March 16 (Reuters) – Beyond Meat on Monday forecast fourth-quarter revenue below Wall Street estimates, and said it would delay filing its annual report for 2025 citing material weakness in its internal financial controls.
Shares of the company fell about 5% in extended trading.
The plant-based meat maker said it needed additional time to complete a review of its inventory balances, including amounts recorded for excess and obsolete inventory. It expects to file its Form 10-K with the securities regulator by March 31.
The company said it is reviewing its internal control procedures and is in the process of developing a remediation plan.
Beyond Meat reported preliminary revenue of about $61 million for the fourth quarter, while analysts were expecting $62.6 million, as per data compiled by LSEG.
The company also sees full-year 2025 net revenue of about $275 million, compared with estimates of $276.5 million.
Beyond Meat said it has not determined the potential impact of its inventory review on its financial statements.
It plans to report fourth-quarter results after market close on March 25.
(Reporting by Sanskriti Shekhar in Bengaluru; Editing by Shailesh Kuber)
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