超越肉類 (BYND) 2025 Q2 法說會逐字稿

Thank you, everyone, and welcome to the Beyond Meat, Inc., 2025 second-quarter conference call. (Operator Instructions) Please note today's call will be recorded.

謝謝大家，歡迎參加 Beyond Meat, Inc. 2025 年第二季電話會議。（操作員指示）請注意，今天的通話將會被錄音。

It is now my pleasure to turn today's conference over to Paul Sheppard, Vice President of FP&A and Investor Relations.

現在我很高興將今天的會議交給 FP&A 和投資者關係副總裁 Paul Sheppard。

Thank you. Hello, everyone, and thank you for your participation in today's call. Joining me are Ethan Brown, Founder, President, and Chief Executive Officer; and Lubi Kutua, Chief Financial Officer and Treasurer. By now, everyone should have access to our second-quarter 2025 earnings press release filed today after market close. This document is available in the Investor Relations section of Beyond Meat's website at www.beyondmeat.com.

謝謝。大家好，感謝大家參加今天的電話會議。與我一起出席的還有創辦人、總裁兼執行長 Ethan Brown 和財務長兼財務主管 Lubi Kutua。現在，每個人都應該可以閱讀我們今天收盤後發布的 2025 年第二季財報新聞稿。文件可在 Beyond Meat 網站 www.beyondmeat.com 的投資者關係部分找到。

Before we begin, please note that all the information presented today is unaudited and that during the course of this call, management may make forward-looking statements within the meaning of the federal securities laws. These statements are based on management's current expectations and beliefs and involve risks and uncertainties that could cause actual results to differ materially from those described in these forward-looking statements.

在我們開始之前，請注意，今天提供的所有資訊均未經審計，並且在本次電話會議期間，管理層可能會根據聯邦證券法做出前瞻性陳述。這些聲明是基於管理階層目前的預期和信念，涉及風險和不確定性，可能導致實際結果與這些前瞻性聲明中所述的結果有重大差異。

Forward-looking statements in our earnings release, along with the comments on this call, are made only as of today and will not be updated as actual events unfold. We refer you to today's press release, our quarterly report on Form 10-Q for the quarter ended June 28, 2025, to be filed with the SEC, and our annual report on Form 10-K for the fiscal year ended December 31, 2024, along with other filings with the SEC for a detailed discussion of the risks that could cause actual results to differ materially from those expressed or implied in any forward-looking statements today.

我們收益報告中的前瞻性陳述以及對本次電話會議的評論僅截至今天做出，不會隨著實際事件的展開而更新。我們請您參閱今天的新聞稿、我們將向美國證券交易委員會 (SEC) 提交的截至 2025 年 6 月 28 日的季度 10-Q 表季度報告、截至 2024 年 12 月 31 日的財政年度的 10-K 表年度報告以及向美國證券交易委員會 (SEC) 提交的其他結果，以顯示重大陳述可能導致重大的風險陳述與實際的結果可能導致任何前瞻性結果，今天的其他可能導致實際陳述與實際結果陳述與實際的結果陳述相關的風險相關結果。

Please also note that on today's call, management may reference adjusted EBITDA, adjusted loss from operations, and adjusted net loss, which are non-GAAP financial measures. While we believe these non-GAAP financial measures provide useful information for investors, any reference to this information is not intended to be considered in isolation or as a substitute for the financial information presented in accordance with GAAP.

另請注意，在今天的電話會議上，管理層可能會參考調整後的 EBITDA、調整後的營業虧損和調整後的淨虧損，這些都是非 GAAP 財務指標。雖然我們相信這些非公認會計準則財務指標為投資者提供了有用的信息，但任何對這些信息的引用都不應被孤立地考慮或替代根據公認會計準則提供的財務信息。

Please refer to today's press release for a reconciliation of these non-GAAP financial measures to their most comparable GAAP measures.

請參閱今天的新聞稿，以了解這些非 GAAP 財務指標與最具可比性的 GAAP 指標的對照情況。

And with that, I would now like to turn the call over to Ethan Brown.

現在，我想將電話轉給伊森布朗 (Ethan Brown)。

Thank you, Paul, and good afternoon, everyone. We are disappointed with our second-quarter results, which reflect ongoing softness in the plant-based meat category, particularly in the US and certain international foodservice segments. Before diving into details on the quarter, this level of disruption to a recovery requires broader commentary. Though we saw a return to top line growth in the back half of 2024, the first two quarters of this year indicate the need for a fundamental reset for our brand and category.

謝謝你，保羅，大家下午好。我們對第二季的業績感到失望，這反映出植物性肉類類別持續疲軟，尤其是在美國和某些國際餐飲服務領域。在深入了解本季度的具體情況之前，需要對這種程度的經濟復甦中斷進行更廣泛的評論。儘管我們在 2024 年下半年看到了營收成長的恢復，但今年前兩個季度表明我們的品牌和類別需要根本性的調整。

To stabilize our business and with a goal to achieve EBITDA positive operations within the second half of 2026 and to realize our much longer-term objective of reshaping global protein markets in support of a healthier and more sustainable future, we are taking significant and immediate actions.

為了穩定我們的業務，並力爭在 2026 年下半年實現 EBITDA 正成長，並實現重塑全球蛋白質市場以支持更健康、更永續未來的長期目標，我們正在採取重大而直接的行動。

Many of these, which I numerate below, you will recognize as an acceleration of existing priorities. One, we are welcoming John Boken of AlixPartners as Interim Chief Transformation Officer to lead and support our enterprise-wide transformation activities with a focus on operating expense reduction, gross margin expansion, and broader operational efficiency.

您將認識到，其中許多舉措（我在下面列舉）都是對現有優先事項的加速。首先，我們歡迎 AlixPartners 的 John Boken 擔任臨時首席轉型官，領導和支持我們整個企業的轉型活動，重點是降低營運費用、擴大毛利率和提高更廣泛的營運效率。

Two, we are intensifying expense reduction globally to fit our operating base into the existing near-term opportunity. These measures include a reduction in force that we perform today.

二，我們正在全球範圍內加大削減開支的力度，以使我們的營運基礎適應現有的短期機會。這些措施包括我們今天實施的裁軍措施。

Before proceeding, I want to thank each of the impacted teammates and acknowledge their tremendous contributions to our company, mission and consumers. It is truly with heavy heart that we made these reductions and my deep appreciation and respect for these teammates and friends extends far beyond any comments I can make today.

在繼續之前，我要感謝每一位受影響的隊友，並承認他們為我們的公司、使命和消費者做出的巨大貢獻。我們懷著沉重的心情做出這些裁員決定，我對這些隊友和朋友的深深感激和敬意遠遠超出了我今天所能表達的任何評論。

Three, we are deepening each of our gross margin expansion activities, including continuing to optimize our portfolio by exiting certain product lines and reconfiguring others, making additional investments in our facilities around core production lines and select others where we see opportunities to significantly reduce costs, working within our supply chain to reduce raw ingredient prices and logistics costs, and further fitting our production operations to current demand levels so as to realize gross margin recovery even under lower volumes.

第三，我們正在深化每一項毛利率擴張活動，包括透過退出某些產品線和重新配置其他產品線來繼續優化我們的產品組合，圍繞核心生產線對設施進行額外投資，並選擇其他我們認為有機會大幅降低成本的設施，在我們的供應鏈內開展工作以降低原材料價格和物流成本，並進一步使我們的營運能力適應當前的需求水平，以便在當前的需求下恢復毛利率。

Four, we are actively pursuing expanded distribution of our core products and expect to bring on new US retail distribution, including in the balance of this year.

第四，我們正在積極尋求擴大核心產品的分銷，並希望在今年年底前在美國開展新的零售分銷業務。

Five, going forward, we intend to increasingly use Beyond as the primary branded and admire.

第五，展望未來，我們打算越來越多地使用 Beyond 作為主要品牌和欽佩之舉。

We have been formally using a shortened market in certain instances for some time now and believe it provides for reduced emphasis on facsimile, a now complicated frame that overshadows the real high-quality protein offerings we provide to consumers and a widening of our aperture beyond animal protein replicates so that we have the freedom to as and when appropriate to do so, meet broader consumer protein needs.

一段時間以來，我們一直在特定情況下正式使用縮短的市場，並相信它可以減少對傳真的重視，傳真現在是一個複雜的框架，掩蓋了我們向消費者提供的真正高質量的蛋白質產品，並且擴大了我們的視野，超越了動物蛋白質複製品，以便我們可以自由地在適當的時候這樣做，以滿足更廣泛的消費者蛋白質需求。

Our limited test offering of Beyond Ground, our social channels last week represents an early foray beyond beef, pork, and poultry replication and has been met with considerable enthusiasm, albeit with a very narrow consumer set. In the coming months, we will provide additional details on our increased use of the brand mark Beyond, which we implemented on a rolling basis.

