Plant-Based Meat Company THIS Announces First Profitable Month

THIS just confirmed its first profitable month ever.

The plant-based meat startup was founded in 2019 by Andy Shovel and Pete Sharman, who previously ran a burger chain together. Shovel shared the news in a post on LinkedIn, describing it as a “huge moment” for THIS.

According to Shovel, THIS reported an annualized gross revenue of approximately £24 million and a £56,000 net profit. December 2025 was the company’s first profitable month. He and Sharman have reportedly spent several years cutting costs and waste, and gave “kudos” to Mark Cuddigan, the current CEO of THIS.

Shovel noted that it will likely be “a few months” until THIS becomes reliably profitable, and that profitability had taken a year or two longer than planned, but that it remains “a huge moment” for the business. “And frankly, for the slightly-bruised plant-based sector as a whole,” he added. “We’ve been the leading UK challenger brand for a while, so I’m hoping this strong signal can send positive ripples across the category.”

“There’s LOADS more work to come, to make us a consistently cash-generating business, but I’m defo feeling like a proud dad today,” Shovel wrote.

The evolving plant-based food sector

Photo shows the THIS Super Block, made with whole plant-based ingredients — THIS Like many other plant-based meat companies, THIS has expanded its range to include whole food-based options

Shovel’s profitability announcement comes during a turbulent, transitional period for the plant-based food sector. In 2025, Beyond Meat denied filing for bankruptcy after several headlines reported that the plant-based company was heading for chapter 11.

As consumers become increasingly concerned about ultra-processed foods, many companies – including both Beyond Meat and THIS – have diversified their ranges to include multiple whole food-based options and so-called “clean” ingredients.

Last year, THIS introduced a new high-protein “superfood” range with its Super Block, followed by two different flavors of chickpea-based tofu, Super Multigrain Breaded Bites, and Super Veg Pea, Lemon & Basil Protein Bites. The brand still produces its classic chicken, sausages, pastrami, lamb, bacon, and lardons.

Meanwhile, SPINS data indicates that the plant-based category isn’t dying; it’s simply evolving to meet changing consumer expectations around health and nutrition.