Modern Meat (MEAT) AI Stock Analysis

• Market Cap: C$1.76M
• Dividend Yield: N/A
• Average Volume (3M): 3.95K
• Price to Earnings (P/E): ―
• Beta (1Y): 2.54
• 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: 14,703,628
• 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: 47 Neutral
• Price Target: C$0.09 ▲(56.67% Upside)
• Action: Reiterated Date: 02/02/26
• Date: Action: Reiterated 02/02/26

The score is primarily held down by very weak financial performance (shrinking revenue, negative gross profit, persistent losses/cash burn, and negative equity with rising debt). Technicals are comparatively better with price trading above major moving averages and a positive MACD, but that strength is tempered by an extended stochastic reading. Valuation is also constrained by ongoing losses (negative P/E).

Positive Factors

Structural Industry Tailwinds

Modern Meat operates in the plant-based meat alternative category, a long-term secular growth market driven by consumer shifts to alternative proteins. Durable demand expansion increases the addressable market and supports recurring wholesale and foodservice revenue if the company can scale distribution.

Improving Cash Burn Trend

Operating cash outflows have narrowed versus 2021–2023, indicating improving cash burn. Sustained reductions in cash consumption extend runway, lower near-term financing pressure and provide a firmer base to execute distribution and cost initiatives required for longer-term sustainability.

Narrowing Losses

Reported losses are less extreme than in 2022–2023, suggesting operational or cost improvements. A continued trend of shrinking losses can reflect improving unit economics, making a path to break-even more plausible if revenue growth and scale follow over the medium term.

Negative Factors

Very Small and Shrinking Revenue

TTM revenue of roughly $0.54M and ongoing decline indicate minimal scale and weak market traction. A small, shrinking top line limits operating leverage, constrains investment in distribution and product development, and makes achieving sustainable profitability materially harder.

Negative Gross Profit / Selling Below Cost

Negative gross profit means core products are currently sold below cost, showing fundamentally unsound unit economics. Without structural changes to pricing, sourcing or production, the company cannot generate margins to cover overhead, forcing persistent external funding or business model changes.

Highly Stressed Balance Sheet

Negative shareholders' equity combined with rising debt creates a structurally weak balance sheet that limits financing options. This increases refinancing and dilution risk, restricts the ability to invest in scale, and raises the probability of distress or restructuring absent sustained profitability.

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

Financials are very weak: TTM revenue is small (~$0.54M) and declining, gross profit is negative (selling below cost), and margins remain materially loss-making. The balance sheet is highly stressed with negative shareholders’ equity and rising debt, and cash flow remains negative (ongoing cash burn), implying continued reliance on external funding.

Income Statement

TTM (Trailing-Twelve-Months) revenue is small (~$0.54M) and continues to shrink (revenue growth is deeply negative), signaling weak demand/scale. Profitability is a major issue: gross profit is negative in TTM (implying products are being sold below cost), and operating results remain materially loss-making with very negative EBIT/EBITDA and net margins. A modest positive versus prior-year annual results is that losses appear less extreme than 2022–2023, but the business is still far from break-even and lacks a clear near-term earnings foundation.

Balance Sheet

The balance sheet is highly stressed with negative shareholders’ equity in the most recent periods (TTM and recent annual), which meaningfully increases financial risk and limits financing flexibility. Debt has risen versus earlier years, while total assets remain relatively small, suggesting limited balance-sheet capacity. While reported return on equity is positive in recent periods, that is largely a byproduct of negative equity and does not indicate healthy profitability; overall, leverage and solvency risk are the dominant concerns.

Cash Flow

Cash generation remains weak: operating cash flow and free cash flow are negative across all shown periods, including TTM (Trailing-Twelve-Months). Cash burn has improved versus some earlier years (operating cash outflow is smaller than 2021–2023), but free cash flow growth is volatile and still negative in TTM. With losses and ongoing negative operating cash flow, the company likely remains dependent on external funding, which is harder to secure given the balance-sheet profile.

Breakdown	Nov 2025	Nov 2024	Aug 2023	Nov 2022	Nov 2021
Income Statement
Total Revenue	568.24K	625.48K	751.35K	1.65M	2.27M
Gross Profit	-65.78K	125.03K	103.72K	23.15K	386.90K
EBITDA	-625.98K	-643.00K	-8.18M	-11.31M	-5.84M
Net Income	-850.16K	-810.00K	-8.29M	-11.59M	-6.18M
Balance Sheet
Total Assets	1.06M	612.77K	702.53K	1.24M	3.48M
Cash, Cash Equivalents and Short-Term Investments	69.59K	166.08K	57.71K	216.60K	647.49K
Total Debt	1.79M	1.31M	657.92K	166.79K	527.87K
Total Liabilities	2.81M	2.27M	1.66M	1.13M	1.67M
Stockholders Equity	-1.75M	-1.65M	-952.32K	108.91K	1.83M
Cash Flow
Free Cash Flow	-475.49K	-552.20K	-1.45M	-1.98M	-4.82M
Operating Cash Flow	-475.49K	-552.20K	-1.44M	-1.98M	-4.07M
Investing Cash Flow	8.00	0.00	317.93K	-5.21K	-733.46K
Financing Cash Flow	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: Positive
• 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 0.11, below the 50-day MA of 0.10, and below the 200-day MA of 0.08, indicating a bullish trend. The MACD of <0.01 indicates Positive momentum. The RSI at 57.92 is Neutral, neither overbought nor oversold. The STOCH value of 100.00 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	47 Neutral	C$1.76M	-2.91	―	―	-3.76%	86.34%
BABY	44 Neutral	C$2.99M	-0.21	-517.87%	―	-25.08%	65.57%
CULT	42 Neutral	C$611.60K	-0.07	-190.55%	―	―	-126.28%
PNGA	27 Underperform	C$9.27M	-2.40	-86.40%	―	-49.04%	15.66%