Sweetgreen, Inc.(NYSE:SG) 
Sweetgreen is an American fast casual restaurant chain that serves salads. It was founded in August 2007 by Nicolas Jammet, Nathaniel Ru, and Jonathan Neman, three months after they graduated from Georgetown University's undergraduate business school.
Website: https://www.sweetgreen.com/
Founded: 2007
IPO Price: $28 (Nov 18, 2021)
CEO / Co-Founder: Jonathan Neman
Sector: Financial Services
Industry: Insurance - Property & Casualty
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At a glance:
- Same-Store Sales Reaccelerating on Mix and Traffic: Comparable sales are improving as menu innovation, marketing, and throughput initiatives drive higher average check and better guest traffic trends across core markets.
- Restaurant-Level Margin Expansion Remains the Key Earnings Lever: Labor productivity, ingredient cost management, and operational simplification are central to expanding restaurant-level margins, which should translate into improved EBITDA as scale builds.
- Unit Growth Focused on High-ROI Formats and New Markets: New store openings remain a primary growth driver, with an emphasis on site selection, smaller-footprint prototypes, and measured entry into new geographies to improve returns.
- Digital and Loyalty Ecosystem Supports Frequency and Personalization: Digital ordering and loyalty engagement are increasingly important for driving repeat visits, enabling targeted promotions, and improving demand forecasting and labor scheduling.
- Path to Sustainable Free Cash Flow Depends on Capex Discipline and Scale: While growth investments can pressure near-term cash flow, improving unit economics, moderating build-out costs, and scaling corporate overhead are critical to reaching consistent free cash flow generation.
Bull Thesis:
- Strong Brand & Health-Conscious Market Positioning: Sweetgreen has cultivated a strong brand identity that resonates with a growing demographic of health-conscious consumers seeking fresh, high-quality, and sustainable food options. This positions the company well within the expanding 'better-for-you' fast-casual segment.
- Digital-First Strategy & Technological Innovation: The company's early adoption and continued investment in digital ordering, its mobile app, and innovative concepts like the 'Infinite Kitchen' (automated makeline) drive efficiency, enhance customer experience, and foster loyalty. This tech-forward approach provides a competitive edge and potential for improved unit economics.
- Significant Expansion Runway: With a relatively small current store footprint compared to established restaurant chains, Sweetgreen has substantial room for domestic and potential international expansion. New store openings in underserved markets represent a clear path to revenue growth and increased market share.
- Improving Unit Economics and Path to Profitability: As the company scales and matures its store base, there's an expectation for improving unit economics, including higher average unit volumes (AUVs) and better store-level operating margins. This operational leverage, combined with a focus on cost management, could pave the way for overall company profitability.
Bear Thesis:
- Persistent Unprofitability & Negative Free Cash Flow: Despite revenue growth, Sweetgreen has consistently reported net losses and negative free cash flow. This raises concerns about its long-term financial sustainability and its ability to fund future growth without continued reliance on external capital or significant improvements in operational efficiency.
- High Valuation & Market Expectations: The company often trades at a premium valuation compared to traditional restaurant chains, reflecting high growth expectations. If Sweetgreen fails to meet these aggressive growth and profitability targets, the stock could be vulnerable to significant corrections.
- Intense Competition & Margin Pressures: The healthy fast-casual dining segment is increasingly crowded with both established players and new entrants. Additionally, rising costs for labor, food ingredients (especially fresh, high-quality produce), and supply chain logistics could continue to squeeze already thin restaurant margins.
- Execution Risks with Rapid Expansion: Sweetgreen's aggressive expansion plans carry inherent execution risks. Rapid scaling can lead to challenges in maintaining consistent food quality, securing prime real estate, hiring and training sufficient staff, and managing supply chains effectively across a larger and more geographically dispersed footprint.
Main Competitors:
- Cava Group, Inc. ($CAVA) (Mediterranean-inspired bowls, pitas, and salads), Cava is a direct competitor, offering a very similar fast-casual, customizable bowl experience with a Mediterranean twist. They compete for the same health-conscious demographic seeking fresh, quick, and flavorful meals, often in similar urban and suburban markets, and have been rapidly expanding their footprint.
- Chipotle Mexican Grill ($CMG) (Burritos, bowls, salads, and tacos), Chipotle competes as a broader fast-casual leader, offering customizable bowls and salads with fresh ingredients. While Mexican-inspired, they appeal to a similar customer base looking for quick, high-quality, and often healthier meal options, leveraging a much larger footprint, established brand recognition, and a strong value proposition.
- Panera Bread (Salads, sandwiches, soups, and bakery items), Panera competes by offering a diverse menu that includes a significant selection of salads, soups, and 'clean' ingredient options. They target a similar demographic seeking healthier, convenient meals in a comfortable fast-casual setting, often with drive-thru and robust delivery capabilities, appealing to both lunch and dinner crowds.
- Whole Foods Market (owned by Amazon.com, Inc.) ($AMZN) (Prepared foods, salad bars, hot bars, and groceries), Whole Foods competes through its extensive prepared foods section, including self-serve salad and hot bars. They offer convenient, healthy, ready-to-eat meals that appeal to customers looking for quick, fresh options, often at a similar price point to Sweetgreen, especially for lunch and dinner, leveraging the convenience of a grocery store visit.
Moat:
Sweetgreen operates in a highly competitive and increasingly fragmented fast-casual dining market. Its primary moat lies in its strong brand identity centered around fresh, high-quality, and sustainably sourced ingredients, coupled with a tech-forward approach to ordering and customer experience. However, it faces intense competition from direct rivals like Cava and Just Salad, which offer similar customizable healthy bowls, as well as broader fast-casual chains like Chipotle and Panera Bread that have larger footprints and established customer bases. Additionally, grocery stores with robust prepared food sections (e.g., Whole Foods) and a growing number of meal kit/delivery services also vie for the health-conscious consumer's dollar. The challenge for Sweetgreen is to maintain its premium positioning and brand loyalty amidst rising ingredient costs and competitors offering similar value propositions, often at a lower price point or with greater convenience.
