Net loss	$ (82,829)	$ (97,008)	$ (94,907)	$ (189,940)
Other comprehensive income (loss), net of tax:
Foreign currency translation gain (loss), net of tax	274	(48)	2,443	(3,556)
Reclassification of foreign currency translation to net loss, net of tax	0	0	894	0
Comprehensive loss, net of tax	$ (82,555)	$ (97,056)	$ (91,570)	$ (193,496)

- 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.

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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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Reference 40: http://www.xbrl.org/2003/role/disclosureRef
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Reference 41: http://www.xbrl.org/2003/role/disclosureRef
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Reference 42: http://www.xbrl.org/2003/role/disclosureRef
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Reference 43: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Amount after tax, before reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature.

+ References + Details

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 26, 2026	Sep. 27, 2025
Cash flows from operating activities:
Net loss	$ (94,907)	$ (189,940)
Adjustments to reconcile net loss to net cash used in operating activities:
Loss from impairment of long-lived assets (Note 8)	57,097	51,288
Depreciation and amortization	18,074	25,043
Non-cash lease expense	22,284	3,331
Share-based compensation expense	22,133	13,924
Provision for credit losses	0	(198)
Amortization of debt issuance costs and debt discount	5,395	2,987
(Gain) loss on sale and write-down of fixed assets	(1,041)	128
Equity in losses of unconsolidated joint venture	43	77
Remeasurement of delayed draw term loan warrant liability	(3,838)	(4,774)
Remeasurement of derivative liability	(21,374)	0
Gain on debt extinguishment	(63,789)	0
Unrealized losses (gains) on foreign currency transactions	3,183	(11,193)
Paid-in-kind interest	9,669	1,499
Net change in operating assets and liabilities:
Inventories	18,167	13,868
Prepaid expenses and other current assets	1,556	9,807
Prepaid lease costs, non-current and Other non-current assets, net	(316)	(5,117)
Operating lease liabilities	(1,637)	(2,617)
Net cash used in operating activities	(37,258)	(101,151)
Cash flows from investing activities:
Purchases of property, plant and equipment	(5,512)	(9,330)
Proceeds from sales of fixed assets	4,565	1,256
Proceeds from note receivable on assets previously held for sale	0	83
Payments of security deposits	(407)	0
Net cash used in investing activities	(1,354)	(7,991)
Cash flows from financing activities:
Proceeds from delayed draw term loan	0	100,000
Payments of debt issuance costs	0	(7,301)
Principal payments under finance lease obligations	(7,559)	(1,486)
Proceeds from exercise of stock options	0	6
Payments of minimum withholding taxes on net share settlement of equity awards	(3,019)	(385)
Net cash (used in) provided by financing activities	(10,578)	90,834
Effect of foreign currency exchange rate changes on cash	921	3,820
Net decrease in cash, cash equivalents and restricted cash	(48,269)	(14,488)
Cash, cash equivalents and restricted cash at the beginning of the period	217,531	145,554
Cash, cash equivalents and restricted cash at the end of the period	169,262	131,066
Cash paid during the period for:
Taxes	0	2
Non-cash investing and financing activities:
Finance lease right-of-use assets obtained in exchange for new lease liabilities	18,320	10,238
Issuance of delayed draw term loan warrants	0	20,363
Non-cash additions to property, plant and equipment	313	676
Offering and issuance costs, accrued not yet paid	0	7,736
Operating lease right-of-use assets obtained in exchange for lease liabilities	83	1,877
Reclassification of pre-paid lease costs to finance lease right-of-use assets	37,013	19,929
2030 Notes, net
Non-cash investing and financing activities:
Conversion of 2030 Notes by issuance of common stock	54,627	0
2027 Notes
Non-cash investing and financing activities:
Conversion of 2030 Notes by issuance of common stock	15,000	0
Nonrelated Party
Net change in operating assets and liabilities:
Accounts receivable	(451)	1,700
Accounts payable	9,354	(2,055)
Accrued expenses and other current liabilities	(17,741)	(7,112)
Related Party
Net change in operating assets and liabilities:
Accounts receivable	(1,093)	(1,738)
Accounts payable	813	676
Accrued expenses and other current liabilities	$ 1,161	$ (735)

Impairment of Long-Lived Assets (Tables)

9 Months Ended

Sep. 26, 2026

Intangible Asset, Goodwill and Other [Abstract]

Schedule of Loss on Impairment by Each Major Class

The following table details the total loss from impairment recognized by the Company related to the entity-wide and sublease asset groups for the periods indicated (in thousands):


	Three Months Ended				Nine Months Ended
	September 26, 2026		September 27, 2025		September 26, 2026		September 27, 2025
Property, plant and equipment, net	$	54,268	$	35,803	$	54,268	$	35,803
Operating lease right-of-use assets	430		865		430		865
Prepaid lease costs, non-current	2,399		14,620		2,399		14,620

Loss from impairment of long-lived assets(1)	$	57,097	$	51,288	$	57,097	$	51,288

____________

(1) Includes loss from impairment of $29.8 million related to the sublease asset group in the three and nine months ended September 26, 2026. Includes loss from impairment of $26.2 million related to the sublease asset group in the three and nine months ended September 27, 2025. See Note 6.

Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 26, 2026	Sep. 27, 2025	Sep. 26, 2026	Sep. 27, 2025
Related Party Transaction [Line Items]
Net revenues	$ 64,529	$ 70,218	$ 191,567	$ 213,907
Cost of goods sold	52,107	64,990	171,287	207,685
Selling, general and administrative expenses	32,995	47,130	103,354	136,740
Related Party
Related Party Transaction [Line Items]
Net revenues	9,380	7,442	27,820	19,684
Cost of goods sold	5,609	7,302	17,059	18,481
Selling expenses	3	5	163	23
Marketing expenses	43	163	189	576
Selling, general and administrative expenses	46	168	352	599
Related Party \| Contract manufacturing and related expenses
Related Party Transaction [Line Items]
Cost of goods sold	4,995	6,652	15,187	16,755
Related Party \| Warehousing, net of sublease income
Related Party Transaction [Line Items]
Cost of goods sold	$ 614	$ 650	$ 1,872	$ 1,726

- Definition

The aggregate costs related to goods produced and sold and services rendered by an entity during the reporting period. This excludes costs incurred during the reporting period related to financial services rendered and other revenue generating activities.

+ References + Details

- 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

+ Details

- 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.

+ References

+ Details

- Definition

The aggregate total costs related to selling a firm's product and services, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, utilities, communication, etc.

+ References + Details

Leases - Schedule of Future Maturities of Operating Lease and Financial Lease Liabilities (Details) $ in Thousands	Sep. 26, 2026 USD ($)
Operating Leases
Remainder of 2026	$ 546
2027	1,948
2028	949
2029	643
2030	513
Thereafter	250
Total undiscounted future minimum lease payments	4,849
Less imputed interest	(319)
Total discounted future minimum lease payments	4,530
Finance Leases
Remainder of 2026	2,596
2027	14,119
2028	11,918
2029	11,097
2030	11,309
Thereafter	61,735
Total undiscounted future minimum lease payments	112,774
Less imputed interest	(56,801)
Total discounted future minimum lease payments	$ 55,973

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 26, 2026
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 unaudited 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, 2026 or for any other interim period or for any other future fiscal year. These unaudited condensed consolidated financial statements should be read in conjunction with the Company's audited financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on April 9, 2026 (the “2025 10-K”). A detailed description of the Company's significant accounting policies can be found in the 2025 10-K. The policies described below supplement those policies, including as they apply to certain transactions entered into during the nine months ended September 26, 2026.
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.
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 and discount accruals; useful lives of property, plant and equipment; valuation of long-lived assets, including assets held for sale, and assumptions used in assessing and allocating loss from impairment to long-lived assets; valuation of deferred tax assets; valuation of inventory and related provision; 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 probability of vesting and valuation of the fair value of stock options and performance stock units (“PSUs”) used to determine share-based compensation expense; the valuation and remeasurement of the fair value of warrant liability in connection with the Loan and Security Agreement warrants (the “Delayed Draw Term Loan Warrants”); the probability of vesting and the issuance date valuation of the Big Geyser, Inc. (“Big Geyser”) warrants to purchase shares of our common stock (the “BG Tranche 1 Warrant” and the “BG Tranche 2 Warrant,” collectively, the “BG Warrants”); the valuation and remeasurement of the fair value of embedded derivatives; the number of underlying shares expected to vest, or for which vesting is probable, for equity-classified warrants, 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 Company’s consolidated financial statements.
2030 Notes Conversions and Gain on Debt Extinguishment	2030 Notes Conversions and Gain on Debt Extinguishment The Company accounts for conversions of the 2030 Notes issued pursuant to an indenture and security agreement dated as of October 15, 2025 (as supplemented, the “2030 Notes Indenture”) in accordance with accounting for convertible debt with a bifurcated conversion option whereby each conversion is accounted for as a debt extinguishment in accordance with ASC 470, “Debt” (“ASC 470”), and ASC 815, “Derivatives and Hedging” (“ASC 815”). Accordingly, at each conversion settlement date, the Company records the fair value of the shares issued and reduces, on a pro rata basis, the carrying value of the 2030 Notes, the related debt discount and the remeasurement value of certain embedded derivatives contained in the 2030 Notes that require bifurcation (the “2030 Notes Embedded Derivative”), respectively, as of the settlement date. An extinguishment gain or loss is recognized on the settlement date equal to the difference between (i) the fair value of the shares issued and (ii) the sum of the pro rata carrying amounts of the respective 2030 Notes, the related debt discount and the remeasurement value of the 2030 Notes Embedded Derivative extinguished. The extinguishment gain or loss recognized is included in Other income (expense), net, in the Company’s unaudited condensed consolidated statements of operations.
Equity-Classified Warrants Issued as Customer Consideration	Equity-Classified Warrants Issued as Customer Consideration The Company may issue warrants or other share-based instruments to customers or parties that purchase the Company’s products from its customers in connection with sales and distribution arrangements. When such instruments are not issued in exchange for a distinct good or service, the Company accounts for the instruments as consideration payable to a customer in accordance with ASC 606, “Revenue From Contracts With Customers” (“ASC 606”), and ASC 718, “Compensation—Stock Compensation” (“ASC 718”), and records the related amount as a reduction of the transaction price and, therefore, revenue. The Company measures and classifies such instruments at grant-date fair value in accordance with ASC 718. Warrants that are indexed to the Company’s common stock or contain only market, service or performance conditions, and that otherwise qualify for equity classification under ASC 718, are recorded in equity. The Company evaluates whether equity-classified warrants are required to be presented outside permanent equity under ASC 480, “Distinguishing Liabilities From Equity” (“ASC 480”). Warrants that qualify for equity classification and are not required to be presented outside permanent equity are recorded in additional paid-in capital and are not subsequently remeasured. If an equity-classified warrant is issued before the related revenue is recognized and the Company expects to recover the consideration through future purchases by the customer under the related arrangement, the grant-date fair value is initially recorded as a prepaid asset and amortized as a reduction of revenue as the related revenues are generated. For equity-classified warrants with service or performance conditions that affect vesting, the Company estimates the number of underlying shares expected to vest, or for which vesting is probable, and updates that estimate until the equity-classified warrants vest, or are forfeited, with changes reflected as adjustments to the transaction price.
Share-Based Compensation	Share-Based Compensation For details of the Company's share-based compensation policy related to various types of equity grants, see Note 2, Summary of Significant Accounting Policies, to the Notes to Consolidated Financial Statements included in the 2025 10-K. Certain equity awards granted by the Company are subject to acceleration of vesting. In the event of an acceleration of vesting, the Company applies modification accounting pursuant to ASC 718. The acceleration of vesting of the unvested RSUs granted to an employee in the third quarter of 2026 pursuant to the employee’s award agreements was determined to be an accounting modification. See Note 11. The Company’s performance-based stock units (MIP PSUs) are considered granted as of the date when the Company’s board of directors establishes relevant performance goals to be set based on metrics to be established upon recommendation from the Company’s human capital management and compensation committee. The MIP PSUs are measured at the grant date fair value, which equals the Company’s stock price on the grant date. The Company recognizes compensation cost related to the MIP PSUs from the service inception date (which is the grant date) over the requisite service for the performance period only if it is considered probable that the performance conditions will be satisfied.
New Accounting Pronouncements and Recently Adopted Accounting Pronouncements	New Accounting Pronouncements 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. 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, with early adoption permitted. The amendments can be applied either prospectively or retrospectively. The Company is currently assessing adoption timing, the method of adoption, and the effect that the amendments will have on the Company’s financial statement disclosures. On December 8, 2025, the FASB issued ASU 2025-11, “Interim Reporting (Topic 270),” which is intended to improve the navigability of the guidance in ASC 270, “Disclosure Requirements” (“ASC 270”) and clarify when it applies. Under the amendments, an entity is subject to ASC 270 if it provides “interim financial statements and notes in accordance with GAAP.” The ASU also addresses the form and content of such financial statements, adds lists to ASC 270 of the interim disclosures required by all other Codification topics, and establishes a principle under which an entity must “disclose events since the end of the last annual reporting period that have a material impact on the entity.” For public companies, the amendments in ASU 2025-11 are effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. The Company is currently assessing adoption timing, the method of adoption, and the effect that the amendments will have on the Company’s financial statement disclosures. Recently Adopted Accounting Pronouncements On July 30, 2025, the FASB issued ASU 2025-05, “Measurement of Credit Losses for Accounts Receivable and Contract Assets,” which amends ASC 326-20 “Financial Instruments—Credit Losses: Measured at Amortized Cost,” to provide a practical expedient (for all entities) related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under ASC 606, “Revenue From Contracts With Customers.” ASU 2025-05 is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods, with early adoption permitted. The Company adopted the amendments in ASU 2025-05 on January 1, 2026 on a prospective basis. The amendments in ASU 2025-05 did not 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 adopted ASU 2024-04 on January 1, 2026 on a prospective basis. The adoption of ASU 2024-04 did not have a material impact on the Company’s financial position, results of operations or cash flows. On December 17, 2025, the FASB issued ASU 2025-12, “Codification Improvements” (“ASU 2025-12”), which addresses suggestions received from stakeholders on the Codification and makes other incremental improvements to GAAP. This evergreen project facilitates Codification updates for a broad range of topics arising from technical corrections, the unintended application of the Codification, clarifications, and other minor improvements. The Company adopted ASU 2025-12 beginning January 1, 2026. The amendments in ASU 2025-12 did not have a material impact on the Company’s financial position, results of operations or cash flows.

- Definition

Disclosure of accounting policy for award under share-based payment arrangement. Includes, but is not limited to, methodology and assumption used in measuring cost.

+ References

+ Details

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

+ References

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-Topic 275
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-1

+ Details

Fair Value of Financial Instruments - Narrative (Details) - USD ($)		3 Months Ended		9 Months Ended
	Oct. 15, 2025	Sep. 26, 2026	Sep. 27, 2025	Sep. 26, 2026	Sep. 27, 2025	Dec. 31, 2025
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Remeasurement of delayed draw term loan warrant liability		$ (2,614,000)	$ (4,774,000)	$ (3,838,000)	$ (4,774,000)
2030 Notes Embedded Derivative liability at fair value		1,275,000		1,275,000		$ 39,152,000
Convertible Debt
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
2030 Notes Embedded Derivative liability at fair value	$ 26,900,000	1,300,000		1,300,000		$ 39,200,000
Convertible Debt \| Convertible Senior Notes Due 2030
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Amortization of debt issuance costs		900,000		3,100,000
Reduction in carrying value of debt discount				8,000,000.0
Exchange principal amount	$ 196,217,000	$ 0		$ 68,800,000

- 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 + Details

Leases

9 Months Ended

Sep. 26, 2026

Leases [Abstract]

Leases

The Company has finance leases for its corporate headquarters, lab and innovation space in El Segundo, California (the "Campus Headquarters"), for a warehousing facility in the Netherlands and for certain equipment used for research and development and operations. The Company also has operating leases including lease arrangements for the Company’s corporate offices (other than the Campus Headquarters), manufacturing facilities, warehouses, vehicles, and certain equipment. Such leases generally have original lease terms between 2 years and 16 years, and often include one or more options to extend. 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.

The Company subleases a portion of its Campus Headquarters to a third party. Sublease income is recognized on a straight-line basis and included in the Company’s unaudited condensed consolidated statements of operations as a credit to Research and development expenses.

For details of the Campus Headquarters lease, including amendments thereto (which resulted in, among other things, a reclassification from an operating to a finance lease and a revised letter of credit reduction schedule), and the Company's sublease, see Note 5, Leases, to the Notes to Consolidated Financial Statements included in the 2025 10-K.

Fifth Amendment to Campus Lease

The Company entered into a Fifth Amendment to Lease, dated as of July 31, 2026 (the “Fifth Amendment to Lease”), with HC Hornet Way, LLC, a Delaware limited liability company (the “Landlord”), amending that certain Lease dated January 14, 2021, as amended by that certain First Amendment to Lease dated as of September 17, 2024, that certain Second Amendment to Lease dated as of May 9, 2025, that certain Third Amendment to Lease dated as of July 16, 2025, and that certain Fourth Amendment to Lease dated as of October 7, 2025 (collectively, the “Campus Lease”), pursuant to which, prior to giving effect to the Fifth Amendment to Lease, the Company leased approximately 220,519 rentable square feet in a portion of a building located at 888 N. Douglas Street, El Segundo, California (which includes the subleased space discussed below).

The Fifth Amendment to Lease provides for, among other things, the surrender of approximately 101,612 rentable square feet of the Campus Headquarters (the “Surrendered Premises”), spanning portions of Phase I-A, Phase I-B and Phase III and the performance of specified repair, restoration and removal work with respect to the Surrendered Premises by August 31, 2026; a mutual release of claims arising out of, based upon, or relating to any act, omission, event, matter or thing with respect to the Surrendered Premises (subject to specified conditions and exceptions, including claims arising from a breach of the Fifth Amendment to Lease); and the continued leasing of approximately 118,907 rentable square feet of the existing premises (the “Remaining Premises”).

Concurrently with the Fifth Amendment to Lease, the approximately 2,715 rentable square foot portion of Phase III retained by the Company became available for the Company’s use. As such, the Phase III lease component commenced on July 31, 2026, and the Company recorded a new right-of-use asset and lease liability for this component as of the commencement date, which was reclassified and accounted for as discussed below. Approximately 54,749 rentable square feet of the Remaining Premises is currently subleased by the Company to Varda Space Industries, Inc. (the “Subtenant”), which is subject to increase to approximately 55,109 rentable square feet upon delivery of the IDF Room (as defined below), under a sublease agreement dated July 22, 2025, as amended on July 31, 2026.

The consideration for the surrender, the release of claims, and certain other terms in the Fifth Amendment to Lease includes, among other things: (a) payment by the Company to the Landlord of $14.0 million, as additional base rent (the “Compromise Rent”), payable in forty-eight (48) monthly installments of approximately $291,667 during the periods February 1, 2027 through April 30, 2027 and August 1, 2028 through April 30, 2032; (b) performance by the Company, at its sole cost and expense, of specified restoration, repair, and removal obligations with respect to the Surrendered Premises by August 31, 2026 (except for certain exterior items which must be completed by April 30, 2027), estimated to cost approximately $4.9 million, including broker fees; and (c) continued payment by the Company of base rent (under the existing rent schedule) and additional rent attributable to the Surrendered Premises through the day before the lease of the Surrendered Premises to a new tenant (the “New Tenant”) commences (the “Surrender Termination Date”), which is expected

to occur no later than July 31, 2027. After the Surrender Termination Date, the Company will begin paying rent under the revised rent schedule per the Fifth Amendment to Lease, the base rent under which includes an amount equal to the base rent abatement to which the New Tenant is entitled for months two through eleven of its lease term, payable in equal installments over those ten months.

The Fifth Amendment to Lease also amends the Campus Lease to replace the provisions governing reduction of the letter of credit securing the Company’s obligations under the Campus Lease. Under the amended provisions, the stated amount of the letter of credit will remain at $12.5 million until the outstanding balance of the Compromise Rent first falls below that amount, which is anticipated to occur on or after October 1, 2028. Thereafter, so long as the Company is not in default that remains uncured after receipt of written notice and the passing of all applicable cure periods under the Campus Lease and there is no then-existing failure to pay rent when due, the Company may from time to time—but not more than once in any calendar month, and at its own expense—cause the issuing bank to deliver an amendment reducing the stated amount of the letter of credit to the then-outstanding balance of the Compromise Rent. Each such reduction is subject to the Landlord’s written consent, which the Landlord is required to give if no such default or payment failure exists and the amendment satisfies specified conditions. Following payment of the Compromise Rent in full, the Company may cause the stated amount of the letter of credit to be reduced to zero.

Effective the day following the Surrender Termination Date, the Company’s proportionate share of expenses and charges under the Campus Lease will be reduced from 56.45% to 30.44%. The obligations of the Landlord and the Company under the Fifth Amendment to Lease were conditioned on the execution and delivery of a lease of the Surrendered Premises between the Landlord and the New Tenant, which condition has been satisfied.

The Company accounted for the Fifth Amendment to Lease as a lease modification under ASC 842, “Leases” (“ASC 842”). Accordingly, the Company reassessed the lease components, lease classification and lease term for the affected portions of the Campus Lease, reallocated the remaining consideration and remeasured the related lease liabilities using discount rates determined as of the modification date. The Company classified the remaining Phase I-A, Phase I-B and Phase III lease components as finance leases and reclassified the lease components related to the Surrendered Premises, which had a remaining term of one month, from finance leases to operating leases. The modification resulted in reductions of lease liabilities, right-of-use assets and prepaid lease balances of $38.2 million, $22.9 million and $15.3 million, respectively. The Company fully amortized the right-of-use assets for the operating lease components related to the Surrendered Premises over the remaining one-month term, resulting in accelerated rent expense of $20.8 million in the three and nine months ended September 26, 2026, of which $10.2 million was recognized in research and development expenses and $10.6 million was recognized in selling, general and administrative expenses. Costs incurred to satisfy the repair, restoration and removal obligations, including costs to remove the Company’s furniture and equipment, are included in Total SG&A expenses as incurred.

Separately, concurrent with the commencement of the sublease of the Unimproved Space and the IDF Room (as defined below) on September 1, 2026, the Phase II-A head lease component related to the sublease premises became available for the Company’s use (as a sublessor); as such, the Phase II-A lease component commenced on September 1, 2026, and the Company recorded a new right-of-use asset and lease liability for this component as of the commencement date. As discussed below, the commencement of these sublease components represented an impairment indicator. As a result, management performed a recoverability test, which resulted in the Company recognizing a loss from impairment of $29.8 million related to the sublease asset group in the three and nine months ended September 26, 2026.

First Amendment to Sublease

On July 22, 2025, the Company entered into a Sublease Agreement (the “Sublease”) with the Subtenant, pursuant to which the Company subleases to 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. The Sublease was subject to receipt of Master Landlord’s consent to the Sublease, which consent was granted on October 7, 2025.

In connection with the surrender of the Surrendered Premises pursuant to the Fifth Amendment to Lease, the Company entered into that certain First Amendment to Sublease, dated as of July 31, 2026 (the “First Amendment to Sublease”), with Subtenant. The First Amendment to Sublease provides for, among other things: (a) the construction by the Company, at its sole cost and expense, of demising walls and an opening to an existing exterior door for emergency exit, whereby an additional 360 rentable square feet of space at Phase I-B (consisting of an IDF room and the abutting hallway) shall be added to the sublease (collectively, the “IDF Room”), increasing the Subleased Premises from approximately 54,749 to approximately 55,109 rentable square feet; (b) the relocation by the Company, at its sole cost and expense, of the electrical room serving the Subleased Premises; (c) a revised schedule of base rent for the Improved Space, effective upon delivery of the IDF Room to the Subtenant, of $52,026 per month for the first twelve months following the Improved Space commencement date under the Sublease and escalating by 3% annually, subject to the rent abatement provided under the Sublease; and (d) an increase in Subtenant’s proportionate share of operating expenses and other charges under the Sublease, which will be 46.35% beginning on the Surrender Termination Date of the Campus Lease. The construction described in clause (a) above was required to be completed by August 31, 2026. The Company has not yet completed the work described in clauses (a) and (b) above, and such work remains ongoing. The effectiveness of the First Amendment to Sublease was conditioned on the Company and Landlord entering into the Fifth Amendment to Lease, which condition has been satisfied. The First Amendment to Sublease also required the consent of the Master Landlord, which consent was granted pursuant to that certain First Amendment to Consent to Sublease, dated as of July 31, 2026, among the Company, Landlord and Subtenant (the “First Amendment to Consent”).

The Company accounted for the addition of the IDF Room under the First Amendment to Sublease as a separate contract because it provides the Subtenant with an additional right of use not included in the original Sublease at a price commensurate with its standalone price. Accordingly, the accounting for the existing sublease components was not modified. The new IDF Room sublease component will commence when construction is completed and the space is made available to the Subtenant, which is expected to occur by December 1, 2026. The Company preliminarily classified the new sublease component as an operating lease, subject to reassessment upon commencement.

On September 1, 2026, the unimproved Phase I-B and Phase II-A sublease components commenced and were classified as operating leases. Because the Company remains primarily obligated under the Campus Lease, the Company continued to account for the related head-lease assets as it did before commencement of the Sublease.

Loss from Impairment of Sublease Asset Group

The commencement of the unimproved Phase I-B and Phase II-A sublease components represented an impairment indicator because the remaining lease costs under the Campus Lease exceeded the anticipated sublease income. Management performed a recoverability test for the sublease asset group and determined that its carrying amount was not recoverable as of September 1, 2026. As a result, based on a valuation obtained from a third-party specialist, management estimated the fair value of the sublease asset group using

an income approach. The significant assumptions used in estimating the fair value of the sublease asset group under the income approach primarily related to forecasted cash flows over the remaining Campus Lease term including the first extension period, using a discount rate of 9.2%.

As a result of this assessment, the Company recognized a loss from impairment of $29.8 million related to Phase I-B and Phase II-A of the sublease asset group in the three and nine months ended September 26, 2026.

In the three and nine months ended September 27, 2025, the Company recognized a $26.2 million loss from impairment related to the sublease asset group. See Note 8.

2250 East Maple Avenue License Agreement

On September 24, 2026, the Company entered into a 24-month license agreement for office space at 2250 and 2252 East Maple Avenue in El Segundo, California. The license term commenced on September 28, 2026 and expires on September 30, 2028, subject to earlier termination by either party under certain circumstances. The agreement provides for a monthly license fee of $40,000 for months 1 through 12 and $41,200 for months 13 through 24 and, beginning in calendar year 2028, payment by the Company of 100% of the operating expenses, taxes and insurance for the property in excess of a calendar year 2027 base year with respect to such office space. Subsequent to September 26, 2026, the Company delivered a $240,000 cash security deposit in accordance with the agreement. In November 2026, the Company delivered to the licensor a letter of credit in the amount of $200,000, and the licensor is required to return the $240,000 cash security deposit to the Company within ten business days after receipt of a conforming letter of credit. Because the new license agreement commenced after September 26, 2026, no related right-of-use asset or lease liability was recognized as of September 26, 2026. The Company expects to account for the agreement as an operating lease under ASC 842.

The following table presents the Company’s sublease income (in thousands):


	Three Months Ended				Nine Months Ended
	September 26, 2026		September 27, 2025		September 26, 2026		September 27, 2025

Sublease income	$	483	$	166	$	1,090	$	166

Lease costs for operating and finance leases were as follows (in thousands):


		Three Months Ended
	Statement of Operations Location	September 26, 2026		September 27, 2025
Operating lease cost:
Lease cost	Total cost of goods sold	$	421	$	493
Lease cost	Research and development expenses	10,197		—
Lease cost	Total selling, general and administrative expenses	10,745		22
Variable lease cost(1)	Total cost of goods sold	145		147
Variable lease cost(1)	Research and development expenses	561		—
Variable lease cost(1)	Total selling, general and administrative expenses	—		—
Operating lease cost		22,069		662
Short- term lease cost:
Short-term lease cost	Total cost of goods sold	62		107
Short-term lease cost	Research and development expenses	6		4
Short-term lease cost	Total selling, general and administrative expenses	40		166
Short-term lease cost		108		277
Finance lease cost:
Amortization of right-of use assets	Total cost of goods sold	140		280
Amortization of right-of use assets	Research and development expenses	1,273		2,143
Amortization of right-of use assets	Total selling, general and administrative expenses	456		542
Interest on lease liabilities	Interest expense	1,866		1,710
Variable lease cost(1)	Total cost of goods sold	4		11
Variable lease cost(1)	Research and development expenses	—		1
Variable lease cost(1)	Total selling, general and administrative expenses	504		1,109
Finance lease cost		4,243		5,796
Total lease cost		$	26,420	$	6,735

____________

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


		Nine Months Ended
	Statement of Operations Location	September 26, 2026		September 27, 2025
Operating lease cost:
Lease cost	Total cost of goods sold	$	1,333	$	1,319
Lease cost	Research and development expenses	10,197		2,872
Lease cost	Total selling, general and administrative expenses	10,954		1,201
Variable lease cost(1)	Total cost of goods sold	463		249
Variable lease cost(1)	Research and development expenses	561		—
Variable lease cost(1)	Total selling, general and administrative expenses	—		1,468
Operating lease cost		23,508		7,109
Short- term lease cost:
Short-term lease cost	Total cost of goods sold	182		302
Short-term lease cost	Research and development expenses	21		34
Short-term lease cost	Total selling, general and administrative expenses	143		411
Short-term lease cost		346		747
Finance lease cost:
Amortization of right-of use assets	Total cost of goods sold	459		807
Amortization of right-of use assets	Research and development expenses	4,622		3,708
Amortization of right-of use assets	Total selling, general and administrative expenses	1,778		542
Interest on lease liabilities	Interest expense	5,202		2,766
Variable lease cost(1)	Total cost of goods sold	8		39
Variable lease cost(1)	Research and development expenses	1		2
Variable lease cost(1)	Total selling, general and administrative expenses	3,664		1,693
Finance lease cost		15,734		9,557
Total lease cost		$	39,588	$	17,413

____________

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

The following is a schedule by year of the maturities of lease liabilities with original terms in excess of one year, as of September 26, 2026 (in thousands):


	September 26, 2026
	Operating Leases		Finance Leases
Remainder of 2026	$	546	$	2,596
2027	1,948		14,119
2028	949		11,918
2029	643		11,097
2030	513		11,309
Thereafter	250		61,735
Total undiscounted future minimum lease payments	4,849		112,774
Less imputed interest	(319)		(56,801)
Total discounted future minimum lease payments	$	4,530	$	55,973

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


	September 26, 2026
	Operating Leases	Finance Leases
Weighted average remaining lease term (years)	3.2	11.9
Weighted average discount rate	4.6%	16.4%

Supplemental cash flow information (in thousands):


	Three Months Ended				Nine Months Ended
	September 26, 2026		September 27, 2025		September 26, 2026		September 27, 2025
Cash paid for amounts included in the measurement of operating lease liabilities	$	1,033	$	527	$	2,081	$	4,354
Cash paid for interest on finance lease liabilities	1,866		$	1,710	$	5,202	$	2,766

Leases

Fifth Amendment to Campus Lease

First Amendment to Sublease

Loss from Impairment of Sublease Asset Group

In the three and nine months ended September 27, 2025, the Company recognized a $26.2 million loss from impairment related to the sublease asset group. See Note 8.

