Beyond Meat, Inc.

Liquidity remains fragile. As of June 28, 2025, cash and cash equivalents were about $103.5 million (plus $13.8 million restricted), and TTM free cash flow was roughly -$125 million using H2 2024 plus H1 2025 (CFO less capex), indicating continued cash burn.

In October 2025 the company achieved early settlement of its exchange offer: about 96.9% of the 0% 2027 converts were swapped into approximately $208.7 million of new 7% secured second‑lien PIK‑toggle notes due 2030 and about 316 million new shares.

Pro forma, principal debt is far lower than at year‑end 2024 but still meaningful, and the capital structure includes a $100 million delayed‑draw senior secured facility (12% PIK, extended maturity). Covenants include a minimum liquidity requirement.

While the exchange reduces near‑term default risk, the combination of negative FCF, leverage, and higher‑cost secured debt keeps financial flexibility tight and equity risk elevated until operations turn cash‑generative. (TTM FCF calculation inferred from the company’s 2024 10‑K and Q2 2025 10‑Q cash‑flow statements.).