Income Statements:
Quarterly
Annual
| Unit: USD | 2026-03-29 | 2025-12-28 | 2025-09-28 | 2025-06-29 | 2025-03-30 | 2024-12-29 | 2024-09-29 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-24 | 2023-06-25 | 2023-03-26 | 2022-12-25 | 2022-09-25 | 2022-06-26 | 2022-03-27 | 2021-12-26 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
revenue | 161,521,000 | 155,194,000 | 172,393,000 | 185,583,000 | 166,304,000 | 160,904,000 | 173,431,000 | 184,641,000 | 157,850,000 | 153,026,000 | 153,428,000 | 152,525,000 | 125,062,000 | 118,570,000 | 124,026,000 | 124,918,000 | 102,591,000 | |
yoy | -2.88% | -3.55% | -0.60% | 0.51% | 5.36% | 5.15% | 13.04% | 21.06% | 26.22% | 29.06% | 23.71% | 22.10% | 21.90% | |||||
qoq | 4.08% | -9.98% | -7.11% | 11.59% | 3.36% | -7.22% | -6.07% | 16.97% | 3.15% | -0.26% | 0.59% | 21.96% | 5.48% | -4.40% | -0.71% | 21.76% | ||
restaurant operating costs | ||||||||||||||||||
food, beverage, and packaging | 46,853,000 | 45,348,000 | 52,894,000 | 51,444,000 | 43,992,000 | 44,060,000 | 47,706,000 | 49,883,000 | 43,718,000 | 43,392,000 | 41,754,000 | 40,992,000 | 35,587,000 | 34,659,000 | 34,474,000 | 33,897,000 | 27,106,000 | |
labor and related expenses | 50,761,000 | 47,299,000 | 50,157,000 | 51,044,000 | 48,071,000 | 45,913,000 | 47,520,000 | 49,668,000 | 45,766,000 | 44,800,000 | 43,750,000 | 43,513,000 | 39,243,000 | 38,153,000 | 38,006,000 | 37,013,000 | 34,302,000 | |
occupancy and related expenses | 17,767,000 | 16,748,000 | 16,557,000 | 16,438,000 | 15,674,000 | 15,013,000 | 15,054,000 | 15,021,000 | 14,448,000 | 14,164,000 | 13,961,000 | 13,526,000 | 12,630,000 | -2,577,000 | 17,188,000 | 15,826,000 | 14,800,000 | |
other restaurant operating costs | 29,939,000 | 29,594,000 | 30,271,000 | 31,532,000 | 28,880,000 | 27,966,000 | 28,210,000 | 28,550,000 | 25,381,000 | 25,889,000 | 24,850,000 | 23,405,000 | 20,665,000 | 35,218,000 | 14,535,000 | 15,134,000 | 13,084,000 | |
total restaurant operating costs | 145,320,000 | 138,989,000 | 149,879,000 | 150,458,000 | 136,617,000 | 132,952,000 | 138,490,000 | 143,122,000 | 129,313,000 | 128,245,000 | 124,315,000 | 121,436,000 | 108,125,000 | 105,453,000 | 104,203,000 | 101,870,000 | 89,292,000 | |
operating expenses: | ||||||||||||||||||
general and administrative | 29,267,000 | 39,659,000 | 30,900,000 | 34,505,000 | 38,337,000 | 37,098,000 | 36,777,000 | 39,202,000 | 36,865,000 | 35,542,000 | 35,963,000 | 40,350,000 | 34,907,000 | 45,054,000 | 41,381,000 | 51,262,000 | 49,672,000 | |
depreciation and amortization | 18,629,000 | 18,131,000 | 18,304,000 | 17,996,000 | 17,106,000 | 17,277,000 | 16,905,000 | 16,737,000 | 16,427,000 | 16,181,000 | 15,682,000 | 14,518,000 | 13,110,000 | 12,601,000 | 11,887,000 | 11,305,000 | 10,677,000 | |
pre-opening costs | 1,111,000 | 3,766,000 | 2,789,000 | 2,534,000 | 1,696,000 | 2,321,000 | 1,759,000 | 1,104,000 | 1,432,000 | 1,073,000 | 2,522,000 | 2,302,000 | 3,366,000 | 3,430,000 | 3,061,000 | 2,520,000 | 2,512,000 | |
impairment and closure costs | 636,000 | 2,057,000 | 4,578,000 | 5,336,000 | 94,000 | 1,830,000 | 114,000 | 117,000 | 157,000 | 145,000 | 132,000 | 157,000 | 190,000 | |||||
loss on disposal of property and equipment | 399,000 | 205,000 | 1,109,000 | 31,000 | 86,000 | 77,000 | 63,000 | 49,000 | 66,000 | 140,000 | 489,000 | 10,000 | 48,000 | 237,000 | 21,000 | 11,000 | 8,000 | |
restructuring charges | 505,000 | 471,000 | 1,108,000 | 1,146,000 | 905,000 | 779,000 | 498,000 | 494,000 | 505,000 | 989,000 | 812,000 | 4,998,000 | 638,000 | 3,361,000 | 11,081,000 | |||
total operating expenses | 50,547,000 | 64,289,000 | 58,788,000 | 61,548,000 | 58,224,000 | 59,382,000 | 56,116,000 | 57,703,000 | 55,452,000 | 54,070,000 | 55,600,000 | 62,335,000 | 52,259,000 | 65,380,000 | 69,124,000 | 65,250,000 | 62,869,000 | |
income from operations | -34,346,000 | -48,084,000 | -36,274,000 | -26,423,000 | -28,537,000 | -31,430,000 | -21,175,000 | -16,184,000 | -26,915,000 | -29,289,000 | -26,487,000 | -31,246,000 | -35,322,000 | -52,263,000 | -49,301,000 | -42,202,000 | -49,570,000 | |
yoy | 20.36% | 52.99% | 71.31% | 63.27% | 6.03% | 7.31% | -20.06% | -48.20% | -23.80% | -43.96% | -46.27% | -25.96% | -28.74% | |||||
qoq | -28.57% | 32.56% | 37.28% | -7.41% | -9.20% | 48.43% | 30.84% | -39.87% | -8.11% | 10.58% | -15.23% | -11.54% | -32.41% | 6.01% | 16.82% | -14.86% | ||