我們上週在社交管道上對 Beyond Ground 進行了有限的測試，這代表著我們對牛肉、豬肉和家禽複製品的早期嘗試，儘管消費者群體非常狹窄，但還是受到了相當大的歡迎。在接下來的幾個月裡，我們將提供有關我們增加使用品牌標誌 Beyond 的更多詳細信息，我們將滾動實施該標誌。

Sixth, we are continuing to intently focus on strengthening our balance sheet to address our 2027 convertible note maturity. With this high-level context, a clear and comprehensive action plan in place, including a specially appointed Interim Chief Transformation Officer, deeper operating expense reduction, increased focus on gross margin expansion across our core product lines, the implementation of new US retail distribution for core product lines, the kickoff of a rolling brand repositioning, and continued heightened focus on strengthening our balance sheet.

第六，我們將繼續專注於加強我們的資產負債表，以解決 2027 年可轉換票據到期的問題。在這種高層背景下，制定了明確而全面的行動計劃，包括特別任命的臨時首席轉型官、進一步削減營運費用、更加註重核心產品線的毛利率擴張、為核心產品線實施新的美國零售分銷、啟動滾動品牌重新定位，並繼續高度重視加強我們的資產負債表。

I'll now turn to select details from our second quarter of 2025. Net revenue for the quarter came in at $75 million, well below our expectations and down 20% versus the year-ago period, a far cry from the recovery and renewed year-over-year growth we experienced in the second half of last year. The US retail channel represented a large share of the shortfall relative to expectations. I believe at least several factors are a foot. One, broadly, we remain a higher-priced product than the animal protein equivalent, a feature that is particularly detrimental in a prolonged environment of tepid consumer spending.

現在我將介紹 2025 年第二季的部分細節。本季淨收入為 7,500 萬美元，遠低於我們的預期，比去年同期下降 20%，與去年下半年經歷的復甦和重新實現同比增長相去甚遠。與預期相比，美國零售通路佔了很大一部分缺口。我認為至少有幾個因素是重要的。首先，整體而言，我們的產品價格仍高於動物性蛋白質產品，這項特性在長期消費支出低迷的環境下尤其有害。

Two, it is clear that the negative narrative surrounding our category and brand is sufficiently ingrained to outlast initial efforts to spell this information.

其次，很明顯，圍繞我們產品類別和品牌的負面敘述已經根深蒂固，以至於比最初拼寫這些資訊的努力還要持久。

Three, animal meats are in the true cyclical fashion of consumer trends, having a moment that currently leaves less room for our products and brand.

第三，動物肉類的消費趨勢具有真正的週期性，目前我們的產品和品牌的發展空間較小。

With this macro context setting the stage, more specifically, we saw delays in anticipated new distribution and major promotions at certain large retailers throughout Q2 2025.

在這種宏觀背景下，更具體地說，我們看到 2025 年第二季某些大型零售商預期的新分銷和大型促銷活動出現延遲。

Further and related, we continue to experience the impact of dislocations arising from the move of our and other plant-based meat products at many retailers refrigerated to the frozen aisle, negatively affecting our US retail performance this quarter. Certain delays in new US retail distribution meant that these aforementioned gaps played a larger role in our Q2 performance than anticipated.

此外，與此相關的是，我們繼續受到許多零售商將我們的和其他植物性肉類產品從冷藏區轉移到冷凍區而引起的混亂的影響，這對我們本季度在美國的零售業績產生了負面影響。美國新零售分銷的某些延遲意味著上述差距對我們第二季業績的影響比預期的要大。

It is important to note that in stores where we have been able to maintain a consistent consolidated brand presence, we tend to see more encouraging velocity. This point is an important one to consider as we contemplate broader stabilization across US retail.

值得注意的是，在我們能夠保持一致的品牌形象的商店中，我們往往會看到更令人鼓舞的速度。當我們考慮美國零售業更廣泛的穩定性時，這一點是需要考慮的重要因素。

Recall that this has been an enormously disruptive period for our category and brand across US grocery with instability being the consistent theme for quite some time from multiple entrants flooding the market only to be delisted to a general shrinking of shelf space to a disruptive relocation of the category from refrigerated to frozen aisle in certain large retailers.

回想一下，對於我們美國食品雜貨行業的類別和品牌來說，這是一個極其混亂的時期，不穩定性在相當長的一段時間內一直是主題，從多個進入者湧入市場，最終被除名，到貨架空間的普遍縮小，再到某些大型零售商將類別從冷藏區轉移到冷凍區，這是一個混亂的時期。

As we seek to rebuild our presence across this critically important channel, we are prioritizing consolidated offerings at high-impact chains so we might drive results that are similar to some of our higher-performing current retailers.

當我們尋求重建我們在這個至關重要的管道中的存在時，我們優先考慮在高影響力的連鎖店提供整合的產品，以便我們能夠獲得與我們目前一些表現較好的零售商類似的業績。

Turning now to international foodservice. We lapped significant promotional activity in the year ago period and saw some pauses and discontinuation of our burger products in certain markets. These changes impact the level and mix of product volume, which in turn has implications for net revenue per pound and gross margin. We expect these and related impacts to continue to exert pressure in terms of year-over-year performance on our international foodservice channel for foreseeable quarters.

現在轉向國際餐飲服務。我們在去年同期進行了大規模的促銷活動，並在某些市場暫停或停止了我們的漢堡產品銷售。這些變化影響產品數量的水平和組合，進而影響每磅淨收入和毛利率。我們預計，在可預見的幾個季度內，這些因素及相關影響將繼續對我們的國際餐飲服務管道的同比業績造成壓力。

Moving down the income statement. As one would expect, a 20% reduction top-line revenue exerts negative pressure on gross margin given the reduced volumes flowing through our facilities and the impact this has on fixed cost absorption and COGS. This outcome was certainly the case in the second quarter of 2025 and was further exacerbated by aforementioned and broader unfavorable product mix as we saw a higher percentage of sales from certain lower-margin products.

向下移動損益表。正如人們所預料的那樣，考慮到流經我們工廠的產量減少以及這對固定成本吸收和銷貨成本的影響，20% 的營業收入減少將對毛利率產生負面壓力。2025 年第二季確實出現了這種結果，而且由於我們看到某些低利潤產品的銷售額佔比更高，上述和更廣泛的不利產品組合進一步加劇了這種結果。

These factors, coupled with higher trade spend compared to the same year-ago period and an accelerated depreciation charge equal to approximately 2.2 percentage points resulting from the suspension and substantial cessation of our China operations in the quarter obscured with an otherwise solid improvement on apples-to-apple production costs, a reflection of the vigorous nature of our ongoing manufacturing cost reduction initiatives. Overall, reflecting these factors, gross margin came in at 11.5% in the quarter, down from 14.7% a year ago.

這些因素，加上與去年同期相比更高的貿易支出，以及由於本季度我們在中國的業務暫停和大量停止而導致的相當於約 2.2 個百分點的加速折舊費用，被同類生產成本的穩步改善所掩蓋，這反映了我們正在進行的製造成本削減舉措的有力性質。總體而言，考慮到這些因素，本季毛利率為 11.5%，低於去年同期的 14.7%。

Operating expenses were $47.4 million in the second quarter of 2025 compared to $47.6 million in the year-ago period. Though this registers as only a slight improvement, it's important to note that OpEx this quarter included approximately $7.5 million in expenses that we consider nonrecurring or nonroutine. Excluding these expenses, one can see a meaningful reduction in operating expense, both on a year over year and sequential basis.

2025 年第二季的營運費用為 4,740 萬美元，而去年同期為 4,760 萬美元。儘管這只是略有改善，但值得注意的是，本季的營運支出包括約 750 萬美元的支出，我們認為這些支出是非經常性或非常規的。除去這些費用，我們可以看到營業費用年比和季比均有顯著下降。

As the aforementioned reduction in force suggests and our recent entry into two separate agreements related to our campus headquarters building that reduce or offset a percentage of our future rent obligations, we are attacking this priority with vigor.

正如上述裁員所表明的那樣，以及我們最近達成的兩項與校園總部大樓相關的單獨協議，這些協議減少或抵消了我們未來一定比例的租金義務，我們正在大力應對這一優先事項。

Over an appropriate period of time, operating expenses should be squarely viewed in the category of controlling the controllables, we are confident in our ability to continue to drive down routine enterprise-wide expenses to better fit the current revenue opportunity.

在適當的時期內，營運費用應納入控制可控因素的範疇，我們有信心繼續降低企業範圍內的常規費用，以更好地適應當前的收入機會。

This disappointing quarter is now thankfully in the rearview mirror, and as you might have gathered, we're using it to deepen and intensify our transformation efforts towards sustainable EBITDA positive operations within the second half of 2026.

值得慶幸的是，這個令人失望的季度現在已經成為過去，正如您可能已經了解的那樣，我們正在利用這個季度深化和加強我們的轉型努力，以便在 2026 年下半年實現可持續的 EBITDA 正運營。

Stepping back again to a broader view, I will close with commentary on where we're headed. First and foremost, as has been the theme throughout my comments today, our second quarter of 2025 requires a deeper and more fundamental reset for our company.

