FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 25, 2023 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from______to______ Commission file number 001-41069 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SWEETGREEN, INC. (Exact name of registrant as specified in its charter) (State or other jurisd ...

Sweetgreen, Inc. (NYSE:SG) Q1 2023 Earnings Conference Call May 4, 2023 5:00 PM ET Company Participants Rebecca Nounou - Head of Investor Relations Jonathan Neman - Co-Founder and Chief Executive Officer Mitch Reback - Chief Financial Officer Conference Call Participants John Ivankoe - JPMorgan Chris Carril - RBC Capital Markets Sharon Zackfia - William Blair Andrew Charles - TD Cowen Katherine Griffin - Bank of America Operator Good afternoon. My name is Emma and I'll be your conference operator today. At ...

Financial Performance - Revenue for the thirteen weeks ended March 26, 2023, was $125,062,000, representing a 22% increase from $102,591,000 for the same period in 2022[26] - Net loss for the same period was $33,657,000, compared to a net loss of $49,652,000 in the prior year, indicating a 32% improvement[26] - Total revenue for the thirteen weeks ended March 26, 2023, was $125.1 million, a 22.8% increase from $102.6 million for the same period in 2022[54] - The net loss for the thirteen weeks ended March 26, 2023, was $33,657,000, a 32% improvement from a net loss of $49,652,000 in the same period of 2022[151] - Adjusted EBITDA improved to $(6,694,000) from $(16,976,000) year-over-year, with an Adjusted EBITDA Margin of (5)% compared to (17)%[122] Revenue Breakdown - Revenue from owned digital channels reached $48.3 million, up 10.6% from $43.9 million in the prior year[54] - In-store channel revenue increased to $49.4 million, a 43.4% rise compared to $34.4 million in the same quarter of 2022[54] - Marketplace channel revenue grew to $27.4 million, reflecting a 13.0% increase from $24.2 million year-over-year[54] - Same-store sales increased by 5%, driven by a 3% benefit from menu price increases and a 2% increase from transactions, despite a $1.8 million negative impact from restaurant closures and remodels[152] Restaurant Operations - The company opened 9 net new restaurants during the thirteen weeks ended March 26, 2023, bringing the total to 195 restaurants across 16 states and Washington, D.C.[31] - The company had 19 facilities under construction as of March 26, 2023, all expected to open during fiscal year 2023[62] - Restaurant operating costs totaled $108,125,000 for the thirteen weeks ended March 26, 2023, up from $89,200,000 in the same period of 2022[26] - Restaurant-Level Profit increased to $16,937,000 with a margin of 14%, compared to $13,391,000 and a margin of 13% in the prior year[122] Cash and Liquidity - Cash and cash equivalents at the end of the period were $296,953,000, down from $436,790,000 at the end of the same period in 2022[30] - As of March 26, 2023, the company had cash and cash equivalents of $296.8 million, down from $331.6 million as of December 25, 2022[50] - The company has access to a $44.1 million revolving loan under its 2020 Credit Agreement, with no draws made as of March 26, 2023[187] Expenses and Costs - General and administrative expenses decreased by 30% to $34,907,000 from $50,199,000, primarily due to a $7.9 million decrease in stock-based compensation[162] - Labor and related expenses increased by 14% to $39,243,000, but as a percentage of total revenue, they decreased to 31% from 33%[155] - Other restaurant operating costs increased by 20% to $20,665,000, primarily due to the new restaurant openings and inflationary pressures[160] - Depreciation and amortization expenses increased by 23% to $13,110,000, attributed to the new restaurant openings[165] Market and Economic Conditions - Current macroeconomic conditions and inflation have negatively impacted revenue growth and consumer demand, leading to increased variability in customer traffic patterns[116] - The company has experienced supply chain disruptions, particularly in packaging, which have adversely affected operating costs and margins[117] Stock and Compensation - The company recognized stock-based compensation expense of $0.8 million for both the thirteen weeks ended March 26, 2023, and March 27, 2022, related to the vested portion of shares from the Spyce acquisition[84] - The total stock-based compensation expense for the thirteen weeks ended March 26, 2023, was $14.3 million, a decrease from $22.2 million in the same period of 2022[92] - Unrecognized compensation expense related to unvested stock-based compensation arrangements was $21.6 million, expected to be recognized over a weighted average period of 2.37 years[88] Future Outlook - The company continues to focus on expanding its market presence and enhancing its product offerings, aligning with its mission-driven approach to healthy food[31] - The company is focused on expanding its footprint in both existing and new U.S. markets, with plans for international growth over time[111] - Revenue growth has shown positive momentum, with preliminary results indicating an encouraging start to the second fiscal quarter[109]

