GEN Restaurant (US:GENK)2025-05-13 20:05Financial Performance - Total revenue increased by 13.0% year-over-year to $57.3 million for Q1 2025, compared to $50.8 million in Q1 2024[6] - Net loss before income taxes for Q1 2025 was $2.1 million, equating to $(0.06) per diluted share, compared to a net income of $3.8 million or $0.11 per diluted share in Q1 2024[10] - Adjusted EBITDA for Q1 2025 was $1.2 million, or 2.2% of revenue, significantly down from $6.4 million or 12.5% of revenue in the prior year period[11] - Net loss for the quarter was $1,964 compared to a net income of $3,698 in the same period last year, representing a significant decline[29] - Adjusted EBITDA decreased to $1,249, down 57.8% from $2,964 in the same period last year[29] - Adjusted net income attributable to GEN Restaurant Group, Inc. was $216, down 43.6% from $383 in the same period last year[32] - Adjusted net (loss) income per share of Class A common stock was $0.04, down from $0.09 in the same period last year[32] Operational Highlights - Restaurant-level adjusted EBITDA rose by 6.0% to $9.0 million, up from $8.4 million in the prior year period[6] - Same-store sales decreased by 0.7% in Q1 2025, an improvement from a decline of 5.6% for all of 2024[6] - The company opened six new locations in Q1 2025, bringing the total to 49 locations across eleven states[6] - Comparable restaurant sales performance was (0.7)%, an improvement from (1.8)% in the same period last year[27] - Restaurant-level Adjusted EBITDA increased to $8,959, up 6.2% from $8,433 in the same period last year[30] - The number of restaurants at the end of the period increased to 49, up from 39 in the same period last year[27] Financial Position - Cash and cash equivalents as of March 31, 2025, were $15.4 million, with no material long-term debt and full access to a $20 million line of credit[7] - Cash and cash equivalents decreased to $15,364, down 35.1% from $23,675 in the same period last year[27] - Total assets decreased to $232,363, down 3.9% from $240,415 in the same period last year[27] - Total stockholders' equity decreased to $42,792, down 3.0% from $44,117 in the same period last year[27] Expense Management - Pre-opening expenses increased to $2.6 million in Q1 2025 from $1.9 million in Q1 2024 due to six new restaurant openings[12] - General and administrative expenses for Q1 2025 increased to $6.4 million, or 11.1% of total revenue, reflecting higher personnel costs for new restaurant development[9] Future Outlook - The full-year outlook anticipates total revenue between $245 million and $250 million, with an annual run rate approaching $300 million once new restaurants are operational[7]