GEN Restaurant (US:GENK) Globenewswire·2025-03-06 21:05Core Insights - GEN Restaurant Group, Inc. reported total revenue of $208.4 million for 2024, marking a 15% increase year-over-year and exceeding the company's guidance and analysts' expectations [4][7][12] - The company achieved a restaurant-level adjusted EBITDA margin of approximately 18% for 2024, consistent with its outlook [4][7] - Comparable restaurant sales for Q1 2025 have shown a positive growth of 1% through the end of February, a 6% improvement compared to Q4 2024 [1][5] Financial Performance - Total revenue for Q4 2024 was $54.7 million, a 21.2% increase from $45.1 million in Q4 2023 [7][8] - Adjusted EBITDA for Q4 2024 increased by 25% to $2.1 million, representing 3.8% of revenue, while for the full year, adjusted EBITDA was $16.7 million, or 8% of revenue [7][16] - The net income before income taxes for the full year was $4.9 million, equating to $0.13 per diluted share of Class A common stock [15][27] Operational Highlights - The company opened nine new locations since March 2024, including six in 2024 and three in early 2025, with plans to open an additional 10-13 new units throughout 2025 [5][7] - GEN is expanding internationally, with at least two new restaurants planned to open in South Korea in 2025 [5][7] - As of December 31, 2024, the company had $23.7 million in cash and cash equivalents and no material long-term debt, positioning it well for future growth [17][29] Cost Management - Total restaurant operating expenses as a percentage of revenue decreased to 86.6% in Q4 2024 from 87.2% in Q4 2023 [9] - General and administrative expenses increased to $5.6 million in Q4 2024, primarily due to additional personnel for new restaurant development [9][12] - Restaurant pre-opening expenses rose to $2.3 million in Q4 2024 from $1.6 million in Q4 2023, reflecting the higher volume of new store openings [13][14]