2250 East Maple Avenue License Agreement

The following table presents the Company’s sublease income (in thousands):


	Three Months Ended				Nine Months Ended
	September 26, 2026		September 27, 2025		September 26, 2026		September 27, 2025

Sublease income	$	483	$	166	$	1,090	$	166

Lease costs for operating and finance leases were as follows (in thousands):


		Three Months Ended
	Statement of Operations Location	September 26, 2026		September 27, 2025
Operating lease cost:
Lease cost	Total cost of goods sold	$	421	$	493
Lease cost	Research and development expenses	10,197		—
Lease cost	Total selling, general and administrative expenses	10,745		22
Variable lease cost(1)	Total cost of goods sold	145		147
Variable lease cost(1)	Research and development expenses	561		—
Variable lease cost(1)	Total selling, general and administrative expenses	—		—
Operating lease cost		22,069		662
Short- term lease cost:
Short-term lease cost	Total cost of goods sold	62		107
Short-term lease cost	Research and development expenses	6		4
Short-term lease cost	Total selling, general and administrative expenses	40		166
Short-term lease cost		108		277
Finance lease cost:
Amortization of right-of use assets	Total cost of goods sold	140		280
Amortization of right-of use assets	Research and development expenses	1,273		2,143
Amortization of right-of use assets	Total selling, general and administrative expenses	456		542
Interest on lease liabilities	Interest expense	1,866		1,710
Variable lease cost(1)	Total cost of goods sold	4		11
Variable lease cost(1)	Research and development expenses	—		1
Variable lease cost(1)	Total selling, general and administrative expenses	504		1,109
Finance lease cost		4,243		5,796
Total lease cost		$	26,420	$	6,735

____________

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


		Nine Months Ended
	Statement of Operations Location	September 26, 2026		September 27, 2025
Operating lease cost:
Lease cost	Total cost of goods sold	$	1,333	$	1,319
Lease cost	Research and development expenses	10,197		2,872
Lease cost	Total selling, general and administrative expenses	10,954		1,201
Variable lease cost(1)	Total cost of goods sold	463		249
Variable lease cost(1)	Research and development expenses	561		—
Variable lease cost(1)	Total selling, general and administrative expenses	—		1,468
Operating lease cost		23,508		7,109
Short- term lease cost:
Short-term lease cost	Total cost of goods sold	182		302
Short-term lease cost	Research and development expenses	21		34
Short-term lease cost	Total selling, general and administrative expenses	143		411
Short-term lease cost		346		747
Finance lease cost:
Amortization of right-of use assets	Total cost of goods sold	459		807
Amortization of right-of use assets	Research and development expenses	4,622		3,708
Amortization of right-of use assets	Total selling, general and administrative expenses	1,778		542
Interest on lease liabilities	Interest expense	5,202		2,766
Variable lease cost(1)	Total cost of goods sold	8		39
Variable lease cost(1)	Research and development expenses	1		2
Variable lease cost(1)	Total selling, general and administrative expenses	3,664		1,693
Finance lease cost		15,734		9,557
Total lease cost		$	39,588	$	17,413

____________

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

The following is a schedule by year of the maturities of lease liabilities with original terms in excess of one year, as of September 26, 2026 (in thousands):


	September 26, 2026
	Operating Leases		Finance Leases
Remainder of 2026	$	546	$	2,596
2027	1,948		14,119
2028	949		11,918
2029	643		11,097
2030	513		11,309
Thereafter	250		61,735
Total undiscounted future minimum lease payments	4,849		112,774
Less imputed interest	(319)		(56,801)
Total discounted future minimum lease payments	$	4,530	$	55,973

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


	September 26, 2026
	Operating Leases	Finance Leases
Weighted average remaining lease term (years)	3.2	11.9
Weighted average discount rate	4.6%	16.4%

Supplemental cash flow information (in thousands):


	Three Months Ended				Nine Months Ended
	September 26, 2026		September 27, 2025		September 26, 2026		September 27, 2025
Cash paid for amounts included in the measurement of operating lease liabilities	$	1,033	$	527	$	2,081	$	4,354
Cash paid for interest on finance lease liabilities	1,866		$	1,710	$	5,202	$	2,766

Leases (Tables)

9 Months Ended

Sep. 26, 2026

Leases [Abstract]

Schedule of Sublease Income

The following table presents the Company’s sublease income (in thousands):


	Three Months Ended				Nine Months Ended
	September 26, 2026		September 27, 2025		September 26, 2026		September 27, 2025

Sublease income	$	483	$	166	$	1,090	$	166

Schedule of Components of Lease

Lease costs for operating and finance leases were as follows (in thousands):


		Three Months Ended
	Statement of Operations Location	September 26, 2026		September 27, 2025
Operating lease cost:
Lease cost	Total cost of goods sold	$	421	$	493
Lease cost	Research and development expenses	10,197		—
Lease cost	Total selling, general and administrative expenses	10,745		22
Variable lease cost(1)	Total cost of goods sold	145		147
Variable lease cost(1)	Research and development expenses	561		—
Variable lease cost(1)	Total selling, general and administrative expenses	—		—
Operating lease cost		22,069		662
Short- term lease cost:
Short-term lease cost	Total cost of goods sold	62		107
Short-term lease cost	Research and development expenses	6		4
Short-term lease cost	Total selling, general and administrative expenses	40		166
Short-term lease cost		108		277
Finance lease cost:
Amortization of right-of use assets	Total cost of goods sold	140		280
Amortization of right-of use assets	Research and development expenses	1,273		2,143
Amortization of right-of use assets	Total selling, general and administrative expenses	456		542
Interest on lease liabilities	Interest expense	1,866		1,710
Variable lease cost(1)	Total cost of goods sold	4		11
Variable lease cost(1)	Research and development expenses	—		1
Variable lease cost(1)	Total selling, general and administrative expenses	504		1,109
Finance lease cost		4,243		5,796
Total lease cost		$	26,420	$	6,735

____________

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


		Nine Months Ended
	Statement of Operations Location	September 26, 2026		September 27, 2025
Operating lease cost:
Lease cost	Total cost of goods sold	$	1,333	$	1,319
Lease cost	Research and development expenses	10,197		2,872
Lease cost	Total selling, general and administrative expenses	10,954		1,201
Variable lease cost(1)	Total cost of goods sold	463		249
Variable lease cost(1)	Research and development expenses	561		—
Variable lease cost(1)	Total selling, general and administrative expenses	—		1,468
Operating lease cost		23,508		7,109
Short- term lease cost:
Short-term lease cost	Total cost of goods sold	182		302
Short-term lease cost	Research and development expenses	21		34
Short-term lease cost	Total selling, general and administrative expenses	143		411
Short-term lease cost		346		747
Finance lease cost:
Amortization of right-of use assets	Total cost of goods sold	459		807
Amortization of right-of use assets	Research and development expenses	4,622		3,708
Amortization of right-of use assets	Total selling, general and administrative expenses	1,778		542
Interest on lease liabilities	Interest expense	5,202		2,766
Variable lease cost(1)	Total cost of goods sold	8		39
Variable lease cost(1)	Research and development expenses	1		2
Variable lease cost(1)	Total selling, general and administrative expenses	3,664		1,693
Finance lease cost		15,734		9,557
Total lease cost		$	39,588	$	17,413

____________

(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:


	September 26, 2026
	Operating Leases	Finance Leases
Weighted average remaining lease term (years)	3.2	11.9
Weighted average discount rate	4.6%	16.4%

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 September 26, 2026 (in thousands):


	September 26, 2026
	Operating Leases		Finance Leases
Remainder of 2026	$	546	$	2,596
2027	1,948		14,119
2028	949		11,918
2029	643		11,097
2030	513		11,309
Thereafter	250		61,735
Total undiscounted future minimum lease payments	4,849		112,774
Less imputed interest	(319)		(56,801)
Total discounted future minimum lease payments	$	4,530	$	55,973

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 September 26, 2026 (in thousands):


	September 26, 2026
	Operating Leases		Finance Leases
Remainder of 2026	$	546	$	2,596
2027	1,948		14,119
2028	949		11,918
2029	643		11,097
2030	513		11,309
Thereafter	250		61,735
Total undiscounted future minimum lease payments	4,849		112,774
Less imputed interest	(319)		(56,801)
Total discounted future minimum lease payments	$	4,530	$	55,973

Schedule of Supplemental Cash Flow Information

Supplemental cash flow information (in thousands):


	Three Months Ended				Nine Months Ended
	September 26, 2026		September 27, 2025		September 26, 2026		September 27, 2025
Cash paid for amounts included in the measurement of operating lease liabilities	$	1,033	$	527	$	2,081	$	4,354
Cash paid for interest on finance lease liabilities	1,866		$	1,710	$	5,202	$	2,766

Net Loss Per Share Available to Common Stockholders

9 Months Ended

Sep. 26, 2026

Earnings Per Share [Abstract]

Net Loss Per Share Available to Common Stockholders

Net income (loss) per share available to common stockholders—basic is computed by dividing net income (loss) by the weighted-average number of shares of the Company’s common stock outstanding.

For the calculation of net income per share available to common stockholders—diluted, net income per share available to common stockholders—basic is adjusted by the effect of dilutive securities. Net income per share available to common stockholders—diluted is computed by dividing net income by the weighted-average number of fully diluted common shares outstanding.

For periods in which the Company reports net losses, net loss per share available to common stockholders—basic and diluted are the same because potentially dilutive common shares are not assumed to have been issued if their effect is anti-dilutive.

The numerators and denominators for the calculation of net loss per share available to common stockholders—basic and diluted are as follows (in thousands, except share and per share data):


	Three Months Ended				Nine Months Ended
	September 26, 2026		September 27, 2025		September 26, 2026		September 27, 2025
Numerator:

Net loss available to common stockholders—basic and diluted	$	(82,829)	$	(97,008)	$	(94,907)	$	(189,940)













Denominator:

Weighted average common shares outstanding—basic and diluted	19,152,391		2,555,696		16,301,717		2,548,532














Net loss per share
Net loss per share available to common stockholders—basic and diluted	$	(4.32)	$	(37.96)	$	(5.82)	$	(74.53)

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


	Three Months Ended		Nine Months Ended
	September 26, 2026	September 27, 2025	September 26, 2026	September 27, 2025
Options to purchase common stock(1)	149,513	135,655	149,513	135,655
RSUs(1)	1,388,608	45,569	1,388,608	45,569
PSUs(1)	340,876	4,858	340,876	4,858
2027 Notes(2)	—	274,475	—	274,475
2030 Notes (if converted)(3)	2,999,211	—	2,999,211	—
Delayed Draw Term Loan Warrants(3)	318,622	318,622	318,622	318,622
BG Warrants(3)	138,889	—	138,889	—
Total	5,335,719	779,179	5,335,719	779,179

____________

(1) As the Company recorded a net loss (on a diluted basis) in the three and nine months ended September 26, 2026, outstanding common stock equivalents for stock options, RSUs and PSUs were excluded, as their impact would be antidilutive.

(2) 2027 Notes are no longer convertible into shares of common stock in the three and nine months ended September 26, 2026. In the three and nine months ended September 27, 2025, as the Company recorded a net loss (on a diluted basis), inclusion of shares from the conversion premium or spread on the 2027 Notes would be anti-dilutive.

(3) 2030 Notes, Delayed Draw Term Loan Warrants and BG Warrants do not participate in losses.

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 26, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 154,623	$ 203,890
Restricted cash, current	1,139	4,350
Inventory	65,525	84,032
Prepaid expenses and other current assets	11,906	13,758
Assets held for sale	6,447	9,394
Total current assets	267,068	341,484
Restricted cash, non-current	13,500	9,291
Property, plant and equipment, net	142,546	213,262
Operating lease right-of-use assets	3,714	5,661
Prepaid lease costs, non-current	3,904	40,931
Other non-current assets, net	3,203	2,595
Investment in unconsolidated joint venture	1,480	1,523
Total assets	435,415	614,747
Current liabilities:
2027 Notes	14,459	0
Current portion of operating lease liabilities	1,878	2,132
Accrued litigation expenses	17,109	38,900
Short-term finance lease liabilities	4,422	4,385
Total current liabilities	85,625	74,917
Long-term liabilities:
Delayed draw term loans, net	89,827	77,877
Delayed draw term loan warrants at fair value	1,228	5,066
Operating lease liabilities, net of current portion	2,652	4,059
Finance lease liabilities	51,551	76,590
2030 Notes Embedded Derivative liability at fair value	1,275	39,152
Other long-term liabilities	220	220
Total long-term liabilities	356,359	540,827
Commitments and contingencies (Note 12)
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 — 100,000,000 shares authorized; 18,299,685 shares and 15,122,944 shares issued and outstanding at September 26, 2026 and December 31, 2025, respectively	52	45
Additional paid-in-capital	1,115,299	1,029,308
Accumulated deficit	(1,117,414)	(1,022,507)
Accumulated other comprehensive loss	(4,506)	(7,843)
Total stockholders’ deficit	(6,569)	(997)
Total liabilities and stockholders' deficit	435,415	614,747
2027 Notes
Long-term liabilities:
Notes, net	0	29,459
2030 Notes, net
Long-term liabilities:
Notes, net	209,606	308,404
Related Party
Current assets:
Accounts receivable, net	2,624	1,531
Current liabilities:
Accounts payable	3,306	2,494
Accrued expenses and other current liabilities	4,479	3,318
Nonrelated Party
Current assets:
Accounts receivable, net	24,804	24,529
Current liabilities:
Accounts payable	26,887	18,031
Accrued expenses and other current liabilities	$ 13,085	$ 5,657

Impairment of Long-Lived Assets

9 Months Ended

Sep. 26, 2026

Intangible Asset, Goodwill and Other [Abstract]

Impairment of Long-Lived Assets

During the three months ended September 26, 2026, the Company identified certain triggering events in accordance with ASC 360, “Property, Plant and Equipment” (“ASC 360”) that indicated a need to test the long-lived assets of the Company’s entity-wide asset group for impairment as of September 26, 2026. These triggering events included a significant decline in the Company’s market capitalization during the quarter, a change in the manner and extent of asset use, and continuing operating and cash flow losses. The entity-wide asset group included Property, plant and equipment, net, Operating lease right-of-use assets and Prepaid lease costs, non-current, and excluded the separate sublease asset group.

Management performed a recoverability test for the entity-wide asset group and determined that its carrying amount was not recoverable as of September 26, 2026. As a result, with the assistance of a third-party valuation specialist, management estimated the fair value of the entity-wide asset group, which was less than its entity-wide carrying value.

The fair value of the entity-wide asset group was estimated using the market approach. Significant inputs to estimate the fair value of the entity-wide asset group included the trading price of the Company’s common stock, the number of shares outstanding, the estimated fair value of the Company’s outstanding debt and the fair value of the finance lease liabilities, net of the separate sublease asset group. The fair value of the finance lease right-of-use assets and prepaid lease costs, non-current was estimated using an income approach based on market-based rental rates for the relevant markets and property types and the selected discount rate. The valuation techniques used in estimating the fair value of the entity-wide asset group included both Level 1 and Level 2 inputs in the fair value hierarchy.

As a result of this assessment, the Company recognized an entity-wide loss from impairment of $27.3 million during the three and nine months ended September 26, 2026. The loss was allocated to long-lived assets within the entity-wide asset group on a pro rata basis using the relative carrying amounts of those assets, subject to the requirement that the carrying amount of an individual asset not be reduced below its fair value when that fair value is determinable. The loss from impairment was allocated to Property, plant and equipment, net, Operating lease right-of-use assets, and Prepaid lease costs, non-current, in the Company’s unaudited condensed consolidated balance sheets.

In addition to the entity-wide loss from impairment, the Company recognized a loss from impairment of $29.8 million related to the sublease asset group in the three and nine months ended September 26, 2026. See Note 6 for a separate discussion of Loss from Impairment of Sublease Asset Group.

For the three and nine months ended September 26, 2026, the Company recorded an aggregate loss from impairment of $57.1 million consisting of $27.3 million related to the Company’s entity-wide asset group and $29.8 million related to the Company’s sublease asset group. In the three and nine months ended September 27, 2025, the Company recognized a total loss from impairment of $51.3 million consisting of $25.1 million related to the Company’s entity-wide asset group and $26.2 million related to the Company’s sublease asset group.

The following table details the total loss from impairment recognized by the Company related to the entity-wide and sublease asset groups for the periods indicated (in thousands):


	Three Months Ended				Nine Months Ended
	September 26, 2026		September 27, 2025		September 26, 2026		September 27, 2025
Property, plant and equipment, net	$	54,268	$	35,803	$	54,268	$	35,803
Operating lease right-of-use assets	430		865		430		865
Prepaid lease costs, non-current	2,399		14,620		2,399		14,620

Loss from impairment of long-lived assets(1)	$	57,097	$	51,288	$	57,097	$	51,288

____________

Fair Value of Financial Instruments - Schedule of Activity 2030 Notes Embedded Derivative Liability (Details) - Derivative Financial Instruments, Liabilities - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 26, 2026	Sep. 26, 2026
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 14,596	$ 39,152
Pro rata reduction of liability due to partial conversions	0	(16,503)
Change in fair value from remeasurement	(13,321)	(21,374)
Ending balance	$ 1,275	$ 1,275

Impairment of Long-Lived Assets - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 26, 2026	Sep. 27, 2025	Sep. 26, 2026	Sep. 27, 2025
Intangible Asset, Goodwill and Other [Abstract]
Loss from impairment of long-lived assets	$ 27,300	$ 25,100	$ 27,300	$ 25,100
Loss from impairment of finance lease right-of-use assets	$ 57,097	$ 51,288	$ 57,097	$ 51,288

Fair Value of Financial Instruments - Schedule of Changes in Fair Value of Warrants Liability (Details) - Black-Scholes	Jun. 26, 2026 $ / shares
Risk-free interest rate
Fair Value, Option, Quantitative Disclosures [Line Items]
Measurement input	0.0496
Average expected term (years)
Fair Value, Option, Quantitative Disclosures [Line Items]
Average expected term (years)	3 years 9 months 18 days
Expected volatility
Fair Value, Option, Quantitative Disclosures [Line Items]
Measurement input	1.1508
Dividend yield
Fair Value, Option, Quantitative Disclosures [Line Items]
Measurement input	0
Exercise price
Fair Value, Option, Quantitative Disclosures [Line Items]
Measurement input	58.33

Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands		3 Months Ended		9 Months Ended
	Aug. 13, 2026 shares	Sep. 26, 2026 USD ($) shares	Sep. 27, 2025 USD ($)	Sep. 26, 2026 USD ($) shares	Sep. 27, 2025 USD ($)	Aug. 12, 2026 shares	Dec. 31, 2025 USD ($) shares	Oct. 15, 2025
Class of Warrant or Right [Line Items]
Reverse stock split, conversion ratio	0.03
Common stock, authorized (in shares) \| shares	100,000,000	100,000,000		100,000,000		3,000,000,000	100,000,000
Capital stock, authorized (in shares) \| shares	100,500,000					3,000,500,000
Remeasurement of delayed draw term loan warrant liability		$ 2,614	$ 4,774	$ 3,838	$ 4,774
Loss from impairment of long-lived assets		57,097	51,288	57,097	51,288
Prepaid lease costs, non-current		$ 3,904		$ 3,904			$ 40,931
Debt Issuance Costs
Class of Warrant or Right [Line Items]
Remeasurement of delayed draw term loan warrant liability			(544)		(544)
Loss from impairment of long-lived assets			0		0
As Previously Reported
Class of Warrant or Right [Line Items]
Remeasurement of delayed draw term loan warrant liability			5,318		5,318
Loss from impairment of long-lived assets			77,414		77,414
Revision of Prior Period, Error Correction, Adjustment
Class of Warrant or Right [Line Items]
Assets, noncurrent			26,100		26,100
Property, plant, and equipment			22,900		22,900
Prepaid lease costs, non-current			3,200		3,200
Impairment
Class of Warrant or Right [Line Items]
Remeasurement of delayed draw term loan warrant liability			0		0
Loss from impairment of long-lived assets			$ (26,126)		$ (26,126)
Convertible Senior Notes Due 2030 \| Convertible Debt
Class of Warrant or Right [Line Items]
Interest, stated rate (in percent)								7.00%
Convertible Senior Notes Due 2027 \| Convertible Debt
Class of Warrant or Right [Line Items]
Interest, stated rate (in percent)								0.00%

Debt - Schedule of Convertible Senior Notes Due 2027 (Details) - USD ($) $ in Thousands	Sep. 26, 2026	Sep. 23, 2026	Dec. 31, 2025	Oct. 16, 2025	Mar. 05, 2021
Debt Instrument [Line Items]
Total debt outstanding	$ 313,892		$ 415,740
Convertible Senior Notes Due 2027 \| Level 2
Debt Instrument [Line Items]
Amount	11,567		19,693
Convertible Debt
Debt Instrument [Line Items]
Unamortized Issuance Costs					$ 23,600
Convertible Debt \| Convertible Senior Notes Due 2027
Debt Instrument [Line Items]
Principal amount	14,459		29,459	$ 35,397
Unamortized Issuance Costs	0		0
Total debt outstanding	$ 14,459	$ 14,500	$ 29,459

- Definition

Fair value portion of borrowing which can be exchanged for a specified number of another security at the option of the issuer or the holder, for example, but not limited to, the entity's common stock.

+ References

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+ Details

- 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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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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Reference 34: http://www.xbrl.org/2003/role/disclosureRef
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
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Reference 37: http://www.xbrl.org/2003/role/disclosureRef
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Reference 38: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

+ Details

Net Loss Per Share Available to Common Stockholders - Schedule of Antidilutive Securities Excluded from Computation of Diluted Net Loss Per Share Available to Common Stockholders (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 26, 2026	Sep. 27, 2025	Sep. 26, 2026	Sep. 27, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	5,335,719	779,179	5,335,719	779,179
Employee Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	149,513	135,655	149,513	135,655
Restricted Stock Units (RSUs)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	1,388,608	45,569	1,388,608	45,569
PSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	340,876	4,858	340,876	4,858
Convertible Debt \| 2027 Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	0	274,475	0	274,475
Convertible Debt \| 2030 Notes, net
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	2,999,211	0	2,999,211	0
Warrant \| Delayed Draw Term Loan Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	318,622	318,622	318,622	318,622
Warrant \| BG Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	138,889	0	138,889	0

Cash, Cash Equivalents and Restricted Cash - Schedule of Reconciliation of Cash and Cash Equivalents, Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 26, 2026	Dec. 31, 2025	Sep. 27, 2025	Dec. 31, 2024
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 154,623	$ 203,890	$ 117,296	$ 131,913
Restricted cash, current	1,139	4,350	1,170	1,041
Restricted cash, non-current	13,500	9,291	12,600	12,600
Total cash, cash equivalents and restricted cash	$ 169,262	$ 217,531	$ 131,066	$ 145,554

Revenue Recognition (Tables)

9 Months Ended

Sep. 26, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The following table presents the Company’s total net revenues by channel (in thousands):


	Three Months Ended				Nine Months Ended
	September 26, 2026		September 27, 2025		September 26, 2026		September 27, 2025

U.S.:
Retail(1)	$	24,757	$	28,537	$	80,948	$	92,806
Foodservice	9,501		10,524		24,125		30,992
U.S. net revenues	34,258		39,061		105,073		123,798
International:
Retail	17,907		15,810		50,095		44,359
Foodservice	12,364		15,347		36,399		45,750
International net revenues	30,271		31,157		86,494		90,109
Total net revenues	$	64,529	$	70,218	$	191,567	$	213,907

_________________

(1) Includes net revenues from the DTC Channel.

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 26, 2026	Aug. 13, 2026	Aug. 12, 2026	Dec. 31, 2025
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)	100,000,000	100,000,000	3,000,000,000	100,000,000
Common stock, issued (in shares)	18,299,685			15,122,944
Common stock, outstanding (in shares)	18,299,685			15,122,944

- Definition

Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

- Definition

The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws.

+ References + Details

- Definition

Number of shares issued for nonredeemable preferred shares and preferred shares redeemable solely at option of issuer. Includes, but is not limited to, preferred shares issued, repurchased, and held as treasury shares. Excludes preferred shares classified as debt.

+ References + Details

- Definition

Aggregate share number for all nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by stockholders. Does not include preferred shares that have been repurchased.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

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

Commitments and Contingencies (Details) ft² in Thousands											1 Months Ended				3 Months Ended		9 Months Ended		12 Months Ended
Commitments and Contingencies (Details) ft² in Thousands	Oct. 14, 2026 USD ($)	Sep. 18, 2026 USD ($)	Jul. 10, 2026 USD ($)	Jun. 04, 2026 plaintiff	Apr. 24, 2026 USD ($)	Dec. 18, 2025 USD ($)	Nov. 24, 2025 USD ($)	Nov. 21, 2025	May 14, 2025 USD ($)	Jul. 08, 2024 USD ($)	Jun. 27, 2026 USD ($)	Aug. 31, 2024 USD ($)	Mar. 31, 2024 USD ($)	Nov. 30, 2023 CAD ($)	Sep. 26, 2026 USD ($)	Sep. 27, 2025 USD ($)	Sep. 26, 2026 USD ($)	Sep. 27, 2025 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2022	Dec. 31, 2020 USD ($) phase	Nov. 09, 2026 USD ($)	Sep. 28, 2026	Mar. 28, 2026 USD ($)	Mar. 29, 2025 USD ($)	Jun. 29, 2024 USD ($)	Dec. 31, 2021 ft²
Loss Contingencies [Line Items]
Payments rent prepayment and construction costs																	$ 3,600,000		$ 8,300,000
Number of phases of development \| phase																						2
Investment agreement, expected amount															$ 22,500,000		22,500,000
Investment agreement, land use right period																					5 years
Lease, initial term (in years)																												8 years
Investment agreement, amount advanced															20,000,000.0		20,000,000.0
Other (expense) income, net															1,169,000	$ 750,000	1,270,000	$ 12,799,000
Equity in losses of unconsolidated joint venture															11,000	7,000	43,000	77,000
Investment in unconsolidated joint venture															1,480,000		1,480,000		1,523,000
Purchase obligation, annual minimum amount																									$ 23,500,000
Purchase obligation mandatory letter of credit amount															1,000,000.0		1,000,000.0
Standby letter of credit											$ 1,000,000.0
Accrued litigation expenses															17,109,000		17,109,000		38,900,000
Inventory, Pea Protein
Loss Contingencies [Line Items]
Purchase commitments, remainder of fiscal year															4,000,000.0		4,000,000.0
Purchase obligation															15,700,000		15,700,000
Purchase obligation, to be paid, year one															11,700,000		11,700,000
Inventory, Avocado Oil And Canola Oil
Loss Contingencies [Line Items]
Purchase commitments, remainder of fiscal year															2,100,000		2,100,000
Purchase obligation															2,800,000		2,800,000
Purchase obligation, to be paid, year one															700,000		700,000
Subsequent Event
Loss Contingencies [Line Items]
Lease, initial term (in years)																								24 months
Standby letter of credit																							$ 200,000
Certain Machinery
Loss Contingencies [Line Items]
Property, plant and equipment, gross																											$ 5,100,000
BVeggie
Loss Contingencies [Line Items]
Damages sought, value														$ 129,841,920
Period for other party to file motion								60 days
Consumer Class Actions Regarding Protein Claims
Loss Contingencies [Line Items]
Loss contingency, accrual, payments										$ 7,500,000
Litigation settlement, amount									$ 7,250,000
Consumer Class Actions Regarding Protein Claims \| Pending Litigation
Loss Contingencies [Line Items]
Loss contingency, accrual, payments																				$ 7,500,000
Litigation settlement, amount												$ 250,000								250,000
Accrued litigation settlement																				$ 7,250,000						$ 7,250,000
Arbitration With Former Co-Manufacturer
Loss Contingencies [Line Items]
Damages sought, value													$ 73,000,000.0
Litigation settlement amount					$ 11,000,000.0	$ 13,981,115
Litigation settlement period					60 days
Proceeds from settlements			$ 7,100,000								$ 4,000,000.0
Litigation settlement interest			$ 100,000
Reduction of SG&A expenses from litigation settlement															11,000,000.0		11,000,000.0
Arbitration With Former Co-Manufacturer \| Breach Of Contract, Out Of Pocket Costs
Loss Contingencies [Line Items]
Litigation settlement amount						349,493
Arbitration With Former Co-Manufacturer \| Negligent Misrepresentation Claim
Loss Contingencies [Line Items]
Litigation settlement amount						7,183,782
Arbitration With Former Co-Manufacturer \| Professional Attorney Fees
Loss Contingencies [Line Items]
Litigation settlement amount						6,246,693
Arbitration With Former Co-Manufacturer \| Loss Contingency, Additional Costs
Loss Contingencies [Line Items]
Litigation settlement amount						$ 550,640
Trademark Infringement Litigation
Loss Contingencies [Line Items]
Loss contingency, damages awarded, value		$ 15,437,500
Accrued litigation expenses															17,100,000		17,100,000		38,900,000
Loss contingency accrual, period increase (decrease)															21,800,000		21,800,000
Loss Contingency, Supersedeas Bond, Face Amount															17,000,000.0		17,000,000.0
Loss contingency, supersedeas bond, premium															100,000		100,000
Trademark Infringement Litigation \| Subsequent Event
Loss Contingencies [Line Items]
Loss contingency, damages awarded, value	$ 15,437,500
Loss contingency estimate of reasonably possible loss interest and fees	1,543,750
Loss contingency, supersedeas bond, fee	500
Loss Contingency, Supersedeas Bond, Face Amount	$ 16,981,750
Trademark Infringement Litigation \| Actual Damages
Loss Contingencies [Line Items]
Loss contingency, damages awarded, value		37,500					$ 23,500,000
Trademark Infringement Litigation \| Disgorgement Of Profits
Loss Contingencies [Line Items]
Loss contingency, damages awarded, value		$ 15,400,000					$ 15,400,000
Perrow v. Brown, et al
Loss Contingencies [Line Items]
Number of purported stockholders \| plaintiff				2
The Planet Partnership, LLC (“TPP”)
Loss Contingencies [Line Items]
Equity in losses of unconsolidated joint venture															11,000	$ 7,000	43,000	$ 77,000
Investment in unconsolidated joint venture															27,600,000		27,600,000		$ 27,600,000
Reclassification out of Accumulated Other Comprehensive Income
Loss Contingencies [Line Items]
Other (expense) income, net																	900,000
Shanghai, China
Loss Contingencies [Line Items]
Number of square feet in lease agreement \| ft²																												12
China (Jiaxing)
Loss Contingencies [Line Items]
Investment agreement, expected amount															$ 500,000		$ 500,000
JXEDZ
Loss Contingencies [Line Items]
Investment agreement, expected amount																						$ 10,000,000.0
Investment agreement, land use right period																						2 years

Related Party Transactions

9 Months Ended

Sep. 26, 2026

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 12.

