Capital StructureIssuance of new shares during Q4 was dilutive to equity, reflecting the vulnerability of BYND's capital structure amid continued cash burn.
Market PreferenceThe plant-based meat category has seen volume contractions for an extended period, with consumer preference shifting towards conventional proteins.
Revenue GuidanceThe FY25 revenue guidance is broadly disappointing, as it trails expectations and suggests the category is still struggling to find its footing.