GEN Restaurant (GENK) - 2024 Q4 - Annual Results

Revenue Performance - Total revenue for 2024 reached $208.4 million, a 15.1$181.0 million in 2023[5] - Fourth quarter revenue grew 21.2% year-over-year to $54.7 million, compared to$45.1 million in Q4 2023[8] - Revenue for Q4 2024 reached $54.654 million, a 21.1$45.108 million in Q4 2023[29] Comparable Restaurant Sales - Comparable restaurant sales decreased 5.6% for the full year 2024 and 4.8% in Q4 2024[13][8] - Comparable restaurant sales performance declined by 4.8% in Q4 2024, compared to a decrease of 0.2% in Q4 2023[31] Profitability Metrics - Adjusted EBITDA for 2024 was $16.7 million, representing 8.0$18.8 million and 10.4% in 2023[15] - Adjusted EBITDA for Q4 2024 was $2.056 million, representing a margin of 3.8$9.305 million, with a margin of 17.0%, compared to 16.0% in Q4 2023[34] - Net income margin for the year ended December 31, 2024, was 2.2%, down from 6.3% in 2023[31] - Net loss for Q4 2024 was $1.397 million, compared to a loss of$0.193 million in Q4 2023[29] - Adjusted net income for Q4 2024 was $(694) thousand, compared to$536 thousand in Q4 2023[36] Expenses and Financial Position - General and administrative expenses increased to $18.3 million in 2024, up from$12.6 million in 2023[13] - Total restaurant operating expenses for Q4 2024 were $49.581 million, up 21.3$40.878 million in Q4 2023[29] - Cash and cash equivalents as of December 31, 2024, were $23.7 million, with no material long-term debt[16] - Total assets increased to$240.415 million in 2024 from $183.870 million in 2023[31] Expansion Plans - The company opened nine new locations since March 2024, with plans to open 10-13 new units in 2025[5] - The company plans to expand internationally with at least two new locations in South Korea in 2025[5] - The number of restaurants at the end of Q4 2024 was 43, up from 37 in Q4 2023[31] Special Programs - The company initiated a successful gift card program with Costco in 2024[5]