再次回顧更廣闊的視野，最後我將評論我們前進的方向。首先，正如我今天演講的主題一樣，2025 年第二季需要對我們公司進行更深入、更根本的調整。

You are seeing the thoroughness of this reset across the action items I've emphasized, the appointment and empowerment of the transformation industry veteran for purposes of accelerating our enterprise-wide operating efficiency, including and specifically operating expense reduction and gross margin expansion to a strategic push to build back core product distribution at certain high-impact US retailers, and in our increased use of Beyond as a primary mark so as to open the brand's aperture over time to protein opportunities that fall outside of the pork and poultry replication. The necessity of this reset does not, however, reduce or diminish our conviction or enthusiasm for the future that awaits.

您將看到這次重新調整的徹底性，涵蓋了我所強調的各項行動，任命並授權轉型行業資深人士，以加速我們整個企業的運營效率，具體包括降低運營費用和擴大毛利率，以戰略性地推動在某些高影響力的美國零售商處重建核心產品分銷，並越來越多地使用 Beyond 作為主要標誌，以便隨著時間的豬肉中心的時間然而，這種重置的必要性並不會減少或削弱我們對未來的信念或熱情。

I want to be exceptionally clear on this point.

我想非常清楚地說明這一點。

We believe the factors that encumber our success today are transient. Just as we recognize that we are a higher-priced item in a period of economic uncertainty and stress, we know that on a material basis, our cost structure will change as we achieve scale.

我們相信，阻礙我們今天成功的因素都是暫時的。正如我們認識到在經濟不確定和壓力時期我們的產品價格較高一樣，我們也知道從物質角度來看，隨著規模的擴大，我們的成本結構也會改變。

We are, in fact, already in one limited but important instance, producing and supplying product at a cost and price that is roughly equal to the corresponding animal protein equivalent. As we get to much higher volumes across our core products, the efficiency of our system will prevail. And all other things being equal, we should be able to underprice animal protein in many offerings.

事實上，在一個有限但重要的例子中，我們已經以大致等於相應動物蛋白質當量的成本和價格生產和供應產品。隨著我們核心產品的產量不斷增加，我們系統的效率將會提高。在其他條件相同的情況下，我們應該能夠在許多產品中以低於動物性蛋白質的價格出售動物性蛋白質。

And just as we acknowledge that our products are on the wrong side of a cultural moment, we know that the extreme nature of the current renaissance around animal protein will as consumer trends do moderate. This moderation may occur solely with time, new information or new trends, or may be spurred on by a set of related factors, including pricing pressure, droughts and genetic disease outbreaks.

正如我們承認我們的產品與當前的文化潮流不符一樣，我們也知道，隨著消費趨勢的放緩，當前圍繞動物蛋白的復興的極端性將會逐漸減弱。這種緩和可能僅僅隨著時間的推移、新資訊或新趨勢而發生，或者可能受到一系列相關因素的刺激，包括價格壓力、乾旱和遺傳疾病爆發。

Similarly, even as we continue to do what we can to counter misinformation around our products, including in the short nine-minute film planting change available on YouTube, we believe that over time, facts do have a way of overcoming fiction. Consumers do, in fact, whistle at being misled at the expense of their own health, and our products will have the opportunity to be more fairly evaluated for what they are.

同樣，即使我們繼續盡一切努力反擊圍繞我們產品的錯誤訊息，包括在 YouTube 上發布的有關種植變化的九分鐘短片，我們相信，隨著時間的推移，事實確實有辦法戰勝虛構。事實上，消費者確實對以犧牲自身健康為代價而被誤導感到不滿，我們的產品將有機會得到更公平的評價。

Looking immediately forward, we will continue to celebrate our brand and our products for the great tasting, healthful, and sustainable addition they can make to the diet of consumers throughout our markets.

展望未來，我們將繼續推崇我們的品牌和產品，因為它們能夠為我們整個市場的消費者的飲食帶來美味、健康和可持續的補充。

As the recently released and award-winning Beyond Chicken Pieces indicate with 21 grams of protein, no cholesterol and less than 1 gram of saturated fat sourced from avocado oil, along with only 150 calories, we provide the consumer with strong macronutrients and ratios using simple and clean ingredients, and we keep getting better at doing so.

正如最近發布並屢獲殊榮的 Beyond Chicken Pieces 所示，該產品含有 21 克蛋白質、不含膽固醇、來自酪梨油的飽和脂肪不到 1 克，熱量僅為 150 卡路里，我們使用簡單、乾淨的原料為消費者提供強大的常量營養素和比例，並且我們在這方面不斷改進。

For example, our recently released Beyond Steak Filet product available only at select restaurants and steakhouses provides 28 grams of protein, no cholesterol and only 1 gram of saturated fat, also from avocado oil, all with only 230 calories.

例如，我們最近推出的 Beyond Steak Filet 產品僅在部分餐廳和牛排館有售，該產品含有 28 克蛋白質，不含膽固醇，僅含 1 克飽和脂肪，同樣來自酪梨油，熱量僅為 230 卡路里。

And finally, our recently teased Beyond Ground original, which does not seek to replicate beef, pork, or poultry is made with only four ingredients: water, fava bean protein, potato protein, and psyllium husk, and provides 27 grams of protein with no cholesterol, no saturated fat, no added oil, and only 140 calories, is in my view, just the beginning.

最後，我們最近推出的 Beyond Ground 原創產品並不試圖複製牛肉、豬肉或家禽，僅由四種成分製成：水、蠶豆蛋白、馬鈴薯蛋白和車前子殼，並提供 27 克蛋白質，不含膽固醇、不含飽和脂肪、不添加油，僅含 140 卡路里，在我看來，這只是一個開始。

Our brand, our company, our expertise, our capability and our ethos are hardwired to deliver clean, great tasting, healthful protein made with simple, clean, limited ingredients, all within highly compelling macronutrient ratios. We took it on the chin in the second quarter of 2025, but remain undeterred and truly excited about our future, the future of protein.

我們的品牌、我們的公司、我們的專業知識、我們的能力和我們的精神都致力於提供乾淨、美味、健康的蛋白質，這些蛋白質採用簡單、清潔、有限的原料製成，並且都符合極具吸引力的宏量營養素比例。2025 年第二季度，我們承受了巨大的壓力，但我們仍然毫不氣餒，對我們的未來，即蛋白質的未來，充滿期待。

And with that, I'll now turn the call over to Lubi.

現在，我將把電話轉給 Lubi。

Thank you, Ethan, and good afternoon, everyone. I'll begin by reviewing our financial results for the quarter in greater detail before providing some brief comments on our outlook. Overall, net revenues decreased 19.6% to $75 million in the second quarter of 2025 compared to $93.2 million in the year-ago period. The year-over-year decline in net revenues was primarily driven by an 18.9% decrease in volume of products sold and a 0.9% decrease in net revenue per pound.

謝謝你，伊桑，大家下午好。我將首先詳細回顧本季的財務業績，然後對我們的前景發表一些簡短的評論。整體而言，2025 年第二季淨收入為 7,500 萬美元，較去年同期的 9,320 萬美元下降 19.6%。淨收入年減主要是由於銷售產品數量下降 18.9% 以及每磅淨收入下降 0.9%。

Volume of products sold continued to be negatively impacted by weak category demand and was further affected by reduced points of distribution in the US retail channel as well as lower sales of burger products to certain quick service restaurant customers in the international foodservice channel. The slight decrease in net revenue per pound was primarily driven by higher trade discounts and changes in product sales mix, partially offset by favorable changes in foreign currency exchange rates and the benefit from pricing actions initiated in the year ago period.

產品銷售持續受到類別需求疲軟的負面影響，並受到美國零售通路分銷點減少以及國際餐飲服務通路中某些快餐店客戶的漢堡產品銷量下降的進一步影響。每磅淨收入略有下降，主要原因是貿易折扣增加和產品銷售組合變化，但外匯匯率的有利變化和去年同期定價行動帶來的好處部分抵消了這一下降。

Breaking this down by channel, US retail channel net revenues decreased 26.7% to $32.9 million in the second quarter of 2025 compared to $44.9 million in the year-ago period. The year-over-year decrease was primarily driven by a 24.2% decrease in volume of products sold and a 3.2% decrease in net revenue per pound. Weak category demand, particularly in the refrigerated segment, continued to weigh on our US retail volumes, which were further impacted by reduced points of distribution compared to the year ago period.

