v3.25.1
Segment Information
 3 Months Ended
Mar. 29, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company operates in one segment in the plant-based meat industry, offering a portfolio of revolutionary plant-based meats.
In accordance with ASC 280, “Segment Reporting,” the Company’s Chief Executive Officer and President, who reviews operating results to make decisions about allocating resources and assessing performance for the entire Company, has been identified as the CODM.
The Company derives revenue primarily in North America and Europe and manages the business activities on a consolidated basis. The Company’s CODM allocates resources and assesses performance at the consolidated level. As the Company operates in one segment, entity-wide segment disclosures about products and services, and major customers are the same as what has been presented elsewhere in this report and in the accompanying condensed consolidated financial statements.
The accounting policies of the segment are the same as those described in Note 2. On a quarterly basis, the CODM reviews the GAAP measure of consolidated net (loss) income as the measure of the segment’s performance and for determining the allocation of resources.
The following table presents the details of the significant segment expenses, segment net revenues, and the segment performance measure, net loss, in the periods indicated.
Three Months Ended
March 29, 2025March 30, 2024
Net revenues$68,731 $75,603 
Less:
Cost of goods sold69,796 71,935 
Research and development expenses7,462 9,860 
Selling expenses6,971 8,248 
Marketing expenses12,088 8,226 
General and administrative expenses28,612 30,808 
Interest expense1,024 1,015 
Equity in income (losses) of unconsolidated joint venture11 (7)
Other segment items(1)
(4,317)(121)
Net loss$(52,916)$(54,361)
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(1) Includes Other, net and Income tax (benefit) expense as reported in our condensed consolidated statements of operations. Other, net includes $0.9 million and $2.0 million in interest income in the three months ended March 29, 2025 and March 30, 2024, respectively. Other, net also includes $(3.5) million in foreign currency transaction gains and $2.3 million in foreign currency transaction losses in the three months ended March 29, 2025 and March 30, 2024, respectively.
See the accompanying condensed consolidated financial statements for other financial information regarding the Company's operating segment.
Long-lived assets include property, plant and equipment and operating lease right of use assets. The following table presents long-lived assets that cannot be readily removed in the Company’s business units as of the periods presented:
March 29, 2025December 31, 2024
U.S.$271,311 $275,920 
Canada(1)
2,090 2,148 
EU B.V. (the Netherlands)15,829 15,359 
China (Jiaxing)(2)
12,682 15,435 
Consolidated long-lived assets$301,912 $308,862 
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(1) The Company’s Canada location serves as an extension of the U.S. sales organization.
(2) As part of the Company’s Global Operations Review, on February 24, 2025, the Company’s board of directors approved a plan to suspend the Company’s operational activities in China, which are estimated to cease by the end of the second quarter of 2025.
Net Revenues by Geographic Area
The Company’s revenues are attributed to the country where the products are delivered. For disclosure about the segment’s net revenues by geographic area, see Note 2.