BEYOND MEAT, INC.
For the period ended Mar 29, 2025. Filed May 8, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 29, 2025 · Filed May 8, 2025
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Item 1A. Risk Factors
Note 5. Property, Plant and Equipment
The Company records property, plant, and equipment at cost and includes finance lease assets in Property, plant and equipment, net in its condensed consolidated balance sheets. A summary of property, plant, and equipment as of March 29, 2025 and December 31, 2024, is as follows:
| March 29, 2025 | December 31, 2024 | |
|---|---|---|
| (in thousands) | ||
| Manufacturing equipment | $167,274 | $165,626 |
| Research and development equipment | 20,816 | 20,816 |
| Leasehold improvements | 18,313 | 18,165 |
| Building | 28,246 | 27,155 |
| Finance leases | 5,475 | 5,167 |
| Software | 2,743 | 2,742 |
| Furniture and fixtures | 942 | 941 |
| Vehicles | 594 | 594 |
| Land | 5,457 | 5,416 |
| Assets not yet placed in service | 38,635 | 38,747 |
| Total property, plant and equipment | $288,495 | $285,369 |
| Less: accumulated depreciation and amortization | 107,714 | 100,482 |
| Property, plant and equipment, net | $180,781 | $184,887 |
Depreciation and amortization expense in the three months ended March 29, 2025 and March 30, 2024 was $7.4 million and $7.0 million, respectively. Depreciation and amortization expense in the three months ended March 29, 2025 included $1.5 million in accelerated depreciation related to the reassessment of useful lives of certain assets resulting from the suspension of the Company’s operational activities in China. Of the total depreciation and amortization expense in the three months ended March 29, 2025 and March 30, 2024, $6.0 million (including $0.6 million in accelerated depreciation related to the reassessment of useful lives of certain assets resulting from the suspension of the Company’s operational activities in China) and $6.1 million, respectively, were recorded in cost of goods sold, $1.3 million (including $0.9 million in accelerated depreciation related to the reassessment of useful lives of certain assets resulting from the suspension of the Company’s operational activities in China), and $0.5 million, respectively, were recorded in research and development expenses, and $0.1 million and $0.4 million, respectively, were recorded in SG&A expenses, in the Company’s condensed consolidated statements of operations.
The Company had $1.6 million and $1.9 million in property, plant and equipment concluded to meet the criteria for assets held for sale as of March 29, 2025 and December 31, 2024, respectively, and recorded $0.1 million and $0.2 million in loss on sale of assets in the three months ended March 29, 2025 and March 30, 2024, respectively.
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