The Company earned $0 in net revenues from TPP in each of the three and nine months ended September 26, 2026 and September 27, 2025.

Related Party Agreements

Seth Goldman

Effective May 4, 2026, the Company hired the son of Seth Goldman, the Company’s Chair of the Board of Directors, for a full time, salaried position, as Senior Manager of Community Engagement, with a base salary of $130,000, target annual bonus of 10% and such other standard company benefits available to similarly situated employees of the Company.

Zandbergen Entities

On June 29, 2026, the Company’s subsidiary, Beyond Meat BV, entered into an employment agreement with Adriaan Figee pursuant to which he will serve as General Manager, EMEA effective as of July 1, 2026. The Company is party to various contracts with certain Zandbergen entities (the “Zandbergen Entities”) relating to distribution, manufacturing, cold storage and real estate in EMEA. Mr. Figee previously served in various C-suite roles for certain Zandbergen entities. Although Mr. Figee has resigned these positions, certain of his immediate family members are owners, officers and/or directors of these entities as described below.

Employment Agreement

On June 29, 2026, Beyond Meat BV entered into an employment agreement with Mr. Figee, effective July 1, 2026, to serve as General Manager, EMEA. The agreement provides for an annual base salary of €325,000, eligibility for a discretionary annual incentive of up to 60% of base salary, and customary benefits and allowances.

Supply Agreement

The Company and The New Plant B.V. (“TNP”) are parties to that certain Beyond Meat International Manufacturing and Supply Agreement dated February 4, 2020, as amended July 27, 2023 (the “Supply Agreement”), pursuant to which TNP provides contract manufacturing for certain of the Company’s products in Europe. Beheer- en Beleggingsmaatschappij Zandbergen B.V. (“BZ”), TNP’s parent company, is a party to the Supply Agreement solely with respect to certain provisions related to exclusivity, conflicts, IP, non-solicitation and indemnification. Charlotte Zandbergen, the spouse of Mr. Figee, is an owner, officer and director of TNP and BZ. In addition, Joris Zandbergen, Mr. Figee’s brother-in-law, is an officer and director of TNP and BZ, and Anthonius (Ton) Zandbergen and Barbara Zandbergen, Mr. Figee’s father-in-law and sister-in-law, respectively, are officers and directors of BZ.

Distribution Agreement

The Company and Vleesgroothandel Gebrs. Zandbergen B.V. (“Zandbergen”) are parties to that certain Distribution Agreement dated June 23, 2021, as amended January 31, 2023, and further amended June 22, 2026, pursuant to which Zandbergen serves as the Company’s non-exclusive distributor of certain retail and foodservice products in certain territories. Charlotte Zandbergen, the spouse of Mr. Figee, is an owner, officer and director of Zandbergen. In addition, Anthonius (Ton) Zandbergen, Joris Zandbergen and Barbara Zandbergen, Mr. Figee’s father-in-law, brother-in-law and sister-in-law, respectively, are officers and directors of Zandbergen.

Cold Storage

The Company and Frigomundo Coldstore B.V. (“Frigomundo”) are parties to a cold storage price list pursuant to which the Company procures storage of certain frozen products manufactured by TNP and which sets forth warehousing and cold storage service rates for Beyond Meat inventory stored at Frigomundo facilities. Charlotte Zandbergen, the spouse of Mr. Figee, is an owner of Frigomundo. Anthonius (Ton) Zandbergen and Joris Zandbergen, Mr. Figee’s father-in-law and brother-in-law, respectively, are officers of Frigomundo. Beheer- en Beleggingsmaatschappij Zandbergen B.V. is a director of Frigomundo (see Distribution Agreement above).

Warehouse Lease Agreement

The Company and Enschede Property Fund BV, as successor to G.S.A. B.V. (“EPF”), are parties to that certain Warehouse Lease Agreement dated February 1, 2024, pursuant to which the Company leases a warehousing and storage facility near its manufacturing facility in Enschede, The Netherlands. Freek Figee, Guus Figee and Cas Figee, children of Mr. Figee, are each an indirect owner of EPF. In addition, Mr. Figee, Charlotte Zandbergen, Joris Zandbergen, Willem van Duin, Barbara Zandbergen and Inge Zandbergen, Mr. Figee’s spouse, brothers-in-law and sisters-in-law, respectively, are owners, officers and/or directors of EPF.

Consulting Agreement

The Company and Rijndijk Beheer BV (Moonlighters BV), on behalf of Mr. Figee, as the owner thereof, are parties to that certain Consulting Agreement dated April 8, 2026, pursuant to which Mr. Figee provided certain consulting services to the Company. In the nine months ended September 26, 2026, the Company paid Mr. Figee $150,000 in connection with such services. The Consulting Agreement terminated effective as of June 30, 2026 in connection with Mr. Figee’s employment by Beyond Meat BV.

The following table presents the details of related party net revenues, costs and expenses in connection with the Zandbergen Entities in the respective periods presented (in thousands):


	Three Months Ended				Nine Months Ended
	September 26, 2026		September 27, 2025		September 26, 2026		September 27, 2025
Net revenues - related parties	$	9,380	$	7,442	$	27,820	$	19,684

Cost of goods sold - related parties:
Contract manufacturing and related expenses	$	4,995	$	6,652	$	15,187	$	16,755
Warehousing, net of sublease income	614		650		1,872		1,726
Total cost of goods sold - related parties	$	5,609	$	7,302	$	17,059	$	18,481

Selling, general and administrative expenses - related parties:
Selling expenses	$	3	$	5	$	163	$	23
Marketing expenses	43		163		189		576
Total selling, general and administrative expenses - related parties	$	46	$	168	$	352	$	599

The following table presents a summary of amounts due from and due to related parties in connection with the Zandbergen Entities in the respective periods presented (in thousands):


	September 26, 2026		December 31, 2025
Accounts receivable, net - related parties	$	2,624	$	1,531
Accounts payable - related parties	$	3,306	$	2,494
Accrued expenses and other current liabilities - related parties	$	4,479	$	3,318

- 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

+ Details

Related Party Transactions - Schedule of Amounts Due From And Due To Related Parties (Details) - Related Party - USD ($) $ in Thousands	Sep. 26, 2026	Dec. 31, 2025
Related Party Transaction [Line Items]
Accounts receivable, net - related parties	$ 2,624	$ 1,531
Accounts payable - related parties	3,306	2,494
Accrued expenses and other current liabilities - related parties	$ 4,479	$ 3,318

- 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

+ Details

Revenue Recognition

9 Months Ended

Sep. 26, 2026

Revenue from Contract with Customer [Abstract]

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 $4.8 million and $6.2 million as of September 26, 2026 and December 31, 2025, respectively. The offsetting charge is recorded as a reduction of revenues in the same period when the expense is incurred.

Presentation of Total 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 total net revenues by channel (in thousands):


	Three Months Ended				Nine Months Ended
	September 26, 2026		September 27, 2025		September 26, 2026		September 27, 2025

U.S.:
Retail(1)	$	24,757	$	28,537	$	80,948	$	92,806
Foodservice	9,501		10,524		24,125		30,992
U.S. net revenues	34,258		39,061		105,073		123,798
International:
Retail	17,907		15,810		50,095		44,359
Foodservice	12,364		15,347		36,399		45,750
International net revenues	30,271		31,157		86,494		90,109
Total net revenues	$	64,529	$	70,218	$	191,567	$	213,907

_________________

(1) Includes net revenues from the DTC Channel.

Two distributors accounted for approximately 14% and 12% of the Company’s gross revenues in the three months ended September 26, 2026 and two distributors accounted for approximately 13% and 11% of the Company’s gross revenues in the three months ended September 27, 2025. Two distributors accounted for approximately 13% and 10% of the Company’s gross revenues in the nine months ended September 26, 2026. One distributor accounted for approximately 14% of the Company’s gross revenues in the nine months ended September 27, 2025. No other customer or distributor accounted for more than 10% of the Company’s gross revenues in the three and nine months ended September 26, 2026 and September 27, 2025.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Share-Based Compensation - Schedule of RSU Activity (Details) - USD ($)				3 Months Ended	9 Months Ended
	Oct. 31, 2025	Oct. 30, 2025	Oct. 15, 2025	Sep. 26, 2026	Sep. 26, 2026
Weighted Average Grant Date Fair Value Per Unit
Common stock, issued (in shares)	10,594,483	56,143	10,538,340
Convertible Senior Notes Due 2030 \| Convertible Debt
Weighted Average Grant Date Fair Value Per Unit
Exchange principal amount			$ 196,217,000	$ 0	$ 68,800,000
Common stock, issued (in shares)					1,913,604
2018 Plan
Number of Units
Granted (in shares)					239,202
Weighted Average Grant Date Fair Value Per Unit
Shares withheld to cover taxes (in shares)					108,899
Restricted Stock Units (RSUs)
Number of Units
Unvested, beginning balance (in shares)					1,178,121
Granted (in shares)					280,749
Vested (in shares)					(43,881)
Canceled/Forfeited (in shares)					(26,381)
Unvested, ending balance (in shares)				1,388,608	1,388,608
Weighted Average Grant Date Fair Value Per Unit
Unvested, beginning balance (in dollars per share)					$ 38.10
Granted (in dollars per share)					26.57
Vested (in dollars per share)					129.94
Canceled/Forfeited (in dollars per share)					61.25
Unvested, ending balance (in dollars per share)				$ 32.43	$ 32.43
Shares withheld to cover taxes (in shares)					95,701
Restricted Stock Units (RSUs) \| 2018 Plan
Number of Units
Granted (in shares)					139,518
Weighted Average Grant Date Fair Value Per Unit
Shares withheld to cover taxes (in shares)					12,959
Restricted Stock Units (RSUs) \| 2026 Employment Inducement Equity Incentive Plan
Number of Units
Granted (in shares)					11,004

Leases - Schedule of Components of Lease (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 26, 2026	Sep. 27, 2025	Sep. 26, 2026	Sep. 27, 2025
Lease Cost
Operating lease cost	$ 22,069	$ 662	$ 23,508	$ 7,109
Short-term lease cost	108	277	346	747
Interest on lease liabilities	1,866	1,710	5,202	2,766
Finance lease cost	4,243	5,796	15,734	9,557
Total lease cost	$ 26,420	6,735	$ 39,588	17,413
Operating Leases
Weighted average remaining lease term (years)	3 years 2 months 12 days		3 years 2 months 12 days
Weighted average discount rate	4.60%		4.60%
Finance Leases
Weighted average remaining lease term (years)	11 years 10 months 24 days		11 years 10 months 24 days
Weighted average discount rate	16.40%		16.40%
Location, Statement of Income, Balance [Axis]: us-gaap:CostOfGoodsAndServicesSold
Lease Cost
Lease cost	$ 421	493	$ 1,333	1,319
Variable lease cost	145	147	463	249
Short-term lease cost	62	107	182	302
Amortization of right-of use assets	140	280	459	807
Variable lease cost	4	11	8	39
Location, Statement of Income, Balance [Axis]: us-gaap:ResearchAndDevelopmentExpense
Lease Cost
Lease cost	10,197	0	10,197	2,872
Variable lease cost	561	0	561	0
Short-term lease cost	6	4	21	34
Amortization of right-of use assets	1,273	2,143	4,622	3,708
Variable lease cost	0	1	1	2
Location, Statement of Income, Balance [Axis]: us-gaap:SellingGeneralAndAdministrativeExpense
Lease Cost
Lease cost	10,745	22	10,954	1,201
Variable lease cost	0	0	0	1,468
Short-term lease cost	40	166	143	411
Amortization of right-of use assets	456	542	1,778	542
Variable lease cost	$ 504	$ 1,109	$ 3,664	$ 1,693

Related Party Transactions (Tables)

9 Months Ended

Sep. 26, 2026

Schedule of Related Party Transactions

The following table presents the details of related party net revenues, costs and expenses in connection with the Zandbergen Entities in the respective periods presented (in thousands):


	Three Months Ended				Nine Months Ended
	September 26, 2026		September 27, 2025		September 26, 2026		September 27, 2025
Net revenues - related parties	$	9,380	$	7,442	$	27,820	$	19,684

Cost of goods sold - related parties:
Contract manufacturing and related expenses	$	4,995	$	6,652	$	15,187	$	16,755
Warehousing, net of sublease income	614		650		1,872		1,726
Total cost of goods sold - related parties	$	5,609	$	7,302	$	17,059	$	18,481

Selling, general and administrative expenses - related parties:
Selling expenses	$	3	$	5	$	163	$	23
Marketing expenses	43		163		189		576
Total selling, general and administrative expenses - related parties	$	46	$	168	$	352	$	599

The following table presents a summary of amounts due from and due to related parties in connection with the Zandbergen Entities in the respective periods presented (in thousands):


	September 26, 2026		December 31, 2025
Accounts receivable, net - related parties	$	2,624	$	1,531
Accounts payable - related parties	$	3,306	$	2,494
Accrued expenses and other current liabilities - related parties	$	4,479	$	3,318

Income Taxes	9 Months Ended
Income Taxes	Sep. 26, 2026
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes In each of the three and nine months ended September 26, 2026 and September 27, 2025, the Company recorded no income tax expense in its unaudited 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 September 26, 2026, 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.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section S99
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Debt - Schedule of Convertible Senior Notes Due 2030 (Details) - USD ($) $ in Thousands		9 Months Ended
	May 01, 2026	Sep. 26, 2026	Sep. 27, 2025	Dec. 31, 2025	Oct. 30, 2025	Oct. 15, 2025
Debt Instrument [Line Items]
Total debt outstanding		$ 313,892		$ 415,740
Paid-in-kind interest		9,669	$ 1,499
2030 Notes, net \| Level 2
Debt Instrument [Line Items]
Amount		66,434		166,267
2030 Notes, net \| Convertible Debt
Debt Instrument [Line Items]
Principal Amount		151,288		209,721
Undiscounted Cash Flows		72,981		124,427
Unamortized Derivative Discount		(14,663)		(25,745)
Total debt outstanding		209,606		$ 308,403	$ 1,004	$ 208,717
Settlement of note conversions		68,800
Paid-in-kind interest	$ 10,400
Payment in kind, interest rate	9.50%					9.50%
Reduction in carrying value of debt discount		$ (8,000)
Embedded derivative, effective interest rate, percentage		1.70%		1.60%

Summary of Significant Accounting Policies - Schedule of Condensed Consolidated Statement of Cash Flows (unaudited) and Prior Period Adjustments (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 26, 2026	Jun. 27, 2026	Mar. 28, 2026	Sep. 27, 2025	Jun. 28, 2025	Mar. 29, 2025	Sep. 26, 2026	Sep. 27, 2025
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net loss	$ (82,829)	$ 16,404	$ (28,482)	$ (97,008)	$ (31,845)	$ (61,087)	$ (94,907)	$ (189,940)
Loss from impairment of finance lease right-of-use assets	57,097			51,288			57,097	51,288
Remeasurement of delayed draw term loan warrant liability	$ (2,614)			(4,774)			(3,838)	(4,774)
Inventories							18,167	13,868
Prepaid expenses and other current assets							1,556	9,807
Net cash used in operating activities							(37,258)	(101,151)
Payment of debt issuance costs							0	(7,301)
Net cash (used in) provided by financing activities							$ (10,578)	90,834
As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net loss				(110,688)				(192,846)
Loss from impairment of finance lease right-of-use assets				77,414				77,414
Remeasurement of delayed draw term loan warrant liability				(5,318)				(5,318)
Inventories								5,334
Prepaid expenses and other current assets								(1,322)
Net cash used in operating activities								(98,138)
Payment of debt issuance costs								(10,314)
Net cash (used in) provided by financing activities								87,821
Inventory Valuation
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net loss				(2,002)				(8,534)
Loss from impairment of finance lease right-of-use assets				0				0
Remeasurement of delayed draw term loan warrant liability				0				0
Inventories								8,534
Prepaid expenses and other current assets								0
Net cash used in operating activities								0
Payment of debt issuance costs								0
Net cash (used in) provided by financing activities								0
Debt Issuance Costs
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net loss				(10,444)				(14,686)
Loss from impairment of finance lease right-of-use assets				0				0
Remeasurement of delayed draw term loan warrant liability				544				544
Inventories								0
Prepaid expenses and other current assets								11,129
Net cash used in operating activities								(3,013)
Payment of debt issuance costs								3,013
Net cash (used in) provided by financing activities								3,013
Impairment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net loss				26,126				26,126
Loss from impairment of finance lease right-of-use assets				(26,126)				(26,126)
Remeasurement of delayed draw term loan warrant liability				$ 0				0
Inventories								0
Prepaid expenses and other current assets								0
Net cash used in operating activities								0
Payment of debt issuance costs								0
Net cash (used in) provided by financing activities								$ 0

Share-Based Compensation - Schedule of Performance Stock Unit Valuation Assumptions (Details) - Performance Shares - Monte-Carlo	Mar. 01, 2024 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
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	$ 293.10

- 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

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
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+ Details

Share-Based Compensation

9 Months Ended

Sep. 26, 2026

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

Amended and Restated 2018 Equity Incentive Plan

In connection with the Exchange Offer completed in October 2025, the board of directors of the Company approved an amendment and restatement (the “Amended and Restated 2018 Equity Incentive Plan”) of the Company’s 2018 Equity Incentive Plan to increase the number of shares of common stock authorized for issuance thereunder. The final settlement date occurred on October 30, 2025 (the “Final Settlement Date”) and the stockholders approved the Amended and Restated 2018 Equity Incentive Plan on November 19, 2025.

Pursuant to the Amended and Restated 2018 Equity Incentive Plan, subject to the share counting provisions and the adjustment provisions under the Amended and Restated 2018 Equity Incentive Plan in the event of certain corporate transactions, the number of shares reserved for issuance is equal to the sum of the following:

•The number of shares of common stock reserved for issuance under the 2018 Equity Incentive Plan prior to the Amended and Restated 2018 Equity Incentive Plan Effective Date (which, as of September 27, 2025, was 911,650 shares); plus

•On the date following the Final Settlement Date, a number of shares of the Company’s common stock, representing 12.5% (rounded up to the nearest whole share) of the Fully-Diluted Shares Outstanding (as defined below) on the date following the Final Settlement Date (which number of shares of common stock was 2,300,320); plus

•On any date following the Final Settlement Date on which shares of the Company’s common stock are issued in respect of the 2030 Notes, including the conversion or equitization of the 2030 Notes (including any 2030 Notes issued as paid in kind interest) into shares of common stock, or payment of accrued interest or make-whole payments in the form of common stock, or otherwise (such shares of common stock, “Conversion Shares”), which shares are in excess of the sum of any Conversion Shares taken into account in a previous Anti-Dilution Increase (as defined below), an additional number of shares equal to 12.5% (rounded up to the nearest whole share) of the total number of additional Conversion Shares so issued. Each increase pursuant to this paragraph is referred to as an “Anti-Dilution Increase”; plus

•An annual increase on January 1 of each calendar year during the term of the Amended and Restated 2018 Equity Incentive Plan commencing January 1, 2027 and ending on and including January 1, 2035, equal to the lesser of (a) 3.0% of the Fully-Diluted Shares Outstanding on such date or (b) such number of shares of common stock determined by the administrator of the Amended and Restated 2018 Equity Incentive Plan.

Under the Amended and Restated 2018 Equity Incentive Plan, the term “Fully-Diluted Shares Outstanding” means, as of any date, the sum of:

•The number of shares of the Company’s common stock outstanding on such date (calculated on an as-converted basis after giving effect to the occurrence of the Final Settlement Date, which includes the shares of common stock reserved for potential issuance under outstanding delayed draw term loan warrants and any shares of the Company’s common stock issued in the Exchange Offer but excluding the shares of common stock issuable in the future (but not yet issued) under the 2030 Notes following such date); plus

•The number of shares of the Company’s common stock subject to the equity awards (including stock options) outstanding under the Company’s equity plans on such date (with the number of shares subject to performance-based equity awards calculated at the “maximum” level of performance); plus

•The number of shares of the Company’s common stock available for future issuance under the Company’s equity plans as of such date (for the avoidance of doubt, on the date following the Final Settlement Date, including the share reserve under the Amended and Restated 2018 Equity Incentive Plan as of such date after giving effect to the Exchange Offer).

Additionally, in 2025, the Company’s board of directors approved grants of RSUs and PSUs (the “MIP Awards”) under the Amended and Restated 2018 Equity Incentive Plan to certain key employees. The MIP Awards were granted, in part, out of the increase to the share reserve pursuant to the Amended and Restated 2018 Equity Incentive Plan (over the existing share reserve under the 2018 Equity Incentive Plan as in effect immediately prior to the Amended and Restated 2018 Equity Incentive Plan Effective Date), subject to the occurrence of the Final Settlement Date and subject, in part, to stockholder approval of the Amended and Restated 2018 Equity Incentive Plan. Each MIP Award recipient received awards with respect to a number of shares of the Company’s common stock equal to a specified percentage of the Fully-Diluted Shares Outstanding on the date following the Final Settlement Date, subject to certain antidilution adjustments.

The Amended and Restated 2018 Equity Incentive Plan may be amended, suspended or terminated by the Company’s board of directors at any time, provided such action does not impair the existing rights of any participant, subject to stockholder approval of any amendment to the Amended and Restated 2018 Equity Incentive Plan as required by applicable law or listing requirements. Unless sooner terminated by the Company’s board of directors, the Amended and Restated 2018 Equity Incentive Plan will automatically terminate on September 28, 2035.

The Amended and Restated 2018 Equity Incentive Plan provides for the grant of stock options (including incentive stock options and non-qualified stock options), stock appreciation rights, restricted stock, restricted stock units, performance units, and performance shares to the Company’s employees, directors, and consultants. As of January 1, 2026, the maximum aggregate number of shares that may be issued under the Amended and Restated 2018 Equity Incentive Plan was 3,211,980 shares. There were Anti-Dilution Increases totaling 239,202 shares, including shares reserved for Anti-Dilution Increases in respect of the PSU awards, resulting from the issuance of an aggregate of 1,913,604 Conversion Shares in the nine months ended September 26, 2026. There was no automatic annual increase to the number of shares reserved for issuance on January 1, 2026 under the terms of the Amended and Restated 2018 Equity Incentive Plan.

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


						Shares Available for Issuance
Shares available for issuance at December 31, 2025(1)						343,686
Authorized						239,202
Granted						(370,521)
Shares withheld to cover taxes						108,899
Forfeited(2)						41,768
Shares available for issuance at September 26, 2026(3)						363,034

____________

(1) Shares available for issuance under the Amended and Restated 2018 Equity Incentive Plan includes 2,366 and 4,858 shares at September 26, 2026 and December 31, 2025, respectively, that may be issued pursuant to 2024 PSUs, if 200% of the applicable performance target is achieved.

(2) Includes forfeiture of 2,492 shares reserved for issuance for a potential 200% achievement of the Tranche 2 of the 2024 PSUs. See Performance Stock Units—2024 PSUs below.

(3) Shares available for issuance under the Amended and Restated 2018 Equity Incentive Plan at September 26, 2026 after deducting 677,073 shares that are reserved for issuance under MIP PSU awards to certain key employees in 2025 (MIP PSUs), including 63,853 shares reserved for issuance pursuant to Anti-Dilution Increases in respect of the MIP PSUs, in the nine months ended September 26, 2026, at maximum payout. Includes 2,366 shares reserved for issuance pursuant to 2024 PSUs if 200% of the applicable performance target is achieved.

At September 26, 2026 and December 31, 2025, there were 149,513 and 132,382 shares, respectively, issuable under stock options outstanding; 1,388,608 and 1,178,121 shares, respectively, issuable under unvested restricted stock units (“RSUs”) outstanding; 2,366 and 4,858 shares, respectively, issuable under unvested 2024 PSUs outstanding; 2,366 and 4,858 shares, respectively, reserved for issuance under unvested 2024 PSUs outstanding if 200% of the applicable performance target is achieved; 613,220 and 933,294 shares reserved for issuance under MIP PSUs if 150% of the applicable performance target is achieved; 63,853 and 17 shares reserved for Anti-Dilution Increases with respect to PSUs at maximum performance; 670,251 and 627,523 shares, respectively, issued for stock option exercises, RSU settlement and restricted stock grants; and 363,034 and 343,686 shares, respectively, available for grant under the Amended and Restated 2018 Equity Incentive Plan.

2026 Employment Inducement Equity Incentive Plan

Effective as of March 30, 2026, the board of directors of the Company approved the Beyond Meat, Inc. 2026 Employment Inducement Equity Incentive Plan (the “Inducement Plan”). The terms of the Inducement Plan are substantially similar to the terms of the Company’s Amended and Restated 2018 Equity Incentive Plan with the exception that incentive stock options may not be issued under the Inducement Plan and awards under the Inducement Plan may only be issued to eligible recipients under the applicable Nasdaq rules. The Inducement Plan was adopted by the board of directors without stockholder approval pursuant to Rule 5635(c)(4) of the Nasdaq Listing Rules. The board of directors has initially reserved 333,334 shares of the Company’s common stock for issuance pursuant to awards granted under the Inducement Plan. In accordance with Rule 5635(c)(4) of the Nasdaq Listing Rules, awards under the Inducement Plan may only be made to an employee who has not previously been an employee or member of the board of directors of the Company or any parent or subsidiary, or following a bona fide period of non-employment by the Company or a parent or subsidiary, if he or she is granted such award in connection with his or her commencement of employment with the Company or a subsidiary and such grant is an inducement material to his or her entering into employment with the Company or such subsidiary.

The following table summarizes the shares available for issuance under the Inducement Plan:


						Shares Available for Issuance
Shares available for issuance at December 31, 2025						—
Authorized						333,334
Granted						(18,878)
Forfeited						—
Shares available for issuance at September 26, 2026						314,456

Stock Options

Following are the assumptions used in the Black-Scholes valuation model for options granted under the Amended and Restated Equity Incentive Plan and the 2026 Inducement Plan during the periods shown below:

Three Months Ended

Nine Months Ended

September 26, 2026

September 27, 2025

September 26, 2026

September 27, 2025

Risk-free interest rate

N/A

4.0%

N/A

Average expected term (years)

N/A

4.0

N/A

Expected volatility

N/A

113.9%

N/A

Dividend yield

N/A

There were no option grants in each of the three months ended September 26, 2026 and September 27, 2025. Option grants to employees in the nine months ended September 26, 2026 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. There were no option grants in the nine months ended September 27, 2025.

The following table summarizes the Company’s stock option activity during the nine months ended September 26, 2026 under the Amended and Restated 2018 Equity Incentive Plan and the 2026 Inducement Plan:


	Number of Stock Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value (in thousands)(1)
Outstanding at December 31, 2025	132,382	$	756.86	5.3	$	—
Granted(2)	26,358	$	25.00	—	$	—
Exercised	—	$	—	—	$	—
Canceled/Forfeited	(9,227)	$	488.01	—	$	—
Outstanding at September 26, 2026	149,513	$	644.43	5.6	$	—
Vested and exercisable at September 26, 2026	149,513	$	777.76	4.8	$	—
Vested and expected to vest at September 26, 2026	146,527	$	655.43	5.6	$	—

____________

(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.

(2) Includes 7,874 options granted under the 2026 Inducement Plan.

In the three months ended September 26, 2026 and September 27, 2025, the Company recorded $1.2 million and $1.4 million, respectively, of share-based compensation expense related to options. In the nine months ended September 26, 2026 and September 27, 2025, the Company recorded $3.2 million and $4.9 million, respectively, of share-based compensation expense related to options. Share-based compensation expense in the nine months ended September 26, 2026, included $0.2 million for extending an option grant expiration date by an additional five years for an executive officer. The share-based compensation expense is included in Total cost of goods sold, Research and development expenses and Total SG&A expenses in the Company’s unaudited condensed consolidated statements of operations. In the three and nine months ended September 26, 2026, pursuant to agreements with the Company, all outstanding unvested options granted to an employee accelerated and vested upon termination and the Company recognized share-based compensation expense pursuant to modification of such option awards in the amount of $0.2 million.

As of September 26, 2026, there was $2.4 million in unrecognized compensation expense related to nonvested stock option awards which is expected to be recognized over a weighted average vesting period of 0.7 years.

Restricted Stock Units

RSU grants to employees in the nine months ended September 26, 2026, generally vest: 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, subject to continued employment through the vesting date. In addition, RSU awards in the nine months ended September 26, 2026 included the Anti-Dilution Increases on RSU awards discussed below.

RSU grants to employees in the nine months ended September 27, 2025 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 a non-employee consultant and a brand ambassador in the nine months ended September 27, 2025 vest on varying dates, subject to continued service through the vesting dates.

RSU grants to directors on the Company’s board of directors in the nine months ended September 26, 2026 vest on the earlier to occur of (i) the one-year anniversary of the grant date, and (ii) the day prior to the first annual meeting of stockholders following the grant date, in each case, subject to continued service through the vesting date, accelerated vesting upon a Change in Control (as defined in the Amended and Restated 2018 Equity Incentive Plan), and, if elected by the director, deferral of the receipt of the shares underlying the RSUs upon vesting of the RSUs in accordance with a deferral election provided by the Company. There were no RSU grants to directors in the nine months ended September 27, 2025.

