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First Watch Restaurant Group Inc. (FWRG-2.14%) has submitted its 10-K filing for the fiscal year ended December 29, 2024.
The filing reports total revenues of $1.0 billion, a 13.9% increase from the previous year. System-wide sales reached $1.2 billion, reflecting growth from new restaurant openings.
Same-restaurant sales growth was negative 0.5%, with a same-restaurant traffic decline of 4.0%. The company attributes these figures to industry-wide downward sales pressure.
The company opened 50 new system-wide restaurants, including 43 company-owned and 7 franchise-owned locations, bringing the total to 572 restaurants across 29 states.
Net income for the year was $18.9 million, down from $25.4 million in the prior year. This decrease was attributed to higher operating costs and increased interest expenses.
Adjusted EBITDA increased to $113.8 million from $99.5 million, maintaining an Adjusted EBITDA margin of 11.2%.
First Watch Restaurant Group Inc. plans to open 59 to 64 net new system-wide restaurants in 2025 and has entered into agreements to acquire 19 additional restaurants from franchisees.
The company continues to focus on its growth strategy, including the acquisition of franchise-owned restaurants and the expansion of its restaurant network.
First Watch identified material weaknesses in its internal control over financial reporting, which it is actively working to remediate.
The company does not anticipate paying cash dividends on its common stock in the foreseeable future, prioritizing reinvestment into business growth.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the First Watch Restaurant Group Inc. annual 10-K report dated March 11, 2025. To report an error, please email earnings@qz.com.