Shares of Beyond Meat (BYND -1.65%) were among the losers last week as the once high-flying growth stock reported disappointing results in its third-quarter earnings report in November.

As a result, the stock finished the month down 18%, according to S&P Global Market Intelligence. As you can see from the chart below, the stock fell early in the month on the earnings report and stayed down from there even as the broad market gained on hopes following the election, and generally strong economic data and earnings results.

BYND data by YCharts.

Beyond Meat's struggles continue

Beyond Meat returned to growth in Q3, but the business continued to struggle, and expectations for a meaningful recovery seemed to dim. The stock fell 11% on Nov. 7 on the report.

The plant-based meat producer posted revenue of $81 million in the quarter, up 7.6%, which edged out the consensus at $80.7 million.

U.S. revenue rose 15% to $49.5 million, while the international segment struggled with revenue down 2% to $31.6 million.

Gross profit improved from a loss of $7.3 million in the quarter a year ago to $14.3 million, giving it a gross margin of 17.7%. Its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) loss narrowed from $57.5 million to $19.8 million thanks to cost-cutting efforts like layoffs.

On the bottom line, its loss per share narrowed from $1.09 to $0.41, which was slightly ahead of the consensus at $0.44.

CEO Ethan Brown noted, "We returned to growth, increasing net revenue on a year-over-year basis, while continuing to expand gross margin and reduce operating expenses on both a sequential and year-over-year basis."

Over the rest of the month, the stock essentially traded as it was unable to capitalize on the broader upswing in the market.

Image source: Beyond Meat.

What's next for Beyond Meat

Despite the return to growth, management lowered its full-year guidance, calling for revenue of $320 million to $330 million for the year, down from a prior range of $320 million to $340 million.

It did not provide guidance on the bottom line.

Beyond Meat's momentum has clearly faded, and the path to profitability and consistent growth has narrowed at this point. Its total number of distribution outlets has fallen from 137,000 in the quarter a year ago to 129,000, which seems to underscore waning demand for the product.

Unless it can overhaul its cost structure and tap into a new customer base, the stock seems likely to continue to underperform.