MIP Awards—RSUs

As mentioned above, in 2025, the Company granted to certain key employees MIP awards in the form of RSUs, a component of which vested on December 31, 2025. A portion of the MIP awards was also granted in the form of RSUs that vest over a two-year period, with 50% vesting at the end of the first year on December 31, 2026, and the remainder, thereafter vesting ratably at the end of each calendar quarter of the following year, fully vesting on December 31, 2027.

Anti-Dilution Increases

In the nine months ended September 26, 2026, pursuant to the 2030 Notes Indenture (See Note 9—2030 Notes Indenture), the Company issued an aggregate of 1,913,604 Conversion Shares to certain holders of the 2030 Notes upon the conversion by such holders of $68.8 million in aggregate principal amount of 2030 Notes into shares of the Company’s common stock. As a result of this conversion and pursuant to their award agreements, the Company issued an aggregate of 139,518 anti-dilution RSUs to the recipients of the MIP awards in the nine months ended September 26, 2026.

The following table summarizes the Company’s RSU activity during the nine months ended September 26, 2026 under the Amended and Restated 2018 Equity Incentive Plan and the 2026 Inducement Plan:


	Number of Units	Weighted Average Grant Date Fair Value Per Unit
Unvested at December 31, 2025	1,178,121	$	38.10
Granted(1)	280,749	$	26.57
Vested(2)	(43,881)	$	129.94
Canceled/Forfeited	(26,381)	$	61.25
Unvested at September 26, 2026	1,388,608	$	32.43

____________

(1) Includes 139,518 RSUs granted pursuant to Anti-Dilution Increases resulting from the conversion of $68.8 million in aggregate principal amount of the 2030 Notes into an aggregate of 1,913,604 shares of the Company’s common stock. Also includes 11,004 RSUs granted pursuant to the 2026 Inducement Plan.

(2) Includes 12,959 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 Amended and Restated 2018 Equity Incentive Plan.

In the three months ended September 26, 2026 and September 27, 2025, the Company recorded $6.3 million, including $4.3 million in incremental share-based compensation expense related to the Exchange Offer, and $2.1 million, respectively, of share-based compensation expense related to RSUs. In the nine months ended September 26, 2026 and September 27, 2025, the Company recorded $18.0 million, including

$12.8 million in incremental share-based compensation expense related to the Exchange Offer, and $8.3 million, respectively, of share-based compensation expense related to RSUs. The share-based compensation expense is included in total cost of goods sold, research and development expenses and total selling, general and administrative expenses in the Company’s unaudited condensed consolidated statements of operations. In the nine months ended September 26, 2026, the Company paid $2.7 million in payments of minimum withholding taxes and withheld 95,701 shares on net share settlement of MIP RSU awards that vested in 2025 and Anti-Dilution Increases on those MIP RSU awards that occurred in the nine months ended September 26, 2026.

As of September 26, 2026, there was $30.4 million in unrecognized compensation expense related to unvested RSUs which is expected to be recognized over a weighted average vesting period of 0.8 years.

Performance Stock Units

2024 PSUs

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 “2024 PSUs”). 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 2024 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 2024 PSUs are subject to the continued service of the executive officers through the last day of the applicable performance period. 2024 PSUs that are unvested three months following the end of the performance period will be forfeited and returned to the Amended and Restated 2018 Equity Incentive Plan on that date, or such earlier date as determined by the HCMCC.

The fair value of 2024 PSUs is measured on the grant date using a Monte Carlo simulation. 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	2,678	$	404.70	January 1, 2024 - December 31, 2024
Tranche II	2,492	$	435.00	January 1, 2024 - December 31, 2025
Tranche III	2,366	$	458.10	January 1, 2024 - December 31, 2026

The shares subject to each performance period (the “Target PSUs”) vest on the last day of the respective performance period in an amount equal to the applicable percentage set forth below for the Relative TSR Performance for such performance period, so long as the applicable executive remains 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 3, 2026 and February 4, 2025, the HCMCC determined that the Company’s Relative TSR Performance for the Tranche II PSUs and Tranche I PSUs, respectively, was less than the 30th percentile, resulting in 0% of the Tranche II and Tranche I Target PSUs vesting. Accordingly, the unvested Tranche II and Tranche I Target PSUs were forfeited and returned to the Amended and Restated 2018 Equity Incentive Plan share reserve for future issuance under the Amended and Restated 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 the 2024 PSUs is measured on the grant date using a Monte Carlo simulation. The following valuation assumptions were used in the Monte Carlo simulation for the 2024 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						$293.10

•Expected Term: The expected term is based on the grant date of the 2024 PSU awards (March 1, 2024) through the end of the performance period (December 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 2024 PSU activity during the nine months ended September 26, 2026:


	Number of Units	Weighted Average Grant Date Fair Value Per Unit
Unvested at December 31, 2025	4,858	$	446.25
Granted	—	$	—
Vested	—	$	—
Canceled/Forfeited	(2,492)	$	435.00
Unvested at September 26, 2026	2,366	$	458.10

The total grant date fair value of the 2024 PSUs was determined to be $3.3 million, with each tranche of 2024 PSUs representing $1.1 million of the total expense. The requisite service period for each tranche of 2024 PSUs is 10 months, 22 months and 34 months, respectively. Share-based compensation expense related to 2024 PSUs is recognized on a straight-line basis over their requisite service periods, regardless of whether the market vesting condition is ultimately satisfied. Share-based compensation expense is not reversed if the achievement of the market vesting condition does not occur.

In the three months ended September 26, 2026, the Company recorded $0.1 million of share-based compensation expense related to Tranche III of the 2024 PSUs. In the three months ended September 27, 2025, the Company recorded $0.2 million of share-based compensation expense related to Tranche II and III of the 2024 PSUs. In the nine months ended September 26, 2026, the Company recorded $0.3 million of share-based compensation expense related to Tranche III of the 2024 PSUs. In the nine months ended September 27, 2025, the Company recorded $0.7 million of share-based compensation expense related to Tranche II and III of the 2024 PSUs. The share-based compensation expense is included in total selling, general and administrative expenses in the Company’s unaudited condensed consolidated statements of operations.

As of September 26, 2026, there was $0.2 million in unrecognized compensation expense related to unvested 2024 PSUs which is expected to be recognized over a weighted average vesting period of 0.5 years.

MIP PSUs

Pursuant to the Amended and Restated 2018 Equity Incentive Plan, in 2025, the board of directors of the Company approved aggregate awards of 933,294 PSUs (at “maximum” performance) to certain key employees (the “MIP PSUs”). The MIP PSUs will be earned based on the achievement of annual performance goals measured over two annual performance periods (2026 and 2027), with performance goals to be set based on metrics to be established by the Company’s board of directors upon recommendation from the Company’s human capital management and compensation committee. Earned MIP PSUs will vest as soon as practicable following the end of the applicable annual performance period and following certification of results (but in all events prior to the following March 15), subject to continued service through the vesting date.

As of September 26, 2026, 338,510 of the MIP PSU awards were deemed granted for purposes of ASC 718 upon establishment of the applicable company metrics and related performance goals based on total net

revenues and total cost of goods sold per pound excluding extraordinary and/or nonrecurring items for the performance period of January 1, 2026 to December 31, 2026 and cash balance for the year ending December 31, 2026.

The following table summarizes the Company’s MIP PSU activity during the nine months ended September 26, 2026:


	Number of Units	Weighted Average Grant Date Fair Value Per Unit
Unvested at December 31, 2025	—	$	—
Granted	338,510	$	23.58
Vested	—	$	—
Canceled/Forfeited	—	$	—
Unvested at September 26, 2026	338,510	$	23.58

As of September 26, 2026, the Company estimated that certain of the metrics were achievable and certain of the portion of PSUs were probable of vesting. Therefore, in each of the three and nine months ended September 26, 2026, the Company recorded $1.2 million in incremental share-based compensation expense related to MIP PSU awards for the first performance period. There was no such share-based compensation expense related to MIP PSU awards in the three and nine months ended September 27, 2025.

Employee Stock Purchase Plan

As of September 26, 2026, the maximum aggregate number of shares that may be issued under the 2018 Employee Stock Purchase Plan (“2018 ESPP”) was 151,904 shares of common stock, including an increase of 17,871 shares effective January 1, 2026 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 - Schedule of Fair Value Assumptions (Details) - Employee Stock Option	9 Months Ended
	Sep. 26, 2026
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	4.00%
Expected term (years)	4 years
Expected volatility	113.90%

- 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

+ Details

Fair Value of Financial Instruments

9 Months Ended

Sep. 26, 2026

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

There were no transfers of financial assets or liabilities into or out of Level 1, Level 2 or Level 3 in the three and nine months ended September 26, 2026 and September 27, 2025.

Valuation of Delayed Draw Term Loan Warrant Liability

The Company remeasured the fair value of the total delayed draw term loan warrant liability as of September 26, 2026, marking it to market, and recognized a decrease in fair value in the amount of $2.6 million for the three months ended September 26, 2026 in the Company’s unaudited condensed consolidated statement of operations in Other income (expense), net. For the nine months ended September 26, 2026, the Company recognized a $3.8 million decrease in fair value. The following were the assumptions used in the Black-Scholes option-pricing model to mark-to-market the fair value of the total delayed draw term loan warrant liability as of September 25, 2026, the last trading day of the period:


Risk-free interest rate			4.96%
Average expected term (years)			3.8
Expected volatility			115.08%
Dividend yield			—
Exercise price			$58.33

The following table sets forth a summary of the changes in the fair value of the total delayed draw term loan warrant liability for the periods indicated (in thousands):


	Three Months Ended				Nine Months Ended
	September 26, 2026		September 27, 2025		September 26, 2026		September 27, 2025
Beginning balance	$	3,842	$	20,143	$	5,066	$	—
Fair value of delayed draw term loan warrants issued during the period	—		—		—		20,143
Remeasurement of contingently issued delayed draw term loan warrants	—		(3,638)		—		(3,638)
Remeasurement of delayed draw term loan warrants liability	(2,614)		(1,680)		(3,838)		(1,680)
Ending balance	$	1,228	$	14,825	$	1,228	$	14,825

Valuation of 2030 Notes Embedded Derivative

The Company determined that the conversion option embedded within the 2030 Notes required bifurcation as a derivative liability under ASC 815. The sensitivity of the fair value calculation to these methods, assumptions and estimates included could create materially different results under different conditions or using different assumptions. The mandatory conversion feature along with the make whole interest, the mandatory equitization feature along with the make whole interest and the holder’s optional conversion feature with the make whole interest require bifurcation and therefore, these embedded derivatives were bifurcated, along with the conversion option, from the debt host as a single, compound derivative liability.

The Company uses a binomial lattice valuation model in order to estimate the fair value of the 2030 Notes Embedded Derivative at inception, on each subsequent conversion date and period end dates. The fair value of the 2030 Notes Embedded Derivative at the issuance date was $26.9 million, recorded as a debt discount to the 2030 Notes and is being amortized to interest expense over the term of the debt. The debt discount carrying value is also reduced, on a pro rata basis, on each 2030 Notes conversion settlement date further discussed under the heading 2030 Notes Conversions and Gain on Debt Extinguishment (see Note 9). For the three and nine months ended September 26, 2026, the Company recognized $0.9 million and $3.1 million, respectively, in interest expense related to the amortization of this discount, and a reduction of the carrying value of the debt discount of $8.0 million related to settled conversions to equity during the nine months ended September 26, 2026. There were no conversions of 2030 Notes during the three months ended September 26, 2026.

The following table sets forth a summary of activity of the 2030 Notes Embedded Derivative liability for the periods indicated (in thousands):


	Three Months Ended		Nine Months Ended
	September 26, 2026		September 26, 2026
Beginning balance, at fair value	$	14,596	$	39,152
Pro rata reduction of liability due to partial conversions	—		(16,503)
Change in fair value from remeasurement	(13,321)		(21,374)
Ending balance as of September 26, 2026, at fair value	$	1,275	$	1,275

There was no 2030 Notes Embedded Derivative liability outstanding for the three and nine months ended September 27, 2025.

As of September 26, 2026 and December 31, 2025, the 2030 Notes Embedded Derivative liability was $1.3 million and $39.2 million, respectively, shown above. See Note 9.

Due to the use of a qualitative adjustment for estimating volatility, the binomial lattice valuation used is considered Level 3 in the valuation hierarchy.

The following table sets forth selected inputs to the binomial lattice valuation model used to value the 2030 Notes Embedded Derivative as of the respective dates indicated:


Inputs	September 26, 2026	December 31, 2025
Term (years)	4.1	4.8
Continuous risk free rate	4.90%	3.68%
Volatility	40.0%	40.0%
Stock price on valuation date	$8.35	$24.60
Discount rate (continuous)	30.52%	19.71%

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Stockholders’ Deficit - Schedule of Common Stock Reserved for Future Issuance (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 26, 2026	Sep. 23, 2026	Mar. 30, 2026	Dec. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total common stock reserved for future issuance (in shares)	6,601,419			6,111,700
Convertible Senior Notes Due 2030
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total common stock reserved for future issuance (in shares)	2,999,211			4,000,000
Convertible Senior Notes Due 2027
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total common stock reserved for future issuance (in shares)	455,184			0
Convertible Senior Notes Due 2027 \| Convertible Debt
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Troubled debt restructuring, debtor, shares, issued		1,097,444
Troubled debt restructuring, debtor, original principal amount exchanged		$ 15.0
Troubled debt restructuring, debtor, additional shares to be delivered	455,184	455,184
Shares reserved for potential issuance under the Delayed Draw Term Loan Warrants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total common stock reserved for future issuance (in shares)	318,622			318,622
Shares reserved for potential issuance under the BG Warrant—Tranche 1
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total common stock reserved for future issuance (in shares)	83,334			0
Shares reserved for potential issuance under the BG Warrant—Tranche 2
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total common stock reserved for future issuance (in shares)	55,555			0
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	200.00%
Performance Shares, Reserved For Issuance Under MIP PSUs Including Anti-Dilution Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total common stock reserved for future issuance (in shares)	338,510
Performance Shares, Reserved For Issuance Under MIP PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total common stock reserved for future issuance (in shares)	306,617
Performance Shares, Reserved For Issuance Pursuant To Anti-Dilution Increases
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total common stock reserved for future issuance (in shares)	31,893
Performance Shares, Reserved For Issuance Under Unvested PSUs Outstanding If Performance Target Achieved
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total common stock reserved for future issuance (in shares)	2,366			4,858
Performance Shares, Reserved For Issuance Under MIP PSUs At Maximum Performance
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total common stock reserved for future issuance (in shares)	613,220			933,294
Vesting percentage	150.00%
Equity incentive compensation awards granted and outstanding
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total common stock reserved for future issuance (in shares)	1,860,119			1,315,359
Shares available for issuance under the 2018 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total common stock reserved for future issuance (in shares)	363,034			343,686
Shares available for issuance under the 2018 Equity Incentive Plan \| Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total common stock reserved for future issuance (in shares)	677,073
Shares available for issuance under the 2018 Equity Incentive Plan \| Performance Shares, Reserved For Issuance Pursuant To Anti-Dilution Increases
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total common stock reserved for future issuance (in shares)	63,853			17
Shares available for issuance under the 2018 Equity Incentive Plan \| Performance Shares, Reserved For Issuance Under Unvested PSUs Outstanding If Performance Target Achieved
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total common stock reserved for future issuance (in shares)	2,366			4,858
Shares available for issuance under the 2026 Employment Inducement Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total common stock reserved for future issuance (in shares)	314,456		333,334	0
Shares available for issuance under the 2018 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total common stock reserved for future issuance (in shares)	151,904			134,033

Fair Value of Financial Instruments - Fair Value Measurements, Recurring and Nonrecurring (Details) - Valuation Technique, Binomial Pricing Model	Sep. 26, 2026 $ / shares yr	Dec. 31, 2025 $ / shares yr
Term (years)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset (liability) net, measurement input \| yr	4.1	4.8
Risk-free interest rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset (liability) net, measurement input	0.0490	0.0368
Expected volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset (liability) net, measurement input	0.400	0.400
Stock price on valuation date
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset (liability) net, measurement input \| $ / shares	8.35	24.60
Discount rate (continuous)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative asset (liability) net, measurement input	0.3052	0.1971

- 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 + Details

Leases - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 26, 2026	Sep. 27, 2025	Sep. 26, 2026	Sep. 27, 2025
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 1,033	$ 527	$ 2,081	$ 4,354
Cash paid for interest on finance lease liabilities	$ 1,866	$ 1,710	$ 5,202	$ 2,766

Revenue Recognition - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 26, 2026	Sep. 27, 2025	Sep. 26, 2026	Sep. 27, 2025
Disaggregation of Revenue [Line Items]
Net revenues	$ 64,529	$ 70,218	$ 191,567	$ 213,907
U.S. net revenues
Disaggregation of Revenue [Line Items]
Net revenues	34,258	39,061	105,073	123,798
U.S. net revenues \| Retail
Disaggregation of Revenue [Line Items]
Net revenues	24,757	28,537	80,948	92,806
U.S. net revenues \| Foodservice
Disaggregation of Revenue [Line Items]
Net revenues	9,501	10,524	24,125	30,992
International net revenues
Disaggregation of Revenue [Line Items]
Net revenues	30,271	31,157	86,494	90,109
International net revenues \| Retail
Disaggregation of Revenue [Line Items]
Net revenues	17,907	15,810	50,095	44,359
International net revenues \| Foodservice
Disaggregation of Revenue [Line Items]
Net revenues	$ 12,364	$ 15,347	$ 36,399	$ 45,750

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Net Loss Per Share Available to Common Stockholders (Tables)

9 Months Ended

Sep. 26, 2026

Earnings Per Share [Abstract]

Schedule of Calculation of Net Income (Loss) per Share Available to Common Stockholders Basic and Diluted

The numerators and denominators for the calculation of net loss per share available to common stockholders—basic and diluted are as follows (in thousands, except share and per share data):


	Three Months Ended				Nine Months Ended
	September 26, 2026		September 27, 2025		September 26, 2026		September 27, 2025
Numerator:

Net loss available to common stockholders—basic and diluted	$	(82,829)	$	(97,008)	$	(94,907)	$	(189,940)













Denominator:

Weighted average common shares outstanding—basic and diluted	19,152,391		2,555,696		16,301,717		2,548,532














Net loss per share
Net loss per share available to common stockholders—basic and diluted	$	(4.32)	$	(37.96)	$	(5.82)	$	(74.53)

Schedule of Antidilutive Securities Excluded from Computation of Diluted Net Loss Per Share Available to Common Stockholders


	Three Months Ended		Nine Months Ended
	September 26, 2026	September 27, 2025	September 26, 2026	September 27, 2025
Options to purchase common stock(1)	149,513	135,655	149,513	135,655
RSUs(1)	1,388,608	45,569	1,388,608	45,569
PSUs(1)	340,876	4,858	340,876	4,858
2027 Notes(2)	—	274,475	—	274,475
2030 Notes (if converted)(3)	2,999,211	—	2,999,211	—
Delayed Draw Term Loan Warrants(3)	318,622	318,622	318,622	318,622
BG Warrants(3)	138,889	—	138,889	—
Total	5,335,719	779,179	5,335,719	779,179

____________

(3) 2030 Notes, Delayed Draw Term Loan Warrants and BG Warrants do not participate in losses.

Cash, Cash Equivalents and Restricted Cash (Tables)

9 Months Ended

Sep. 26, 2026

Cash and Cash Equivalents [Abstract]

Schedule of Cash and Cash Equivalents

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the Company’s unaudited condensed consolidated balance sheets that sum to the total of the same amounts shown in the Company’s unaudited condensed consolidated statements of cash flows (in thousands):


	September 26, 2026		December 31, 2025		September 27, 2025		December 31, 2024
Cash and cash equivalents	$	154,623	$	203,890	$	117,296	$	131,913
Restricted cash, current	1,139		4,350		1,170		1,041
Restricted cash, non-current	13,500		9,291		12,600		12,600
Total cash, cash equivalents and restricted cash	$	169,262	$	217,531	$	131,066	$	145,554

Schedule of Reconciliation of Cash and Cash Equivalents, Restricted Cash


	September 26, 2026		December 31, 2025		September 27, 2025		December 31, 2024
Cash and cash equivalents	$	154,623	$	203,890	$	117,296	$	131,913
Restricted cash, current	1,139		4,350		1,170		1,041
Restricted cash, non-current	13,500		9,291		12,600		12,600
Total cash, cash equivalents and restricted cash	$	169,262	$	217,531	$	131,066	$	145,554

Condensed Consolidated Statements of Stockholders’ Deficit - USD ($) $ in Thousands	Total	Convertible Senior Notes Due 2030	Convertible Senior Notes Due 2027	Common Stock	Common Stock Convertible Senior Notes Due 2030	Common Stock Convertible Senior Notes Due 2027	Additional Paid-in Capital	Additional Paid-in Capital Convertible Senior Notes Due 2030	Additional Paid-in Capital Convertible Senior Notes Due 2027	Accumulated Deficit	Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Dec. 31, 2024				2,535,532
Beginning balance at Dec. 31, 2024	$ (601,208)			$ 8			$ 644,004			$ (1,241,531)	$ (3,689)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(61,087)									(61,087)
Issuance of common stock under equity incentive plans, net (in shares)				11,430
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				2,546,962
Ending balance at Mar. 29, 2025	(657,702)			$ 8			649,637			(1,302,618)	(4,729)
Beginning balance (in shares) at Dec. 31, 2024				2,535,532
Beginning balance at Dec. 31, 2024	(601,208)			$ 8			644,004			(1,241,531)	(3,689)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(189,940)
Reclassification of foreign currency translation to net income (loss), net of tax	0
Ending balance (in shares) at Sep. 27, 2025				2,558,397
Ending balance at Sep. 27, 2025	(781,159)			$ 8			657,549			(1,431,471)	(7,245)
Beginning balance (in shares) at Mar. 29, 2025				2,546,962
Beginning balance at Mar. 29, 2025	(657,702)			$ 8			649,637			(1,302,618)	(4,729)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(31,845)									(31,845)
Issuance of common stock under equity incentive plans, net (in shares)				6,292
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				2,553,254
Ending balance at Jun. 28, 2025	(687,797)			$ 8			653,855			(1,334,463)	(7,197)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(97,008)									(97,008)
Issuance of common stock under equity incentive plans, net (in shares)				5,143
Issuance of common stock under equity incentive plans, net	(73)						(73)
Share-based compensation for equity classified awards	3,767						3,767
Foreign currency translation adjustment	(48)										(48)
Reclassification of foreign currency translation to net income (loss), net of tax	0
Ending balance (in shares) at Sep. 27, 2025				2,558,397
Ending balance at Sep. 27, 2025	(781,159)			$ 8			657,549			(1,431,471)	(7,245)
Beginning balance (in shares) at Dec. 31, 2025				15,122,944
Beginning balance at Dec. 31, 2025	(997)			$ 45			1,029,308			(1,022,507)	(7,843)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(28,482)									(28,482)
Issuance of common stock under equity incentive plans, net (in shares)				139,697
Issuance of common stock under equity incentive plans, net	(2,728)						(2,728)
Share-based compensation for equity classified awards	6,521						6,521
Issuance of common stock in conjunction with the conversion of a portion of 2030 Notes (in shares)					177,195
Issuance of common stock in conjunction with the conversion of a portion of the 2030 Notes		$ 4,220			$ 1			$ 4,219
Foreign currency translation adjustment	383										383
Ending balance (in shares) at Mar. 28, 2026				15,439,836
Ending balance at Mar. 28, 2026	(21,083)			$ 46			1,037,320			(1,050,989)	(7,460)
Beginning balance (in shares) at Dec. 31, 2025				15,122,944
Beginning balance at Dec. 31, 2025	(997)			$ 45			1,029,308			(1,022,507)	(7,843)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(94,907)
Reclassification of foreign currency translation to net income (loss), net of tax	894
Ending balance (in shares) at Sep. 26, 2026				18,299,685
Ending balance at Sep. 26, 2026	(6,569)			$ 52			1,115,299			(1,117,414)	(4,506)
Beginning balance (in shares) at Mar. 28, 2026				15,439,836
Beginning balance at Mar. 28, 2026	(21,083)			$ 46			1,037,320			(1,050,989)	(7,460)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	16,404									16,404
Issuance of common stock under equity incentive plans, net (in shares)				16,862
Issuance of common stock under equity incentive plans, net	(278)						(278)
Share-based compensation for equity classified awards	7,399						7,399
Issuance of common stock in conjunction with the conversion of a portion of 2030 Notes (in shares)					1,736,409
Issuance of common stock in conjunction with the conversion of a portion of the 2030 Notes		$ 50,407			$ 6			$ 50,401
Issuance of equity classified warrants to purchase common stock	1,228						1,228
Foreign currency translation adjustment	1,786										1,786
Reclassification of foreign currency translation to net income (loss), net of tax	894										894
Ending balance (in shares) at Jun. 27, 2026				17,193,107
Ending balance at Jun. 27, 2026	56,757			$ 52			1,096,070			(1,034,585)	(4,780)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(82,829)									(82,829)
Issuance of common stock under equity incentive plans, net (in shares)				9,134
Issuance of common stock under equity incentive plans, net	1						1
Share-based compensation for equity classified awards	8,213						8,213
Issuance of common stock in conjunction with the conversion of a portion of 2030 Notes (in shares)						1,097,444
Issuance of common stock in conjunction with the conversion of a portion of the 2030 Notes			$ 11,007						$ 11,007
Issuance of equity classified warrants to purchase common stock	8						8
Foreign currency translation adjustment	274										274
Reclassification of foreign currency translation to net income (loss), net of tax	0
Ending balance (in shares) at Sep. 26, 2026				18,299,685
Ending balance at Sep. 26, 2026	$ (6,569)			$ 52			$ 1,115,299			$ (1,117,414)	$ (4,506)

Inventories (Details) - USD ($) $ in Thousands	Sep. 26, 2026	Dec. 31, 2025
Inventory Disclosure [Abstract]
Raw materials and packaging	$ 28,897	$ 32,569
Work in process	8,437	17,743
Finished goods	28,191	33,720
Total	$ 65,525	$ 84,032

Summary of Significant Accounting Policies - Schedule of Condensed Consolidated Statement of Operations (unaudited) and Prior Period Adjustments (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 26, 2026	Jun. 27, 2026	Mar. 28, 2026	Sep. 27, 2025	Jun. 28, 2025	Mar. 29, 2025	Sep. 26, 2026	Sep. 27, 2025
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cost of goods sold	$ 52,107			$ 64,990			$ 171,287	$ 207,685
Gross profit	12,422			5,228			20,280	6,222
Selling, general and administrative expenses	32,995			47,130			103,354	136,740
Loss from impairment of long-lived assets	57,097			51,288			57,097	51,288
Total operating expenses	105,382			103,335			185,150	206,214
Loss from operations	(92,960)			(98,107)			(164,870)	(199,992)
Remeasurement of delayed draw term loan warrant liability	2,614			4,774			3,838	4,774
Total other income (expense), net	10,142			1,106			70,006	10,129
Loss before taxes	(82,818)			(97,001)			(94,864)	(189,863)
Net income (loss)	$ (82,829)	$ 16,404	$ (28,482)	$ (97,008)	$ (31,845)	$ (61,087)	$ (94,907)	$ (189,940)
Net income (loss) per share available to common stockholders—basic (in dollars per share)	$ (4.32)			$ (37.96)			$ (5.82)	$ (74.53)
Net loss per share available to common stockholders—diluted (in dollars per share)	$ (4.32)			$ (37.96)			$ (5.82)	$ (74.53)
As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cost of goods sold				$ 62,988				$ 199,151
Gross profit				7,230				14,756
Selling, general and administrative expenses				37,230				122,598
Loss from impairment of long-lived assets				77,414				77,414
Total operating expenses				119,561				218,198
Loss from operations				(112,331)				(203,442)
Remeasurement of delayed draw term loan warrant liability				5,318				5,318
Total other income (expense), net				1,650				10,673
Loss before taxes				(110,681)				(192,769)
Net income (loss)				$ (110,688)				$ (192,846)
Net income (loss) per share available to common stockholders—basic (in dollars per share)				$ (43.31)				$ (75.67)
Net loss per share available to common stockholders—diluted (in dollars per share)				$ (43.31)				$ (75.67)
Inventory Valuation
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cost of goods sold				$ 2,002				$ 8,534
Gross profit				(2,002)				(8,534)
Selling, general and administrative expenses				0				0
Loss from impairment of long-lived assets				0				0
Total operating expenses				0				0
Loss from operations				(2,002)				(8,534)
Remeasurement of delayed draw term loan warrant liability				0				0
Total other income (expense), net				0				0
Loss before taxes				(2,002)				(8,534)
Net income (loss)				$ (2,002)				$ (8,534)
Net income (loss) per share available to common stockholders—basic (in dollars per share)				$ (0.78)				$ (3.35)
Net loss per share available to common stockholders—diluted (in dollars per share)				$ (0.78)				$ (3.35)
Debt Issuance Costs
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cost of goods sold				$ 0				$ 0
Gross profit				0				0
Selling, general and administrative expenses				9,900				14,142
Loss from impairment of long-lived assets				0				0
Total operating expenses				9,900				14,142
Loss from operations				(9,900)				(14,142)
Remeasurement of delayed draw term loan warrant liability				(544)				(544)
Total other income (expense), net				(544)				(544)
Loss before taxes				(10,444)				(14,686)
Net income (loss)				$ (10,444)				$ (14,686)
Net income (loss) per share available to common stockholders—basic (in dollars per share)				$ (4.09)				$ (5.76)
Net loss per share available to common stockholders—diluted (in dollars per share)				$ (4.09)				$ (5.76)
Impairment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Cost of goods sold				$ 0				$ 0
Gross profit				0				0
Selling, general and administrative expenses				0				0
Loss from impairment of long-lived assets				(26,126)				(26,126)
Total operating expenses				(26,126)				(26,126)
Loss from operations				26,126				26,126
Remeasurement of delayed draw term loan warrant liability				0				0
Total other income (expense), net				0				0
Loss before taxes				26,126				26,126
Net income (loss)				$ 26,126				$ 26,126
Net income (loss) per share available to common stockholders—basic (in dollars per share)				$ 10.22				$ 10.25
Net loss per share available to common stockholders—diluted (in dollars per share)				$ 10.22				$ 10.25

