Beyond Meat (BYND) shares tumbled 8.21% in pre-market trading on Tuesday, following the release of disappointing third-quarter results and a weak fourth-quarter outlook. The plant-based meat maker continues to grapple with declining demand and operational challenges in an increasingly competitive market.

For the third quarter, Beyond Meat reported a net loss of $110.7 million, or $1.44 per share, significantly wider than the $26.6 million loss, or 41 cents per share, in the same period last year. The loss per share of $1.44 was much larger than analysts' expectations of a 40 cents per share loss. Revenue fell 13.3% year-over-year to $70.2 million, slightly beating analyst expectations of $68.96 million. The company attributed the revenue decline to weak category demand, reduced distribution points in U.S. retail channels, and lower sales of burger products to some international restaurant customers.

Adding to investor concerns, Beyond Meat forecast fourth-quarter net revenues between $60 million and $65 million, falling short of Wall Street estimates of $70.03 million. CEO Ethan Brown acknowledged the ongoing headwinds, stating that the company is pursuing "further and sizable cost cuts" while also investing in initiatives to expand gross margins and drive strategic growth. As Beyond Meat continues to navigate what it describes as "an elevated level of uncertainty within its operating environment," the company's ability to address key investor concerns, including debt levels and strategies to boost sales demand, will be crucial in restoring market confidence.