operating margin % | -21.26% | -30.98% | -21.04% | -14.24% | -17.16% | -19.53% | -12.21% | -8.77% | -17.05% | -19.14% | -17.26% | -20.49% | -28.24% | -44.08% | -39.75% | -33.78% | -48.32% | |
interest income | -1,406,000 | -1,422,000 | -1,498,000 | -1,725,000 | -1,903,000 | -2,252,000 | -2,754,000 | -2,920,000 | -3,016,000 | -3,248,000 | -3,381,000 | -3,251,000 | -3,062,000 | -2,737,000 | -1,644,000 | -593,000 | -168,000 | |
interest expense | 28,000 | 7,000 | 7,000 | 5,000 | 14,000 | 26,000 | 197,000 | 19,000 | 70,000 | 19,000 | 18,000 | 21,000 | 15,000 | 23,000 | 22,000 | 23,000 | ||
gain on disposal of business | -160,562,000 | |||||||||||||||||
other expense | 7,000 | 3,277,000 | 1,273,000 | -1,635,000 | -1,685,000 | 1,409,000 | 2,279,000 | 909,000 | 2,059,000 | 1,878,000 | 1,612,000 | 1,058,000 | 2,985,000 | -303,000 | -1,618,000 | |||
net income before income taxes | 127,587,000 | |||||||||||||||||
income tax expense | 1,778,000 | -224,000 | 90,000 | 90,000 | 90,000 | -1,571,000 | 90,000 | 90,000 | 90,000 | -575,000 | 318,000 | 318,000 | 318,000 | 1,285,000 | 20,000 | 20,000 | 20,000 | |
net income | 125,809,000 | -49,722,000 | -36,146,000 | -23,158,000 | -25,039,000 | -29,030,000 | -20,816,000 | -14,460,000 | -26,067,000 | -27,414,000 | -25,055,000 | -27,258,000 | -33,657,000 | -53,811,000 | -47,397,000 | -40,033,000 | -49,200,000 | |
yoy | -602.45% | 71.28% | 73.65% | 60.15% | -3.94% | 5.89% | -16.92% | -46.95% | -22.55% | -49.06% | -47.14% | -31.91% | -31.59% | |||||
qoq | -353.02% | 37.56% | 56.08% | -7.51% | -13.75% | 39.46% | 43.96% | -44.53% | -4.91% | 9.42% | -8.08% | -19.01% | -37.45% | 13.53% | 18.39% | -18.63% | ||
net income margin % | 77.89% | -32.04% | -20.97% | -12.48% | -15.06% | -18.04% | -12.00% | -7.83% | -16.51% | -17.91% | -16.33% | -17.87% | -26.91% | -45.38% | -38.22% | -32.05% | -47.96% | |
earnings per share: | ||||||||||||||||||
basic | 1.06 | |||||||||||||||||
diluted | 1.05 | |||||||||||||||||
weighted-average shares outstanding: | ||||||||||||||||||
basic | 118,664,898 | |||||||||||||||||
diluted | 120,227,213 | |||||||||||||||||
net loss before income taxes | -49,946,000 | -36,056,000 | -23,068,000 | -24,949,000 | -30,601,000 | -20,726,000 | -14,370,000 | -25,977,000 | -27,989,000 | -24,737,000 | -26,940,000 | -33,339,000 | -52,526,000 | -47,377,000 | -40,013,000 | -49,180,000 | ||
earnings per share: | ||||||||||||||||||
net income per share | -0.42 | -0.31 | -0.2 | -0.21 | -0.25 | -0.18 | -0.13 | -0.23 | -0.24 | -0.22 | -0.24 | -0.3 | -0.49 | -0.43 | -0.36 | -0.45 | ||
weighted-average shares used for eps calculation | 117,956,165 | 118,282,536 | 117,827,054 | 117,307,189 | 114,321,672 | 114,752,307 | 113,580,674 | 112,772,776 | 111,907,675 | 112,179,722 | 111,585,282 | 111,297,064 | 110,128,287 | 110,375,126 | 109,679,467 | 109,472,050 | ||
other income | -1,073,000 | -245,000 | ||||||||||||||||
impairment of long-lived assets and closed-store costs | 461,250 | 1,693,000 | ||||||||||||||||
closed-store costs | 152,000 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2026-03-29 | 2025-12-28 | 2025-09-28 | 2025-06-29 | 2025-03-30 | 2024-12-29 | 2024-09-29 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-24 | 2023-06-25 | 2023-03-26 | 2022-12-25 | 2022-09-25 | 2022-06-26 | 2022-03-27 | 2021-12-26 |
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assets | ||||||||||||||||||
current assets: | ||||||||||||||||||
cash and cash equivalents | 156,799,000 | 89,177,000 | 129,972,000 | 168,452,000 | 183,893,000 | 214,789,000 | 234,623,000 | 244,583,000 | 243,756,000 | 257,230,000 | 274,743,000 | 280,333,000 | 296,828,000 | 331,614,000 | 381,035,000 | 406,976,000 | 436,517,000 | 471,971,000 |
accounts receivable | 7,042,000 | 5,166,000 | 6,805,000 | 6,669,000 | 7,912,000 | 5,034,000 | 7,141,000 | 6,494,000 | 5,590,000 | 3,502,000 | 9,891,000 | 7,816,000 | 5,064,000 | 4,579,000 | 3,513,000 | 3,831,000 | 2,644,000 | |
inventory | 2,586,000 | 2,384,000 | 2,435,000 | 2,412,000 | 2,119,000 | 1,987,000 | 2,103,000 | 2,038,000 | 1,854,000 | 2,069,000 | 3,348,000 | 3,145,000 | 1,284,000 | 1,202,000 | 1,114,000 | 956,000 | 903,000 | |
prepaid expenses | 7,694,000 | 6,381,000 | 7,030,000 | 9,276,000 | 7,293,000 | 7,844,000 | 6,426,000 | 7,574,000 | 6,773,000 | 5,767,000 | 5,975,000 | 7,614,000 | 7,537,000 | 10,087,000 | 11,531,000 | 11,357,000 | 13,763,000 | |
current portion of lease acquisition costs | 93,000 | 93,000 | 93,000 | 93,000 | 93,000 | 93,000 | 93,000 | 93,000 | 93,000 | 93,000 | 93,000 | 93,000 | 93,000 | 627,000 | 608,000 | 564,000 | 525,000 | |