Segment Information - Narrative (Details)	9 Months Ended
Segment Information - Narrative (Details)	Sep. 26, 2026 segment
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	1

Income Taxes (Details) - USD ($)	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($)	Sep. 26, 2026	Sep. 27, 2025	Sep. 26, 2026	Sep. 27, 2025
Income Tax Disclosure [Abstract]
Income tax expense	$ 0	$ 0	$ 0	$ 0
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/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147476153/220-40-55-21

Reference 6: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
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-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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+ Details

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 26, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Leases The Company paid $3.6 million and $8.3 million in rent prepayments and payments towards construction costs of the Campus Headquarters in the nine months ended September 26, 2026 and year ended December 31, 2025, respectively. The Company’s lease commitments, including its Campus Headquarters lease, related amendments, sublease arrangements, and letter of credit, are described in Note 6. Big Geyser For details about the Company’s Distribution Agreement with Big Geyser and issuance of the BG Warrants in connection therewith, see Note 10. 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. 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 2022, the lease was amended to extend the term for an additional five years without rent escalation. On February 24, 2025, as part of the Company’s global operations review initiated in 2023 (the “Global Operations Review”), the Company’s board of directors approved a plan to suspend the Company’s operational activities in China, which ceased as of the end of 2025. The Company entered into an agreement terminating the factory lease in August 2026. 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 was used as a local research and development facility. In connection with the cessation of operational activities in China, BYND JX and the landlord agreed to terminate the lease early, effective as of May 20, 2025. As of September 26, 2026, the Company had invested $22.5 million as the registered capital of BYND JX that included $0.5 million to fund the cessation of its operational activities in China, and advanced $20.0 million to BYND JX. During the nine months ended September 26, 2026, the Company determined that the cessation of the Company’s operational activities in China was substantially complete. As a result, the Company reclassified approximately $0.9 million of cumulative foreign currency translation losses related to BYND JX from Accumulated other comprehensive loss to Other (expense) income, net in the Company’s unaudited condensed consolidated statement of operations in the nine months ended September 26, 2026. 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 September 26, 2026 and September 27, 2025, the Company recognized its share of the net losses in TPP in the amount of $11,000 and $7,000, respectively. In the nine months ended September 26, 2026 and September 27, 2025, the Company recognized its share of the net losses in TPP in the amount of $43,000 and $77,000, respectively. As of September 26, 2026 and December 31, 2025, the Company had contributed its share of the investment in TPP in the amount of $27.6 million. See Note 15. Purchase Commitments On March 28, 2026, the Company and Roquette entered into a Sales Agreement (the “Sales Agreement”) pursuant to which Roquette will provide the Company with pea protein. The Sales Agreement expires on December 31, 2027, subject to extension or early termination under certain circumstances. The Sales Agreement provides for pea protein to be supplied by Roquette in each of 2026 and 2027, on a purchase order basis per specified minimum annual base quantities, subject to periodic adjustment based on the Company’s binding forecasted requirements throughout the term. The Company is not required to purchase and Roquette is not required to deliver pea protein in amounts in excess of such specified minimum annual quantities. The total annual amount purchased each year by the Company must be at least the minimum amount specified in the Sales Agreement, which totals in the aggregate approximately $23.5 million (subject to annual inflationary and exchange rate adjustments) over the term of the Sales Agreement. If the Company does not purchase the applicable minimum annual quantities, it will be required to pay Roquette liquidated damages calculated as a percentage of the amount the Company would have been required to pay for the unpurchased volumes in the relevant year, subject to roll over of a portion of unpurchased volumes from year to year. The Sales Agreement requires the Company to procure a $1.0 million standby letter of credit to secure its payment obligations thereunder and also provides for the Company and Roquette to indemnify one another in certain circumstances. The Company procured a $1.0 million standby letter of credit to secure its payment obligations under the Sales Agreement which is included in Restricted cash, non-current as of September 26, 2026. As of September 26, 2026, pursuant to the Sales Agreement, the Company committed to purchase pea protein inventory totaling $15.7 million, of which $4.0 million is expected to be purchased in the remainder of 2026 and $11.7 million in 2027. As of September 26, 2026, the Company has also committed to purchase avocado oil and canola oil inventories totaling $2.8 million, of which $2.1 million is expected to be purchased in the remainder of 2026 and $0.7 million in 2027. 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 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 were heard on October 30, 2025 and by judgment rendered on November 21, 2025, the Court of Appeal has decided to grant the Company’s motion for declinatory exception and to defer the dispute to arbitration in California. BVeggie had 60 days from the day of the judgment to file a motion for leave to appeal before the Supreme Court of Canada. Said delay has now elapsed and the judgment of the Court of Appeal is now final. 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 was suspended pending the outcome of the aforementioned appeals. As a consequence of the judgment rendered by the Court of Appeal, all of the aforementioned actions filed by BVeggie against the Company in Quebec are suspended indefinitely, until the JAMS arbitration tribunal has clarified its jurisdiction, via a final judgment. 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 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 April 24, 2025. The Company recorded $7.5 million in Total 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 March 29, 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 has finalized 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) 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 alleged that the Company terminated the agreement without a contractual basis to do so and that it was owed past and future payments under the agreement. The Manufacturer claimed total damages of at least approximately $73.0 million. 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. On September 15, 2025, the arbitrator issued an interim award (the “Interim Award”) and found that the Company had a valid basis to terminate the agreement with the Manufacturer. On September 25, 2025, the Manufacturer filed a request with the arbitrator to re-open the arbitration hearing. On September 29, 2025, the Company opposed this request. On October 20, 2025, the arbitrator denied the Manufacturer’s request. Shortly thereafter, the parties engaged in fees briefing. On December 10, 2025, the arbitrator issued the final award, and on December 18, 2025, the arbitrator corrected scrivener’s and other typographical errors in the final award (the “Final Award”). Certain details of the Interim Award and Final Award are confidential. The Final Award is similar to the Interim Award, but the Interim Award does not address attorneys’ fees, costs and interests. In the Final Award, the arbitrator awarded the Company: (i) $349,493 for its breach of contract claim in out of pocket costs, (ii) $7,183,782 for its negligent misrepresentation claim, which is inclusive of the $349,493 in contract damages awarded for the Company’s breach of contract claim, (iii) $6,246,693 for its attorneys’ fees; and (iv) $550,640 for its costs. In total, the arbitrator awarded the Company $13,981,115 (the “Total Award”). On January 30, 2026, the Company filed a petition to confirm the Final Award and enter judgment in the Superior Court of the State of California for the County of Los Angeles. On February 13, 2026, the Manufacturer filed an ex parte application to extend its deadline to oppose the Company’s petition and set a briefing schedule on its forthcoming petition to vacate the Final Award. The Company opposed the ex parte application. On February 17, 2026, the court granted the Manufacturer’s ex parte application and scheduled the hearing on both the Company’s petition to confirm the Final Award and enter judgment and the Manufacturer’s forthcoming petition to vacate for May 1, 2026. On March 13, 2026, the Manufacturer opposed the Company’s petition and filed a petition to vacate the Final Award. The Company’s reply in support of its petition and opposition to the Manufacturer’s petition to vacate was due on April 3, 2026. Because the parties were negotiating and finalizing a settlement agreement, they requested all deadlines be extended by two months. On April 24, 2026, the parties reached a full and final settlement in the amount of $11.0 million which was due and payable to the Company within 60 days. In June 2026, the Company received $4.0 million of the settlement amount. The remaining $7.1 million, which includes approximately $0.1 million of interest, was received by the Company on July 10, 2026. The Company recognized $11.0 million as a reduction of Total SG&A expenses in its unaudited condensed consolidated statements of operations for the nine months ended September 26, 2026. Trademark Infringement Litigation On April 28, 2022, a trademark infringement complaint for injunctive and other relief was filed against Beyond Meat in the United States District Court for the Middle District of Florida, Orlando Division, captioned Sonate Corporation, d/b/a Vegadelphia Foods (“Sonate”) v. Dunkin’ Brands Group, Inc., Dunkin’ Brands, Inc. (collectively, “Dunkin’”) and Beyond Meat, Inc., et al., Case No. 6:22-cv-00812. A First Amended Complaint was filed on May 17, 2022 (the “FAC”). The FAC alleged that the Company and Dunkin’s use of the tagline “Great Taste Plant-Based,” infringed on Sonate’s registered trademark WHERE GREAT TASTE IS PLANT-BASED® (“Sonate’s trademark”). Additionally, Sonate alleged that the Company’s use of the tagline “Plant-Based Great Taste” in connection with its own sales of products also infringed on Sonate’s trademark. The FAC sought injunctive relief and a monetary award for corrective advertising, a reasonable royalty award, damages representing Sonate’s lost sales and the Company’s profits generated by the alleged likelihood of confusion, interest, costs, expenses and attorneys’ fees. On June 24, 2022, both the Company and Dunkin’ filed their answers to the FAC and a motion to change venue. On March 24, 2023, the court issued an order granting Dunkin’ and the Company’s motion to transfer venue and directed the clerk of the court to transfer the case to the District of Massachusetts, Boston Division for all further proceedings (Case No. 1:23-cv-10690-IT). The Company contended that Sonate would not be able to meet its burden of establishing a likelihood of confusion. Additionally, the Company asserted the fair use defense to Sonate’s allegations, namely that the Company’s use of “Plant-Based Great Taste” and “Great Taste Plant-Based” satisfy the requirements of the fair use doctrine (e.g., they are only used descriptively), precluding liability. Mediation was held on September 18, 2024, at which time Dunkin’ settled its involvement in the case. On November 20, 2024, Dunkin’ was dismissed from the case with prejudice, and the case continued as to the Company. On or about March 11, 2025, the Company filed a motion for summary judgment or adjudication and motions to strike some of Sonate’s expert reports and testimony. On or about March 9, 2025, Sonate filed a motion for summary judgment or adjudication and on or about March 11, 2025 filed motions to strike some of the Company’s expert reports and testimony. On October 29, 2025, the Court denied Sonate’s motion for summary judgment as to issues impacting liability and granted it with respect to a portion of damages relating to the sales made through Dunkin’ stores. The Company’s motion for summary judgment as to liability for either tagline was denied. As to damages, the Company’s motion for summary judgment was granted as to corrective advertising and reasonable royalty damages and denied in part as to lost profits from lost value. The Company’s motion to strike was granted as to Sonate’s expert report and testimony as to corrective advertising damages, reasonable royalty damages and lost value. A jury trial commenced on November 10, 2025 and concluded on November 24, 2025. The Company’s primary general liability insurer has been providing the Company’s defense under its primary policy, subject to a reservation of rights. On November 24, 2025, the jury returned its verdict finding that the Company was liable for trademark infringement and that the fair use defense did not apply. The jury awarded $23.5 million in actual damages and $15.4 million in disgorgement of the Company’s profits. The Company subsequently filed two post-trial requests seeking to reduce or eliminate the amount awarded by the jury. Sonate filed motions seeking prejudgment interest, an increase in the disgorgement award, and prompt entry of judgment. On September 18, 2026, the Court ruled on the Company's and Sonate's post-trial motions. The Court denied Sonate's motions seeking prejudgment interest and an increase in the disgorgement award. The Court granted the Company's motion in part and denied it in part, reducing the jury award of actual damages from $23.5 million to $37,500 and accepting the jury's finding of $15.4 million in disgorgement of the Company's profits. On the same date, the Court entered judgment against the Company in the amount of $15,437,500, consisting of $37,500 of actual damages and $15.4 million in disgorgement of the Company's profits. On October 14, 2026, the Company filed a motion requesting that the Court approve a supersedeas bond and stay execution of the judgment. The supersedeas bond has a face amount of $16,981,750, consisting of the $15,437,500 judgment, plus $1,543,750, representing 10% of the judgment intended to cover post-judgment interest, and a $500 fee, as provided by District of Massachusetts Local Rule 62.2. On October 16, 2026, the Court approved the bond and stayed execution of the judgment pending resolution of post-trial proceedings. Also on October 16, 2026, the Company filed a motion to amend the judgment and/or for new trial and Sonate filed a notice of appeal of the trial court’s September 18, 2026 judgment. On October 28, 2026, the United States Court of Appeals for the First Circuit, issued an order stating that Sonate’s notice of appeal is not effective until the trial court determines the Company’s pending motion to amend the judgment, and/or for new trial. On October 30, 2026, the Company filed a notice of cross-appeal, reserving its right to appeal and alerting the appellate court of Company’s motion to amend the judgment, and/or for new trial currently pending in the trial court. On November 4, 2026, Sonate filed its opposition to the Company’s October 16, 2026 motion to amend the judgment and/or for new trial. The Company continues to pursue its available post-trial and appellate remedies. Pursuant to ASC 450, the Company recorded a $38.9 million litigation-related accrual in operating expenses during the year ended December 31, 2025. During the three and nine months ended September 26, 2026, the Company reduced the litigation-related accrual by $21.8 million and recognized a corresponding reduction in Total SG&A expenses. As of September 26, 2026, the Company maintained an accrued litigation-related liability of $17.1 million, consisting of $17.0 million based on the full face amount of the supersedeas bond and $0.1 million for the bond premium. The accrued liability remains subject to adjustment based on the actual bond premium and the resolution of further post-trial and appellate proceedings. See Note 1 7. Aljendan v. Beyond Meat, Inc. et al. On January 23, 2026, a class action complaint was filed against the Company and certain current officers in the United States District Court for the Central District of California, captioned Aljendan v. Beyond Meat, Inc., et al., Case No. 2:26-cv-00742 (the “Aljendan Action”). The complaint alleges, among other things, that the Company and the individual defendants made false and misleading statements or omissions regarding the book and market value of certain long-lived assets and the likelihood that the Company would have to record a material, non-cash impairment charge. The complaint seeks an order certifying the class; awarding compensatory damages, interest, costs, attorneys’ and expert fees; and granting other unspecified relief. The complaint alleges causes of action under Sections 10(b) and 20(a) of the Exchange Act, on behalf of a putative class of investors who purchased the Company’s common stock between February 27, 2025 and November 11, 2025, inclusive. On April 6, 2026, the Court appointed Brandon Mitchell Waldaias, Aaron Saran and Brandon Barclay as Co-Lead Plaintiffs and Pomerantz LLP and Wolf Haldenstein Adler Freeman & Herz LLP as Co-Lead Counsel. On June 1, 2026, the Co-Lead Plaintiffs filed an amended complaint. The amended complaint similarly alleges causes of action under Section 10(b) and 20(a) of the Exchange Act, on behalf of a putative class of investors who purchased the Company’s common stock between February 27, 2025 and March 31, 2026, inclusive. The amended complaint alleges, among other things, that the Company and the individual defendants made false and misleading statements or omissions concerning the value of the Company’s long-lived assets, inventory, and expenses associated with a note exchange transaction, as well as the adequacy of the Company’s internal control over financial reporting. On July 15, 2026, Defendants filed a motion to dismiss. The Co-Lead Plaintiffs’ filed an opposition to the motion to dismiss on August 28, 2026. On September 29, 2026, Defendants filed a reply in support of the motion to dismiss. The motion remains pending. The Company intends to vigorously defend against these claims. Consolidated Derivative Action Following the Aljendan Action, on February 12, 2026, a derivative stockholder action was filed by a purported stockholder against certain current officers and current and former directors of the Company in the United States District Court for the Central District of California, captioned Azima v. Brown, et al., Case No. 2:26-cv-01525 (the “Azima Action”). The Azima Action alleges substantially similar facts as those alleged in the Aljendan Action. The complaint asserts claims for breach of fiduciary duty, unjust enrichment, abuse of control, gross mismanagement and waste of corporate assets. It also asserts claims under Section 14(a) of the Exchange Act against a subset of defendants and seeks contribution under Sections 10(b) and 21D of the Exchange Act from the individual defendants named in the Aljendan Action. The Company is named as a nominal defendant only. On April 13, 2026, the parties to the Azima Action filed a stipulation to stay the case through the resolution of the Aljendan Action. On June 1, 2026, the court granted the stipulation to stay the Azima Action. On May 15, 2026, another derivative action was filed by a purported stockholder against certain current officers and current and former directors of the Company in the United States District Court for the Central District of California, captioned Davis v. Brown, et al., Case No. 2:26-cv-05180 (the “Davis Action”). The Davis Action alleges substantially similar facts as those alleged in the Aljendan Action and the Azima Action. The complaint asserts claims under Sections 14(a) and 20(a) of the Exchange Act, breach of fiduciary duty, and unjust enrichment. The Company is named as a nominal defendant only. On May 27, 2026, the Davis Action was transferred to the same court as the Azima Action. On June 2, 2026, the plaintiff in the Azima Action, the plaintiff in the Davis Action, and the defendants in both actions filed a stipulation to consolidate the Azima Action and the Davis Action and appoint co-lead counsel. On June 10, 2026, the court granted the stipulation and consolidated the cases into one action captioned In re Beyond Meat, Inc. Stockholder Derivative Litigation, Case No. 2:26-cv-01525 (the “Consolidated Derivative Action”). The terms of the stipulated stay in the Azima Action apply to the Consolidated Derivative Action. On June 4, 2026, a third derivative action was filed by two purported stockholders against certain current officers and current and former directors of the Company in the United States District Court for the Central District of California, captioned Perrow v. Brown, et al., Case No. 2:26-cv-6086 (the “Perrow Action”). The Perrow Action alleges substantially similar facts as those alleged in the Aljendan Action, the Azima Action, and the Davis Action. The complaint asserts claims under Section 20(a) of the Exchange Act, breach of fiduciary duty, abuse of control, unjust enrichment, gross mismanagement, and waste of corporate assets. It also asserts claims under Section 14(a) of the Exchange Act against a subset of defendants and seeks contribution under Sections 10(b) and 21D of the Exchange Act from the individual defendants named in the Aljendan Action. The Company is named as a nominal defendant only. On July 2, 2026, the plaintiffs in the Consolidated Derivative Action filed a notice of related case regarding the Perrow Action, which stated that the plaintiffs in the Perrow Action do not object to the consolidation of the Perrow Action into the Consolidated Derivative Action. On October 5, 2026, the court consolidated the Perrow Action into the Consolidated Derivative Action. The terms of the stipulated stay in the Consolidated Derivative Action still apply. The Consolidated Derivative Action is at a preliminary stage. The Company intends to vigorously defend against these claims.

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 26, 2026	Nov. 06, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 26, 2026
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
Entity Address, Address Line Two	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		18,755,734
Entity Central Index Key	0001655210
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q3
Amendment Flag	false

Introduction (Details)	9 Months Ended
Introduction (Details)	Sep. 26, 2026 globalIssue
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of growing global issues	4

Impairment of Long-Lived Assets - Schedule of Loss on Impairment by Each Major Class (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 26, 2026	Sep. 27, 2025	Sep. 26, 2026	Sep. 27, 2025
Lessee, Lease, Description [Line Items]
Property, plant and equipment, net	$ 54,268	$ 35,803	$ 54,268	$ 35,803
Operating lease right-of-use assets	430	865	430	865
Prepaid lease costs, non-current	2,399	14,620	2,399	14,620
Loss from impairment of finance lease right-of-use assets	57,097	51,288	57,097	51,288
HC Hornet Way, LLC
Lessee, Lease, Description [Line Items]
Loss from impairment of finance lease right-of-use assets (Note 6)	$ 29,800	$ 26,200	$ 29,800	$ 26,200

Inventories (Tables)

9 Months Ended

Sep. 26, 2026

Inventory Disclosure [Abstract]

Schedule of Major Classes of Inventory

Major classes of inventory were as follows (in thousands):


	September 26, 2026		December 31, 2025
Raw materials and packaging	$	28,897	$	32,569
Work in process	8,437		17,743
Finished goods	28,191		33,720
Total	$	65,525	$	84,032

Share-Based Compensation - Schedule of Shares Available for Grant (Details) - shares	9 Months Ended	12 Months Ended
	Sep. 26, 2026	Dec. 31, 2025	Mar. 30, 2026
Shares Available for Issuance
Total common stock reserved for future issuance (in shares)	6,601,419	6,111,700
Performance Shares
Shares Available for Issuance
Shares issuable (in shares)	2,366	4,858
Vesting percentage	200.00%
Performance Shares \| Maximum
Shares Available for Issuance
Vesting percentage	200.00%
Performance Shares, Reserved For Issuance Pursuant To Anti-Dilution Increases
Shares Available for Issuance
Total common stock reserved for future issuance (in shares)	31,893
Performance Shares, Reserved For Issuance Under Unvested PSUs Outstanding If Performance Target Achieved
Shares Available for Issuance
Total common stock reserved for future issuance (in shares)	2,366	4,858
2018 Plan
Shares Available for Issuance
Beginning balance (in shares)	343,686
Authorized (in shares)	239,202
Granted (in shares)	(370,521)
Shares withheld to cover taxes (in shares)	108,899
Forfeited (in shares)	41,768
Ending balance (in shares)	363,034	343,686
Total common stock reserved for future issuance (in shares)	363,034	343,686
2018 Plan \| Performance Shares
Shares Available for Issuance
Total common stock reserved for future issuance (in shares)	677,073
2018 Plan \| Performance Shares \| Share-Based Payment Arrangement, Tranche One
Shares Available for Issuance
Forfeited (in shares)	2,492
2018 Plan \| Performance Shares, Reserved For Issuance Pursuant To Anti-Dilution Increases
Shares Available for Issuance
Total common stock reserved for future issuance (in shares)	63,853	17
2018 Plan \| Performance Shares, Reserved For Issuance Under Unvested PSUs Outstanding If Performance Target Achieved
Shares Available for Issuance
Total common stock reserved for future issuance (in shares)	2,366	4,858
Shares available for issuance under the 2026 Employment Inducement Equity Incentive Plan
Shares Available for Issuance
Beginning balance (in shares)	0
Authorized (in shares)	333,334
Granted (in shares)	(18,878)
Forfeited (in shares)	0
Ending balance (in shares)	314,456	0
Total common stock reserved for future issuance (in shares)	314,456	0	333,334

Fair Value of Financial Instruments - Schedule of Changes in Fair Value of Warrants Liability (Details) - Warrant - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 26, 2026	Sep. 27, 2025	Sep. 26, 2026	Sep. 27, 2025
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 3,842	$ 20,143	$ 5,066	$ 0
Fair value of delayed draw term loan warrants issued during the period	0	0	0	20,143
Remeasurement of contingently issued delayed draw term loan warrants	0	(3,638)	0	(3,638)
Remeasurement of delayed draw term loan warrants liability	(2,614)	(1,680)	(3,838)	(1,680)
Ending balance	$ 1,228	$ 14,825	$ 1,228	$ 14,825

Summary of Significant Accounting Policies

9 Months Ended

Sep. 26, 2026

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

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 unaudited 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, 2026 or for any other interim period or for any other future fiscal year.

These unaudited condensed consolidated financial statements should be read in conjunction with the Company's audited financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on April 9, 2026 (the “2025 10-K”). A detailed description of the Company's significant accounting policies can be found in the 2025 10-K. The policies described below supplement those policies, including as they apply to certain transactions entered into during the nine months ended September 26, 2026.

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.

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 and discount accruals; useful lives of property, plant and equipment; valuation of long-lived assets, including assets held for sale, and assumptions used in assessing and allocating loss from impairment to long-lived

assets; valuation of deferred tax assets; valuation of inventory and related provision; 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 probability of vesting and valuation of the fair value of stock options and performance stock units (“PSUs”) used to determine share-based compensation expense; the valuation and remeasurement of the fair value of warrant liability in connection with the Loan and Security Agreement warrants (the “Delayed Draw Term Loan Warrants”); the probability of vesting and the issuance date valuation of the Big Geyser, Inc. (“Big Geyser”) warrants to purchase shares of our common stock (the “BG Tranche 1 Warrant” and the “BG Tranche 2 Warrant,” collectively, the “BG Warrants”); the valuation and remeasurement of the fair value of embedded derivatives; the number of underlying shares expected to vest, or for which vesting is probable, for equity-classified warrants, 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 Company’s consolidated financial statements.

Reclassification of Prior Period Presentation

Certain prior period balances in the Company’s unaudited condensed consolidated financial statements have been reclassified to conform to the current period presentation. These reclassifications primarily relate to related party balances and transactions, as further described in Note 15. Transactions with and balances due to or from the Zandbergen Entities (as defined in Note 15) are presented as related party amounts beginning with the period in which Mr. Figee became an officer of the Company. To provide comparability, the Company has presented such amounts separately for all periods presented, including periods prior to July 1, 2026, when the Zandbergen Entities were not related parties of the Company. These reclassifications had no effect on the reported results of operations.

Reverse Stock Split

On August 13, 2026, following approval by the Company’s stockholders on November 19, 2025 and the selection of the 1-for-30 ratio by the Company’s board of directors on August 11, 2026, the Company effected a 1-for-30 reverse stock split of its common stock (the "Reverse Stock Split") and a proportionate reduction in the number of authorized shares of the Company’s common stock (and a corresponding decrease in the total number of authorized shares of capital stock) (the "Authorized Share Reduction"). Shares of the Company's common stock began trading on a split-adjusted basis on the Nasdaq Global Select Market at market open on August 14, 2026 under the existing trading symbol “BYND” and new CUSIP number 08862E307.

As a result of the Reverse Stock Split, every 30 shares of the Company’s common stock issued and outstanding immediately prior to the effective time were automatically reclassified and combined into 1 share of common stock. No fractional shares of common stock were issued as a result of the Reverse Stock Split. Holders of record who were entitled to a fraction of a share as a result of the Reverse Stock Split were issued a fraction of a share of common stock as was necessary to round up to the nearest whole share. For shares held through The Depository Trust Company (“DTC”), fractions of shares were issued as was necessary to round up to the nearest whole share at the DTC participant level, subject to the procedures of brokers, banks and other nominees for processing the Reverse Stock Split.

In connection with the Reverse Stock Split, the number of authorized shares of the Company’s common stock was reduced from 3,000,000,000 to 100,000,000, and the total number of authorized shares of capital stock was correspondingly reduced from 3,000,500,000 to 100,500,000. The Reverse Stock Split had no effect on the par value of the Company's common stock. As a result of the Reverse Stock Split, the aggregate par

value of issued common stock was reduced by reclassifying the par value of eliminated shares to additional paid-in capital.

Upon effectiveness of the Reverse Stock Split, the conversion rates of the Company's outstanding convertible notes, including the 7.00% Convertible Senior Secured Second Lien PIK Toggle Notes due 2030 (the “2030 Notes”) and the 0% Convertible Senior Notes due 2027 (the “2027 Notes”), the number of shares of common stock issuable upon exercise of outstanding warrants and the exercise prices thereof, and the number of shares subject to outstanding equity awards under the Company's equity incentive plans and the applicable exercise prices thereof, were proportionately adjusted pursuant to their respective terms and as determined by the Company’s board of directors to reflect the 1-for-30 reverse stock split ratio. In addition, the number of shares reserved for future issuance under the Company’s equity incentive plans was proportionately reduced.

Correction of Previously Issued Interim Unaudited Condensed Consolidated Financial Statements

During the fourth quarter and full year 2025 financial close procedures, the Company identified errors in its previously issued interim unaudited condensed consolidated financial statements for the first three quarters of 2025 relating to (i) inventory valuation, (ii) debt issuance costs, and (iii) the previously disclosed impairment of long-lived assets, as described in further detail below. The Company determined that the errors identified below were immaterial to its previously issued interim unaudited condensed consolidated financial statements for the three and nine months ended September 27, 2025 and has corrected these errors in the accompanying interim unaudited condensed consolidated financial statements for the three and nine months ended September 27, 2025 in accordance with Accounting Standards Codification (“ASC”) 250, “Accounting Changes and Error Corrections.” The Company has also corrected impacted amounts within the notes to the unaudited condensed consolidated financial statements, as applicable.

Inventory Valuation

Due to errors in the Company’s excess and obsolete inventory analysis, inventory was overstated and total cost of goods sold was understated in the three and nine months ended September 27, 2025.

Debt Issuance Costs

In connection with the Company’s 2025 debt restructuring activities, namely, entry into the Loan and Security Agreement in May 2025 pursuant to which the lenders party thereto agreed to provide for a senior secured delayed draw term loan facility (the “Delayed Draw Term Loan Facility”) and the debt exchange offer which was completed in October 2025 (the “Exchange Offer”), the Company incurred significant transaction expenses (collectively, the “debt issuance costs”) related to professional services provided by various third-party advisors, consultants and professionals. Following the closing of the Exchange Offer in October 2025, the Company, in consultation with its external technical accounting advisors, determined that the Exchange Offer qualified as a “troubled debt restructuring” (“TDR”) in accordance with ASC 470-60, “Debt—Troubled Debt Restructurings by Debtors” (“ASC 470-60”). TDR accounting guidelines specify that debt issuance costs must be expensed and included in total selling, general and administrative (“Total SG&A”) expenses in the periods in which they are incurred, rather than being capitalized as prepaid expenses and other current assets. The Company further determined in the fourth quarter of 2025 that TDR related accounting standards should have been applied in the three and nine months ended September 27, 2025 as creditor concessions were expected prior to the completion of the Exchange Offer, notwithstanding the fact that the Exchange Offer was not completed until the fourth quarter of 2025. In the three and nine months ended September 27, 2025, the Company initially and incorrectly recorded the Exchange Offer debt issuance costs as prepaid expenses and other current assets on its balance sheet instead of expensing them as incurred as part of Total SG&A

expenses. The Company also incorrectly recorded the costs related to the Delayed Draw Term Loan Facility as prepaid expenses and other current assets in the second and third quarters of 2025 instead of a debt discount. In addition, the Company understated the remeasurement of warrant liabilities and delayed draw term loan warrants by $0.5 million in the third quarter of 2025 due to an error in remeasurement of the fair value of warrants.

Impairment of Long-Lived Assets (“Impairment”)

The Company recorded a loss from impairment of long-lived assets of $77.4 million for the three and nine months ended September 27, 2025 which was determined by comparing the fair value of the entity-wide asset group to the carrying value of the entity-wide asset group as of September 27, 2025.