按通路細分，2025 年第二季美國零售通路淨收入為 3,290 萬美元，較去年同期的 4,490 萬美元下降 26.7%。年比下降主要是由於銷售產品數量下降 24.2% 以及每磅淨收入下降 3.2%。疲軟的品類需求（尤其是冷藏品類的需求）持續對我們在美國的零售量造成壓力，與去年同期相比，分銷點的減少進一步影響了我們的零售量。

Although we expect to regain some of this lost distribution in the balance of the year, we anticipate that operating conditions in our US retail business will nonetheless remain challenging in the near term. The year-over-year decrease in US retail net revenue per pound was primarily driven by higher trade discounts, partially offset by changes in product sales mix and the benefit from pricing actions implemented in 2024. US retail channel net revenues also included approximately $100,000 of ingredient sales in the quarter compared to approximately $800,000 in the year ago period.

儘管我們預計在今年餘下時間將恢復部分損失的分銷，但我們預計，短期內美國零售業務的經營狀況仍將充滿挑戰。美國零售淨收入每磅同比下降主要是由於貿易折扣增加，但產品銷售組合的變化和 2024 年實施的定價措施帶來的好處部分抵消了這一下降。美國零售通路淨收入還包括本季約 10 萬美元的原料銷售額，而去年同期約為 80 萬美元。

Moving on to US foodservice. Net revenues increased 6.8% to $11.1 million in the second quarter of 2025 compared to $10.4 million in the year-ago period. The year-over-year increase in net revenues was primarily driven by a 4.4% increase in net revenue per pound and a 2.3% increase in volume of products sold, mainly reflecting higher sales of our ground beef and dinner sausage products broadly. Net revenue per pound primarily benefited from last year's pricing actions and changes in product sales mix, partially offset by higher trade discounts.

轉向美國餐飲服務。2025 年第二季淨收入為 1,110 萬美元，較去年同期的 1,040 萬美元成長 6.8%。淨收入年增率主要得益於每磅淨收入增長 4.4% 以及銷售產品數量增長 2.3%，這主要反映了我們的碎牛肉和晚餐香腸產品銷量普遍增加。每磅淨收入主要受益於去年的定價行動和產品銷售組合的變化，但部分被更高的貿易折扣所抵消。

Now, turning to International. International retail channel net revenues decreased 9.8% to $15.9 million in the second quarter of 2025 compared to $17.6 million in the year-ago period. The decrease in net revenues was primarily driven by a 13.1% decrease in volume of products sold, partially offset by a 3.9% increase in net revenue per pound. The decrease in volume of products sold was primarily driven by reduced sales of our burger, dinner sausage, and ground beef products in Canada as well as lower sales of our burger products in the EU. Net revenue per pound in international retail primarily benefited from favorable changes in FX and changes in product sales mix.

現在，轉向國際。2025 年第二季度，國際零售通路淨收入為 1,590 萬美元，較去年同期的 1,760 萬美元下降 9.8%。淨收入的下降主要是由於銷售產品數量下降 13.1%，但每磅淨收入增加 3.9% 部分抵消了這一下降。銷售產品數量下降主要是由於我們的漢堡、晚餐香腸和碎牛肉產品在加拿大的銷量下降以及我們的漢堡產品在歐盟的銷量下降。國際零售每磅淨收入主要受益於外匯的有利變化和產品銷售組合的變化。

In International foodservice, net revenues in the second quarter of 2025 decreased 25.8% to $15.1 million compared to $20.4 million in the year-ago period. The decrease in net revenues was driven by a 21.6% decrease in volume of products sold, mainly attributable to lower sales of burger products to certain QSR customers and a 5.3% decrease in net revenue per pound, primarily driven by changes in product sales mix and partially offset by lower trade discounts and favorable changes in FX.

在國際餐飲服務領域，2025 年第二季的淨收入與去年同期的 2,040 萬美元相比下降 25.8% 至 1,510 萬美元。淨收入的下降是由於銷售產品數量下降 21.6%，主要原因是某些 QSR 客戶的漢堡產品銷售額下降，以及每磅淨收入下降 5.3%，這主要是由於產品銷售組合的變化，並被較低的貿易折扣和外匯的有利變化部分抵消。

Moving further down the P&L. Gross profit in the second quarter of 2025 was $8.6 million or gross margin of 11.5% compared to gross profit of $13.7 million or gross margin of 14.7% in the year-ago period. Gross profit and gross margin in the second quarter of 2025 were negatively impacted by the effect of reduced fixed cost absorption given the year-over-year decline in volume and to a lesser extent, a slight reduction in overall net revenue per pound.

進一步降低損益。2025 年第二季的毛利為 860 萬美元，毛利率為 11.5%，而去年同期的毛利為 1,370 萬美元，毛利率為 14.7%。由於銷量較去年同期下降，固定成本吸收減少，以及在較小程度上每磅總淨收入略有下降，2025 年第二季的毛利和毛利率受到負面影響。

Additionally, gross profit and gross margin in Q2 included $1.7 million in expenses related to the suspension of our operational activities in China, which have substantially ceased at this point. After taking into account certain transitory factors and the impact of softer volumes, we are encouraged by the direction of travel of our underlying manufacturing costs even as we recognize that there's still significant work to be done to achieve our longer-term objectives.

此外，第二季的毛利和毛利率包括與我們在中國的營運活動暫停相關的 170 萬美元費用，目前這些活動已基本停止。在考慮了某些暫時性因素和銷售疲軟的影響之後，我們對基礎製造成本的走勢感到鼓舞，儘管我們認識到要實現我們的長期目標還有很多工作要做。

Total operating expenses, including R&D, came in at $47.4 million in the second quarter of 2025 compared to $47.6 million in the year-ago period. This slight year-over-year improvement was achieved even as we incurred certain large nonroutine expenses in Q2, including $4.5 million in expenses related to retention initiatives, $2.5 million in incremental legal expenses associated with arbitration proceedings arising from a contractual dispute with a former co-manufacturer, and approximately $500,000 in expenses related to the partial lease termination of a portion of our headquarters building in California. Excluding these items, the year-over-year decrease in operating expenses was primarily driven by reduced marketing and selling expenses.

2025 年第二季包括研發在內的總營運費用為 4,740 萬美元，去年同期為 4,760 萬美元。儘管我們在第二季度產生了一些大額非常規費用，但仍實現了同比小幅改善，這些費用包括與保留計劃相關的 450 萬美元費用、與與前合作製造商的合同糾紛引起的仲裁程序相關的 250 萬美元增量法律費用，以及與我們位於加利福尼亞的部分總部大樓的部分租賃終止相關的約 50 萬美元費用。除這些項目外，營業費用年減主要是由於行銷和銷售費用減少。

Below the line, total other income net was $5.7 million in the second quarter of 2025 compared to total other expense net of $0.6 million in the year-ago period. The year-over-year increase in total other income net was primarily attributable to net realized and unrealized foreign currency transaction gains.

低於此水準的是，2025 年第二季的其他收入淨總額為 570 萬美元，而去年同期的其他支出淨總額為 60 萬美元。其他淨收入總額的年增率主要歸因於已實現和未實現的淨外幣交易收益。

All in, net loss for the second quarter of 2025 was $33.2 million or a loss of $0.43 per common share compared to net loss of $34.5 million or net loss per common share of $0.53 in the year-ago period.

整體而言，2025 年第二季淨虧損為 3,320 萬美元，即每股普通股虧損 0.43 美元，而去年同期淨虧損為 3,450 萬美元，即每股普通股淨虧損 0.53 美元。

Adjusted EBITDA was a loss of $26 million or minus 34.7% of net revenues in the second quarter of 2025 compared to adjusted EBITDA loss of $23 million or minus 24.7% of net revenues in the year-ago period.

2025 年第二季調整後 EBITDA 虧損 2,600 萬美元，佔淨收入的 34.7%，而去年同期調整後 EBITDA 虧損 2,300 萬美元，佔淨收入的 24.7%。

With respect to balance sheet and cash flow highlights, our cash and cash equivalents balance, including restricted cash, was $117.3 million and total outstanding debt was approximately $1.2 billion as of June 28, 2025.

就資產負債表和現金流量亮點而言，截至 2025 年 6 月 28 日，我們的現金和現金等價物餘額（包括受限現金）為 1.173 億美元，未償債務總額約為 12 億美元。

Net cash used in operating activities was $59.4 million in the six months ended June 28, 2025, compared to $47.8 million in the year-ago period, while CapEx totaled $6.4 million in the six months ended June 28, 2025, compared to $2.5 million in the year-ago period.

截至 2025 年 6 月 28 日的六個月，經營活動所用淨現金為 5,940 萬美元，而去年同期為 4,780 萬美元；截至 2025 年 6 月 28 日的六個月，資本支出總計 640 萬美元，而去年同期為 250 萬美元。

Net cash provided by financing activities was $33.6 million in the six months ended June 20, 2025, compared to net cash used of $1 million in the year-ago period.

截至 2025 年 6 月 20 日的六個月內，融資活動提供的淨現金為 3,360 萬美元，而去年同期使用的淨現金為 100 萬美元。

Net cash provided by financing activities in the six months ended June 28, 2025, included an initial draw in the amount of $40 million from the delayed draw term loan facility with Unprocessed Foods, LLC, partially offset by related debt issuance costs.

