Beyond Meat returned to growth in its third quarter despite still facing lower volumes due to softer demand.

The plant-based specialist reported a gross profit of £11.0m ($14.3m) up from a loss of £5.6m ($7.3m) in the same quarter last year.

Net revenues also rose 7.6% to £62.6m ($81.0m) over the quarter, driven by lower trade discounts and price increases on certain products. However, Beyond Meat experienced a 7.1% decrease in net volume of products sold, which it blamed on weak category demand.

Elsewhere, adjusted EBITDA losses were cut to £15.3m ($19.8m) from the £44.4m ($57.5m) it made last year.

Beyond Meat trimmed its full-year sales forecast from $320m to $340m (£248m to £263m) to $320m to $330m (£248m to £256m).

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Beyond Meat president and CEO Ethan Brown said: “We are pleased to report that in the third quarter we returned to growth, increasing net revenues 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.

“Looking ahead, we expect to increase our cash reserves by year-end and pursue further balance sheet restructuring in 2025.”

Earlier this year, Beyond Meat’s shares plummeted after the company initiated debt discussions with bondholders about a balance-sheet restructuring.