assets held for sale | 25,427,000 | |||||||||||||||||
other current assets | 1,099,000 | 1,029,000 | 3,348,000 | 3,424,000 | 4,856,000 | 4,790,000 | 4,918,000 | 5,007,000 | 5,622,000 | 7,450,000 | 4,612,000 | 7,486,000 | 8,042,000 | 815,000 | 3,480,000 | 1,520,000 | 155,000 | |
total current assets | 175,313,000 | 129,657,000 | 149,683,000 | 190,326,000 | 206,166,000 | 234,537,000 | 255,304,000 | 265,789,000 | 263,688,000 | 276,111,000 | 298,662,000 | 306,487,000 | 318,848,000 | 413,493,000 | 443,689,000 | 472,648,000 | 506,656,000 | |
operating lease assets | 285,810,000 | 284,263,000 | 286,871,000 | 268,744,000 | 262,357,000 | 257,496,000 | 248,537,000 | 249,226,000 | 243,602,000 | 243,992,000 | 245,882,000 | 248,839,000 | 257,130,000 | |||||
property and equipment | 318,324,000 | 326,903,000 | 321,436,000 | 304,796,000 | 298,234,000 | 296,485,000 | 285,279,000 | 276,278,000 | 267,132,000 | 266,902,000 | 264,270,000 | 259,848,000 | 246,929,000 | 208,270,000 | 209,485,000 | 190,605,000 | 180,666,000 | |
goodwill | 27,793,000 | 27,793,000 | 35,970,000 | 35,970,000 | 35,970,000 | 35,970,000 | 35,970,000 | 35,970,000 | 35,970,000 | 35,970,000 | 35,970,000 | 35,970,000 | 35,970,000 | 35,970,000 | 35,970,000 | 35,970,000 | 35,970,000 | |
intangible assets | 10,240,000 | 10,424,000 | 21,594,000 | 22,716,000 | 23,652,000 | 24,040,000 | 24,543,000 | 25,611,000 | 26,356,000 | 27,407,000 | 28,549,000 | 29,397,000 | 30,082,000 | 30,670,000 | 31,363,000 | 31,877,000 | 32,868,000 | |
security deposits | 1,289,000 | 1,316,000 | 1,348,000 | 1,319,000 | 1,319,000 | 1,419,000 | 1,408,000 | 1,406,000 | 1,406,000 | 1,406,000 | 1,555,000 | 1,639,000 | 1,522,000 | 1,609,000 | 1,608,000 | 1,589,000 | 1,770,000 | |
lease acquisition costs | 218,000 | 241,000 | 264,000 | 287,000 | 310,000 | 333,000 | 357,000 | 380,000 | 403,000 | 426,000 | 449,000 | 472,000 | 495,000 | 5,512,000 | 5,137,000 | 4,763,000 | 4,391,000 | |
restricted cash | 4,184,000 | 4,166,000 | 4,135,000 | 4,199,000 | 2,703,000 | 2,640,000 | 2,640,000 | 575,000 | 125,000 | 125,000 | 125,000 | 125,000 | 125,000 | 166,000 | 219,000 | 273,000 | 328,000 | |
equity investments | 86,429,000 | |||||||||||||||||
other assets | 3,091,000 | 3,341,000 | 3,469,000 | 3,526,000 | 3,609,000 | 3,838,000 | 3,943,000 | 3,939,000 | 4,020,000 | 4,218,000 | 4,393,000 | 4,598,000 | 4,705,000 | 4,543,000 | ||||
total assets | 912,691,000 | 788,104,000 | 824,770,000 | 831,883,000 | 834,320,000 | 856,758,000 | 857,981,000 | 859,174,000 | 842,702,000 | 856,557,000 | 879,855,000 | 887,375,000 | 895,806,000 | 700,233,000 | 727,471,000 | 737,725,000 | 762,649,000 | |
liabilities and stockholders’ equity | ||||||||||||||||||
current liabilities: | ||||||||||||||||||
current portion of operating lease liabilities | 42,226,000 | 41,590,000 | 41,671,000 | 39,950,000 | 37,703,000 | 41,773,000 | 34,673,000 | 33,515,000 | 32,348,000 | 31,426,000 | 30,613,000 | 29,607,000 | 28,814,000 | |||||
accounts payable | 17,426,000 | 19,885,000 | 19,018,000 | 20,376,000 | 18,365,000 | 18,698,000 | 18,133,000 | 21,599,000 | 19,722,000 | 17,380,000 | 13,609,000 | 14,657,000 | 13,124,000 | 8,688,000 | 14,353,000 | 13,823,000 | 11,197,000 | |
accrued expenses | 33,177,000 | 33,739,000 | 33,256,000 | 28,221,000 | 25,998,000 | 26,564,000 | 28,080,000 | 25,426,000 | 22,003,000 | 20,845,000 | 21,485,000 | 21,478,000 | 20,731,000 | 16,543,000 | 15,432,000 | 15,184,000 | 16,338,000 | |
accrued payroll | 9,068,000 | 8,143,000 | 8,198,000 | 9,642,000 | 9,194,000 | 14,716,000 | 13,964,000 | 13,701,000 | 10,122,000 | 13,131,000 | 13,514,000 | 10,518,000 | 8,757,000 | 11,464,000 | 11,436,000 | 11,815,000 | 12,093,000 | |
gift cards and loyalty liability | 7,199,000 | 7,177,000 | 7,864,000 | 6,272,000 | 4,704,000 | 4,413,000 | 3,672,000 | 3,378,000 | 3,137,000 | 2,797,000 | 1,832,000 | 1,824,000 | 1,836,000 | 1,643,000 | 1,640,000 | 1,622,000 | 1,839,000 | |
liabilities held for sale | 1,085,000 | |||||||||||||||||
other current liabilities | 31,000 | 7,033,000 | 5,942,000 | 8,858,000 | 9,663,000 | 6,000,000 | 2,175,000 | |||||||||||
total current liabilities | 109,127,000 | 118,652,000 | 115,949,000 | 104,461,000 | 104,822,000 | 115,827,000 | 98,522,000 | 97,619,000 | 87,332,000 | 91,579,000 | 81,053,000 | 78,084,000 | 73,262,000 | 47,613,000 | 50,529,000 | 49,437,000 | 47,528,000 | |