Sweetgreen, Inc. (NYSE:SG) Q4 2022 Earnings Conference Call February 23, 2023 5:00 PM ET Company Participants Rebecca Nounou – Head of Investor Relations Jonathan Neman – Co-Founder and Chief Executive Officer Mitch Reback – Chief Financial Officer Conference Call Participants Brian Bittner – Oppenheimer Chris Carril – RBC Capital Markets Matt Curtis – William Blair Karen Holthouse – Citi Katherine Griffin – Bank of America Andrew Charles – Cowen Brian Harbour – Morgan Stanley John Ivankoe – JPMorgan Jon To ...

Financial Performance - The company reported a Restaurant-Level Profit of $235.3 million and Operating Lease Assets of $256.7 million as of December 25, 2022[486]. - Total revenue for the fiscal year ended December 25, 2022, was $470.1 million, representing a 38.3% increase from $339.9 million in the previous year[491]. - Net loss for the fiscal year was $190.4 million, compared to a net loss of $153.2 million in the previous year, reflecting a 24.3% increase in losses[491]. - The company reported a basic and diluted net loss per share of $1.73, compared to $5.51 in the previous year[491]. - The accumulated deficit grew to $671.6 million from $476.2 million, indicating ongoing financial challenges[490]. - The company reported a net loss of $190,441 thousand for the year ending December 26, 2021, compared to a net loss of $153,175 thousand for the previous year, indicating a worsening financial performance[494]. - For the fiscal year ended December 25, 2022, Sweetgreen reported a net loss of $190,441,000, compared to a net loss of $153,175,000 in the previous year, reflecting an increase in losses of approximately 24.3%[495]. Cash and Liquidity - The company had cash and cash equivalents of $331.6 million as of December 25, 2022, down from $472.0 million in the previous year[474]. - Total current assets decreased to $346.1 million from $506.7 million, primarily due to a reduction in cash and cash equivalents from $472.0 million to $331.6 million[490]. - Cash used in operating activities decreased to $43,169,000 in fiscal year 2022 from $64,529,000 in fiscal year 2021, indicating improved cash flow management[495]. - Total cash and cash equivalents at the end of fiscal year 2022 were $331,739,000, down from $472,299,000 at the end of fiscal year 2021, representing a decrease of approximately 29.7%[496]. Operating Costs and Expenses - Restaurant operating costs totaled $400.8 million, up 33.8% from $299.5 million in the prior year, with food, beverage, and packaging costs increasing by 38.9% to $130.1 million[491]. - General and administrative expenses rose to $187.4 million, a 49.9% increase from $125.0 million in the previous year[491]. - The company has implemented cost-cutting measures to mitigate the impact of inflation and rising wage rates on its Restaurant Level Profit[476]. - The company anticipates significant increases in operating expenses as it grows its business and opens new restaurants[34]. Growth and Expansion - The company opened 36 net new restaurants in fiscal year 2022, bringing the total to 186 restaurants across 16 states and Washington, D.C.[498]. - The company’s future growth is significantly dependent on its ability to open new restaurants and secure appropriate sites for expansion[34]. - The company is focusing on expanding its market presence and enhancing operational efficiencies to improve future performance[491]. Market and Economic Conditions - The company experienced supply chain disruptions for key ingredients, such as romaine, arugula, and tomatoes, leading to higher prices in Q4 of fiscal year 2022[473]. - The company’s revenue growth slowed in the latter half of fiscal year 2022, primarily due to macroeconomic conditions and the ongoing effects of the COVID-19 pandemic[476]. - The company is exposed to commodity price risks, which could adversely affect results if menu prices do not increase at the same rate as ingredient costs[472]. Stock and Equity - The total common stock outstanding increased to 111,132,993 shares by December 25, 2022, up from 109,345,697 shares at the end of 2021, indicating growth in equity financing[494]. - The company raised $384,692 thousand through the issuance of common stock in connection with its initial public offering, net of underwriting discounts and issuance costs[493]. - The Company issued and sold 14,950,000 shares of common stock at a price of $28.00 per share during the IPO, resulting in net proceeds of $384.7 million[617]. - The Company issued 6,669,146 shares of preferred stock, raising $108,858 thousand, net of issuance costs, to support its capital structure[493]. Impairment and Restructuring - The Company recorded non-cash impairment charges of $15.0 million for the fiscal year ended December 25, 2022, with $8.8 million related to property and equipment and $6.2 million related to operating lease assets[545]. - The Company evaluated its long-lived assets for impairment due to changing customer behavior trends and macroeconomic conditions, resulting in the need for impairment reviews[544]. - The Company incurred total pre-tax restructuring and related charges of approximately $14.4 million for fiscal year 2022, including a non-cash restructuring expense of $13.0 million[516]. Tax and Regulatory Matters - The Company has a full valuation allowance of $163.8 million against deferred tax assets as of December 25, 2022, reflecting an increase of $36.9 million year over year[657]. - The Company is subject to limitations under Section 382 of the Internal Revenue Code regarding the utilization of net operating loss carryforwards due to ownership changes[659]. - The Inflation Reduction Act of 2022 introduced a Corporate Alternative Minimum Tax (CAMT) that will affect tax years beginning after December 31, 2022, but is not expected to have a material impact on the Company for fiscal year 2022[663].

