First Watch Restaurant Group, Inc. Reports Q2 2025 Financial Results and Reaches 600th System-Wide Restaurant Milestone

Core Insights - First Watch Restaurant Group, Inc. reported a total revenue increase of 19.1% to $307.9 million for Q2 2025 compared to $258.6 million in the same period of 2024 [6] - The company opened 17 new system-wide restaurants across 8 states, bringing the total to 600 restaurants [6][3] - Adjusted EBITDA for Q2 2025 was $30.4 million, a decrease from $35.3 million in Q2 2024 [6][3] Financial Performance - Net income for Q2 2025 was $2.1 million, or $0.03 per diluted share, down from $8.9 million, or $0.14 per diluted share in Q2 2024 [6][3] - System-wide sales increased by 15.8% to $346.2 million compared to $299.0 million in the same period of 2024 [6] - Same-restaurant sales growth was reported at 3.5%, with same-restaurant traffic growth at 2.0% [6] Operational Highlights - The company anticipates stronger profitability in the second half of 2025 and has raised its annual outlook for adjusted EBITDA [3] - The income from operations margin decreased to 2.4% from 6.4% in the same period of 2024 [6] - Restaurant level operating profit margin decreased to 18.6% from 21.9% in the same period of 2024 [6] Future Outlook - The company has updated its guidance for the fiscal year 2025, projecting adjusted EBITDA in the range of $119.0 million to $123.0 million [7] - Total revenue growth is expected to be approximately 20.0%, with plans to open 59 to 64 new system-wide restaurants [7]