Revenue Performance - Total revenue decreased by $1.3 million, or 1.6%, to $82.3 million compared to $83.7 million in the same period of 2024[6]. - Company-owned restaurant sales for the thirteen weeks ended September 28, 2025, were $74,358,000, a decrease from $75,599,000 in the same period of 2024[27]. Profitability and Loss - Net loss increased to $24.5 million compared to $16.2 million in the same period of the prior year[10]. - The income from operations for the thirteen weeks ended September 28, 2025, was a loss of $13,365,000, compared to a loss of $3,590,000 in the same period of 2024[27]. - Adjusted EBITDA increased to $3.0 million compared to $2.3 million in the prior year[10]. - Adjusted EBITDA for the thirty-nine weeks ended September 28, 2025, was $13,206,000, down from $16,560,000 in the prior year[26]. Cost Management - General and administrative expenses rose by $12.3 million, or 172.1%, to $19.5 million, primarily due to store closure costs and non-cash impairments[9]. - General and administrative expenses increased to $46,033,000 for the thirty-nine weeks ended September 28, 2025, from $21,160,000 in the prior year[27]. - Labor and benefits costs decreased by $0.9 million, or 3.5%, to $23.9 million, as a percentage of restaurant sales, it was 32.1% in 2025 compared to 32.8% in 2024[8]. - Food and beverage costs decreased by $0.5 million, or 2.3%, to $20.3 million, representing 27.4% of restaurant sales in 2025[7]. Restaurant Performance - Restaurant contribution margin improved to 9.6%, with Twin Peaks at 17.0% and Smokey Bones at (0.3%) compared to 8.7% in the prior year[10]. - The restaurant-level contribution margin for the thirty-nine weeks ended September 28, 2025, was 10.8%, compared to 11.8% for the same period in 2024[27]. - The restaurant-level contribution for the thirty-nine weeks ended September 28, 2025, was $25,071,000, compared to $28,684,000 in the same period of 2024[27]. - Twin Peaks same-store sales declined by 4.1%[10]. Strategic Initiatives - The company closed 11 underperforming Smokey Bones locations and is targeting improved profitability for the brand starting early 2026[4]. - The company plans to expand its pipeline for 2026 with both franchised and company-owned opportunities[4]. Other Expenses - The company incurred store closure expenses of $8,285,000 for the thirty-nine weeks ended September 28, 2025[26]. - The company reported a depreciation and amortization expense of $13,758,000 for the thirty-nine weeks ended September 28, 2025, down from $17,500,000 in the previous year[26]. - The litigation cost for the thirteen weeks ended September 28, 2025, was $850,000, consistent with the prior year[26].
Twin Hospitality Group Inc-A(TWNP) - 2025 Q3 - Quarterly Results