Due to the errors identified above related to inventory, prepaid expenses and other current assets, the carrying value of the entity-wide asset group as of September 27, 2025 that was utilized in the impairment measurement calculation was overstated by $26.1 million. Consequently, this resulted in an overstatement of the loss from impairment of long-lived assets of $26.1 million, and understatement of property, plant, and equipment, net and prepaid lease costs, non-current of $22.9 million and $3.2 million, respectively. This reduction in the loss from impairment was reflected in the offsetting increases in total cost of goods sold and SG&A expenses due to the write-downs of inventory and prepaid expenses and other current assets, respectively, as discussed above.

The following tables reflect the effects of these error corrections to the previously issued interim unaudited condensed consolidated financial statements for the three and nine months ended September 27, 2025, which are presented as comparative in this Quarterly Report on Form 10-Q for the three and nine months ended September 26, 2026 (in thousands):


Condensed Consolidated Statement of Operations (unaudited)
	Three Months Ended September 27, 2025
	As Previously Reported		Inventory Valuation		Debt Issuance Costs		Impairment		As Corrected
Total cost of goods sold	$	62,988	$	2,002	$	—	$	—	$	64,990
Gross profit	$	7,230	$	(2,002)	$	—	$	—	$	5,228
Total selling, general and administrative expenses	$	37,230	$	—	$	9,900	$	—	$	47,130
Loss from impairment of long-lived assets	$	77,414	$	—	$	—	$	(26,126)	$	51,288
Total operating expenses	$	119,561	$	—	$	9,900	$	(26,126)	$	103,335
Loss from operations	$	(112,331)	$	(2,002)	$	(9,900)	$	26,126	$	(98,107)
Remeasurement of delayed draw term loan warrant liability	$	5,318	$	—	$	(544)	$	—	$	4,774
Total other income (expense), net	$	1,650	$	—	$	(544)	$	—	$	1,106
Loss before taxes	$	(110,681)	$	(2,002)	$	(10,444)	$	26,126	$	(97,001)
Net loss	$	(110,688)	$	(2,002)	$	(10,444)	$	26,126	$	(97,008)
Net loss per share available to common stockholders—basic and diluted	$	(43.31)	$	(0.78)	$	(4.09)	$	10.22	$	(37.96)


Condensed Consolidated Statement of Operations (unaudited)
	Nine Months Ended September 27, 2025
	As Previously Reported		Inventory Valuation		Debt Issuance Costs		Impairment		As Corrected
Total cost of goods sold	$	199,151	$	8,534	$	—	$	—	$	207,685
Gross profit	$	14,756	$	(8,534)	$	—	$	—	$	6,222
Total selling, general and administrative expenses	$	122,598	$	—	$	14,142	$	—	$	136,740
Loss from impairment of long-lived assets	$	77,414	$	—	$	—	$	(26,126)	$	51,288
Total operating expenses	$	218,198	$	—	$	14,142	$	(26,126)	$	206,214
Loss from operations	$	(203,442)	$	(8,534)	$	(14,142)	$	26,126	$	(199,992)
Remeasurement of delayed draw term loan warrant liability	$	5,318	$	—	$	(544)	$	—	$	4,774
Total other income (expense), net	$	10,673	$	—	$	(544)	$	—	$	10,129
Loss before taxes	$	(192,769)	$	(8,534)	$	(14,686)	$	26,126	$	(189,863)
Net loss	$	(192,846)	$	(8,534)	$	(14,686)	$	26,126	$	(189,940)
Net loss per share available to common stockholders—basic and diluted	$	(75.67)	$	(3.35)	$	(5.76)	$	10.25	$	(74.53)


Condensed Consolidated Statement of Comprehensive Loss (unaudited)
	Three Months Ended September 27, 2025
	As Previously Reported		Inventory Valuation		Debt Issuance Costs		Impairment		As Corrected
Net loss	$	(110,688)	$	(2,002)	$	(10,444)	$	26,126	$	(97,008)
Comprehensive loss	$	(110,736)	$	(2,002)	$	(10,444)	$	26,126	$	(97,056)


Condensed Consolidated Statement of Comprehensive Loss (unaudited)
	Nine Months Ended September 27, 2025
	As Previously Reported		Inventory Valuation		Debt Issuance Costs		Impairment		As Corrected
Net loss	$	(192,846)	$	(8,534)	$	(14,686)	$	26,126	$	(189,940)
Comprehensive loss	$	(196,402)	$	(8,534)	$	(14,686)	$	26,126	$	(193,496)


Condensed Consolidated Statement of Cash Flows (unaudited)
	Nine Months Ended September 27, 2025
	As Previously Reported		Inventory Valuation		Debt Issuance Costs		Impairment		As Corrected
Net loss	$	(192,846)	$	(8,534)	$	(14,686)	$	26,126	$	(189,940)
Loss from impairment of long-lived assets	$	77,414	$	—	$	—	$	(26,126)	$	51,288
Remeasurement of delayed draw term loan warrant liability	$	(5,318)	$	—	$	544	$	—	$	(4,774)
Inventories	$	5,334	$	8,534	$	—	$	—	$	13,868
Prepaid expenses and other current assets	$	(1,322)	$	—	$	11,129	$	—	$	9,807
Net cash used in operating activities	$	(98,138)	$	—	$	(3,013)	$	—	$	(101,151)

Payment of debt issuance costs	$	(10,314)	$	—	$	3,013	$	—	$	(7,301)
Net cash provided by financing activities	$	87,821	$	—	$	3,013	$	—	$	90,834

Impairment of Long-Lived Assets

Long-lived assets including, but not limited to, property, plant and equipment, lease right-of-use assets, and prepaid lease costs, are reviewed by management for impairment on an annual basis or whenever events or changes in circumstances indicate that the carrying amount of the asset may not be fully recoverable. When events or circumstances indicate that impairment may be present, management evaluates the probability that future undiscounted net cash flows expected from the use of the asset plus the residual value from the ultimate disposal may be less than the carrying value of the asset. If the estimated recoverable amount is less than the carrying value of the asset, then such assets are written down to their estimated fair values and an impairment loss is recognized for the difference between the carrying value of the assets and their estimated fair values. During the quarter ended September 26, 2026, the Company identified certain indicators of impairment to the long-lived assets, and as a result tested those asset groups for impairment, which resulted in a total loss from impairment of $57.1 million. The valuation techniques used in estimating the fair value of the long-lived assets included both Level 1 and Level 2 inputs in the fair value hierarchy. See Note 8.

2030 Notes Conversions and Gain on Debt Extinguishment

The Company accounts for conversions of the 2030 Notes issued pursuant to an indenture and security agreement dated as of October 15, 2025 (as supplemented, the “2030 Notes Indenture”) in accordance with accounting for convertible debt with a bifurcated conversion option whereby each conversion is accounted for as a debt extinguishment in accordance with ASC 470, “Debt” (“ASC 470”), and ASC 815, “Derivatives and Hedging” (“ASC 815”). Accordingly, at each conversion settlement date, the Company records the fair value of the shares issued and reduces, on a pro rata basis, the carrying value of the 2030 Notes, the related debt discount and the remeasurement value of certain embedded derivatives contained in the 2030 Notes that require bifurcation (the “2030 Notes Embedded Derivative”), respectively, as of the settlement date. An extinguishment gain or loss is recognized on the settlement date equal to the difference between (i) the fair value of the shares issued and (ii) the sum of the pro rata carrying amounts of the respective 2030 Notes, the related debt discount and the remeasurement value of the 2030 Notes Embedded Derivative extinguished. The extinguishment gain or loss recognized is included in Other income (expense), net, in the Company’s unaudited condensed consolidated statements of operations. The Company applies this policy to conversions settled under the 2030 Notes Indenture as amended by any supplemental indenture, including conversions to which

the extended interest make-whole adjustment under the Second Supplemental Indenture (as defined in Note 9) applies. The Company evaluates amendments to the 2030 Notes Indenture under ASC 470-50 to determine whether they are accounted for as a modification or an extinguishment, and evaluates any resulting change to the 2030 Notes Embedded Derivative under ASC 815. See Note 5 and Note 9.

Equity-Classified Warrants Issued as Customer Consideration

The Company may issue warrants or other share-based instruments to customers or parties that purchase the Company’s products from its customers in connection with sales and distribution arrangements. When such instruments are not issued in exchange for a distinct good or service, the Company accounts for the instruments as consideration payable to a customer in accordance with ASC 606, “Revenue From Contracts With Customers” (“ASC 606”), and ASC 718, “Compensation—Stock Compensation” (“ASC 718”), and records the related amount as a reduction of the transaction price and, therefore, revenue. The Company measures and classifies such instruments at grant-date fair value in accordance with ASC 718. Warrants that are indexed to the Company’s common stock or contain only market, service or performance conditions, and that otherwise qualify for equity classification under ASC 718, are recorded in equity. The Company evaluates whether equity-classified warrants are required to be presented outside permanent equity under ASC 480, “Distinguishing Liabilities From Equity” (“ASC 480”). Warrants that qualify for equity classification and are not required to be presented outside permanent equity are recorded in additional paid-in capital and are not subsequently remeasured. If an equity-classified warrant is issued before the related revenue is recognized and the Company expects to recover the consideration through future purchases by the customer under the related arrangement, the grant-date fair value is initially recorded as a prepaid asset and amortized as a reduction of revenue as the related revenues are generated. For equity-classified warrants with service or performance conditions that affect vesting, the Company estimates the number of underlying shares expected to vest, or for which vesting is probable, and updates that estimate until the equity-classified warrants vest, or are forfeited, with changes reflected as adjustments to the transaction price. During the nine months ended September 26, 2026, the Company issued equity-classified warrants to Big Geyser, Inc. (“Big Geyser”). See Note 10.

Share-Based Compensation

For details of the Company's share-based compensation policy related to various types of equity grants, see Note 2, Summary of Significant Accounting Policies, to the Notes to Consolidated Financial Statements included in the 2025 10-K.

Certain equity awards granted by the Company are subject to acceleration of vesting. In the event of an acceleration of vesting, the Company applies modification accounting pursuant to ASC 718. The acceleration of vesting of the unvested RSUs granted to an employee in the third quarter of 2026 pursuant to the employee’s award agreements was determined to be an accounting modification. See Note 11.

The Company’s performance-based stock units (MIP PSUs) are considered granted as of the date when the Company’s board of directors establishes relevant performance goals to be set based on metrics to be established upon recommendation from the Company’s human capital management and compensation committee. The MIP PSUs are measured at the grant date fair value, which equals the Company’s stock price on the grant date. The Company recognizes compensation cost related to the MIP PSUs from the service inception date (which is the grant date) over the requisite service for the performance period only if it is considered probable that the performance conditions will be satisfied. See Note 11.

New Accounting Pronouncements

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. 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, with early adoption permitted. The amendments can be applied either prospectively or retrospectively. The Company is currently assessing adoption timing, the method of adoption, and the effect that the amendments will have on the Company’s financial statement disclosures.

On December 8, 2025, the FASB issued ASU 2025-11, “Interim Reporting (Topic 270),” which is intended to improve the navigability of the guidance in ASC 270, “Disclosure Requirements” (“ASC 270”) and clarify when it applies. Under the amendments, an entity is subject to ASC 270 if it provides “interim financial statements and notes in accordance with GAAP.” The ASU also addresses the form and content of such financial statements, adds lists to ASC 270 of the interim disclosures required by all other Codification topics, and establishes a principle under which an entity must “disclose events since the end of the last annual reporting period that have a material impact on the entity.” For public companies, the amendments in ASU 2025-11 are effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. The Company is currently assessing adoption timing, the method of adoption, and the effect that the amendments will have on the Company’s financial statement disclosures.

Recently Adopted Accounting Pronouncements

On July 30, 2025, the FASB issued ASU 2025-05, “Measurement of Credit Losses for Accounts Receivable and Contract Assets,” which amends ASC 326-20 “Financial Instruments—Credit Losses: Measured at Amortized Cost,” to provide a practical expedient (for all entities) related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under ASC 606, “Revenue From Contracts With Customers.” ASU 2025-05 is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods, with early adoption permitted. The Company adopted the amendments in ASU 2025-05 on January 1, 2026 on a prospective basis. The amendments in ASU 2025-05 did not 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 adopted ASU 2024-04 on January 1, 2026 on a prospective basis. The adoption of ASU 2024-04 did not have a material impact on the Company’s financial position, results of operations or cash flows.

On December 17, 2025, the FASB issued ASU 2025-12, “Codification Improvements” (“ASU 2025-12”), which addresses suggestions received from stakeholders on the Codification and makes other incremental improvements to GAAP. This evergreen project facilitates Codification updates for a broad range of topics arising from technical corrections, the unintended application of the Codification, clarifications, and other minor improvements. The Company adopted ASU 2025-12 beginning January 1, 2026. The amendments in ASU 2025-12 did not have a material impact on the Company’s financial position, results of operations or cash flows.

Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 26, 2026

Fair Value Disclosures [Abstract]

Schedule of Assumptions Used for Valuation of Warrants

The following were the assumptions used in the Black-Scholes option-pricing model to mark-to-market the fair value of the total delayed draw term loan warrant liability as of September 25, 2026, the last trading day of the period:


Risk-free interest rate			4.96%
Average expected term (years)			3.8
Expected volatility			115.08%
Dividend yield			—
Exercise price			$58.33

The following table sets forth selected inputs to the binomial lattice valuation model used to value the 2030 Notes Embedded Derivative as of the respective dates indicated:


Inputs	September 26, 2026	December 31, 2025
Term (years)	4.1	4.8
Continuous risk free rate	4.90%	3.68%
Volatility	40.0%	40.0%
Stock price on valuation date	$8.35	$24.60
Discount rate (continuous)	30.52%	19.71%

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 total delayed draw term loan warrant liability for the periods indicated (in thousands):


	Three Months Ended				Nine Months Ended
	September 26, 2026		September 27, 2025		September 26, 2026		September 27, 2025
Beginning balance	$	3,842	$	20,143	$	5,066	$	—
Fair value of delayed draw term loan warrants issued during the period	—		—		—		20,143
Remeasurement of contingently issued delayed draw term loan warrants	—		(3,638)		—		(3,638)
Remeasurement of delayed draw term loan warrants liability	(2,614)		(1,680)		(3,838)		(1,680)
Ending balance	$	1,228	$	14,825	$	1,228	$	14,825

The following table sets forth a summary of activity of the 2030 Notes Embedded Derivative liability for the periods indicated (in thousands):


	Three Months Ended		Nine Months Ended
	September 26, 2026		September 26, 2026
Beginning balance, at fair value	$	14,596	$	39,152
Pro rata reduction of liability due to partial conversions	—		(16,503)
Change in fair value from remeasurement	(13,321)		(21,374)
Ending balance as of September 26, 2026, at fair value	$	1,275	$	1,275

Segment Information - Schedule of Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 26, 2026	Jun. 27, 2026	Mar. 28, 2026	Sep. 27, 2025	Jun. 28, 2025	Mar. 29, 2025	Sep. 26, 2026	Sep. 27, 2025
Segment Reporting [Line Items]
Net revenues	$ 64,529			$ 70,218			$ 191,567	$ 213,907
Less:
Cost of goods sold	52,107			64,990			171,287	207,685
Research and development expenses	15,290			4,917			24,699	18,186
Loss from impairment of long-lived assets	57,097			51,288			57,097	51,288
Interest expense	6,962			4,418			20,265	7,444
Remeasurement of delayed draw term loan warrant liability	(2,614)			(4,774)			(3,838)	(4,774)
Remeasurement of derivative liability	(13,321)			0			(21,374)	0
Gain on debt extinguishment	0			0			(63,789)	0
Equity in losses of unconsolidated joint venture	11			7			43	77
Net loss	(82,829)	$ 16,404	$ (28,482)	(97,008)	$ (31,845)	$ (61,087)	(94,907)	(189,940)
Reporting Segment
Segment Reporting [Line Items]
Net revenues	64,529			70,218			191,567	213,907
Less:
Cost of goods sold	52,107			64,990			171,287	207,685
Research and development expenses	15,290			4,917			24,699	18,186
Selling expenses	6,803			5,929			19,920	19,641
Marketing expenses	10,728			7,871			25,782	28,021
General and administrative expenses	15,464			33,330			57,652	89,078
Loss from impairment of long-lived assets	57,097			51,288			57,097	51,288
Interest expense	6,962			4,418			20,265	7,444
Remeasurement of delayed draw term loan warrant liability	(2,614)			(4,774)			3,838	4,774
Remeasurement of derivative liability	(13,321)			0			(21,374)	0
Gain on debt extinguishment	0			0			(63,789)	0
Equity in losses of unconsolidated joint venture	11			7			43	77
Other segment items	(1,169)			(750)			(1,270)	(12,799)
Net loss	(82,829)			(97,008)			(94,907)	(189,940)
Interest income	1,300			600			4,300	2,000
Realized and unrealized foreign currency (losses) gains	$ (100)			$ 100			$ (3,200)	$ 11,100

Debt - Schedule of Debt Balances (Details) - USD ($) $ in Thousands	Sep. 26, 2026	Sep. 23, 2026	Dec. 31, 2025	Oct. 31, 2025	Oct. 30, 2025	Oct. 16, 2025	Oct. 15, 2025	Sep. 18, 2025	Jun. 26, 2025	May 07, 2025	Mar. 05, 2021
Debt Instrument [Line Items]
Total debt outstanding	$ 313,892		$ 415,740
Less: current portion of long-term debt	(14,459)		0
Long-term debt	299,433		415,740
Convertible Debt
Debt Instrument [Line Items]
Debt issuance costs—Delayed draw term loans											$ (23,600)
Convertible Debt \| Convertible Senior Notes Due 2027
Debt Instrument [Line Items]
Long-term debt, gross	14,459		29,459			$ 35,397
Debt issuance costs—Delayed draw term loans	0		0
Total debt outstanding	14,459	$ 14,500	29,459
Convertible Debt \| Convertible Senior Notes Due 2030
Debt Instrument [Line Items]
Long-term debt, gross	224,269		334,148	$ 209,721
Debt issuance costs, net	(14,663)		(25,745)
Total debt outstanding	209,606		308,403		$ 1,004		$ 208,717
Line of Credit \| Loan and Security Agreement \| Secured Debt
Debt Instrument [Line Items]
Long-term debt, gross	114,238		104,569					$ 60,000	$ 40,000
Debt issuance costs, net	(17,916)		(19,510)
Debt issuance costs—Delayed draw term loans	(6,495)		(7,181)							$ (7,300)
Debt instrument, accumulated paid-in-kind interest	$ 14,200		$ 4,600

Debt

9 Months Ended

Sep. 26, 2026

Debt Disclosure [Abstract]

Debt

The following is a summary of debt balances as of September 26, 2026 and December 31, 2025 (in thousands):


	September 26, 2026		December 31, 2025

2027 Notes	$	14,459	$	29,459
2030 Notes	224,269		334,148
Debt discount—2030 Notes issue date embedded derivatives, net(1)	(14,663)		(25,745)
Delayed draw term loans(2)	114,238		104,569
Debt issuance costs—Delayed draw term loans	(6,495)		(7,181)
Debt discount—Delayed draw term loan warrants	(17,916)		(19,510)

Total debt outstanding	$	313,892	$	415,740
Less: current portion of long-term debt	(14,459)		—
Long-term debt	$	299,433	$	415,740

_________

(2) Includes accrued PIK interest of $14.2 million and $4.6 million as of September 26, 2026 and December 31, 2025, respectively.

2027 Notes

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

The 2027 Notes will mature on March 15, 2027, unless earlier repurchased, redeemed or converted. The 2027 Notes were issued pursuant to, and are governed by, an indenture, dated as of March 5, 2021 (the “2027 Notes Indenture”), between the Company and U.S. Bank National Association, as trustee (the “2027 Notes Trustee”).

The 2027 Notes do not bear regular interest, and the principal amount of the 2027 Notes does not accrete. For additional details regarding the terms of the 2027 Notes, including redemption, fundamental change and events of default provisions, see Note 9, Debt, to the Notes to Consolidated Financial Statements included in the 2025 10-K.

In the event of the Company’s liquidation, dissolution or winding up, holders of the Company’s common stock will be entitled to share ratably in the net assets legally available for distribution to stockholders after the payment of all of the Company’s debts and other liabilities and the satisfaction of any liquidation preference granted to the holders of any then-outstanding shares of preferred stock.

Holders of the Company’s common stock have no preemptive, conversion, subscription or other rights, and there are no redemption or sinking fund provisions applicable to the Company’s common stock. The rights, preferences and privileges of the holders of the Company’s common stock are subject to and may be adversely affected by the rights of the holders of shares of any series of preferred stock that the Company may designate in the future.

If an Event of Default (as defined in the 2027 Notes Indenture) involving bankruptcy, insolvency or reorganization events with respect to the Company (and not solely with respect to a significant subsidiary of the Company) occurs, then the principal amount of, and any accrued and unpaid special interest and additional interest on, all of the 2027 Notes then outstanding will immediately become due and payable without any further action or notice by any person. If any other Event of Default occurs and is continuing, then, the 2027 Notes Trustee, by notice to the Company, or noteholders of at least 25% of the aggregate principal amount of 2027 Notes then outstanding, may declare the principal amount of, and any accrued and unpaid special interest and additional interest on, all of the 2027 Notes then outstanding to become due and payable immediately. However, notwithstanding the foregoing, the Company may elect, at its option, that the sole remedy for an Event of Default relating to certain failures by the Company to comply with certain reporting covenants in the 2027 Notes Indenture consists exclusively of the right of the noteholders to receive special interest on the 2027 Notes for up to 365 days at a specified rate per annum not exceeding 0.50% on the principal amount of the Notes.

The total amount of debt issuance costs of $23.6 million was recorded as a reduction to 2027 Notes in the Company’s unaudited condensed consolidated balance sheet and was being amortized as interest expense over the term of the 2027 Notes using the effective interest method. In the three and nine months ended September 27, 2025, the Company recognized $1.0 million and $3.0 million, respectively, in interest expense related to the amortization of the debt issuance costs related to the 2027 Notes. The annualized effective interest rate was 0.34% in the three and nine months ended September 27, 2025. In October 2025, concurrently with the completion of the Exchange Offer, the remaining unamortized debt issuance costs associated with the 2027 Notes in the amount of $5.4 million was offset against the gain on debt restructuring.

Exchange Offer and Consent Solicitation; Privately Negotiated Exchanges

On September 29, 2025, the Company commenced the Exchange Offer to exchange any and all of its 2027 Notes issued pursuant to the 2027 Notes Indenture, for a pro rata portion of (i) up to $202.5 million in aggregate principal amount of the 2030 Notes and (ii) up to 10,873,013 shares of the Company’s common stock (the “New Shares”). Simultaneously with the Exchange Offer, the Company solicited consents (the “Consent Solicitation”) from holders of the 2027 Notes to adopt certain proposed amendments to the 2027 Notes Indenture.

Early Settlement of the Exchange Offer

On October 15, 2025, the Company completed the early settlement of the exchange of the 2027 Notes that were validly tendered on or before the early tender deadline of 5:00 p.m., New York City time, on October 10, 2025 (the “Early Tender Date”) in the Exchange Offer. Pursuant to the early settlement of the Exchange Offer, $1,114,603,000 in aggregate principal amount of the 2027 Notes were validly tendered, accepted for exchange

by the Company and subsequently canceled (“Early Tendered Notes”). The Early Tendered Notes represented 96.92% of the aggregate principal amount of the previously outstanding 2027 Notes. Following the cancellation of the Early Tendered Notes, $35,397,000 in aggregate principal amount of the 2027 Notes remained outstanding. On the Early Settlement Date, the Company issued (i) $196,217,000 in aggregate principal amount of 2030 Notes and (ii) 10,538,340 New Shares, in exchange for the Early Tendered Notes. In addition, the Company issued an additional $12.5 million in aggregate principal amount of 2030 Notes as payment to certain holders of 2027 Notes that had entered into a transaction support agreement with the Company relating to the Exchange Offer (the “SteerCo Premium”), for a total of $208,717,000 in aggregate principal amount of 2030 Notes. The Company also completed the Consent Solicitation and entered into a supplemental indenture (the “Supplemental Indenture”) to the 2027 Notes Indenture with the 2027 Notes Trustee. The Supplemental Indenture eliminated substantially all of the restrictive covenants in the 2027 Notes Indenture as well as certain events of default and related provisions applicable to the 2027 Notes.

Final Settlement of the Exchange Offer

On October 30, 2025, (the “Final Settlement Date”) the Company completed the final settlement of the exchange of the 2027 Notes that were validly tendered in the Exchange Offer and not validly withdrawn following the Early Tender Date in connection with the Exchange Offer. Pursuant to the final settlement of the Exchange Offer, an additional $5,938,000 in aggregate principal amount of the 2027 Notes were validly tendered (“Additional Tendered Notes”), accepted for exchange by the Company and subsequently canceled. In connection with the final settlement of the Exchange Offer, on the Final Settlement Date, the Company issued (i) $1,004,000 in aggregate principal amount of 2030 Notes and (ii) 56,143 New Shares, in exchange for the Additional Tendered Notes.

Following the Final Settlement Date, a total of (i) $209,721,000 in aggregate principal amount of 2030 Notes (inclusive of $12.5 million in aggregate principal amount of 2030 Notes as payment of the SteerCo Premium) and (ii) 10,594,483 New Shares were issued by the Company in connection with the Exchange Offer. The Additional Tendered Notes and the Early Tendered Notes together represented 97.44% of the previously outstanding aggregate principal amount of the 2027 Notes.

Privately Negotiated Exchanges

On September 23, 2026, the Company entered into separate, privately negotiated exchange agreements (the "Exchange Agreements") with certain holders of the 2027 Notes pursuant to which the Company exchanged $15.0 million in aggregate principal amount of 2027 Notes at a purchase price equal to 96% of the face value of such 2027 Notes for shares of the Company's common stock. The number of shares issuable in the transactions was determined based on a volume-weighted average price (“VWAP”) over the three trading days ending September 25, 2026, subject to a floor price of $7.4009 per share (the "Exchange Transactions"). At the initial settlement on September 23, 2026, the Company issued 1,097,444 shares of common stock, and the exchanged 2027 Notes were surrendered and canceled. As of September 26, 2026 and December 31, 2025, $14.5 million and $29.5 million in aggregate principal amount of 2027 Notes remained outstanding.

The Company accounted for the Exchange Transactions as a TDR in accordance with ASC 470-60. On September 23, 2026, the Company derecognized $15.0 million in aggregate principal amount of 2027 Notes, recorded the 1,097,444 shares issued at the initial settlement in equity at their fair value of $11.0 million, and recorded the remaining obligation to deliver additional shares as a current restructured payable of $4.0 million included in accrued expenses and other current liabilities. The number of additional shares to be delivered was fixed at 455,184 shares based on the completed three-day VWAP observation period. As a result of the accounting for the Exchange Transactions, the Company did not recognize a gain on restructuring of payables of the 2027 Notes during the three and nine months ended September 26, 2026 because the maximum contingent future share payment exceeded the carrying amount of the restructured payable. As of

September 26, 2026, the carrying amount of the restructured payable was $4.0 million and its fair value was $3.8 million, based on a Level 1 input.

Upon settlement of the remaining share consideration on September 28, 2026, the Company recognized a gain on restructuring of payables of $0.1 million, which will be reflected in its results of operations for the fourth quarter of 2026. See Note 1 7.

In connection with the Exchange Transactions, the Company expensed $0.5 million of transaction costs related to professional services, substantially related to the debt, provided by various third-party advisors, consultants and professionals, which are included in Total SG&A expenses on the Company’s unaudited condensed consolidated statements of operations in the three and nine months ended September 26, 2026.

2030 Notes Indenture

The 2030 Notes were issued pursuant to an indenture and security agreement dated as of October 15, 2025 (as supplemented, the “2030 Notes Indenture”), by and between the Company and Wilmington Trust, National Association, as trustee (in such capacity, the “Trustee”) and collateral agent (in such capacity, the “Collateral Agent”).

The 2030 Notes are secured, second lien obligations of the Company. The 2030 Notes will mature on October 15, 2030, unless earlier redeemed, converted, equitized or repurchased in accordance with the terms of the 2030 Notes. The 2030 Notes bear interest at a rate of 7.00% per annum from the Early Settlement Date, which interest may be paid in cash or, subject to certain limitations, in shares of common stock. At the option of the Company, interest on the 2030 Notes may be accrued and compounded in whole or in part for any interest period as “payment-in-kind” (“PIK”) interest at a rate of 9.50% per annum from the Early Settlement Date. The Company used the PIK option as discussed below under Gain on Debt Restructuring. On January 12, 2026, the Company and Beyond Meat EU B.V., the Company’s wholly owned subsidiary (“Beyond Meat BV”), entered into a First Supplemental Indenture (the “First Supplemental Indenture”) with the Collateral Agent. The First Supplemental Indenture modified the 2030 Notes Indenture to provide for the guarantee of the 2030 Notes by Beyond Meat BV, which are secured on a second-priority basis by the Company’s assets and the assets of Beyond Meat BV, subject to certain exceptions.

On August 10, 2026, the Company entered into a Second Supplemental Indenture (the “Second Supplemental Indenture”) with the Trustee and Collateral Agent, on the basis of consents received from holders of a majority of the aggregate principal amount of the outstanding 2030 Notes. The Second Supplemental Indenture amended the 2030 Notes Indenture to (i) permit the Company to repurchase, redeem, retire, exchange or otherwise acquire the 2027 Notes with cash at a price not greater than the principal amount thereof and/or with equity consideration, and (ii) extend the end date of the make-whole period used to calculate the interest make-whole adjustment that applies to conversions of the 2030 Notes from October 15, 2028 to January 15, 2029, with interest for the period from November 1, 2028 calculated at the stated interest rate.

The Company accounted for the Second Supplemental Indenture as a modification of the 2030 Notes because it did not change the contractual cash flows of the debt host, and the modification did not result in an adjustment to the carrying amount of the 2030 Notes or a change in the accounting model applied to the 2030 Notes Embedded Derivative.

