Past Meat says it’s not going bankrupt, however the numbers inform a distinct story

4 years in the past, Past Meat was using excessive, celebrated by celebrities and traders as the corporate that would change how we eat. Its burgers and sausages landed in main grocery chains, and at its 2019 peak, shares hit $234.90. However the buzz didn’t final. By 2022, the inventory had misplaced 80% of its worth, and by March 2025, about 95% of its market cap had disappeared.

Now, the drop is even steeper—down roughly 98% from its excessive. On Tuesday, rumors started circulating on social media that the plant-based pioneer “is reportedly heading in the direction of chapter,” with some posts claiming a Chapter 11 submitting was imminent. Past Meat fired again, calling the hypothesis “unequivocally false.”

“Current media tales suggesting that Past Meat filed for chapter are unequivocally false. Now we have not filed nor are we planning to file for chapter. Go Past,” Past Meat stated in a put up on X.

Current media tales suggesting that Past Meat filed for chapter are unequivocally false. Now we have not filed nor are we planning to file for chapter.

Go Past.

— Past Meat (@BeyondMeat) August 15, 2025

The discuss began after retailers like TheStreet and VegNews prompt the corporate’s shrinking money reserves and declining gross sales may put it on a collision course with chapter. Some analysts went additional, drawing parallels to the “frozen yogurt retailer” boom-and-bust cycle—the place early leaders lose their edge in a crowded market. With out sturdy mental property to fend off rivals, Past Meat, they argued, may face the identical destiny. VegNews has since taken the report down from its web site, although a cached model stays on Google (see screenshot under).

Past Meat Denies Chapter Rumors as Gross sales Droop and Debt Piles Up

An organization spokesperson was blunt: “Now we have not filed, nor are we planning to file, for chapter.” CEO Ethan Brown admitted the enterprise has taken hits from “ongoing softness within the plant-based meat class” however stated the technique now’s to broaden Past’s attain past being a direct meat various.

The newest financials present why the hypothesis gained traction. In Q2 2025, income dropped almost 20% year-over-year to $75 million, falling in need of analyst estimates. Losses narrowed to $29.2 million from $34.5 million the 12 months earlier than, however profitability stays out of attain. With $117.3 million in money towards $1.2 billion in debt—a lot of it convertible notes—liquidity worries are arduous to disregard. One market evaluation even pegged the prospect of chapter at 68%.

Earlier this 12 months, Past Meat secured $100 million in financing from an Ahimsa Basis affiliate to shore up its stability sheet. It’s additionally slicing prices: shutting down operations in China, decreasing workers by 6%, and setting a goal for profitability by 2026. The rebrand from “Past Meat” to easily “Past” is a part of a push to current itself as a broader plant-protein firm, not only a burger model.

Brown hinted at new instructions, asking, “When you’re the most effective on the planet at making plant proteins, why confine your self to the centre of the plate?” Nonetheless, Q3 steerage is cautious—projected income of $68–$73 million—and the corporate isn’t providing full-year forecasts.

How Past Meat Misplaced 98% of Its Market Worth Since Its 2019 Peak

As soon as a Wall Avenue darling, Past Meat burst onto the general public markets in 2019 with a $241 million IPO and the form of buzz most corporations solely dream of. Backed by Invoice Gates, Leonardo DiCaprio, and later, Kim Kardashian as “Chief Style Advisor,” the model was positioned as the way forward for protein. Its inventory soared to $239 a share, fueled by partnerships with giants like McDonald’s and the promise of disrupting the meat trade.

However the momentum didn’t final. McDonald’s quietly shelved its check of Past’s meatless patties in 2022, triggering a drop in investor confidence. That very same 12 months, the corporate’s then-COO was arrested in a weird nose-biting incident that drew tabloid-level headlines and broken its picture. Gross sales started to slip, forcing layoffs and manufacturing facility closures, whereas shopper curiosity waned as critics argued the style didn’t match the hype.

Business headwinds made the climb again even steeper—plant-based merchandise remained dearer than meat, inflation squeezed buyers, and a few questioned the well being claims of closely processed alternate options. By 2025, an organization as soon as valued within the billions was buying and selling at simply over $3 a share.

For now, the chapter chatter has been batted down, however Past Meat’s challenges stay. Client curiosity in plant-based meat has cooled, conventional meat producers have muscled in, and traders aren’t satisfied the turnaround will stick. The inventory fell one other 2.4% after the Q2 earnings miss. Whether or not Past can stage a comeback—or show its critics incorrect—relies on how effectively it could actually reinvent itself earlier than money and time run out.