Sweetgreen, Inc. (NYSE:SG) Q3 2022 Results Conference Call November 8, 2022 5:00 PM ET Company Participants Rebecca Nounou - Head of Investor Relations Jonathan Neman - Co-Founder and Chief Executive Officer Mitch Reback - Chief Financial Officer Conference Call Participants John Ivankoe - JPMorgan Andrew Charles - Cowen Jared Garber - Goldman Sachs Matt Curtis - William Blair John Glass - Morgan Stanley Brian Bittner - Oppenheimer Jon Tower - Citi Katherine Griffin - Bank of America Chris Carril - RBC Capi ...

Sweetgreen, Inc. (NYSE:SG) Q2 2022 Results Conference Call August 9, 2022 5:00 PM ET Company Participants Rebecca Nounou - Head of Investor Relations Jonathan Neman - Co-Founder and Chief Executive Officer Mitch Reback - Chief Financial Officer Conference Call Participants John Glass - Morgan Stanley John Ivankoe - JPMorgan Sharon Zackfia - William Blair Jared Garber - Goldman Sachs Katherine Griffin - Bank of America Chris Carril - RBC Capital Markets Andrew Charles - Cowen Operator Good afternoon, ladies ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 26, 2022 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from______to______ Commission file number 001-41069 SWEETGREEN, INC. 3102 36th Street Los Angeles, CA 90018 (Address of Principal Executive Office ...

Sweetgreen, Inc. (NYSE:SG) Q1 2022 Earnings Conference Call May 5, 2022 5:00 PM ET Company Participants Rebecca Nounou – Head of Investor Relations Jonathan Neman – Co-Founder and Chief Executive Officer Mitch Reback – Chief Financial Officer Conference Call Participants Sharon Zackfia – William Blair Andrew Charles – Cowen John Ivankoe – JPMorgan John Glass – Morgan Stanley Jared Garber – Goldman Sachs Brian Bittner – Oppenheimer Chris Carril – RBC Capital Markets Teddy Farley – Citi Operator Good afternoo ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) (I.R.S. Employer Identification No.) 3101 W. Exposition Blvd. Los Angeles, CA 90018 x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 27, 2022 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from______to______ Commission file number 001-41069 SWEETGREE ...