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Pinstripes Holdings, Inc. has submitted its 10-Q filing for the quarterly period ended October 13, 2024.
The filing details financial performance, including a total revenue increase to $26,482,000 for the quarter, up from $24,623,000 in the same period the previous year. This growth was attributed to the opening of four new stores.
Cost of food and beverage rose to $4,638,000, representing 17.5% of total revenue, a slight increase from 17.4% in the previous year. Store labor and benefits expenses also increased to $10,308,000, accounting for 38.9% of total revenue.
General and administrative expenses increased significantly to $5,080,000 from $3,774,000, driven by public company readiness initiatives and increased stock-based compensation.
Interest expense for the quarter was $4,898,000, up from $1,908,000, due to increased long-term debt.
The company reported an operating loss of $7,874,000, compared to $7,206,000 in the previous year. The net loss for the quarter was $9,310,000, up from $7,283,000.
Pinstripes continues to face challenges related to its liquidity and ability to meet obligations, highlighting substantial doubt about its ability to continue as a going concern.
The filing also notes ongoing efforts to improve internal controls over financial reporting, addressing previously identified material weaknesses.
Pinstripes is exploring additional financing options and a potential capital raise to address liquidity concerns.
The company has been notified by the NYSE of non-compliance with listing standards, specifically regarding market capitalization and stock price thresholds.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Pinstripes Holdings Inc. Class A quarterly 10-Q report dated November 26, 2024. To report an error, please email earnings@qz.com.