Modern Meat (MEAT) AI Stock Analysis

• Market Cap: C$1.48M
• Dividend Yield: N/A
• Average Volume (3M): 3.95K
• Price to Earnings (P/E): ―
• Beta (1Y): 2.69
• Revenue Growth: -3.76%
• EPS Growth: 86.34%
• Country: CA
• Employees: N/A
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Packaged Foods
• EPS (TTM): N/A
• Shares Outstanding: 12,347,675
• 10 Day Avg. Volume: 1,050
• 30 Day Avg. Volume: 3,950
• PEG Ratio: 0.02
• Price to Book (P/B): -0.24
• Price to Sales (P/S): 0.73
• P/FCF Ratio: -0.87
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 45 Neutral
• Price Target: C$0.13 ▲(120.00% Upside)

The score is primarily held down by weak financial performance (shrinking revenue, ongoing losses, negative equity, and continued cash burn). Technicals are somewhat supportive with price above key moving averages, but momentum signals are not fully confirmed. Valuation remains unattractive due to unprofitability (negative P/E) and no dividend yield data.

Positive Factors

Asset Improvement

An increase in reported assets versus 2024 indicates partial balance-sheet stabilization and modestly improved liquidity. Over 2–6 months this can improve supplier and lender confidence, supporting operations and short-term execution while management addresses deeper capital structure issues.

Reduced Operating Cash Outflow

Material improvement in operating cash outflow demonstrates cost controls and operational stabilization. If sustained, lower burn reduces near-term external funding needs, extends runway, and gives management time to pursue revenue recovery or efficiency initiatives that improve long-term sustainability.

Narrowing Losses

A meaningful narrowing of net losses versus prior extreme levels signals improving operational execution and expense discipline. Over the medium term this trend can translate into easier access to capital and a clearer path to break-even if revenue stabilization follows the cost improvements.

Negative Factors

Multi-year Revenue Decline

Steady revenue shrinkage across several years undermines scale economics and brand presence. Persisting top-line decline compresses margins, reduces bargaining power with channels, and limits ability to invest in product or distribution, threatening medium-term viability absent a durable recovery.

Negative Shareholder Equity & Rising Debt

Accumulated negative equity and rising debt indicate capital erosion and higher leverage. This constrains strategic flexibility, increases refinancing or covenant risk, and makes future capital raises more dilutive or costly, posing sustained constraints on growth and operational investments.

Negative Gross Profit in 2025

A negative gross profit implies core unit economics are loss-making, driven by pricing or cost structure issues. Without structural product cost reductions or improved pricing/mix, sustained negative gross margins erode any path to profitability and require fundamental business model changes.

Modern Meat Business Overview & Revenue Model

Company Description

Modern Plant Based Foods Inc., a food company, develops and distributes plant-based meat alternative products in Canada and the United States. The company offers plant-based products, including meat and dairy-free alternatives, soups, and vegan snacks under the Modern Meat, KitsKitchen, Snacks From The Sun, and Modern Wellness Bar brands. It offers its products through retail supermarkets, natural grocers, and independents, as well as e-commerce platforms. The company was formerly known as Modern Meat Inc. and changed its name to Modern Plant Based Foods Inc. on February 2021. Modern Plant Based Foods Inc. is headquartered in Vancouver, Canada.

How the Company Makes Money

Modern Meat makes money primarily through the sale of its plant-based food products to retailers, restaurants, and directly to consumers. The company's key revenue streams include wholesale distribution to grocery chains and foodservice providers, as well as direct-to-consumer sales through its online platform. Strategic partnerships with established food distributors and retail chains help expand its market reach and drive sales. Additionally, Modern Meat may engage in co-branding initiatives and collaborations with other companies in the food industry to further boost its earnings.

Modern Meat Financial Statement Overview

Summary

Weak fundamentals: multi-year revenue contraction, persistent large net losses, and negative gross profit in 2025. Balance sheet risk is elevated with negative shareholder equity and rising debt. Cash burn remains negative, though operating cash outflow has improved versus 2022–2023.

Income Statement

Revenue has steadily contracted over the last several years (from ~2.27M in 2021 to ~0.57M in 2025), showing weakening scale. Profitability is consistently poor: net losses persist every year, and operating results remain deeply negative, with net margin still around -150% in 2025 despite improvement from the extreme losses seen in 2022–2023. Gross profit also deteriorated in 2025 (turning negative), highlighting cost pressure and limited pricing power. Strength: losses have narrowed materially versus 2022–2023, but the business is still far from break-even.

Balance Sheet

Financial position is pressured by negative shareholder equity from 2023–2025, which signals accumulated losses and reduces balance-sheet flexibility. Debt has increased meaningfully (from ~0.66M in 2023 to ~1.79M in 2025) while total assets remain modest (~1.06M in 2025), indicating leverage risk and limited asset support. Strength: assets improved versus 2024, but the combination of rising debt and negative equity remains the key weakness.

Cash Flow

Cash generation remains weak with operating cash flow and free cash flow negative every year, implying ongoing external funding needs. However, burn has improved versus prior years (operating cash flow improved from about -1.44M in 2023 to about -0.48M in 2025), indicating some cost control and stabilization. Weakness: free cash flow declined again in 2025 versus 2024, and cash flow is not yet showing a clear path to sustainably turning positive.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	568.24K	568.24K	625.48K	751.35K	1.65M	2.27M
Gross Profit	-65.78K	-65.78K	125.03K	103.72K	23.15K	386.90K
EBITDA	-625.62K	-625.98K	-643.00K	-8.18M	-11.31M	-5.84M
Net Income	-849.95K	-850.16K	-810.00K	-8.29M	-11.59M	-6.18M
Balance Sheet
Total Assets	1.06M	1.06M	612.77K	702.53K	1.24M	3.48M
Cash, Cash Equivalents and Short-Term Investments	69.59K	69.59K	166.08K	57.71K	216.60K	647.49K
Total Debt	1.79M	1.79M	1.31M	657.92K	166.79K	527.87K
Total Liabilities	2.81M	2.81M	2.27M	1.66M	1.13M	1.67M
Stockholders Equity	-1.75M	-1.75M	-1.65M	-952.32K	108.91K	1.83M
Cash Flow
Free Cash Flow	-475.49K	-475.49K	-552.20K	-1.45M	-1.98M	-4.82M
Operating Cash Flow	-475.49K	-475.49K	-552.20K	-1.44M	-1.98M	-4.07M
Investing Cash Flow	8.00	8.00	0.00	317.93K	-5.21K	-733.46K
Financing Cash Flow	380.00K	380.00K	662.66K	971.23K	1.56M	2.66M

Modern Meat Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.06
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:MEAT, the sentiment is Positive. The current price of 0.06 is below the 20-day moving average (MA) of 0.10, below the 50-day MA of 0.10, and below the 200-day MA of 0.09, indicating a bullish trend. The MACD of <0.01 indicates Negative momentum. The RSI at 55.93 is Neutral, neither overbought nor oversold. The STOCH value of 96.67 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:MEAT.

Modern Meat Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
MEAT	45 Neutral	C$1.48M	-2.91	―	―	-3.76%	86.34%
BABY	44 Neutral	C$3.74M	-0.26	-517.87%	―	-25.08%	65.57%
CULT	39 Underperform	C$758.38K	-0.09	-190.55%	―	―	-126.28%
PNGA	27 Underperform	C$6.84M	-1.78	-86.40%	―	-49.04%	15.66%