Driven Brands (US:DRVN) Yahoo Finance·2026-02-25 16:17Core Viewpoint - Driven Brands has announced material errors in its previously issued consolidated financial statements for the fiscal years ended December 28, 2024, and December 30, 2023, leading to a significant drop in its stock price by 35% [1][4]. Financial Reporting Issues - The company identified errors related to the completeness and accuracy of lease recordings, misclassification of supply and other expenses, and unreconciled cash account differences [1][4]. - Driven Brands stated that its financial statements for the past two years "should not be relied upon" and will need to be restated [4]. Impact on Financial Performance - Driven Brands has not reported a profit in three years and carries approximately $2.6 billion in net debt [6]. - Analysts had anticipated that 2025 would be a turnaround year for profitability, but this outlook is now uncertain due to the recent developments [6][7]. Future Reporting and Compliance - The company plans to file a Form 12b-25 with the SEC to request a 15-day extension for filing its Annual Report for fiscal 2025 [4]. - There is uncertainty regarding whether Driven Brands will meet this extended deadline [5].