The conversion rate for the 2030 Notes was initially set to a number of shares of common stock per $1,000 principal amount of 2030 Notes equal to the lesser of (i) 1,029.2716 (prior to giving effect to the Reverse Stock Split) and (ii) an amount calculated based on a 10% premium to a reference price determined over an observation period consisting of 20 consecutive trading days immediately following the Early Settlement Date, (excluding any trading days on which there is a Market Disruption Event, as defined in the 2030 Notes Indenture) with such conversion rate subject to customary adjustments. The conversion rate will be increased

for conversions occurring prior to January 15, 2029 (October 15, 2028, prior to the Second Supplemental Indenture), to reflect a “make-whole” premium, payable in the form of shares of common stock, to compensate holders for interest that would have been payable to such date. On November 14, 2025, the initial conversion rate for the 2030 Notes was established as 572.7784 shares of the Company’s common stock per $1,000 principal amount of the 2030 Notes, which represented a conversion price of approximately $1.7459 per share of common stock (in each case prior to giving effect to the Reverse Stock Split). Effective at 11:59 p.m. on August 13, 2026, upon effectiveness of the Company’s Reverse Stock Split, the conversion rate for the 2030 Notes was adjusted to 19.0926 shares of the Company’s common stock per $1,000 principal amount of the 2030 Notes, which represents a conversion price of $52.3763 per share of common stock. The 1,029.2716 cap was correspondingly adjusted to 34.3091.

The Company is permitted to satisfy its obligations under the 2030 Notes with any settlement method it is otherwise permitted to elect, including by physical settlement of shares of common stock. The 2030 Notes are convertible at any time prior to the close of business on the second trading day immediately preceding the maturity date.

The 2030 Notes Indenture includes incurrence based negative covenants and financial covenants, including a minimum liquidity covenant of $15.0 million tested quarterly, restrictions on the amount of 2027 Notes that may remain outstanding prior to maturity, and a cap of $60.0 million on cash used to repay the 2027 Notes at maturity, subject to increase from equity raises. For a detailed description of the 2030 Notes Indenture covenants, see Note 9, Debt, to the Notes to Consolidated Financial Statements included in the 2025 10-K. As of September 26, 2026 and December 31, 2025, the Company was in compliance with the covenants under the 2030 Notes.

If certain corporate events constituting a make-whole fundamental change occur (which shall include, among other things, the acquisition by any person or group of more than 50% of the outstanding common stock of the Company or a delisting of the Company’s common stock), the Company shall offer to repurchase all of the outstanding 2030 Notes for cash at a repurchase price equal to 100% of the aggregate principal amount of the 2030 Notes then outstanding plus accrued and unpaid interest. If a fundamental change occurs, then the Company will in certain circumstances increase the conversion rate for the 2030 Notes for a specified period of time on the terms set forth in the 2030 Notes Indenture.

2030 Notes Embedded Derivative

The 2030 Notes contain certain embedded derivatives that require bifurcation and separate accounting from the debt host pursuant to ASC 815. For the Company's accounting policy regarding evaluation of convertible debt and warrants for embedded derivatives requiring bifurcation under ASC 815, including the valuation methodology per ASC 820, “Fair Value Measurement,” and the financial statement presentation of the 2030 Notes Embedded Derivative, see Note 2, Summary of Significant Accounting Policies, to the Notes to Consolidated Financial Statements included in the 2025 10-K. See Note 5.

Intercreditor Agreement

In connection with the issuance of the 2030 Notes and the entry into the 2030 Notes Indenture, the Company entered into an Intercreditor Agreement, dated as of October 15, 2025 (as amended, the “Intercreditor Agreement”), among Unprocessed Foods LLC, an affiliate of the Ahimsa Foundation (“Unprocessed Foods”), the lender under the Company’s Loan and Security Agreement, dated as of May 7, 2025 (as amended, the “Loan and Security Agreement”), as the first lien representative and the first lien collateral agent for the first lien claimholders, Wilmington Trust, National Association, as the initial second lien collateral agent for the initial second lien claimholders and as the initial second lien representative for the initial second lien claimholders, and the Company, as a grantor, which, among other things, provides for the relative priorities of the security interests in the assets securing the 2030 Notes, the loans pursuant to the Loan and Security Agreement and certain of

the Company’s additional debt, and certain other matters relating to the administration of security interests. The terms of the Intercreditor Agreement expressly subordinate, in right of payment and in liens, the obligations under the 2030 Notes to the obligations under the Loan and Security Agreement.

Voting Agreements and Cancellation of Tendered 2027 Notes

In connection with the Exchange Offer, participating holders of 2027 Notes entered into voting agreements with the Company agreeing to vote shares received in the Exchange Offer in favor of certain stockholder proposals through the earlier of (i) the date following the date of the Company’s annual meeting in 2026, (ii) the date certain stockholder proposals are approved and (iii) June 19, 2026. The Company caused the tendered 2027 Notes, representing 97.44% of the previously outstanding 2027 Notes, to be delivered to the 2027 Notes Trustee for cancellation. For additional details regarding the voting agreements, see Note 9, Debt, to the Notes to Consolidated Financial Statements included in the 2025 10-K.

Fair Values of the Notes

The carrying amount of the liability for the 2030 Notes as of September 26, 2026 and December 31, 2025 was $209.6 million and $308.4 million, respectively, net of debt discount, which represents the issuance date principal amount plus the undiscounted future cash flows using the PIK election, including any amounts contingently payable, and amounts reduced, on a pro rata basis, from partial conversion settlements completed during the period, offset by amortization of the debt discount, discussed below, included in 2030 Notes, net, under Long-term liabilities in the Company’s unaudited condensed consolidated balance sheets. See Note 2.

The following is a summary of the 2027 Notes as of September 26, 2026, included in Current liabilities in the Company’s unaudited condensed consolidated balance sheet (in thousands):


	Principal Amount		Unamortized Issuance Costs		Net Carrying Amount		Fair Value
							Amount		Leveling
2027 Notes	$	14,459	$	—	$	14,459	$	11,567	Level 2

The following is a summary of the 2027 Notes as of December 31, 2025, included in Long-term liabilities in the Company’s unaudited condensed consolidated balance sheet (in thousands):


	Principal Amount		Unamortized Issuance Costs		Net Carrying Amount		Fair Value
							Amount		Leveling
2027 Notes	$	29,459	$	—	$	29,459	$	19,693	Level 2

The 2027 Notes are carried at face value on the Company’s unaudited condensed consolidated balance sheets. The 2027 Notes are quoted on the Intercontinental Exchange and are classified as Level 2 financial instruments. The estimated fair value of the 2027 Notes was determined based on the actual bid price of the 2027 Notes on August 25, 2026 the last business day in the nine months ended September 26, 2026 when the 2027 Notes were traded.

The following is a summary of the 2030 Notes as of September 26, 2026 (in thousands):


	Principal Amount(1)		Undiscounted Cash Flows(2)		Unamortized Derivative Discount(3)		Net Carrying Amount		Fair Value
									Amount		Leveling
2030 Notes, net	$	151,288	$	72,981	$	(14,663)	$	209,606	$	66,434	Level 2

__________

(2) Represents the remaining undiscounted future cash flows using the PIK election, including any amounts contingently payable.

The following is a summary of the 2030 Notes as of December 31, 2025 (in thousands):


	Principal Amount		Undiscounted Cash Flows(1)		Unamortized Derivative Discount(2)		Carrying Amount		Fair Value
									Amount		Leveling
2030 Notes, net	$	209,721	$	124,427	$	(25,745)	$	308,403	$	166,267	Level 2

__________

The 2030 Notes are quoted on the Intercontinental Exchange and are classified as Level 2 financial instruments. The estimated fair value of the 2030 Notes was determined based on the actual bid price of the 2030 Notes on August 7, 2026, the last business day in the nine months ended September 26, 2026 when the 2030 Notes were traded.

As of September 26, 2026, the remaining lives of the 2027 Notes and 2030 Notes were approximately 0.5 years and 4.1 years, respectively.

2030 Note Conversions and Gain on Debt Extinguishment

There were no conversions of 2030 Notes during the three months ended September 26, 2026. In the nine months ended September 26, 2026, pursuant to the 2030 Notes Indenture, the Company issued an aggregate of 1,913,604 Conversion Shares to certain holders of the 2030 Notes upon the conversion by such holders of $68.8 million in aggregate principal amount of 2030 Notes into shares of the Company’s common stock. This resulted in the pro rata reduction of $109.9 million of the 2030 Notes carrying value, the pro rata reduction of $8.0 million of the debt discount, and the pro rata reduction of $16.5 million of the 2030 Notes Embedded Derivative at fair value on the settlement dates. In the nine months ended September 26, 2026, the Company recognized a gain on debt extinguishment of $63.8 million from these conversions. See Note 2.

In the nine months ended September 26, 2026, an aggregate of 139,518 anti-dilution RSUs were granted to the recipients of the MIP awards, and an aggregate of 95,746 shares were reserved for Anti-Dilution Increases with respect to MIP PSU awards, at maximum payout, associated with these 2030 Note conversions.

Loan and Security Agreement

On May 7, 2025, the Company, as borrower, entered into the Loan and Security Agreement with Unprocessed Foods, the other lenders party thereto (together with Unprocessed Foods, the “Lenders”) and certain of the Company’s subsidiaries party thereto from time to time, as guarantors, 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. Beyond Meat BV has 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 Beyond Meat BV.

The Delayed Draw Term Loans 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 accrue interest at a rate per annum of 12.0% with accrued but unpaid interest compounded on a quarterly basis and PIK interest by adding the amount of such accrued interest to the principal amount of the outstanding Delayed Draw Term Loans. As of September 26, 2026 and December 31, 2025, the effective interest on the Delayed Draw Term Loans was 19.4% and 13.8%, respectively. For additional details regarding the terms of the Loan and Security Agreement, including interest rate, use of proceeds restrictions and covenant provisions, see Note 9, Debt, to the Notes to the Consolidated Financial Statements included in the 2025 10-K.

The Loan and Security Agreement includes financial covenants requiring the Company to maintain liquidity of $15.0 million, caps on cash interest payments and caps on cash used to repay the 2027 Notes at maturity, among other restrictive covenants.

On June 26, 2025 and September 18, 2025, at the Company’s request, Unprocessed Foods, as the sole Lender at such time, made Delayed Draw Term Loans to the Company in the principal amounts of $40.0 million and $60.0 million, respectively. The Company has used, and expects to continue to use, the proceeds from such Delayed Draw Term Loans for general corporate purposes.

The total amount of debt issuance costs related to the Delayed Draw Term Loan Facility was $7.3 million, which is being amortized to interest expense over the term of the loan using the effective interest rate method. As of September 26, 2026, the Company had drawn the entire $100.0 million and had no amount available under the Delayed Draw Term Loan Facility. As of September 26, 2026, the fair value of the Delayed Draw Term Loans was $76.5 million, classified as a Level 3 financial instrument. Significant inputs used to estimate the fair value of the Delayed Draw Term Loan included a discounted cash flow related to the Delayed Draw Term Loan using a discount rate determined from other similar corporate high-yield bonds with similar maturities, adjusted considering, among other factors, position of seniority to other Company indebtedness and an applicable credit spread. See N ote 5.

In the three and nine months ended September 26, 2026, the Company recorded accrued unpaid interest of $3.6 million and $10.4 million, respectively, in PIK interest expense related to the Delayed Draw Term Loans and $0.6 million and $1.6 million, respectively in interest expense from the amortization of the debt discount resulting from the Delayed Draw Term Loan Warrants (as defined below). In each of the three and nine months ended September 27, 2025, the Company recorded accrued unpaid interest of $1.5 million in PIK interest expense related to the Delayed Draw Term Loans, $0.2 million in interest expense related to the amortization of the debt discount resulting from the Delayed Draw Term Loan Warrants and $36,000 in amortization of debt issuance costs related to the Delayed Draw Term Loans.

Embedded Derivatives in Delayed Draw Term Loans

The Delayed Draw Term Loans contain certain embedded derivatives that require bifurcation and separate accounting from the debt host pursuant to ASC 815, including separate valuations of fair value for those derivatives both at the issuance date and all reporting periods thereafter until the derivatives expire, are canceled or the debt is no longer outstanding. The issuance date fair value of the derivatives is recorded as a debt discount and amortized, while the changes to the fair value of those derivatives after the issuance date are marked to market and recognized in the consolidated statements of operations. The Company assessed the fair value of these derivatives and determined that both the issuance date fair value and the subsequent changes to

fair value as of September 26, 2026 and December 31, 2025 were immaterial, subject to subsequent reassessment.

Amendment to the Loan and Security Agreement

On October 15, 2025, the Company also entered into a First Amendment to the Loan and Security Agreement (the “First Amendment to LSA”), with Unprocessed Foods, which amends the Loan and Security Agreement, among the Company, as the borrower, Unprocessed Foods, as a lender, and the other lenders from time to time party thereto. Pursuant to the First Amendment to LSA, the Loan and Security Agreement was amended to, among other things, add cross defaults to the Loan and Security Agreement related to events of default under other debt secured by a second priority security interest and certain secured debt for borrowed money. The amendment was deemed to be a debt modification pursuant to ASC 470, with no material amounts being recorded in the Company’s consolidated financial statements in connection with a modification for the year ended December 31, 2025.

As of September 26, 2026 and December 31, 2025, the Company was in compliance with the covenants of the Loan and Security Agreement.

Delayed Draw Term Loan Warrant Agreement

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 “Delayed Draw Term Loan Warrant Agreement”) setting forth the rights and obligations of the Company and the Lenders, as holders, in connection with warrants (the “Delayed Draw Term Loan Warrants”) representing the Lenders’ right to purchase up to, in the aggregate, 318,622 shares of common stock (the “Maximum Warrant Share Amount”), at an initial exercise price of $97.80 per share calculated based on the terms of the Delayed Draw Term Loan Warrant Agreement, which was adjusted to $58.50 per share on December 22, 2025 as described below (in each case as adjusted for the Reverse Stock Split). The exercise price for the Delayed Draw Term Loan Warrants was further adjusted to $58.33 on September 23, 2026, in connection with the Company’s exchange of $15.0 million in aggregate principal amount of 2027 Notes. The Loan and Security Agreement provides that at each funding date of any Delayed Draw Term Loan, the Company would execute and deliver to the applicable Lenders Delayed Draw Term Loan Warrants representing the pro rata portion of the Maximum Warrant Share Amount based on the amount of Delayed Draw Term Loan provided by such Lender on the date thereof.

The Delayed Draw Term Loan 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 Delayed Draw Term Loan 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 Delayed Draw Term Loan Warrants will be exercisable by payment in cash from time to time until June 26, 2030. The Delayed Draw Term Loan Warrants are subject to adjustment from time to time in accordance with the provisions of the Delayed Draw Term Loan 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 Delayed Draw Term Loan Warrant Agreement. Subject to compliance with applicable federal and state securities laws, the Delayed Draw Term Loan Warrant Agreement and all rights thereunder are transferable by the Holder subject to the terms of the Delayed Draw Term Loan Warrant Agreement.

The Company agreed in the Delayed Draw Term Loan Warrant Agreement to provide certain customary registration rights with respect to the resale of shares of common stock underlying the Delayed Draw Term Loan Warrants. As the Company is no longer eligible to use Form S-3 registration statements, the Company is

required to use its commercially reasonable efforts to register for resale on a registration statement on Form S-1 the shares of common stock underlying the Delayed Draw Term Loan Warrants outstanding. For additional details regarding the Delayed Draw Term Loan Warrant Agreement terms, see Note 9, Debt, to the Notes to Consolidated Financial Statements included in the 2025 10-K.

Pursuant to the terms of the Delayed Draw Term Loan Warrant Agreement, the exercise price of the Delayed Draw Term Loan Warrants is subject to a weighted average adjustment for certain below-market issuances of equity or equity-linked securities, subject to exceptions. On December 22, 2025, the Company adjusted the exercise price for the Delayed Draw Term Loan Warrants from $97.80 to $58.50 in order to fully account for any and all potential past or future adjustments relating to the exchange of the 2027 Notes for $209,721,000 in principal amount of 2030 Notes and 10,594,483 shares of common stock that was completed on October 30, 2025, the payment of interest on the 2030 Notes in the form of common stock or in the form of payment-in-kind interest, as well as certain mandatory conversions, equitizations and make-whole payments that could result in additional issuances of common stock thereunder, if any. The exercise price for the Delayed Draw Term Loan Warrants was further adjusted to $58.33 on September 23, 2026, in connection with the Company’s exchange of $15.0 million in aggregate principal amount of 2027 Notes. In each case, there was no corresponding adjustment to the number of shares of common stock underlying the Delayed Draw Term Loan Warrants. On September 26, 2026 and December 31, 2025, the Company remeasured the fair value of the total warrant liability marking it to market. See Note 5.

The debt discount arising from the Delayed Draw Term Loan Warrant liability is amortized to interest expense over the life of the Delayed Draw Term Loan Warrant Agreement. In the three and nine months ended September 26, 2026, the Company recorded $0.6 million and $1.6 million, respectively, in interest expense related to the amortization of the debt discount resulting from the Delayed Draw Term Loan Warrants. In each of the three and nine months ended September 27, 2025, the Company recorded $0.2 million in interest expense related to the amortization of the debt discount resulting from the Delayed Draw Term Loan Warrants. Total unamortized debt issuance costs related to the Delayed Draw Term Loans were $6.5 million and $7.2 million as of September 26, 2026 and December 31, 2025, respectively.

- 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.

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+ Details

Net Loss Per Share Available to Common Stockholders - Schedule of Reconciliation of Net Income (Loss) Per Share Available to Common Stockholders Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 26, 2026	Sep. 27, 2025	Sep. 26, 2026	Sep. 27, 2025
Numerator:
Net loss available to common stockholders—basic	$ (82,829)	$ (97,008)	$ (94,907)	$ (189,940)
Net loss available to common stockholders—diluted	$ (82,829)	$ (97,008)	$ (94,907)	$ (189,940)
Denominator:
Weighted average common shares outstanding — basic (in shares)	19,152,391	2,555,696	16,301,717	2,548,532
Weighted average common shares outstanding—diluted (in shares)	19,152,391	2,555,696	16,301,717	2,548,532
Net loss per share
Net income (loss) per share available to common stockholders—basic (in dollars per share)	$ (4.32)	$ (37.96)	$ (5.82)	$ (74.53)
Net loss per share available to common stockholders—diluted (in dollars per share)	$ (4.32)	$ (37.96)	$ (5.82)	$ (74.53)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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-Name Accounting Standards Codification
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+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

Introduction	9 Months Ended
Introduction	Sep. 26, 2026
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 and other innovative plant-based food and beverage products. The Company seeks to deliver the power of plants to consumers through its plant-based meat products, 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, and adjacent products that deliver taste and macronutrients from plants and plant-based ingredients. 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 protein to plant-based protein, we can positively impact four growing global issues: human health, climate change, constraints on natural resources and animal welfare.

Segment Information (Tables)

9 Months Ended

Sep. 26, 2026

Segment Reporting [Abstract]

Schedule of Segment Reporting


	Three Months Ended				Nine Months Ended
	September 26, 2026		September 27, 2025		September 26, 2026		September 27, 2025
Total net revenues	$	64,529	$	70,218	$	191,567	$	213,907
Less:
Total cost of goods sold	52,107		64,990		171,287		207,685
Research and development expenses	15,290		4,917		24,699		18,186
Selling expenses	6,803		5,929		19,920		19,641
Marketing expenses	10,728		7,871		25,782		28,021
General and administrative expenses	15,464		33,330		57,652		89,078
Loss from impairment of long-lived assets	57,097		51,288		57,097		51,288

Interest expense	6,962		4,418		20,265		7,444
Remeasurement of delayed draw term loan warrant liability	(2,614)		(4,774)		(3,838)		(4,774)
Remeasurement of derivative liability	(13,321)		—		(21,374)		—
Gain on debt extinguishment	—		—		(63,789)		—
Equity in losses of unconsolidated joint venture	11		7		43		77
Other segment items, net(1)	(1,169)		(750)		(1,270)		(12,799)
Net loss	$	(82,829)	$	(97,008)	$	(94,907)	$	(189,940)

___________

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 34
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

+ Details

Cash, Cash Equivalents and Restricted Cash - Narrative (Details) - Sep. 26, 2026 € in Millions, $ in Millions	USD ($)	EUR (€)
Restricted Cash and Cash Equivalent Item [Line Items]
Restricted cash	$ 14.6
HC Hornet Way, LLC
Restricted Cash and Cash Equivalent Item [Line Items]
Cash collateral for borrowed securities	12.5
Third Party Manufacturer In Europe
Restricted Cash and Cash Equivalent Item [Line Items]
Cash collateral for borrowed securities	1.1	€ 1.0
Roquette
Restricted Cash and Cash Equivalent Item [Line Items]
Cash collateral for borrowed securities	$ 1.0

- Definition

Amount of cash restricted as to withdrawal or usage. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits.

+ References + Details

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 26, 2026
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Sonate Trademark Infringement Litigation Deposit On October 9, 2026, in connection with the $15.4 million judgment entered against the Company in the Sonate Trademark Infringement Litigation, the Company wired $15.7 million to a bonding company as a required deposit to stay the execution of the judgment while the Company files a motion to amend the judgment and/or for new trial and pursues appellate remedies. The Company sent a separate wire of $127,364 to the bonding agency for the bond premium. The bond premium was reimbursed by the Company's general insurance carrier on October 19, 2026. See N o te 12. Privately Negotiated Exchanges On September 28, 2026, the Company delivered an additional 455,184 shares of common stock in final settlement of the share-delivery obligation arising from the September 23, 2026 exchange of $15.0 million in aggregate principal amount of 2027 Notes. The additional shares had a fair value of $3.9 million on the final settlement date of September 28, 2026. Upon delivery of the additional shares, the Company derecognized the $4.0 million restructured payable recorded as of September 26, 2026 and recognized a gain on restructuring of payables of $0.1 million, which will be reflected in its results of operations for the fourth quarter of 2026. Following the final settlement, an aggregate of 1,552,628 shares had been issued as part of the Exchange Transactions. See Note 9.

Share-Based Compensation (Tables)

9 Months Ended

Sep. 26, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Shares Available for Grant

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


						Shares Available for Issuance
Shares available for issuance at December 31, 2025(1)						343,686
Authorized						239,202
Granted						(370,521)
Shares withheld to cover taxes						108,899
Forfeited(2)						41,768
Shares available for issuance at September 26, 2026(3)						363,034

____________

(2) Includes forfeiture of 2,492 shares reserved for issuance for a potential 200% achievement of the Tranche 2 of the 2024 PSUs. See Performance Stock Units—2024 PSUs below.

The following table summarizes the shares available for issuance under the Inducement Plan:


						Shares Available for Issuance
Shares available for issuance at December 31, 2025						—
Authorized						333,334
Granted						(18,878)
Forfeited						—
Shares available for issuance at September 26, 2026						314,456

The following valuation assumptions were used in the Monte Carlo simulation for the 2024 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						$293.10

Schedule of Stock Options

Three Months Ended

Nine Months Ended

September 26, 2026

September 27, 2025

September 26, 2026

September 27, 2025

Risk-free interest rate

N/A

4.0%

N/A

Average expected term (years)

N/A

4.0

N/A

Expected volatility

N/A

113.9%

N/A

Dividend yield

N/A

Schedule of Stock Option Activity


	Number of Stock Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value (in thousands)(1)
Outstanding at December 31, 2025	132,382	$	756.86	5.3	$	—
Granted(2)	26,358	$	25.00	—	$	—
Exercised	—	$	—	—	$	—
Canceled/Forfeited	(9,227)	$	488.01	—	$	—
Outstanding at September 26, 2026	149,513	$	644.43	5.6	$	—
Vested and exercisable at September 26, 2026	149,513	$	777.76	4.8	$	—
Vested and expected to vest at September 26, 2026	146,527	$	655.43	5.6	$	—

____________

(2) Includes 7,874 options granted under the 2026 Inducement Plan.

Schedule of RSU activity

The following table summarizes the Company’s RSU activity during the nine months ended September 26, 2026 under the Amended and Restated 2018 Equity Incentive Plan and the 2026 Inducement Plan:


	Number of Units	Weighted Average Grant Date Fair Value Per Unit
Unvested at December 31, 2025	1,178,121	$	38.10
Granted(1)	280,749	$	26.57
Vested(2)	(43,881)	$	129.94
Canceled/Forfeited	(26,381)	$	61.25
Unvested at September 26, 2026	1,388,608	$	32.43

____________

The following table summarizes the Company’s 2024 PSU activity during the nine months ended September 26, 2026:


	Number of Units	Weighted Average Grant Date Fair Value Per Unit
Unvested at December 31, 2025	4,858	$	446.25
Granted	—	$	—
Vested	—	$	—
Canceled/Forfeited	(2,492)	$	435.00
Unvested at September 26, 2026	2,366	$	458.10

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


	Number of Units	Grant Date Fair Value Per Unit		Performance Period
Tranche I	2,678	$	404.70	January 1, 2024 - December 31, 2024
Tranche II	2,492	$	435.00	January 1, 2024 - December 31, 2025
Tranche III	2,366	$	458.10	January 1, 2024 - December 31, 2026


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 MIP PSU activity during the nine months ended September 26, 2026:


	Number of Units	Weighted Average Grant Date Fair Value Per Unit
Unvested at December 31, 2025	—	$	—
Granted	338,510	$	23.58
Vested	—	$	—
Canceled/Forfeited	—	$	—
Unvested at September 26, 2026	338,510	$	23.58

Revenue Recognition - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 26, 2026	Sep. 27, 2025	Sep. 26, 2026	Sep. 27, 2025	Dec. 31, 2025
Disaggregation of Revenue [Line Items]
Liability for estimated sales discounts	$ 4.8		$ 4.8		$ 6.2
Distributor One \| Revenue from Contract with Customer Benchmark \| Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk (in percent)	14.00%	13.00%	13.00%	14.00%
Distributor Two \| Revenue from Contract with Customer Benchmark \| Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk (in percent)	12.00%	11.00%	10.00%

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

- 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

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

Related Party Transactions - Narrative (Details) € in Thousands	3 Months Ended		9 Months Ended
	Sep. 26, 2026 USD ($)	Sep. 27, 2025 USD ($)	Sep. 26, 2026 USD ($)	Sep. 27, 2025 USD ($)	Jun. 29, 2026 EUR (€)	May 04, 2026 USD ($)
Related Party Transaction [Line Items]
Net revenues	$ 64,529,000	$ 70,218,000	$ 191,567,000	$ 213,907,000
Base salary						$ 130,000
Target annual bonus percentage						10.00%
Annual base salary \| €					€ 325
Base salary and customary benefits and allowances (as a percent)					60.00%
Consulting fees	150,000		150,000
Related Party
Related Party Transaction [Line Items]
Net revenues	9,380,000	7,442,000	27,820,000	19,684,000
Related Party \| TPP Joint Venture
Related Party Transaction [Line Items]
Net 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.

Stockholders’ Deficit (Tables)

9 Months Ended

Sep. 26, 2026

Equity [Abstract]

Schedule of Common Stock Reserved for Future Issuance

Common stock reserved for future issuance consisted of the following:


	September 26, 2026	December 31, 2025

Equity incentive compensation awards granted and outstanding	1,860,119	1,315,359
Shares available for issuance under the Amended and Restated 2018 Equity Incentive Plan(1)(2)(3)	363,034	343,686
Shares available for issuance under the 2026 Employment Inducement Equity Incentive Plan	314,456	—
Shares available for issuance under the 2018 Employee Stock Purchase Plan	151,904	134,033
Shares reserved for potential issuance under the 2030 Notes(4)	2,999,211	4,000,000
Shares reserved for potential issuance under the Delayed Draw Term Loan Warrants	318,622	318,622
Shares reserved for potential issuance under the BG Warrant—Tranche 1	83,334	—
Shares reserved for potential issuance under the BG Warrant—Tranche 2	55,555	—
Shares reserved for potential issuance in connection with exchange of 2027 Notes(5)	455,184	—
Total common stock reserved for future issuance	6,601,419	6,111,700

_________________

(1) Shares available for issuance under the Amended and Restated 2018 Equity Incentive Plan includes 2,366 and 4,858 shares at September 26, 2026 and December 31, 2025, respectively, that may be issued pursuant to 2024 PSUs if 200% of the applicable performance target is achieved. See Note 11.

(2) Shares available for issuance under the Amended and Restated 2018 Equity Incentive Plan includes 338,510 shares at September 26, 2026 including 306,617 MIP shares and 31,893 antidilution shares, that may be issued pursuant to PSUs (at “maximum” performance) to certain employees (the “MIP PSUs”) granted in 2026 if 150% of the applicable performance target is achieved.

(3) Shares available for issuance under the Amended and Restated 2018 Equity Incentive Plan at September 26, 2026 after deducting 677,073 shares that are reserved for issuance under MIP PSU awards to certain key employees, including 63,853 shares reserved pursuant to Anti-Dilution Increases in respect of the MIP PSU awards in the nine months ended September 26, 2026, at maximum payout.

(4) As of September 26, 2026 and December 31, 2025, up to 2,999,211 and 4,000,000 additional shares, respectively, may be issuable upon conversion of the 2030 Notes at the base conversion rate (prior to giving effect to any make-whole payments payable upon such conversion), in addition to issuances of common stock in connection with the payment of interest in the form of common stock, mandatory equitizations and issuances with respect to additional 2030 Notes issued as payment-in-kind interest, that, in each case, may be resold in the public market.

(5) On September 23, 2026, the Company issued 1,097,444 shares of common stock at the initial settlement of privately negotiated exchanges of $15.0 million in aggregate principal amount of 2027 Notes. As of September 26, 2026, pursuant to Exchange Agreements, the Company was obligated to deliver an additional 455,184 shares based on the completed three-day VWAP observation period. Such shares were issued to the exchanging 2027 Noteholders on September 28, 2026 (see Note 9 and Note 17).

Summary of Significant Accounting Policies - Schedule of Condensed Consolidated Statement of Comprehensive Loss (unaudited) and Prior Period Adjustments (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 26, 2026	Jun. 27, 2026	Mar. 28, 2026	Sep. 27, 2025	Jun. 28, 2025	Mar. 29, 2025	Sep. 26, 2026	Sep. 27, 2025
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net loss	$ (82,829)	$ 16,404	$ (28,482)	$ (97,008)	$ (31,845)	$ (61,087)	$ (94,907)	$ (189,940)
Comprehensive loss	$ (82,555)			(97,056)			$ (91,570)	(193,496)
As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net loss				(110,688)				(192,846)
Comprehensive loss				(110,736)				(196,402)
Inventory Valuation
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net loss				(2,002)				(8,534)
Comprehensive loss				(2,002)				(8,534)
Debt Issuance Costs
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net loss				(10,444)				(14,686)
Comprehensive loss				(10,444)				(14,686)
Impairment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net loss				26,126				26,126
Comprehensive loss				$ 26,126				$ 26,126

- Definition

+ References + Details

- 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 + Details

- Definition

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

+ References

+ Details

Stockholders’ Deficit

9 Months Ended

Sep. 26, 2026

Equity [Abstract]

Stockholders’ Deficit

As of September 26, 2026, the Company’s shares consisted of 100,000,000 authorized shares of common stock, par value $0.0001 per share, of which 18,299,685 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.