截至 2025 年 6 月 28 日的六個月內，融資活動提供的淨現金包括從 Unprocessed Foods, LLC 的延期提取定期貸款中初始提取的 4,000 萬美元，部分被相關債務發行成本所抵銷。

With regard to cash usage during the quarter, it is worth noting that our total cash used in Q2 was negatively affected by certain nonroutine payments, including an amount related to the previously disclosed consumer class action settlement, legal and financial adviser costs as we seek to strengthen our balance sheet, and nonroutine retention costs to incentivize continuity across key functional areas. Net of these special items, our underlying cash consumption for the quarter was encouragingly lower than in recent quarters, but still a figure we are aggressively working to lower. Although we continue to have no near-term debt maturities in line with our strategic priorities for the year, we continue to focus on strengthening our balance sheet, including evaluating potential transactions to address our existing convertible notes prior to maturity in 2027.

關於本季的現金使用情況，值得注意的是，我們在第二季度使用的總現金受到某些非常規付款的負面影響，包括與先前披露的消費者集體訴訟和解相關的金額、我們尋求加強資產負債表時產生的法律和財務顧問成本，以及激勵關鍵職能領域連續性的非常規保留成本。在扣除這些特殊項目後，我們本季的基本現金消耗比最近幾季低，但我們仍在積極努力降低這一數字。儘管根據我們今年的戰略重點，我們仍然沒有短期債務到期，但我們將繼續致力於加強我們的資產負債表，包括評估在 2027 年到期之前處理現有可轉換票據的潛在交易。

I'll now touch briefly on our outlook. We continue to experience an elevated level of volatility and uncertainty in our operating environment, making it extremely difficult to forecast beyond the very short time horizon.

現在我將簡要地談談我們的展望。我們的經營環境持續面臨高度波動性和不確定性，因此很難在短時間內進行預測。

As such, we are continuing to provide only limited guidance around our near-term net revenue expectations. Specifically, in the third quarter of 2025, we expect net revenues to be in the range of $68 million to $73 million, reflecting, among other things, persistent softness of demand within the plant-based meat category and the anticipated impact from recent distribution losses at certain QSR customers.

因此，我們將繼續僅提供有關近期淨收入預期的有限指引。具體來說，在 2025 年第三季度，我們預計淨收入將在 6,800 萬美元至 7,300 萬美元之間，這反映了植物性肉類類別需求持續疲軟以及某些 QSR 客戶近期分銷損失的預期影響等因素。

And with that, I'll turn the call over to the operator to open it up for your questions. Thank you.

說完這些，我將把電話轉給接線生，以便回答你們的問題。謝謝。

(Operator Instructions) Ben Theurer, Barclays.

（操作員說明）Ben Theurer，巴克萊銀行。

Just two questions I have for you, gentlemen. So number one, you talked about getting somewhat adjusted EBITDA positive in the back half of next year, if I understood this correctly. So if I just look at somewhat the run rate operating expense that you're having right now, a little over, call it, $40 million-ish. I just assume you get this down to a run rate more like in the low-30s so that would still be an annualized somewhere in like the 120. So that's like kind of like your gross profit starting point a little less on D&A adjusted.

先生們，我只想問你們兩個問題。所以第一，如果我理解正確的話，您談到明年下半年調整後的 EBITDA 將略有正成長。因此，如果我看一下您目前的運行率營運費用，它略高於 4000 萬美元左右。我只是假設你將其降至 30% 以下的運行率，那麼年化率仍然會在 120 左右。所以這有點像是您的毛利起點在 D&A 調整後略低。

But in order to get there, it really feels like we need higher top line, right? And I mean, you've given obviously outlook for the third quarter to be somewhat slightly down sequentially versus the second quarter if we just assume low-70s versus the $75 million.

但為了達到這個目標，我們確實需要更高的營收，對嗎？我的意思是，如果我們假設第三季的銷售額為 70 億美元而不是 7500 萬美元，那麼你顯然已經給出了第三季的前景，與第二季相比，第三季的銷售額將略有下降。

So the question really is, aside from trying to get the gross margin back up to the 20s, close to 30s, you also need the revenues to be maybe closer to like $350, $400 on an annualized basis, which just with, call it, $70 million-ish each quarter doesn't work out. So what can you do to really scale up the top line while at the same time, taking all this hit and trying to serve a cut on the SG&A side? So the balance of here, that's what I would like to understand. What are the measures you're going to take to get one up and the other one down?

所以真正的問題是，除了試圖將毛利率恢復到 20% 或接近 30% 之外，你還需要將收入提高到接近 350 美元或 400 美元的年化水平，而僅僅依靠每個季度 7000 萬美元左右的收入是行不通的。那麼，你能做些什麼來真正擴大營業額，同時承受所有這些打擊並試圖削減銷售、一般和行政費用呢？所以這裡的平衡就是我想要了解的。您將採取什麼措施來讓一個上升，另一個下降？

Great. I can take that, and thanks for the question. Let me focus on US retail just because I think that's where a lot of the issues that we are facing as well as a lot of the opportunity we have to react and make strong changes is available to us. And I made a lot of comments around this in my prepared remarks.

偉大的。我可以接受，謝謝你的提問。讓我重點討論美國零售業，因為我認為我們面臨的許多問題以及我們必須做出反應和做出重大改變的許多機會都在這裡。我在準備好的發言中就此發表了許多評論。

But if you look at kind of the reasons that we're experiencing that, it's overall category softness. But at the same time, you're seeing that our products provide something that the consumer is increasingly expressing high, high levels of interest, and that's very high levels of protein. And then protein that has the right ratio to things like saturated fat, things like cholesterol and things like calories. So we fill that need in spades, right? We do it extremely well, right?

但如果你看看我們經歷這種情況的原因，你會發現這是整體類別的疲軟。但同時，你會看到我們的產品提供的東西越來越受到消費者的高度關注，那就是高含量的蛋白質。然後蛋白質與飽和脂肪、膽固醇和卡路里等物質的比例要適當。所以我們會盡力滿足這個需求，對嗎？我們做得非常好，對吧？

But if you go on to the next thing is, does it taste good, right? And then you look at things like Beyond Chicken or Beyond Steak and the reviews you see online, I don't need to kind of selectively feed this to you people go look and they get really strong taste reviews, right? So there's something going on. We're bidding a consumer trend around high levels of protein against low levels of calories and saturated fat and things of that nature. The products by third-party objective standards are being reviewed as tasting really good. So what's going on, right?

但如果你繼續問下去，它味道好嗎？然後你看看 Beyond Chicken 或 Beyond Steak 之類的產品以及你在網上看到的評論，我不需要有選擇地把這些提供給你，人們去查看後會得到非常強烈的口味評論，對嗎？所以有些事情正在發生。我們正在倡導一種消費趨勢，即高蛋白質水平與低熱量、低飽和脂肪和諸如此類的東西的對比。根據第三方客觀標準評價，該產品味道確實很好。那麼到底發生了什麼事呢？

And I think what you have are some of the broader issues that I mentioned. One is this misinformation around the products, right? That is sticky. It's out there, it's been ingrained. And for anyone who's interested in the kind of the actual health of our products, I think watching this planting change video we did, which is about nine minutes on YouTube really helps.

我認為你們遇到的是我所提到的一些更廣泛的問題。一是圍繞產品的錯誤訊息，對嗎？太黏了。它就在那裡，它已經根深蒂固。對於那些對我們的產品的實際健康狀況感興趣的人來說，我認為觀看我們製作的這段種植變化影片（YouTube 上大約九分鐘）確實很有幫助。

But then the second piece outside of the misinformation is really around the pricing structure of our products, right? We are just a higher-priced product, and it continues to be an issue in an environment where the consumer is cash trapped.

但是，除了錯誤訊息之外的第二部分實際上是關於我們產品的定價結構，對嗎？我們只是一種價格較高的產品，在消費者現金短缺的環境下，這仍然是一個問題。

If you look at, for example, our ground beef at, let's say, $9.99 a pound in an average retailer, versus even as ground beef rises on the animal side, still, let's say, $7.99 a pound, that $2 matters, right? And so you got the headwind of the misinformation. You've got the headwind of pricing.

舉個例子，如果你看一下我們的碎牛肉，假設它在普通零售商那裡的價格是每磅 9.99 美元，而即使動物碎牛肉的價格上漲，假設它的價格是每磅 7.99 美元，那麼這 2 美元很重要，對吧？因此，您遭遇了錯誤訊息的阻礙。您面臨定價方面的困難。

But over time, those things will start to change. You're starting to see more and more people come out, doctors, universities, national health organization and say, wait, this stuff is really good for you, make sure you're including in your diet.

