By Sam Boughedda
Beyond Meat (NASDAQ:BYND) is facing significant challenges that have resulted in a failure to bring a faux meat pepperoni product to Yum Brands, according to Bloomberg.
A report on Thursday stated Beyond Meat promised to bring fake meat to Pizza Hut, KFC, and Taco Bell. Still, with a year having passed and millions of dollars spent, none of the restaurants have permanently added a Beyond Meat product to their menu in the US.
This has left Beyond struggling to expand past its burger and sausage products. The pepperoni issue is said to be one of several issues in the company's deal with Yum! Brands (NYSE:YUM).
Bloomberg stated that the Beyond Meat KFC chicken-nugget rollout was delayed and then short on product, while Taco Bell has not even tested the plant-based meat company's "carne asada" in a single restaurant after being dissatisfied with samples.
The Yum! partnership is the most high-profile for Beyond other than its partnership with McDonald's (NYSE:MCD) to sell a McPlant burger. However, the report states sales for the McDonald's test have been "disappointing."
Beyond Meat shareholders have seen the stock plummet since it surged to a high of well over $200 in 2019. It is down 71% in the last 12 months, trading around the $38 mark.