Beyond Meat, Inc. (BYND) shares plunged over 5% in after-hours trading on Wednesday after the plant-based meat company reported mixed results for the third quarter of 2024 and lowered its full-year revenue forecast.

While Beyond Meat's Q3 revenue of $81 million exceeded analysts' estimates of $80.7 million, driven by higher product prices, the company cut the top end of its fiscal 2024 revenue guidance to $330 million from $340 million previously. The downward revision reflects weaker-than-expected demand for its faux meat products as cost-conscious consumers switch to cheaper alternatives.

Beyond Meat CEO Ethan Brown acknowledged the challenging environment, stating, "Looking ahead, we expect to increase our cash reserves by year-end and pursue further balance sheet restructuring in 2025." The company reported an adjusted EBITDA loss of $19.8 million for Q3, wider than the consensus estimate of $18.9 million.