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GEN Restaurant Group Inc. (GENK-0.60%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total revenue of $208.4 million, a 15.1% increase from $181.0 million in the previous year. This growth is attributed to the opening of six new restaurants, bringing the total to 43 locations.
Food costs increased by 17.8% to $68.7 million, representing 33.0% of revenue compared to 32.2% in the prior year. Payroll and benefits rose by 13.1% to $64.3 million, accounting for 30.9% of revenue, down from 31.4% in 2023.
Occupancy expenses were $17.5 million, a 19.6% increase, reflecting the expanded restaurant footprint. Operating expenses also rose by 19.4% to $21.5 million.
Net income for the year was $4.5 million, down from $11.4 million in 2023, primarily due to increased costs and expenses. Net income attributable to GEN Restaurant Group Inc. was $592,000, compared to $8.4 million in the prior year.
The company reported a gain of $3.4 million from the remeasurement of its previously held interest in GKBH, which it acquired fully in 2024.
GEN Restaurant Group plans further expansion, with three new restaurants opened in January 2025 and additional locations expected throughout the year.
The company continues to focus on its growth strategy, targeting an average payback period of less than three years for new restaurants.
GEN Restaurant Group's cash and cash equivalents were $23.7 million as of December 31, 2024, with a working capital deficit of $7.2 million.
The company identified no material weaknesses in its internal controls as of December 31, 2024, having remediated previous issues identified in 2023.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the GEN Restaurant Group Inc. annual 10-K report dated March 10, 2025. To report an error, please email earnings@qz.com.