operating lease liabilities, net of current portion | 313,867,000 | 312,904,000 | 314,737,000 | 298,782,000 | 291,695,000 | 288,941,000 | 279,792,000 | 277,398,000 | 272,053,000 | 271,439,000 | 271,978,000 | 273,375,000 | 274,607,000 | |||||
other non-current liabilities | 137,000 | 149,000 | 157,000 | 164,000 | 167,000 | 173,000 | 756,000 | 779,000 | 799,000 | 819,000 | 1,234,000 | 1,267,000 | 1,299,000 | 967,000 | 542,000 | 500,000 | 500,000 | |
deferred income tax liabilities | 629,000 | 274,000 | 631,000 | 541,000 | 451,000 | 361,000 | 2,043,000 | 1,953,000 | 1,863,000 | 1,773,000 | 2,369,000 | 2,050,000 | 1,733,000 | 184,000 | 164,000 | 145,000 | 125,000 | |
total liabilities | 423,760,000 | 431,979,000 | 431,474,000 | 408,585,000 | 401,566,000 | 410,613,000 | 394,677,000 | 389,039,000 | 372,424,000 | 373,960,000 | 379,521,000 | 376,051,000 | 373,249,000 | 116,795,000 | 115,288,000 | 110,794,000 | 109,532,000 | |
commitments and contingencies | ||||||||||||||||||
stockholders’ equity: | ||||||||||||||||||
common stock, 0.001 par value per share... | 119,000 | 118,000 | 118,000 | 118,000 | 116,000 | 114,000 | 113,000 | 112,000 | 112,000 | 111,000 | 111,000 | 110,000 | 110,000 | |||||
additional paid-in capital | 1,372,426,000 | 1,365,430,000 | 1,352,879,000 | 1,346,735,000 | 1,333,033,000 | 1,321,386,000 | 1,309,516,000 | 1,295,533,000 | 1,281,217,000 | 1,267,469,000 | 1,257,793,000 | 1,243,728,000 | 1,227,704,000 | 1,196,173,000 | 1,177,522,000 | 1,152,237,000 | 1,129,224,000 | |
accumulated deficit | -883,614,000 | -1,009,423,000 | -959,701,000 | -923,555,000 | -900,397,000 | -875,358,000 | -846,328,000 | -825,512,000 | -811,052,000 | -784,985,000 | -757,571,000 | -732,516,000 | -705,258,000 | -612,846,000 | -565,449,000 | -525,416,000 | -476,216,000 | |
total stockholders’ equity | 488,931,000 | 356,125,000 | 393,296,000 | 423,298,000 | 432,754,000 | 463,304,000 | 470,135,000 | 470,278,000 | 500,334,000 | 511,324,000 | 522,557,000 | 583,438,000 | 612,183,000 | 626,931,000 | ||||
total liabilities and stockholders’ equity | 912,691,000 | 788,104,000 | 824,770,000 | 831,883,000 | 834,320,000 | 857,981,000 | 859,174,000 | 842,702,000 | 879,855,000 | 887,375,000 | 895,806,000 | 700,233,000 | 727,471,000 | 737,725,000 | ||||
contingent consideration liability | 4,637,000 | 4,431,000 | 5,311,000 | 13,564,000 | 11,290,000 | 10,377,000 | 8,350,000 | 22,887,000 | 21,275,000 | 22,348,000 | 18,322,000 | 18,625,000 | 20,243,000 | 20,477,000 | ||||
common stock, 0.001 par value... | 118,000 | 117,000 | 113,000 | 109,000 | ||||||||||||||
liabilities, and stockholders’ equity | ||||||||||||||||||
liabilities and stockholders’ (deficit) equity | ||||||||||||||||||
stockholders’ (deficit) equity: | ||||||||||||||||||
total stockholders’ (deficit) equity | 446,145,000 | 482,597,000 | 653,117,000 | |||||||||||||||
total liabilities and stockholders’ (deficit) equity | 856,758,000 | 856,557,000 | ||||||||||||||||
revenue | 676,826,000 | 584,041,000 | 339,874,000 | |||||||||||||||
restaurant operating costs | ||||||||||||||||||
food, beverage, and packaging | 185,367,000 | 161,725,000 | 93,699,000 | |||||||||||||||
labor and related expenses | 188,867,000 | 171,306,000 | 110,368,000 | |||||||||||||||
occupancy and related expenses | 59,536,000 | 54,281,000 | 50,186,000 | |||||||||||||||
other restaurant operating costs | 110,107,000 | 94,809,000 | 45,216,000 | |||||||||||||||
total restaurant operating costs | 543,877,000 | 482,121,000 | 299,469,000 | |||||||||||||||
operating expenses: | ||||||||||||||||||
general and administrative | 149,942,000 | 146,762,000 | 125,040,000 | |||||||||||||||
depreciation and amortization | 67,346,000 | 59,491,000 | 35,549,000 | |||||||||||||||
pre-opening costs | 6,616,000 | 9,263,000 | 9,193,000 | |||||||||||||||
impairment and closure costs | 2,218,000 | 624,000 | ||||||||||||||||
loss on disposal of property and equipment | 255,000 | 687,000 | 107,000 | |||||||||||||||
restructuring charges | 2,276,000 | 7,437,000 | ||||||||||||||||
total operating expenses | 228,653,000 | 224,264,000 | 174,804,000 | |||||||||||||||
income from operations | -95,704,000 | -122,344,000 | -134,399,000 | |||||||||||||||
interest income | -10,942,000 | -12,942,000 | -450,000 | |||||||||||||||
interest expense | 256,000 | 128,000 | 87,000 | |||||||||||||||
other income | 6,656,000 | 3,475,000 | 18,992,000 | |||||||||||||||
net income before income taxes | -91,674,000 | -113,005,000 | -153,028,000 | |||||||||||||||
