First Watch Restaurant Group, Inc. Reports 2024 Financial Results and Provides Outlook for 2025

Core Insights - First Watch Restaurant Group achieved significant financial milestones in 2024, surpassing $1 billion in total revenues and$100 million in adjusted EBITDA for the first time [2][7] Q4 2024 Highlights - Total revenues increased by 7.6% to $263.3 million in Q4 2024 from$244.6 million in Q4 2023 [8] - System-wide sales rose by 2.6% to $304.1 million in Q4 2024 from$296.5 million in Q4 2023 [8] - Same-restaurant sales growth was negative 0.3%, with same-restaurant traffic growth at negative 3.0% [8] - Income from operations decreased to $3.9 million in Q4 2024 from$6.9 million in Q4 2023, with an income from operations margin of 1.5% [8] - Net income for Q4 2024 was $0.7 million compared to$2.6 million in Q4 2023 [8] Fiscal Year 2024 Highlights - Total revenues for the fiscal year 2024 increased by 13.9% to $1.0 billion from$891.6 million in 2023 [8] - System-wide sales increased to $1.2 billion from$1.1 billion in 2023 [8] - Same-restaurant sales growth was negative 0.5%, with same-restaurant traffic growth at negative 4.0% [8] - Net income decreased to $18.9 million from$25.4 million in 2023 [8] - Adjusted EBITDA increased to $113.8 million from$99.5 million in 2023 [8] Outlook for Fiscal Year 2025 - The company projects total revenues of $1.0 billion, representing a 13.9$1.2 billion, up 7.4% [7] - Expected net income is $18.9 million with adjusted EBITDA of$113.8 million [7] - Plans to open 50 system-wide restaurants across 19 states [7] Operational Metrics - Restaurant level operating profit increased to $201.8 million in 2024 from$175.7 million in 2023, with a restaurant level operating profit margin of 20.1% [8] - The company opened 50 system-wide restaurants in 2024, resulting in a total of 572 restaurants across 29 states [8]