但隨著時間的推移，這些事情將開始改變。你開始看到越來越多的人、醫生、大學、國家衛生組織站出來說，等等，這些東西對你真的很好，確保你把它納入你的飲食中。

And then on pricing, as we continue to get our own house in order in terms of getting the production footprint where it needs to be scaling down to the current size that's required for current demand levels, I do hope that we can start to do something around pricing to maintain our margins, increase our margins, but be able to do so with more competitive pricing. And you're seeing us do that in certain value offerings like classic. We've got a six count coming out in the burger side that should be able to do that as well. So we can sort of chip away at these issues.

然後關於定價，隨著我們繼續整頓自己的生產秩序，將生產規模縮小到當前需求水平所需的規模，我確實希望我們可以開始在定價方面做一些事情來維持我們的利潤率，提高我們的利潤率，但能夠以更具競爭力的價格做到這一點。而且您會看到我們在某些價值產品（例如經典產品）中做到了這一點。我們在漢堡方面有六個計數，也應該能夠做到這一點。所以我們可以逐步解決這些問題。

But there's something more fundamental we can be doing at the street level that really matters, and I think we'll start to show some dividends on the growth side.

但我們可以在街頭層面做一些真正重要且更為根本的事情，我認為我們將開始在成長方面展現出一些紅利。

If you think about what's happened in US retail, we went from a beautiful selection of plant-based meat in the fresh section of the supermarket refrigerant section a few years ago. Massive amounts of entrants came in, they came out, the misinformation, the pricing, all these things hurts the category as the category starts to become unsettled, then it starts to really evolve, right, into just a smattering of offerings in the refrigerated section, then you see us getting pulled out of the refrigerated section and into the frozen section. That's happening in a really uncoordinated way.

如果您想想美國零售業發生了什麼，幾年前，我們從超市冷藏區的新鮮區精選植物肉開始。大量的進入者進來，他們又離開，錯誤的訊息、定價，所有這些都損害了這個類別，因為這個類別開始變得不穩定，然後它開始真正演變，對，變成冷藏區中只有少量產品，然後你會看到我們從冷藏區拉到冷凍區。這種情況確實在以一種不協調的方式發生。

So we're finally now starting to get our bearings in the frozen section where we can build brand blocks. And where we have those brand blocks, you're starting to see much better velocities than you see where we don't have that.

因此，我們現在終於開始在冷凍區找到方向，在那裡我們可以建立品牌區塊。在我們擁有這些品牌區塊的地方，您會看到速度比沒有這些區塊的地方快得多。

And so what our retail team is doing right now is they're going out and they're building these brand blocks in some of the key retailers. And we'll be announcing some distribution later this year that reflects that, but making it easier for the consumer to find our products is just basic blocking and tackling that we're doing. And anyone who's a loyal consumer of our brand knows it's hard to find our products, right?

因此，我們的零售團隊目前正在做的事情就是走出去，在一些主要零售商建立這些品牌區塊。我們將在今年稍後宣布一些反映這一點的分銷計劃，但讓消費者更容易找到我們的產品只是我們正在進行的基本阻止和解決方案。我們品牌的忠實消費者都知道，我們的產品很難找到，對吧？

And so building back that distribution, building back those brand blocks in key retailers is something we're very focused on around our core items, and that will start working to deliver some top line, we believe, at least stabilization.

因此，重建分銷管道、重建主要零售商的品牌區塊是我們圍繞核心產品非常關注的事情，我們相信，這將開始帶來一些營收成長，至少穩定成長。

So if you look at the macro stuff, we're going to chip away at that. If you look at the sort of on the street stuff, we're working very hard to fix that. And those things should offer some stabilization. Over time, we're starting to extend -- one more thing. Over time, we're starting to extend the brand beyond necessarily just animal protein replicates and into things that just deliver these nutritional gains that consumers want.

因此，如果你看一下宏觀的東西，我們就會逐漸解決這個問題。如果你看看街頭發生的事情，你會發現我們正在努力解決這個問題。這些因素應該能夠帶來一些穩定性。隨著時間的推移，我們開始擴展——還有一件事。隨著時間的推移，我們開始將品牌從動物性蛋白質複製品擴展到能夠提供消費者所需的營養價值的產品。

And the most recent product we teased out around that was the Beyond Ground product. And that has 27 grams of protein, I mentioned it in my prepared remarks, I won't repeat it here. But just the initial tease we did online around that shows that we can capture this consumer in just around really good macros, levels of protein, fiber, low levels of calories, low levels of saturated fat, zero cholesterol. And so you're going to start seeing us do that in a much more responsible way. And we think that also should lead to some significant top-line growth.

我們最近推出的產品是 Beyond Ground 產品。其中含有 27 克蛋白質，我在準備好的發言中提到過，這裡就不再重複了。但我們在網路上所做的初步預告表明，我們可以透過真正優質的宏量營養素、蛋白質和纖維含量、低熱量、低飽和脂肪、零膽固醇來吸引這類消費者。因此，你會看到我們以更負責任的方式去做這件事。我們認為這也將帶來顯著的收入成長。

Okay. Got it. And then my second question really, you've kind of like managed, to kind of like sustain the cash balance compared to March. So I was just wondering, I mean, obviously, we're still seeing negative cash, and there was a little bit of like offsetting things on the financing side.

好的。知道了。然後我的第二個問題是，與三月相比，您是否設法維持了現金餘額。所以我只是想知道，我的意思是，顯然我們仍然看到負現金，並且在融資方面有一些抵消的東西。

So just, Lubi, maybe you can help us bridge a little bit from the level where we're at right now, give or take, a little over $100 million a little bit maybe in restricted cash. How should we think about the cash and the working capital needs and everything that you're going to have to outlay for some of these like measures you're taking into the second half? And how comfortable are you with the cash that you have also in light of the maturity in two years' time, give or take?

所以，盧比，也許你可以幫助我們從現在的水平上稍微彌補一下，大約 1 億美元多一點，也許是限制性現金。我們應該如何考慮現金和營運資金需求，以及您為下半年採取的一些措施所需支出的一切？考慮到大約兩年後到期，您對所持有的現金感到滿意嗎？

Yeah. So very quickly before Lubi jumps in. One of the things that I think is really important to note on the cash consumption this quarter is roughly half of it, probably about $19 million is kind of cleaning up certain issues, whether it was the class action settlement or dealing with some of the structural issues we're trying to address on the balance sheet, right? So you have a lot of exogenous expense going on that's not related to the core business.

是的。所以在 Lubi 跳進去之前要非常快。我認為本季現金消耗中真正需要注意的一點是，其中大約一半，大概是 1900 萬美元，用於清理某些問題，無論是集體訴訟和解還是處理我們試圖在資產負債表上解決的一些結構性問題，對嗎？因此，您會產生大量與核心業務無關的外生費用。

So while it feels like a big number, the actual number we're trying to chop away at is much, much lower, and Lubi can talk about that.

因此，雖然這看起來是一個很大的數字，但我們試圖削減的實際數字要低得多，Lubi 可以談論這一點。

Okay. Well, Ethan kind of stole my thunder. I think what Ethan said is absolutely correct that -- look, if you look at the -- obviously, in the second quarter of this year, we did do our initial draw on the delayed term loan facility, and that was in the amount of $40 million.

好的。好吧，伊桑有點搶了我的風頭。我認為 Ethan 所說的完全正確——你看，如果你看一下——顯然，在今年第二季度，我們確實首次提取了延期定期貸款，金額為 4000 萬美元。

So if you exclude that, on the face of it, the level of cash consumption looks like it's ticked up on a sequential basis. But as Ethan mentioned, there are some things that were included in Q2, a pretty significant amount related to things like this was the quarter where we paid the class action settlement that we had accrued for in 2024.

因此，如果排除這一點，從表面上看，現金消費水準似乎是逐年上升的。但正如 Ethan 提到的那樣，第二季度包含了一些內容，其中相當一部分與此相關的內容是我們在本季度支付了 2024 年累積的集體訴訟和解金。

I mentioned in my prepared remarks, some things we did around retention. We have right now financial and legal adviser fees related to some of our balance sheet strengthening work streams that we're pursuing and other items, and it was a significant amount. But I think like the -- to get to really the heart of your question, right, we are super focused on slowing the rate of cash burn.

我在準備好的發言中提到了我們在保留方面所做的一些事情。我們目前的財務和法律顧問費用與我們正在進行的一些資產負債表強化工作流程和其他項目有關，而且金額相當可觀。但我認為——要真正回答你問題的核心，我們非常注重減緩現金消耗的速度。

You asked the question before about -- in your comments about getting to EBITDA positive and how that requires top line. I think that's absolutely right. So we need to not only stabilize the top line and eventually get that growing.

您之前在評論中問過有關實現 EBITDA 正值以及如何實現營收成長的問題。我認為這絕對正確。因此，我們不僅需要穩定營業收入，而且最終還要實現營業收入的成長。

But at the same time, some of the investments that we're making right now in our manufacturing facilities are really geared towards increasing the gross margin profile of the entire portfolio and taking much more aggressive measures to lower operating expenses, right?

