Beyond Meat (BYND) shares plummeted 5.63% on Friday, continuing a volatile week for the plant-based meat producer. The stock's decline comes as the company released its preliminary third-quarter results and announced an expected material impairment charge, overshadowing its in-line revenue forecast.

In a regulatory filing, Beyond Meat said it anticipates net revenue of approximately $70 million for the fiscal third quarter ended September 27, which aligns with its previous guidance of $68 million to $73 million. While this meets expectations, it represents a significant decrease from the $81 million reported in the same period last year, highlighting the ongoing challenges in the plant-based meat industry.

Adding to investor concerns, Beyond Meat disclosed that it expects to record a non-cash impairment charge related to certain long-lived assets. Although the company stated that the charge is expected to be material, it has not yet quantified the amount. This announcement, coupled with Mizuho's decision to lower its price target for Beyond Meat from $2 to $1.50, has likely contributed to the stock's sharp decline. Mizuho cited weak fundamentals and ongoing challenges in the U.S. meat alternatives category as reasons for their cautious outlook. The firm maintains an Underperform rating on the stock, reflecting broader skepticism among analysts about Beyond Meat's near-term prospects in a challenging market environment.