Modern Meat (MEAT) AI Stock Analysis

• Market Cap: C$1.03M
• Dividend Yield: N/A
• Average Volume (3M): 3.95K
• Price to Earnings (P/E): ―
• Beta (1Y): 2.88
• 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: 41 Neutral
• Price Target: C$0.07 ▲(20.00% Upside)
• Action: Reiterated Date: 03/18/26
• Date: Action: Reiterated 03/18/26

The score is driven primarily by very weak financial performance (shrinking revenue, negative gross profit, persistent losses/cash burn) and high balance-sheet risk from negative equity and rising debt. Technicals add further pressure with a clear downtrend, while valuation offers limited support given negative earnings and no dividend.

Positive Factors

Product-market focus

A clear, focused business model on plant-based meat alternatives provides lasting strategic clarity. Selling a defined product category supports targeted R&D, branding, and route-to-market plans that can compound if the company secures distribution and product-market fit over the next several quarters.

Multiple distribution channels

Having both wholesale and direct retail/foodservice channels creates durable go-to-market flexibility. This reduces reliance on a single buyer type, helps diversify order timing and margin profiles, and enables scaling opportunities across consumer and institutional demand over months to years.

Improving cash burn trend

A reduction in operating cash outflows versus prior years suggests progress on cost control or operational efficiency. While still negative, an improving cash-burn trend materially eases near-term financing pressure and is a durable indicator of management executing remediation steps.

Negative Factors

Negative gross profit

Selling below product cost means unit economics are fundamentally broken. This undermines margin sustainability and requires either price increases, cost reductions, or reformulation. Without durable improvement, negative gross profit will continue to drive cash burn and prevent scale.

Shrinking revenue base

A very small and declining revenue base prevents achieving scale economics and weakens competitive positioning. Persistent top-line contraction limits ability to absorb fixed costs, reduces leverage with distributors, and makes recovery to profitable scale materially harder.

Stressed balance sheet

Negative equity and increased leverage create elevated solvency and refinancing risk. This constrains access to non-dilutive capital, raises the probability of dilutive funding or restructuring, and limits the company’s ability to invest in product, distribution, or margin improvement initiatives.

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 by selling plant-based meat alternative products. Revenue is generated through wholesale and/or direct sales of its products into distribution channels such as retailers and foodservice operators (e.g., restaurants or institutional buyers) where its products are stocked, prepared, and sold onward to end consumers. If present, additional revenue may come from branded product line expansion and related commercial arrangements; however, specific details on product mix, pricing, customer concentration, distribution partners, and any material licensing, co-manufacturing, or strategic partnership income are null.

Modern Meat Financial Statement Overview

Summary

Financials are severely weak: very small and shrinking TTM revenue (~$0.54M), negative gross profit (selling below cost), and materially loss-making operations. The balance sheet is highly stressed with negative shareholders’ equity and rising debt, while cash flow remains negative (ongoing cash burn), indicating elevated solvency and funding risk.

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

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:MEAT, the sentiment is Negative. The current price of 0.06 is below the 20-day moving average (MA) of 0.11, below the 50-day MA of 0.11, and below the 200-day MA of 0.08, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 17.40 is Positive, neither overbought nor oversold. The STOCH value of 35.93 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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%
PNGA	48 Neutral	C$11.26M	-2.15	-241.90%	―	-49.04%	15.66%
BABY	44 Neutral	C$2.43M	-3.11	5435.74%	―	-25.08%	65.57%
CULT	42 Neutral	C$807.31K	-1.00	-190.55%	―	―	-126.28%
MEAT	41 Neutral	C$1.03M	-4.08	―	―	-3.76%	86.34%