但同時，我們目前在製造工廠進行的一些投資實際上是為了提高整個產品組合的毛利率，並採取更積極的措施來降低營運費用，對嗎？

And so we announced today the partnership with AlixPartners and bringing on John Boken. And that's really, I think, a symbol of the level of urgency and seriousness that we're placing on ensuring that we are able to drive out cost from the business as quickly as we can.

因此，我們今天宣布與 AlixPartners 合作並引入 John Boken。我認為這確實象徵著我們確保能夠盡快消除業務成本的緊迫性和嚴肅性。

Alexia Howard, Bernstein.

亞歷克西亞·霍華德，伯恩斯坦。

Just a couple of questions from me. First of all, the international foodservice channels and the decline in the QSR chains, it seems as though that was an area of strength up until recently. Can you describe what's changed there and how that could be turned around once again?

我只想問幾個問題。首先，國際餐飲服務通路和 QSR 連鎖店的衰落，似乎直到最近這還是一個強勢領域。您能描述一下那裡發生了什麼變化以及如何再次扭轉這種局面嗎？

Sure, sure. So I think it continues to be obviously a very important part of our business. We were lapping some promotional activity in the year ago period. So I think it's somewhat exaggerated because of that, but yes, there is a softening going on. And I think we look at it by market, and some markets are experiencing some macroeconomic conditions that are just making it difficult for our customers and the customers being the restaurants we're serving in those regions.

當然，當然。因此我認為它顯然仍然是我們業務中非常重要的一部分。我們在去年同期進行了一些促銷活動。所以我認為這有點誇張，但確實，情況正在變得緩和。我認為我們是從市場角度來看待這個問題的，一些市場正在經歷一些宏觀經濟狀況，這給我們的客戶以及我們在這些地區服務的餐廳帶來了困難。

Others, there's shifting -- animal protein prices are dropping in certain areas, so they're putting things on the menu that allow them to have higher margin. So it's not one particular issue. But we continue to believe in those partnerships and continue to be active in our relationships with them. But this particular quarter, and I think for the next few quarters, I think you will see some softness in that area.

其他方面則在改變——某些地區的動物蛋白價格正在下降，因此他們在菜單上增加了一些可以讓他們獲得更高利潤的產品。所以這不是一個特定的問題。但我們仍然相信這些合作關係，並繼續積極發展與他們的關係。但在這個特定季度，以及我認為在接下來的幾個季度，我認為你會看到該領域出現一些疲軟。

Thank you. And then just as a follow-up, I guess the question that I'm wrestling with in terms of turning the top line around is how do you get a second bite at the cherry from people that have lapsed? Because obviously, there was a time a few years ago where many people were trying the product and they tried it again and again and again.

謝謝。然後作為後續問題，我想我在扭轉營業額方面所面臨的問題是如何讓那些已經流失的人再次獲得利潤？因為顯然，幾年前有一段時間，許多人都在嘗試該產品，並且他們一次又一次地嘗試。

And eventually, they just dropped off and these are the flexitarian meat eaters. And now I think you mentioned in your prepared remarks, it's a much smaller group of consumers. Is there an issue or how can you go about getting those folks back?

最終，他們就退出了，而這些人成為了彈性素食者。我想您在準備好的發言中提到過，這是一個規模小得多的消費者群體。有什麼問題嗎？或者你怎麼才能讓這些人回來？

Yeah. Look, it's a great question. And I want to just maybe also refer back to the previous question in that we're obviously doing everything we can to grow the top line. I think we will, I'm not overly exercised about that. But I look at this in a very long -- over a long period of time, what does the next decade look like, right?

是的。瞧，這是一個很好的問題。我可能還想回顧一下先前的問題，我們顯然正在盡一切努力增加營業收入。我認為我們會的，我對此並不太擔心。但我從很長一段時間來看這個問題，未來十年會是什麼樣子，對嗎？

And so the number one job we have right now is really just to fit the operating base of the business into the current demand levels, right? So we need to stabilize the current revenue and then make sure that the operating base fits within that.

因此，我們現在的首要任務實際上是使業務營運基礎適應當前的需求水平，對嗎？因此，我們需要穩定目前的收入，然後確保營運基礎符合此要求。

Once we've done that, then what we can do is sort of get through this period. I mean, it is -- as I said, it's not the moment for plant-basing it right now, right? You've got these cultural moments that occur, and we happen to be on the other side of the particular moment, right? And that won't always be the case but what we shouldn't do is sort of use a lot of dry powder trying to force growth right now.

一旦我們做到了這一點，我們就能度過這段時期。我的意思是——正如我所說，現在不是採用植物性飲食的時機，對吧？你經歷了這些文化時刻的發生，而我們恰好處於特定時刻的另一端，對嗎？情況不會總是如此，但我們現在不應該做的是使用大量的乾粉來強製成長。

What we should be doing is stabilizing the business, getting the operating expense to where it needs to be, fixing the margins so that as we can reach the audience that we need to reach, we're around to be able to do that. And that's really the key focus.

我們應該做的是穩定業務，將營運費用控制在需要的水平，固定利潤率，這樣我們才能接觸到我們需要接觸的受眾，我們就能做到這一點。這確實是重點。

Now having said that, I do believe that there are things we can be doing that are not kind of bet the farm activities on growing the top line, and that's some of the things I mentioned. We just continue to lean into the truth about our products. The fact that we do actually fit a very strong consumer trend, which is around protein and fiber. And it's particularly around how those two macronutrients are presented. And that's in the relation to lower calories, lower centric fat and things of that nature.

話雖如此，我確實相信我們可以做一些事情，而不是把全部精力都放在增加收入上，這就是我提到的一些事情。我們只是繼續了解我們產品的真相。事實上，我們確實符合一種非常強烈的消費趨勢，即圍繞蛋白質和纖維。尤其是關於這兩種常量營養素的呈現方式。這與降低卡路里、降低中心脂肪以及諸如此類的事情有關。

We do that in spades, so we should be getting rewarded for that. And the reason we're not is some of these things we talked about, the misinformation, the higher pricing, so on and so forth. So the opportunity to address that, we will.

我們做了大量工作，因此我們應該得到獎勵。我們之所以沒有這樣做，是因為我們談到了一些事情，例如錯誤訊息、更高的定價等等。因此，我們會抓住機會解決這個問題。

And we'll not only address it through kind of earned and social, we do a little bit paid on it as well. And as I mentioned before, trying to offer value packs to the consumer, things of that nature to get through on the pricing side.

我們不僅會透過賺取收入和社交來解決這個問題，我們還會採取一些付費措施。正如我之前提到的，嘗試向消費者提供超值套餐，諸如此類的事情是為了在定價方面取得進展。

But how can we use our brand and our technology to serve that need for the consumer in a variety of applications. And so the Beyond Ground that we teased out, which is getting really fascinating response online and a lot of interest from media, is an effort to emphasize those characteristics and attributes of our products versus emphasizing how much or how similar they are to animal protein.

但是，我們如何利用我們的品牌和技術來滿足消費者在各種應用中的需求呢？因此，我們推出的 Beyond Ground 在網路上獲得了非常熱烈的反響，並引起了媒體的廣泛關注，它旨在強調我們產品的這些特點和屬性，而不是強調它們與動物蛋白的相似程度。

And so if you look at the Beyond Ground with the 27 grams protein, 140 calories, the fiber, et cetera, that's what the consumer is responding to today, and that's where you're going to see Beyond Meat leaning. And I think that will help us with some of the top-line issues we're having.

因此，如果你看一下 Beyond Ground，它含有 27 克蛋白質、140 卡路里、纖維等等，這就是當今消費者的反應，你會看到 Beyond Meat 的傾向性。我認為這將有助於我們解決我們面臨的一些重要問題。

(Operator Instructions) Robert Moskow, TD Cowen.

（操作員說明）Robert Moskow，TD Cowen。

This is from the 10-K. So it's kind of old. It's already been out there for a few months. But I was just looking at the employee count, and it says 754 employees. That's down from two years ago, but up a lot from 2023 when you had your first restructuring announcement. And I was wondering if the -- did the net reduction that you were looking for in the November 2023 workforce reduction, did that materialize the way you expected?

這是來自 10-K 的。所以它有點舊了。它已經存在幾個月了。但我剛剛查看了員工人數，顯示有 754 名員工。這比兩年前有所下降，但比 2023 年首次宣布重組時有了很大的增長。我想知道，您所期待的 2023 年 11 月裁員的淨減少是否按照您的預期實現了？

And is there -- was there an increase in employees in '24 after that? And the reason I'm asking is that everyone's hoping that you can shrink your cost base. It may sound kind of heartless, but in order to remain a growing concern. So I wanted to ask that question.

