Sweetgreen(SG) - 2024 Q4 - Annual Results

Financial Performance - Total revenue for Q4 2024 was $160.9 million, a 5% increase from $153.0 million in Q4 2023[3] - For fiscal year 2024, total revenue reached $676.8 million, a 16% increase from $584.0 million in fiscal year 2023[3] - Revenue for the fiscal year ended December 29, 2024, was $676.8 million, a 15.9% increase from $584.0 million in the previous year[32] - Adjusted EBITDA for Q4 2024 was $(0.6) million, an improvement from $(1.8) million in the prior year[3] - Adjusted EBITDA for the fiscal year 2024 was $18,708,000, a significant improvement from a loss of $2,795,000 in fiscal year 2023[45] - Net loss for Q4 2024 was $(29.0) million, consistent with a net loss margin of (18)%[3] - Net loss for the fiscal year ended December 29, 2024, was $90.4 million, compared to a net loss of $113.4 million in the previous year, representing a 20.3% improvement[32] - Net loss for the fiscal year ended December 29, 2024, was $90,373,000, an improvement from a net loss of $113,384,000 in the previous year, representing a 20.2% reduction[35] Restaurant Operations - Same-Store Sales Change was 4%, compared to 6% in the prior year period[3] - Restaurant-Level Profit was $28.0 million with a margin of 17%, up from $24.8 million and 16% in the prior year[3] - Restaurant operating costs as a percentage of revenue decreased from 83% in the previous year to 80% in the current year[32] - Restaurant-Level Profit for the fiscal year 2024 was $132,949,000, compared to $101,920,000 in fiscal year 2023, reflecting a 30.5% increase[42] - Average Unit Volume (AUV) for the fiscal year 2024 was $2,924, unchanged from the previous year, while Same-Store Sales increased by 6%[37] Future Outlook - The company plans to open at least 40 new restaurants in fiscal year 2025, including 20 featuring the Infinite Kitchen[9] - Revenue guidance for fiscal year 2025 is projected between $760 million and $780 million[9] - Restaurant-Level Profit Margin for Q1 2025 is expected to be between 19.8% and 20.5%[9] - Adjusted EBITDA for Q1 2025 is anticipated to be between $32 million and $38 million[9] Assets and Liabilities - Total current assets decreased to $234.5 million from $276.1 million year-over-year[27] - Total liabilities increased to $410.6 million from $374.0 million year-over-year[27] - Cash and cash equivalents decreased to $214.8 million from $257.2 million year-over-year[27] - Cash and cash equivalents at the end of the fiscal year 2024 were $217,429,000, a decrease from $257,355,000 at the end of fiscal year 2023[35] Expenses - General and administrative expenses for the fiscal year were $149.9 million, representing 22% of total revenue, compared to 25% in the previous year[32] - The company incurred $1,830,000 in impairment and closure costs during the fiscal quarter ended December 29, 2024[42] Digital Revenue - Total Digital Revenue Percentage for the fiscal year 2024 was 56%, a decrease from 59% in fiscal year 2023[37] Share Information - The weighted average shares used in computing net loss per share increased to 114.3 million from 111.9 million year-over-year[32]