Shares of Beyond Meat (BYND 0.95%) were sizzling on Wednesday, up by as much as 61.2% in early trading. As of 11:42 a.m. ET, the stock was still up by 44.1%.

The catalyst that sent the maker of plant-based meat substitutes higher was the fourth-quarter report it delivered Tuesday after the close, which was something of a mixed bag.

Mediocre results

For the quarter, Beyond Meat's net revenue declined by 7.8% year over year to $73.7 million. The bad news traveled down the income statement, resulting in a net loss of $155.1 million, or a loss per share of $2.40.

To put its performance in context, analysts' consensus estimates were calling for revenue of $66.7 million and a loss per share of $0.89. So, while the top line was better than expected, the bottom line was far worse.

That said, the results weren't nearly as bad as they look at first glance. Management noted that as a consequence of the company's global operations review (read "restructuring"), Beyond Meat took one-time, non-cash charges of $95.6 million, including accelerated depreciation and a loss on the sale of fixed assets.

As a result of the review, management made the strategic decision to discontinue the Beyond Meat Jerky products, as demand likely wasn't meaty enough.

A solid plan for the future

While none of that might seem like much of a reason to celebrate, it was management's commentary that helped push the stock higher.

CEO Ethan Brown noted that after the "extensive initiatives to reset the business" over the past 12 to 18 months, the company has a plan to achieve profit growth. "Our 2024 plan includes taking steps to steeply reduce operating expense and cash use; pricing actions and the right-sizing of our production footprint, both in support of margin expansion," he said.

As a result of these moves, the company expects to cut a minimum of $70 million from its operating budget this year. Additionally, after an extensive review of its prices in the market, Beyond Meat plans to introduce changes to help put it on the path to profitability.

Investor enthusiasm for the moves started the stock higher, but it was a short squeeze that really gave it momentum. Roughly 38% of the total shares outstanding had been sold short, helping fuel the stock price surge.

Shareholders shouldn't get too excited, as management still needs to execute on its plan for reaching profitability.