Beyond Meat reported a 20% decline in fourth-quarter sales to $61.6 million, missing analyst expectations of $63 million. The plant-based protein company posted a profit of $409.9 million, though this included a $548.7 million noncash gain from debt restructuring. The company also announced it will miss its annual report filing deadline after discovering additional accounting problems.

Beyond Meat has delayed its earnings report twice in March, citing errors in previously issued financial statements. The company's loss narrowed to 29 cents per share from 65 cents a year earlier. Weak demand across the plant-based protein category and lower restaurant sales of chicken and burger products contributed to the revenue decline. The company's financial troubles come as the broader plant-based meat sector faces challenges with consumer adoption.

Beyond Meat's accounting issues and sales decline highlight the company's struggles to maintain growth in a competitive market. The missed filing deadline raises questions about the company's financial controls and could trigger scrutiny from regulators. As the company works to resolve its accounting problems, investors will be watching closely to see if Beyond Meat can reverse its sales trajectory in the coming quarters.