income tax (benefit) expense | -1,301,000 | |||||||||||||||||
net income | -90,373,000 | -113,384,000 | -153,175,000 | |||||||||||||||
earnings per share: | ||||||||||||||||||
net income per share | -790 | -1,010 | -5,510 | |||||||||||||||
weighted-average shares used for eps calculation | 114,321,672,000 | 111,907,675,000 | 27,782,442,000 | |||||||||||||||
income tax expense | 379,000 | 147,000 | ||||||||||||||||
reconciliation of cash, cash equivalents and restricted cash: | ||||||||||||||||||
restricted cash, noncurrent | 125,000 | |||||||||||||||||
total cash, cash equivalents and restricted cash shown on statement of cash flows | 331,739,000 | |||||||||||||||||
tenant improvement receivable | 15,148,000 | 16,467,000 | 17,903,000 | 16,695,000 | ||||||||||||||
current portion of deferred rent liability | 7,100,000 | 7,668,000 | 6,993,000 | 6,061,000 | ||||||||||||||
deferred rent liability, net of current portion | 49,709,000 | 45,428,000 | 40,469,000 | 38,402,000 | ||||||||||||||
accrued payroll, net of current portion | 2,500,000 | |||||||||||||||||
liabilities, preferred stock and stockholders’ (deficit) equity | ||||||||||||||||||
preferred stock warrant liability | ||||||||||||||||||
preferred stock: | ||||||||||||||||||
preferred stock, 0.001 par value per share... | ||||||||||||||||||
loans to related parties | ||||||||||||||||||
total liabilities, preferred stock and stockholders’ (deficit) equity | 762,649,000 | |||||||||||||||||
impairment of long-lived assets and closed-store costs | 4,915,000 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2026-03-29 | 2025-12-28 | 2025-09-28 | 2025-06-29 | 2025-03-30 | 2024-12-29 | 2024-09-29 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-24 | 2023-06-25 | 2023-03-26 | 2022-12-25 | 2022-09-25 | 2022-06-26 | 2022-03-27 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
cash flows from operating activities: | |||||||||||||||||
net income | 125,809,000 | ||||||||||||||||
adjustments to reconcile net income to net cash from operating activities: | |||||||||||||||||
depreciation and amortization | 18,629,000 | 18,131,000 | 18,304,000 | 17,996,000 | 17,106,000 | 17,277,000 | 16,905,000 | 16,737,000 | 16,427,000 | 16,181,000 | 15,682,000 | 14,518,000 | 13,110,000 | 12,601,000 | 11,888,000 | 11,305,000 | 10,677,000 |
amortization of lease acquisition | 24,000 | 23,000 | 23,000 | 23,000 | 23,000 | 23,000 | 23,000 | 23,000 | 23,000 | 23,000 | 143,000 | 130,000 | 129,000 | ||||
amortization of cloud computing arrangements | 275,000 | 257,000 | 257,000 | 253,000 | 242,000 | 232,000 | 229,000 | 227,000 | 226,000 | 223,000 | 222,000 | 219,000 | 216,000 | ||||
non-cash operating lease cost | 9,290,000 | 9,218,000 | 9,034,000 | 8,723,000 | 8,341,000 | 8,163,000 | 7,994,000 | 7,771,000 | 7,547,000 | 7,421,000 | -2,723,000 | 12,586,000 | 11,829,000 | ||||
loss on disposal of property and equipment | 399,000 | ||||||||||||||||
stock-based compensation | 5,804,000 | 12,443,000 | 5,811,000 | 8,000,000 | 10,221,000 | 8,810,000 | 9,685,000 | 10,903,000 | 9,626,000 | 9,399,000 | 11,466,000 | 14,402,000 | 14,265,000 | 15,763,000 | 17,601,000 | 23,207,000 | 22,165,000 |
non-cash impairment and closure costs | 192,000 | 1,802,000 | 4,429,000 | 5,299,000 | 26,000 | 25,000 | 24,000 | 24,000 | 23,000 | ||||||||
non-cash restructuring charges | 227,000 | 225,000 | 193,000 | 222,000 | 221,000 | 176,000 | 175,000 | 175,000 | 175,000 | 231,000 | 175,000 | 4,237,000 | 638,000 | 3,185,000 | |||
deferred income tax expense | 357,000 | -359,000 | 90,000 | 90,000 | 90,000 | -1,682,000 | 90,000 | 90,000 | 90,000 | -596,000 | 318,000 | 317,000 | 319,000 | 1,231,000 | 20,000 | 19,000 | 20,000 |
change in fair value of contingent consideration liability | 1,092,000 | 1,272,000 | -1,653,000 | -1,685,000 | 2,274,000 | 913,000 | 2,027,000 | 1,612,000 | -1,073,000 | 1,052,000 | -303,000 | -1,618,000 | -234,000 | ||||
gain on disposal of business | -161,161,000 | ||||||||||||||||
changes in operating assets and liabilities: | |||||||||||||||||
accounts receivable | -1,876,000 | 1,639,000 | -136,000 | 1,243,000 | -2,878,000 | -647,000 | -904,000 | -2,088,000 | -2,075,000 | -2,752,000 | -1,820,000 | -1,066,000 | 318,000 | -1,187,000 | |||
inventory | -202,000 | 51,000 | -23,000 | -294,000 | -131,000 | 116,000 | -65,000 | -184,000 | 215,000 | 1,279,000 | -203,000 | -1,861,000 | 99,000 | -181,000 | -88,000 | -158,000 | -53,000 |
prepaid expenses and other current assets | -1,357,000 | -2,157,000 | 974,000 | ||||||||||||||
