Business
First Watch Restaurant Group, Inc. Reports Q1 2025 Financial Results
Total revenues increased 16.4%Net loss of $(0.8) million and Adjusted EBITDA of $22.8 million13 new system-wide restaurants opened in 10 states BRADENTON,
About this update from First Watch Restaurant Group, Inc.
[{"type":"text","content":"Total revenues increased 16.4%Net loss of $(0.8) million and Adjusted EBITDA of $22.8 million13 new system-wide restaurants opened in 10 states BRADENTON, Fla., May 06, 2025 (GLOBE NEWSWIRE) -- First Watch Restaurant Group, Inc. (NASDAQ: FWRG) (“First Watch” or the “Company”), the leading Daytime Dining concept serving breakfast, brunch and lunch, today reported financial results for the thirteen weeks ended March 30, 2025 (“Q1 2025”). \"First quarter same restaurant traffic results are encouraging and continued the trends we experienced exiting 2024, demonstrating both the strength and the resilience of the First Watch brand,” said Chris Tomasso, CEO and President of First Watch. “Additionally, the continuing success from our new restaurant openings serves as a significant long-term value creator. Despite the uncertainty present in the coming macroeconomic environment, both the 2024 and 2025 NRO classes continue to exceed expectations, and our development pipeline for the remainder of the year and beyond remains robust.\" Highlights: Total revenues increased 16.4% to $282.2 million in Q1 2025 from $242.4 million in Q1 2024System-wide sales increased 11.5% to $323.0 million in Q1 2025 from $289.6 million in Q1 2024Same-restaurant sales growth of 0.7%Same-restaurant traffic growth of negative 0.7%Income from operations margin decreased to 0.4% in Q1 2025 from 5.1% in Q1 2024Restaurant level operating profit margin* decreased to 16.5% in Q1 2025 from 20.8% in Q1 2024Net income (loss) decreased to $(0.8) million, or $(0.01) per diluted share, in Q1 2025 from $7.2 million, or $0.12 per diluted share, in Q1 2024Adjusted EBITDA* decreased to $22.8 million in Q1 2025 from $28.6 million in Q1 2024Opened 13 system-wide restaurants in 10 states, 1 closure, resulting in a total of 584 system-wide restaurants (498 company-owned and 86 franchise-owned) across 30 states ___________________* See Non-GAAP Financial Measures Reconciliations section below. For additional financial information related to Q1 2025, refer to the Company’s quarterly report on Form 10-Q filed with the Securities and Exchange Commission on May 6, 2025, which can be accessed at https://investors.firstwatch.com in the Financials & Filings section. Updated Outlook Fiscal Year 2025 Based upon first quarter results and current trends, the Company updated the following guidan...