On September 23, 2026, the Company issued 1,097,444 shares of common stock at the initial settlement of privately negotiated exchanges of $15.0 million in aggregate principal amount of 2027 Notes. The shares issued at the initial settlement had an aggregate fair value of $11.0 million as of September 23, 2026. See Note 9. On September 28, 2026, the Company issued an additional 455,184 shares of common stock in final settlement of this transaction. See Note 17.

As of December 31, 2025, the Company’s shares consisted of 100,000,000 authorized shares of common stock, par value $0.0001 per share, of which 15,122,944 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.

Reverse Stock Split

Except as otherwise specifically indicated, all information in this Quarterly Report on Form 10-Q has been retroactively adjusted to give effect to the Reverse Stock Split and Authorized Share Reduction. Upon effectiveness of the Reverse Stock Split, the number of shares subject to outstanding equity awards under the Company's equity incentive plans and the applicable exercise prices thereof, were proportionately adjusted pursuant to their respective terms and as determined by the Company’s board of directors to reflect the 1-for-30 reverse stock split ratio. In addition, the number of shares reserved for future issuance under the Company’s equity incentive plans was proportionately reduced. See Note 2.

Common Stock

Common stock reserved for future issuance consisted of the following:


	September 26, 2026	December 31, 2025

Equity incentive compensation awards granted and outstanding	1,860,119	1,315,359
Shares available for issuance under the Amended and Restated 2018 Equity Incentive Plan(1)(2)(3)	363,034	343,686
Shares available for issuance under the 2026 Employment Inducement Equity Incentive Plan	314,456	—
Shares available for issuance under the 2018 Employee Stock Purchase Plan	151,904	134,033
Shares reserved for potential issuance under the 2030 Notes(4)	2,999,211	4,000,000
Shares reserved for potential issuance under the Delayed Draw Term Loan Warrants	318,622	318,622
Shares reserved for potential issuance under the BG Warrant—Tranche 1	83,334	—
Shares reserved for potential issuance under the BG Warrant—Tranche 2	55,555	—
Shares reserved for potential issuance in connection with exchange of 2027 Notes(5)	455,184	—
Total common stock reserved for future issuance	6,601,419	6,111,700

_________________

(1) Shares available for issuance under the Amended and Restated 2018 Equity Incentive Plan includes 2,366 and 4,858 shares at September 26, 2026 and December 31, 2025, respectively, that may be issued pursuant to 2024 PSUs if 200% of the applicable performance target is achieved. See Note 11.

(3) Shares available for issuance under the Amended and Restated 2018 Equity Incentive Plan at September 26, 2026 after deducting 677,073 shares that are reserved for issuance under MIP PSU awards to certain key employees, including 63,853 shares reserved pursuant to Anti-Dilution Increases in respect of the MIP PSU awards in the nine months ended September 26, 2026, at maximum payout.

Warrants

Delayed Draw Term Loan Warrants

On May 7, 2025, in connection with the entry into the Loan and Security Agreement, the Company and the Lenders entered into the Delayed Draw Term Loan Warrant Agreement setting forth the rights and obligations of the Company and the Lenders. See Note 5 and Note 9.

Big Geyser Warrants

On April 15, 2026, Beyond Meat, Inc. (the “Company”) entered into a distribution agreement (the “Distribution Agreement”) with Big Geyser, Inc. (“Big Geyser”), pursuant to which Big Geyser will sell, distribute, market and assist in the promotion of the Company’s products.

On June 22, 2026, in connection with the Distribution Agreement, the Company and Big Geyser entered into two separate warrant agreements (each as further described below) setting forth the rights and obligations of the Company and Big Geyser in connection with warrants representing Big Geyser’s right to purchase up to, in the aggregate, 138,889 shares of the Company’s common stock, par value $0.0001 per share.

Tranche 1 Warrant Agreement

The first warrant (the “BG Tranche 1 Warrant”) entitles Big Geyser to purchase up to an aggregate of 83,334 shares of common stock at an exercise price of $18.00 per share. The BG Tranche 1 Warrant is exercisable by Big Geyser, in whole or in part, at any time, or from time to time, prior to the expiration of the warrant agreement governing the BG Tranche 1 Warrant (the “BG Tranche 1 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 (2) business days thereafter, the Company will issue to Big Geyser 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 BG Tranche 1 Warrant will be exercisable by payment in cash from time to time until or prior to 5:00 p.m. (Eastern Time) on the eighteen-month anniversary of the initial issuance of the BG Tranche 1 Warrant. The BG Tranche 1 Warrant is subject to adjustment from time to time in accordance with the provisions of the BG Tranche 1 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 BG Tranche 1 Warrant Agreement. The BG Tranche 1 Warrant may not be transferred or assigned to any person other than Permitted Transferees (as defined in the BG Tranche 1 Warrant Agreement) without the prior written consent of the Company.

The Company determined that the BG Tranche 1 Warrant met the definition of an equity-classified award and is presented in permanent equity as part of Additional paid in capital in the Company’s unaudited condensed consolidated statement of stockholders’ deficit as of September 26, 2026. The Company also determined that the BG Tranche 1 Warrant represents share-based consideration payable to a customer and is not in exchange for a distinct good or service. Accordingly, the BG Tranche 1 Warrant was measured at grant-date fair value and accounted for as a reduction of revenue. The BG Tranche 1 Warrant does not contain vesting conditions and, as a result, the Company recognized the grant-date fair value of the BG Tranche 1 Warrant as a prepaid asset upon issuance and included in Other non-current assets, net, in its unaudited condensed consolidated balance sheet, which will be amortized as a reduction of revenue as the related sales to Big Geyser occur over the expected contract term. The grant-date fair value of the BG Tranche 1 Warrant was $1.2 million and was recorded in Additional paid-in capital in the Company’s unaudited condensed consolidated statement of stockholders’ deficit as of September 26, 2026.

Tranche 2 Warrant Agreement

The second warrant (the “BG Tranche 2 Warrant” and, together with the BG Tranche 1 Warrant, the “BG Warrants”) entitles Big Geyser to purchase up to an aggregate of 55,555 shares of common stock at an exercise price of $0.001 per share. The BG Tranche 2 Warrant is subject to certain performance-based vesting conditions based on the cumulative number of cases of the Company’s beverage products sold by Big Geyser into retail, convenience, foodservice and other outlets in the New York metropolitan area as described in the BG Tranche 2 Warrant Agreement (as defined below).

The BG Tranche 2 Warrant, if vested, is exercisable by Big Geyser, in whole or in part, at any time, or from time to time, prior to the expiration of the warrant agreement governing the BG Tranche 2 Warrant (the “BG Tranche 2 Warrant Agreement” and, together with the BG Tranche 1 Warrant Agreement, the “BG Warrant Agreements”), 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 (2) business days thereafter, the Company will issue to Big Geyser 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 BG Tranche 2 Warrant, if vested, will be exercisable by payment in cash or by way of “Net-Share Settlement” (as defined in the BG Tranche 2 Warrant Agreement) from time to time until or prior to 5:00 p.m. (Eastern Time) on the 20th business day following the expiration of the Distribution Agreement. The BG Tranche 2 Warrant is subject to adjustment from time to time in accordance with the provisions of the BG Tranche 2 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 BG Tranche 2 Warrant Agreement. The BG Tranche 2 Warrant may not be transferred or assigned to any person other than Permitted Transferees (as defined in the BG Tranche 2 Warrant Agreement) without the prior written consent of the Company.

As of September 26, 2026, none of the vesting conditions of the BG Tranche 2 Warrant were met, however they were probable of being met over the forecast period estimated by the Company. See Note 2.

2030 Notes Conversions

In the nine months ended September 26, 2026, pursuant to the 2030 Notes Indenture, the Company issued an aggregate of 1,913,604 Conversion Shares to certain holders of the 2030 Notes upon the conversion by such holders of $68.8 million in aggregate principal amount of 2030 Notes into shares of the Company’s common stock, which resulted in Anti-Dilution Increases totaling 239,202 shares including shares reserved for Anti-Dilution Increases in respect of the MIP PSU awards.

- Definition

The entire disclosure for equity.

+ References

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

Leases - Schedule of Sublease Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 26, 2026	Sep. 27, 2025	Sep. 26, 2026	Sep. 27, 2025
Leases [Abstract]
Sublease income	$ 483	$ 166	$ 1,090	$ 166

Cash, Cash Equivalents and Restricted Cash

9 Months Ended

Sep. 26, 2026

Cash and Cash Equivalents [Abstract]

Cash, Cash Equivalents and Restricted Cash


	September 26, 2026		December 31, 2025		September 27, 2025		December 31, 2024
Cash and cash equivalents	$	154,623	$	203,890	$	117,296	$	131,913
Restricted cash, current	1,139		4,350		1,170		1,041
Restricted cash, non-current	13,500		9,291		12,600		12,600
Total cash, cash equivalents and restricted cash	$	169,262	$	217,531	$	131,066	$	145,554

Restricted cash includes cash held as collateral for stand-alone letter of credit agreements related to normal business transactions. The agreements require the Company to maintain specified amounts of cash as collateral in segregated accounts to support the letters of credit issued thereunder. As of September 26, 2026, the Company had $14.6 million in restricted cash, which was comprised of $12.5 million to secure the letter of credit delivered to the Company’s landlord as security for the performance of the Company’s obligations under its Campus Lease, $1.1 million (€1.0 million) to secure the letter of credit associated with a third party contract manufacturer in Europe and $1.0 million to secure the letter of credit associated with the Company’s sales agreement with Roquette to purchase pea protein. See Note 6 and Note 12.

Share-Based Compensation - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 26, 2026	Dec. 31, 2025
Number of Stock Options
Outstanding, beginning balance (in shares)	132,382
Granted (in shares)	26,358
Exercised (in shares)	0
Canceled/Forfeited (in shares)	(9,227)
Outstanding, ending balance (in shares)	149,513	132,382
Vested and exercisable (in shares)	149,513
Vested and expected to vest (in shares)	146,527
Weighted Average Exercise Price
Outstanding, beginning balance (in dollars per share)	$ 756.86
Granted (in dollars per share)	25.00
Exercised (in dollars per share)	0
Canceled/Forfeited (in dollars per share)	488.01
Outstanding, ending balance (in dollars per share)	644.43	$ 756.86
Vested and exercisable (in dollars per share)	777.76
Vested and expected to vest (in dollars per share)	$ 655.43
Weighted Average Remaining Contractual Life (Years)
Outstanding	5 years 7 months 6 days	5 years 3 months 18 days
Vested and exercisable	4 years 9 months 18 days
Vested and expected to vest	5 years 7 months 6 days
Aggregate Intrinsic Value
Outstanding, beginning balance	$ 0
Outstanding, ending balance	0	$ 0
Exercised	0
Vested and exercisable	0
Vested and expected to vest	$ 0
2026 Employment Inducement Equity Incentive Plan
Number of Stock Options
Granted (in shares)	7,874

Inventories

9 Months Ended

Sep. 26, 2026

Inventory Disclosure [Abstract]

Inventories

Major classes of inventory were as follows (in thousands):


	September 26, 2026		December 31, 2025
Raw materials and packaging	$	28,897	$	32,569
Work in process	8,437		17,743
Finished goods	28,191		33,720
Total	$	65,525	$	84,032

The Company records a provision for excess and obsolete inventories in total cost of goods sold in its unaudited condensed consolidated statements of operations.

Subsequent Events (Details) - USD ($)				1 Months Ended	3 Months Ended
Subsequent Events (Details) - USD ($)	Oct. 14, 2026	Oct. 09, 2026	Sep. 18, 2026	Oct. 31, 2025	Dec. 31, 2026	Sep. 29, 2026	Sep. 28, 2026	Sep. 23, 2026
Convertible Senior Notes Due 2027 \| Convertible Debt
Subsequent Event [Line Items]
Troubled debt restructuring, debtor, shares, issued								1,097,444
Troubled debt restructuring, debtor, original principal amount exchanged								$ 15,000,000.0
Troubled debt restructuring, fair value								$ 3,800,000
Gain on troubled debt restructuring				$ (5,400,000)
Subsequent Event \| Convertible Senior Notes Due 2027 \| Convertible Debt
Subsequent Event [Line Items]
Troubled debt restructuring, debtor, shares, issued						1,552,628	455,184
Troubled debt restructuring, debtor, subsequent periods, contingent payments, amount							$ 4,000,000.0
Subsequent Event \| Convertible Senior Notes Due 2027 \| Convertible Debt \| Forecast
Subsequent Event [Line Items]
Gain on troubled debt restructuring					$ 100,000
Trademark Infringement Litigation
Subsequent Event [Line Items]
Loss contingency, damages awarded, value			$ 15,437,500
Trademark Infringement Litigation \| Subsequent Event
Subsequent Event [Line Items]
Loss contingency, damages awarded, value	$ 15,437,500
Loss contingency security posted amount		$ 15,700,000
Troubled debt restructuring, fair value							$ 3,900,000
Loss contingency, supersedeas bond, premium		$ 127,364

Debt - Narrative (Details)											1 Months Ended	3 Months Ended			9 Months Ended
Debt - Narrative (Details)	Sep. 28, 2026 USD ($) shares	Sep. 23, 2026 USD ($) d $ / shares shares	Aug. 13, 2026	May 01, 2026 USD ($)	Nov. 14, 2025 $ / shares	Oct. 31, 2025 USD ($) shares	Oct. 30, 2025 USD ($) shares	Oct. 15, 2025 USD ($) day shares	Sep. 29, 2025 USD ($) shares	Mar. 05, 2021 USD ($)	Oct. 31, 2025 USD ($)	Dec. 31, 2026 USD ($)	Sep. 26, 2026 USD ($) shares	Sep. 27, 2025 USD ($)	Sep. 26, 2026 USD ($) shares	Sep. 27, 2025 USD ($)	Sep. 29, 2026 shares	Aug. 14, 2026 $ / shares	Jun. 26, 2026 $ / shares	Dec. 31, 2025 USD ($) shares	Dec. 22, 2025 $ / shares	Dec. 21, 2025 $ / shares	Oct. 16, 2025 USD ($)	Sep. 18, 2025 USD ($)	Jun. 26, 2025 USD ($)	May 07, 2025 USD ($) $ / shares shares	Mar. 12, 2021 USD ($)
Debt Instrument [Line Items]
Common stock, issued (in shares) \| shares						10,594,483	56,143	10,538,340
Net Carrying Amount													$ 313,892,000		$ 313,892,000					$ 415,740,000
Gain on debt extinguishment													$ 0	$ 0	$ 63,789,000	$ 0
Total common stock reserved for future issuance (in shares) \| shares													6,601,419		6,601,419					6,111,700
Class of warrant or right, number of securities called by warrants or rights (in shares) \| shares																										318,622
Class of warrant or right, exercise price of warrants or rights (in usd per share) \| $ / shares																					$ 58.50	$ 97.80				$ 97.80
Paid-in-kind interest															$ 9,669,000	1,499,000
Exercise price \| Black-Scholes
Debt Instrument [Line Items]
Measurement input \| $ / shares																			58.33
2018 Plan
Debt Instrument [Line Items]
Granted (in shares) \| shares															239,202
Total common stock reserved for future issuance (in shares) \| shares													363,034		363,034					343,686
Restricted Stock Units (RSUs)
Debt Instrument [Line Items]
Granted (in shares) \| shares															280,749
Restricted Stock Units (RSUs) \| 2018 Plan
Debt Instrument [Line Items]
Granted (in shares) \| shares															139,518
Anti-Dilution Increases, MIP PSU Awards, Maximum Payout
Debt Instrument [Line Items]
Total common stock reserved for future issuance (in shares) \| shares													95,746		95,746
Convertible Debt
Debt Instrument [Line Items]
Debt instrument, interest rate, increase (decrease)										0.50%
Debt issuance costs										$ 23,600,000
Debt instrument, redemption price, percentage of outstanding debt declarable										25.00%
Debt instrument, debt default, period of special interest rate										365 days
Convertible Senior Notes Due 2027
Debt Instrument [Line Items]
Total common stock reserved for future issuance (in shares) \| shares													455,184		455,184					0
Convertible Senior Notes Due 2027 \| Convertible Debt
Debt Instrument [Line Items]
Debt, face amount										$ 1,000,000,000.0
Debt issuance costs													$ 0		$ 0					$ 0
Amortization of debt issuance costs														$ 1,000,000.0		$ 3,000,000.0
Annualized effective interest rate (in percent)														0.34%		0.34%
Gain (loss) on debt restructuring											$ (5,400,000)
Maximum issuable principal amount							$ 5,938,000	$ 1,114,603,000
Percentage of aggregate principal of previously outstanding notes							97.44%	96.92%
Principal amount													14,459,000		14,459,000					29,459,000			$ 35,397,000
Net Carrying Amount		$ 14,500,000											$ 14,459,000		$ 14,459,000					$ 29,459,000
Troubled debt restructuring, debtor, original principal amount exchanged		$ 15,000,000.0
Percentage of purchase price		96.00%
Troubled debt restructuring, debtor, threshold trading days \| d		3
Troubled debt restructuring, debtor, floor price per common share (in dollars per share) \| $ / shares		$ 7.4009
Troubled debt restructuring, debtor, shares, issued \| shares		1,097,444
Troubled debt restructuring, debtor, equity value, issued		$ 11,000,000.0
Troubled debt restructuring, debtor, subsequent periods, contingent payments, amount		$ 4,000,000.0
Troubled debt restructuring, debtor, additional shares to be delivered \| shares		455,184											455,184		455,184
Troubled debt restructuring, fair value		$ 3,800,000
Interest, stated rate (in percent)								0.00%
Debt instrument, covenant, aggregate principal outstanding prior to maturity								$ 60,000,000.0
Remaining term (in years)															6 months
Convertible Senior Notes Due 2027 \| Convertible Debt \| Subsequent Event
Debt Instrument [Line Items]
Troubled debt restructuring, debtor, shares, issued \| shares	455,184																1,552,628
Professional fees in connection with Exchange Transactions	$ 500,000
Convertible Senior Notes Due 2027 \| Convertible Debt \| Subsequent Event \| Forecast
Debt Instrument [Line Items]
Gain (loss) on debt restructuring												$ 100,000
Additional Convertible Senior Notes Due 2027 \| Convertible Debt
Debt Instrument [Line Items]
Debt, face amount																											$ 150,000,000.0
Convertible Senior Notes Due 2030
Debt Instrument [Line Items]
Reduction in debt carrying value															$ 109,900,000
Decrease in fair value of embedded derivative from debt conversions															16,500,000
Gain on debt extinguishment															$ 63,800,000
Total common stock reserved for future issuance (in shares) \| shares													2,999,211		2,999,211					4,000,000
Convertible Senior Notes Due 2030 \| Convertible Debt
Debt Instrument [Line Items]
Amortization of debt issuance costs													$ 900,000		$ 3,100,000
Maximum aggregate principal amount									$ 202,500,000
Maximum issuable shares (in shares) \| shares									10,873,013
Principal amount						$ 209,721,000					$ 209,721,000		224,269,000		224,269,000					$ 334,148,000
Exchange principal amount								196,217,000					0		$ 68,800,000
Common stock, issued (in shares) \| shares															1,913,604
Proceeds from issuance of convertible senior notes								12,500,000
Net Carrying Amount							$ 1,004,000	$ 208,717,000					209,606,000		$ 209,606,000					308,403,000
Interest, stated rate (in percent)								7.00%
Payment in kind, interest rate				9.50%				9.50%
Converted instrument, rate								10.00%
Conversion ratio			0.0190926		0.5727784
Debt instrument, covenant, consecutive trading days following settlement date \| day								20
Debt instrument, conversion price (in dollars per share) \| $ / shares					$ 1.7459													$ 52.3763
Debt instrument, covenant, minimum liquidity								$ 15,000,000.0
Debt instrument, redemption percentage								100.00%
Remaining term (in years)															4 years 1 month 6 days
Paid-in-kind interest				$ 10,400,000
Convertible Senior Notes Due 2030 \| Convertible Debt \| Maximum
Debt Instrument [Line Items]
Conversion ratio			0.0343091					1.0292716
Loan and Security Agreement \| Line of Credit \| Secured Debt
Debt Instrument [Line Items]
Debt, face amount													100,000,000.0		$ 100,000,000.0											$ 100,000,000.0
Debt issuance costs													$ 6,495,000		$ 6,495,000					$ 7,181,000						7,300,000
Amortization of debt issuance costs														$ 36,000		$ 36,000
Annualized effective interest rate (in percent)													19.40%		19.40%					13.80%
Principal amount													$ 114,238,000		$ 114,238,000					$ 104,569,000				$ 60,000,000.0	$ 40,000,000.0
Covenant, minimum liquidity																										$ 15,000,000.0
Debt instrument, paid-in-kind interest expense													(3,600,000)		(10,400,000)
Interest expense													600,000	200,000	1,600,000	200,000
Paid-in-kind interest														$ 1,500,000		$ 1,500,000
Loan and Security Agreement \| Line of Credit \| Secured Debt \| Fair Value, Inputs, Level 3
Debt Instrument [Line Items]
Fair value of debt instrument													$ 76,500,000		$ 76,500,000
Loan and Security Agreement \| Line of Credit \| Secured Debt \| Minimum
Debt Instrument [Line Items]
Interest, stated rate (in percent)																										12.00%

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 26, 2026

Accounting Policies [Abstract]

Schedule of Error Corrections and Prior Period Adjustments


Condensed Consolidated Statement of Operations (unaudited)
	Three Months Ended September 27, 2025
	As Previously Reported		Inventory Valuation		Debt Issuance Costs		Impairment		As Corrected
Total cost of goods sold	$	62,988	$	2,002	$	—	$	—	$	64,990
Gross profit	$	7,230	$	(2,002)	$	—	$	—	$	5,228
Total selling, general and administrative expenses	$	37,230	$	—	$	9,900	$	—	$	47,130
Loss from impairment of long-lived assets	$	77,414	$	—	$	—	$	(26,126)	$	51,288
Total operating expenses	$	119,561	$	—	$	9,900	$	(26,126)	$	103,335
Loss from operations	$	(112,331)	$	(2,002)	$	(9,900)	$	26,126	$	(98,107)
Remeasurement of delayed draw term loan warrant liability	$	5,318	$	—	$	(544)	$	—	$	4,774
Total other income (expense), net	$	1,650	$	—	$	(544)	$	—	$	1,106
Loss before taxes	$	(110,681)	$	(2,002)	$	(10,444)	$	26,126	$	(97,001)
Net loss	$	(110,688)	$	(2,002)	$	(10,444)	$	26,126	$	(97,008)
Net loss per share available to common stockholders—basic and diluted	$	(43.31)	$	(0.78)	$	(4.09)	$	10.22	$	(37.96)


Condensed Consolidated Statement of Operations (unaudited)
	Nine Months Ended September 27, 2025
	As Previously Reported		Inventory Valuation		Debt Issuance Costs		Impairment		As Corrected
Total cost of goods sold	$	199,151	$	8,534	$	—	$	—	$	207,685
Gross profit	$	14,756	$	(8,534)	$	—	$	—	$	6,222
Total selling, general and administrative expenses	$	122,598	$	—	$	14,142	$	—	$	136,740
Loss from impairment of long-lived assets	$	77,414	$	—	$	—	$	(26,126)	$	51,288
Total operating expenses	$	218,198	$	—	$	14,142	$	(26,126)	$	206,214
Loss from operations	$	(203,442)	$	(8,534)	$	(14,142)	$	26,126	$	(199,992)
Remeasurement of delayed draw term loan warrant liability	$	5,318	$	—	$	(544)	$	—	$	4,774
Total other income (expense), net	$	10,673	$	—	$	(544)	$	—	$	10,129
Loss before taxes	$	(192,769)	$	(8,534)	$	(14,686)	$	26,126	$	(189,863)
Net loss	$	(192,846)	$	(8,534)	$	(14,686)	$	26,126	$	(189,940)
Net loss per share available to common stockholders—basic and diluted	$	(75.67)	$	(3.35)	$	(5.76)	$	10.25	$	(74.53)


Condensed Consolidated Statement of Comprehensive Loss (unaudited)
	Three Months Ended September 27, 2025
	As Previously Reported		Inventory Valuation		Debt Issuance Costs		Impairment		As Corrected
Net loss	$	(110,688)	$	(2,002)	$	(10,444)	$	26,126	$	(97,008)
Comprehensive loss	$	(110,736)	$	(2,002)	$	(10,444)	$	26,126	$	(97,056)


Condensed Consolidated Statement of Comprehensive Loss (unaudited)
	Nine Months Ended September 27, 2025
	As Previously Reported		Inventory Valuation		Debt Issuance Costs		Impairment		As Corrected
Net loss	$	(192,846)	$	(8,534)	$	(14,686)	$	26,126	$	(189,940)
Comprehensive loss	$	(196,402)	$	(8,534)	$	(14,686)	$	26,126	$	(193,496)


Condensed Consolidated Statement of Cash Flows (unaudited)
	Nine Months Ended September 27, 2025
	As Previously Reported		Inventory Valuation		Debt Issuance Costs		Impairment		As Corrected
Net loss	$	(192,846)	$	(8,534)	$	(14,686)	$	26,126	$	(189,940)
Loss from impairment of long-lived assets	$	77,414	$	—	$	—	$	(26,126)	$	51,288
Remeasurement of delayed draw term loan warrant liability	$	(5,318)	$	—	$	544	$	—	$	(4,774)
Inventories	$	5,334	$	8,534	$	—	$	—	$	13,868
Prepaid expenses and other current assets	$	(1,322)	$	—	$	11,129	$	—	$	9,807
Net cash used in operating activities	$	(98,138)	$	—	$	(3,013)	$	—	$	(101,151)

Payment of debt issuance costs	$	(10,314)	$	—	$	3,013	$	—	$	(7,301)
Net cash provided by financing activities	$	87,821	$	—	$	3,013	$	—	$	90,834

Stockholders’ Deficit - Narrative (Details)							3 Months Ended		9 Months Ended
Stockholders’ Deficit - Narrative (Details)	Sep. 23, 2026 USD ($) shares	Aug. 13, 2026 shares	Jun. 22, 2026 agreement $ / shares shares	Oct. 31, 2025 shares	Oct. 30, 2025 shares	Oct. 15, 2025 USD ($) shares	Sep. 26, 2026 USD ($) $ / shares shares	Jun. 27, 2026 USD ($)	Sep. 26, 2026 USD ($) $ / shares shares	Sep. 29, 2026 shares	Sep. 28, 2026 shares	Aug. 12, 2026 shares	Dec. 31, 2025 $ / shares shares	Dec. 22, 2025 $ / shares	Dec. 21, 2025 $ / shares	May 07, 2025 $ / shares shares
Class of Stock [Line Items]
Common stock, authorized (in shares)		100,000,000					100,000,000		100,000,000			3,000,000,000	100,000,000
Common stock, par value (in dollars per share) \| $ / shares							$ 0.0001		$ 0.0001				$ 0.0001
Common stock, issued (in shares)							18,299,685		18,299,685				15,122,944
Common stock, outstanding (in shares)							18,299,685		18,299,685				15,122,944
Preferred stock, authorized (in shares)							500,000		500,000				500,000
Preferred stock, par value (in dollars per share) \| $ / shares							$ 0.0001		$ 0.0001				$ 0.0001
Preferred stock, issued (in shares)							0		0				0
Preferred stock, outstanding (in shares)							0		0				0
Class of warrant or right, number of securities called by warrants or rights (in shares)																318,622
Class of warrant or right, exercise price of warrants or rights (in usd per share) \| $ / shares														$ 58.50	$ 97.80	$ 97.80
Issuance of equity classified warrants to purchase common stock \| $							$ 8,000	$ 1,228,000
Common stock, issued (in shares)				10,594,483	56,143	10,538,340
Reverse stock split, conversion ratio		0.03
2018 Plan
Class of Stock [Line Items]
Common stock, outstanding (in shares)				2,300,320
Granted (in shares)									239,202
Additional Paid-in Capital
Class of Stock [Line Items]
Issuance of equity classified warrants to purchase common stock \| $							8,000	$ 1,228,000
BG Tranche 1 Warrant \| Additional Paid-in Capital
Class of Stock [Line Items]
Issuance of equity classified warrants to purchase common stock \| $							1,200,000
Big Geyser, Inc \| BG Warrants
Class of Stock [Line Items]
Common stock, par value (in dollars per share) \| $ / shares			$ 0.0001
Number of warrant agreements \| agreement			2
Class of warrant or right, number of securities called by warrants or rights (in shares)			138,889
Big Geyser, Inc \| BG Tranche 1 Warrant
Class of Stock [Line Items]
Class of warrant or right, number of securities called by warrants or rights (in shares)			83,334
Class of warrant or right, exercise price of warrants or rights (in usd per share) \| $ / shares			$ 18.00
Period to issuance			2 days
Average expected term (years)			18 months
Big Geyser, Inc \| BG Tranche 2 Warrant
Class of Stock [Line Items]
Class of warrant or right, number of securities called by warrants or rights (in shares)			55,555
Class of warrant or right, exercise price of warrants or rights (in usd per share) \| $ / shares			$ 0.001
Period to issuance			2 days
Average expected term (years)			20 days
Convertible Senior Notes Due 2027 \| Convertible Debt
Class of Stock [Line Items]
Troubled debt restructuring, debtor, shares, issued	1,097,444
Troubled debt restructuring, debtor, original principal amount exchanged \| $	$ 15,000,000.0
Troubled debt restructuring, debtor, equity value, issued \| $	$ 11,000,000.0
Convertible Senior Notes Due 2027 \| Convertible Debt \| Subsequent Event
Class of Stock [Line Items]
Troubled debt restructuring, debtor, shares, issued										1,552,628	455,184
Convertible Senior Notes Due 2030 \| Convertible Debt
Class of Stock [Line Items]
Common stock, issued (in shares)									1,913,604
Exchange principal amount \| $						$ 196,217,000	$ 0		$ 68,800,000