operating lease liabilities | -9,656,000 | -8,348,000 | -9,797,000 | -7,614,000 | -14,764,000 | -1,464,000 | -3,952,000 | -7,082,000 | -5,820,000 | -5,511,000 | 5,091,000 | -9,081,000 | -12,789,000 | ||||
accounts payable | -632,000 | 243,000 | 1,131,000 | 760,000 | -948,000 | 1,180,000 | -2,013,000 | -292,000 | 1,884,000 | 2,786,000 | -1,655,000 | 1,728,000 | 7,012,000 | -3,724,000 | -3,852,000 | 791,000 | 2,239,000 |
accrued payroll and benefits | 925,000 | -55,000 | -1,444,000 | 448,000 | -5,522,000 | 752,000 | 263,000 | 3,579,000 | -3,009,000 | -383,000 | 2,996,000 | 1,761,000 | 2,177,000 | -4,884,000 | 28,000 | -379,000 | -2,778,000 |
accrued expenses and other current liabilities | 1,173,000 | 2,736,000 | |||||||||||||||
gift card and loyalty liability | 22,000 | -687,000 | 1,592,000 | 1,568,000 | 291,000 | 741,000 | 294,000 | 241,000 | 340,000 | 965,000 | 8,000 | -12,000 | -180,000 | 373,000 | 3,000 | 18,000 | -217,000 |
contingent consideration liability | -5,396,000 | -1,000 | 0 | ||||||||||||||
other non-current liabilities | -9,000 | -12,000 | -7,000 | -2,000 | -6,000 | -582,000 | -24,000 | -20,000 | -20,000 | -415,000 | -32,000 | -32,000 | -54,000 | -407,000 | |||
net cash from operating activities | -17,163,000 | -8,654,000 | -1,377,000 | 10,463,000 | -13,128,000 | 6,119,000 | 14,729,000 | 19,116,000 | 3,426,000 | 8,924,000 | 12,735,000 | 7,951,000 | -3,130,000 | -19,088,000 | -6,165,000 | -1,163,000 | -16,753,000 |
capital expenditures | -5,752,000 | -31,972,000 | -34,046,000 | -21,664,000 | -7,620,000 | -26,314,000 | -27,078,000 | -15,338,000 | -5,936,000 | -13,419,000 | -20,380,000 | -24,096,000 | -24,953,000 | -23,632,000 | -21,166,000 | -28,828,000 | -15,283,000 |
free cash flows | -22,915,000 | -40,626,000 | -35,423,000 | -11,201,000 | -20,748,000 | -20,195,000 | -12,349,000 | 3,778,000 | -2,510,000 | -4,495,000 | -7,645,000 | -16,145,000 | -28,083,000 | -42,720,000 | -27,331,000 | -29,991,000 | -32,036,000 |
cash flows from investing activities: | |||||||||||||||||
purchase of property and equipment | -12,395,000 | -30,343,000 | -35,816,000 | -23,601,000 | -16,732,000 | -26,718,000 | -25,057,000 | -19,272,000 | -13,410,000 | -14,788,000 | -19,117,000 | -24,907,000 | -30,860,000 | -30,910,000 | -19,353,000 | -28,567,000 | -18,059,000 |
purchase of intangible assets | -2,417,000 | -1,858,000 | -1,655,000 | -1,800,000 | -2,500,000 | -2,283,000 | -1,865,000 | -1,981,000 | -1,612,000 | -1,654,000 | -1,891,000 | -1,045,000 | -1,525,000 | -1,824,000 | -989,000 | -1,376,000 | -1,187,000 |
security and landlord deposits | 26,000 | -17,000 | -29,000 | 0 | 100,000 | -11,000 | 149,000 | 84,000 | -117,000 | 6,000 | 81,000 | -1,000 | -19,000 | 181,000 | |||
proceeds from disposal of business | 100,000,000 | ||||||||||||||||
net cash from investing activities | 85,214,000 | -32,218,000 | -37,500,000 | -25,401,000 | -19,132,000 | -29,012,000 | -26,924,000 | -21,253,000 | -15,022,000 | -16,293,000 | -20,924,000 | -26,069,000 | -32,379,000 | -31,028,000 | -20,880,000 | -30,510,000 | -19,605,000 |
cash flows from financing activities: | |||||||||||||||||
proceeds from stock option exercise | 8,000 | 106,000 | 335,000 | 996,000 | 1,683,000 | 3,061,000 | 4,300,000 | 3,414,000 | 1,990,000 | 277,000 | 2,601,000 | 1,743,000 | 767,000 | 780,000 | 1,051,000 | 2,078,000 | 849,000 |
payment associated to shares repurchased for tax withholding | -419,000 | 2,000 | -2,000 | -3,000 | -256,000 | 0 | -2,000 | -120,000 | -44,000 | ||||||||
net cash from financing activities | -411,000 | 108,000 | 333,000 | 993,000 | 1,427,000 | 3,059,000 | 4,300,000 | 3,414,000 | -1,878,000 | -10,144,000 | 2,599,000 | 1,623,000 | 723,000 | 654,000 | 1,051,000 | 2,078,000 | 849,000 |
net change in cash and cash equivalents and restricted cash | 67,640,000 | ||||||||||||||||
cash and cash equivalents and restricted cash—beginning of year | 93,343,000 | 0 | 0 | 0 | 217,429,000 | 0 | 0 | 0 | 257,355,000 | 0 | 0 | 0 | 331,739,000 | 0 | 0 | 0 | 472,299,000 |
cash and cash equivalents and restricted cash—end of period | 160,983,000 | -38,544,000 | -13,945,000 | 186,596,000 | -7,895,000 | 1,277,000 | 243,881,000 | -5,590,000 | -16,495,000 | 296,953,000 | -25,994,000 | -29,595,000 | 436,790,000 | ||||
supplemental disclosure of cash flow information | |||||||||||||||||
cash paid for interest | 28,000 | 8,000 | 6,000 | 0 | 6,000 | ||||||||||||
