v3.25.2
Segment Information
 6 Months Ended
Jun. 28, 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 Six Months Ended
June 28,
2025		June 29,
2024		June 28, 2025June 29, 2024
Net revenues$74,958 $93,185 $143,689 $168,788 
Less:
Cost of goods sold66,367 79,468 136,163 151,403 
Research and development expenses5,807 5,485 13,269 15,345 
Selling expenses6,741 7,632 13,712 15,880 
Marketing expenses8,061 11,959 20,150 20,186 
General and administrative expenses22,893 22,572 51,505 53,379 
Interest expense2,002 1,029 3,026 2,044 
Equity in losses of unconsolidated joint venture59 30 70 23 
Other segment items(1)
(7,730)(511)(12,048)(632)
Net loss$(29,242)$(34,479)$(82,158)$(88,840)
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(1) Includes Other, net and Income tax (benefit) expense as reported in the Company’s condensed consolidated statements of operations. Other, net includes $0.5 million and $1.7 million in interest income in the three months ended June 28, 2025 and June 29, 2024, respectively; and $1.4 million and $3.7 million in interest income in the six months ended June 28, 2025 and June 29, 2024, respectively. Other, net also includes $7.5 million in foreign currency transaction gains and $(1.2) million in foreign currency transaction losses in the three months ended June 28, 2025 and June 29, 2024, respectively; and $11.0 million in foreign currency transaction gains and $(3.5) million in foreign currency transaction losses in the six months ended June 28, 2025 and June 29, 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:
June 28, 2025December 31, 2024
U.S.$298,075 $275,920 
Canada(1)
2,039 2,148 
EU B.V. (the Netherlands)16,341 15,359 
China (Jiaxing)(2)
11,060 15,435 
Consolidated long-lived assets$327,515 $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 substantially ceased as of 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.