那麼，24 年後員工人數是否有增加？我之所以問這個問題是因為每個人都希望你們能夠縮減成本基礎。這聽起來可能有點無情，但為了保持人們日益增長的關注。所以我想問這個問題。

Look, it's a good question, and you might look at that and say, it's been creep. These guys are making these cuts, but they just adding back. That's not what's happening. What's happening is the -- one is the change in composition of our workforce. So a lot of that is production related.

瞧，這是一個好問題，你可能會說，這太可怕了。這些人正在削減開支，但他們又在增加開支。但事實並非如此。正在發生的事情是──一是我們的勞動力組成發生了變化。其中很多都與生產有關。

And as you recall, we went from 13 co-packers down to 1. And so we have expanded kind of the activities we're doing in our facilities. So that's what that looks like. It's not that our headquarters are choked full of people. That's not the case.

你們還記得嗎，我們的合作包裝商從 13 家減少到了 1 家。因此，我們擴大了我們在設施內所進行的活動。這就是它的樣子。這並不是說我們的總部擠滿了人。事實並非如此。

Yeah. The other thing that I -- the one other thing I would just add to that, Rob, is just over the last couple of years, we had invested right, in our international businesses as well, right? And so the EU was expanding.

是的。羅布，我還要補充的一點是，就在過去幾年裡，我們也對國際業務進行了投資，對吧？因此歐盟正在不斷擴張。

We had a China business as well, right, which we're shutting down our operational activities there, but that's some of what you're seeing in the time period that you're referring to.

我們在中國也有業務，我們正在關閉那裡的營運活動，但這就是您所指的時間段內所看到的一些情況。

International expanded in '24? Is that what --

國際在 24 年擴張？那是什麼--

No, I don't think -- I don't -- we will look at the exact numbers. I think he's referencing from '23 to today. But I think the primary issue that you're identifying is this.

不，我不認為——我不會——我們會看確切的數字。我認為他指的是從 1923 年到今天。但我認為您確定的主要問題是這個。

Contract manufacturing, yeah.

合約製造，是的。

Basically if you think about all that activity has been brought in-house.

基本上，如果你想想的話，所有這些活動都是在公司內部進行的。

Okay. My follow-up, John Boken, can you give a little more detail about what he is going to focus on right out of the gate in order to improve efficiency? And it's a temporary position. So what are his goals coming in, and how long does he have to execute it?

好的。我的後續問題，約翰·博肯，您能否更詳細地介紹一下他將重點關注哪些方面以提高效率？而且這是一個臨時職位。那他的目標是什麼呢？他需要多長時間才能實現？

Sure. So we've really enjoyed working with AlixPartners and working with John specifically. And this is kind of the next phase in our relationship. And the reason that I wanted him to come on as an Interim Manager of the business is to really drive two major outcomes that we're looking for.

當然。因此，我們非常高興與 AlixPartners 合作，特別是與 John 合作。這是我們關係的下一個階段。我希望他擔任臨時業務經理的原因是為了真正推動我們所尋求的兩個主要成果。

One is to get the operational footprint into the current revenue environment. So that's the first. And so looking at how to do that thoughtfully in a way that doesn't break things, but gets us to where we need to be. And he has a ton of experience doing that, right?

一是將營運足跡納入當前的收入環境。這是第一個。因此，我們要考慮如何以一種既不破壞現狀又能讓我們達到目標的方式來深思熟慮地做到這一點。他在這方面有豐富的經驗，對吧？

And then the second is really around margin is let's accelerate the margin work. We've had issues where we're making good progress on the cost of goods produced, but you're not seeing that show up in margin as much as you should for a number of reasons. But one of the ones that's the most kind of frustrating, right, is that with lower volumes running through the facilities, you're having poor overhead absorption. And so that's obscuring the good progress we're making so we just have to take a more holistic look at how we're driving margin expansion.

然後第二個真正圍繞保證金的是讓我們加速保證金工作。我們遇到這樣的問題：我們在降低生產商品成本方面取得了很大進展，但由於多種原因，利潤率並沒有得到應有的體現。但最令人沮喪的事情之一是，由於設施的運作量較低，因此開銷吸收效果不佳。這掩蓋了我們正在取得的良好進展，所以我們必須更全面地看待我們如何推動利潤率擴張。

And so those two main initiatives are ones that are going to be a major focus for them, but also just the operational efficiency of the business.

因此，這兩項主要措施將成為他們的重點，同時也是業務營運效率的重點。

What I have to do now, and this relates to [Lexi's] and some of the earlier comments, how do we make sure that the terrific products that we're developing, the amazing brand we have, again, just take a moment to think about this. We've been through all this turmoil.

我現在要做的，這與 [Lexi] 和一些先前的評論有關，我們如何確保我們正在開發的優秀產品、我們擁有的令人驚嘆的品牌，再說一次，花點時間思考一下這個問題。我們經歷了這一切動盪。

But if you look at some major publications in the United States, 2024, I'm not talking about 2021, or 2019. 2024, you're seeing us identified as world's leading brand and so on and so forth. So we have a great brand. We have very good products. There is a disconnect going on.

但如果你看看美國的一些主要出版物，2024年，我不是說2021年或2019年。 2024年，你會看到我們被認定為世界領先品牌等等。所以我們擁有一個偉大的品牌。我們有非常好的產品。存在斷開的情況。

My job as CEO right now is to go out and work on that fundamental connection between our products and the consumer and make sure that, that's happening. And so I wanted someone like John to take a kind of more global look at the business, come in and help us meet some of these, frankly, restructuring goals to make sure that we can become EBITDA positive within the second half of next year. So it's a pretty broadly scope position.

作為首席執行官，我現在的工作是致力於建立我們的產品與消費者之間的根本聯繫，並確保這一點能夠實現。因此，我希望像約翰這樣的人能夠以更全面的眼光看待業務，幫助我們實現一些重組目標，以確保我們能夠在明年下半年實現 EBITDA 正成長。所以這是一個範圍相當廣泛的職位。

I can't comment on how much time he has. He's -- we're really enjoying him being here. So hopefully, we'll get some good work done together.

我無法評論他有多少時間。他——我們非常高興他能來這裡。所以希望我們能夠共同完成一些好的工作。

Great. Thank you.

偉大的。謝謝。

I got one more thing for you. You always talk about the taste appeal of our products. There's a Yahoo piece that just ran today on our whole muscle steak, 28 grams of protein, 1 gram saturated fat, all these things made from mycelium fava beans. It's a beautiful product. In it is a meat eater that is talking about -- or I guess his wife is talking about his reaction to this product. That's when I need you to try. You're going to like that one.

我還有一件東西要給你。您總是談論我們產品的口味吸引力。今天雅虎剛刊登了一篇關於我們整塊肌肉牛排的文章，其中含有 28 克蛋白質、1 克飽和脂肪，所有這些都是由蠶豆菌絲體製成的。這是一個漂亮的產品。其中一位肉食者正在談論——或者我猜他的妻子正在談論他對這種產品的反應。那時我就需要你去嘗試。你一定會喜歡這個的。

(Operator Instructions) And there are no further questions on the line at this time. I'll turn the program back to Ethan Brown for any closing remarks.

（操作員指示）目前線路上沒有其他問題。我將把節目交還給伊森布朗 (Ethan Brown) 來做結束語。

Thank you. Look, it was a tough quarter. As I said, we took it on the chin. It wasn't what we wanted but I think the reaction is what matters. And if you look at the kind of transformation program work that I outlined, we're busy doing that.

謝謝。瞧，這是一個艱難的季度。正如我所說，我們承受了這一切。這不是我們想要的，但我認為反應才是最重要的。如果你看一下我概述的轉型計畫工作，你會發現我們正忙於做這件事。

We've obviously known about these results and have been fast after it. And I think between the intensified cost reduction, the gross margin expansion initiatives, really focusing on expanding our core distribution, particularly in US retail and then this opportunity to potentially live outside some of the confines we've been in recently around looking at things like the Beyond Ground and the use of the Beyond Brand and protein occasions for consumers.

我們顯然已經知道這些結果，並且正在迅速採取行動。我認為，在加大成本削減力度、提高毛利率的舉措之間，我們真正專注於擴大核心分銷渠道，特別是在美國零售業，然後利用這個機會，我們有可能擺脫最近在關注 Beyond Ground 以及 Beyond Brand 的使用和消費者蛋白質攝入場合等方面的限制。

I'm very optimistic where we're headed. And we've got to get this balance sheet stuff worked out. We're working on that. So making some fundamental changes and kind of a reset for where we are as a category leader, I think it's going to be hopefully a productive several years here. Thanks.

我對我們的未來非常樂觀。我們必須解決好資產負債表的問題。我們正在努力。因此，透過進行一些根本性的改變，並重新設定我們作為品類領導者的地位，我認為未來幾年將會富有成效。謝謝。

This does conclude the Beyond Meat, Inc., 2025 second-quarter conference call. Thank you again for your participation, and you may now disconnect.

Beyond Meat, Inc. 2025 年第二季電話會議就此結束。再次感謝您的參與，現在您可以斷開連接了。