non-cash investing and financing activities | |||||||||||||||||
purchase of property and equipment accrued in accounts payable and accrued expenses | 6,643,000 | -1,629,000 | 1,770,000 | 1,937,000 | 9,112,000 | 404,000 | -2,021,000 | 3,934,000 | 7,474,000 | 1,369,000 | -1,263,000 | 811,000 | 5,907,000 | 7,278,000 | -1,813,000 | -261,000 | 2,776,000 |
series c preferred stock of wonder group, inc. as partial consideration for the spyce sale | 86,429,000 | ||||||||||||||||
net loss | -49,722,000 | -36,146,000 | -23,158,000 | -25,039,000 | -29,030,000 | -20,816,000 | -14,460,000 | -26,067,000 | -27,414,000 | -25,055,000 | -27,258,000 | -33,657,000 | -53,811,000 | -47,397,000 | -40,033,000 | -49,200,000 | |
adjustments to reconcile net loss to net cash from operating activities: | |||||||||||||||||
amortization of lease acquisition costs | |||||||||||||||||
amortization of loan origination fees | 13,000 | 19,000 | 20,000 | 19,000 | 19,000 | 19,000 | -4,000 | 21,000 | 14,000 | 22,000 | 23,000 | 67,000 | |||||
payment of contingent consideration | 0 | 0 | 0 | -3,868,000 | |||||||||||||
net decrease in cash and cash equivalents and restricted cash | -40,764,000 | -38,544,000 | -13,945,000 | -30,833,000 | -19,834,000 | -7,895,000 | 1,277,000 | -13,474,000 | -5,590,000 | ||||||||
cash and cash equivalents and restricted cash—end of year | |||||||||||||||||
supplemental disclosure of cash flow: | |||||||||||||||||
non-cash investing and financing activities: | |||||||||||||||||
non-cash issuance of common stock associated with spyce milestone achievement | 0 | 0 | 0 | 2,132,000 | |||||||||||||
loss on fixed asset disposal | 1,109,000 | 31,000 | 86,000 | 63,000 | 49,000 | 66,000 | 489,000 | 10,000 | 48,000 | 237,000 | 22,000 | 11,000 | 8,000 | ||||
prepaid expenses and other assets | 2,122,000 | -722,000 | 473,000 | 985,000 | -352,000 | 775,000 | 4,477,000 | 371,000 | -5,939,000 | ||||||||
accrued expenses | 1,540,000 | 725,000 | -2,533,000 | 3,222,000 | 1,658,000 | 966,000 | -1,023,000 | 1,877,000 | -1,000 | 310,000 | 5,527,000 | 1,111,000 | 248,000 | -1,154,000 | |||
impairment and closure costs | 190,000 | ||||||||||||||||
change in fair value of contingent consideration | |||||||||||||||||
account receivable | |||||||||||||||||
payment of loan origination fees | |||||||||||||||||
change in fair value of preferred stock warrant liability | |||||||||||||||||
tenant improvement receivables | 1,319,000 | 1,436,000 | -1,208,000 | ||||||||||||||
deferred rent liability | 3,713,000 | 5,634,000 | 2,999,000 | ||||||||||||||
acquisition, net of cash acquired | |||||||||||||||||
lease acquisition costs | -537,000 | -548,000 | -540,000 | ||||||||||||||
proceeds from preferred stock issuance, net of issuance costs | |||||||||||||||||
proceeds from exercise of common stock warrants | |||||||||||||||||
proceeds from issuance of common stock in connection with initial public offering, net of underwriting discounts and issuance costs | |||||||||||||||||
proceeds from issuance of series f warrants in connection with the initial public offering | |||||||||||||||||
proceeds from related party loan | |||||||||||||||||
net increase in cash and cash equivalents and restricted cash | -49,462,000 | -25,994,000 | -29,595,000 | -35,509,000 | |||||||||||||
acquisition non-cash consideration | |||||||||||||||||
initial liability associated with contingent consideration | |||||||||||||||||
conversion of redeemable convertible preferred stock to common stock in connection with public company offering | |||||||||||||||||
reclassification of series f warrant liability to apic in connection with initial public offering | |||||||||||||||||
reclassification of series j warrant liability to apic in connection with initial public offering | |||||||||||||||||
net (decrease) in cash and cash equivalents and restricted cash | -34,786,000 | ||||||||||||||||
other noncurrent liabilities | |||||||||||||||||
repayment on long term debt | |||||||||||||||||
proceeds from long term debt | |||||||||||||||||
impairment of long-lived assets and closed-store costs | |||||||||||||||||
acquisition, net of cash and cash equivalents acquired | |||||||||||||||||
deferred offering costs paid | |||||||||||||||||
proceeds from exercise of warrants | |||||||||||||||||
deferred offering costs not yet paid | |||||||||||||||||
initial liability associated with series j warrants | |||||||||||||||||
closed-store costs | |||||||||||||||||
impairment of long-lived assets |