Core Viewpoint - The market has negatively reacted to fast-casual restaurants experiencing slower growth [1] Group 1 - Fast-casual restaurants are facing challenges due to a slowdown in growth [1]

Core Insights - First Watch opened a record-setting 64 new restaurants in 2025, contributing to a 3.1% same-store sales growth in Q4, and is progressing towards its long-term goal of opening 2,200 restaurants [1] - The company is transitioning from an emerging brand to a more established presence, having entered five new markets in 2025, including New England and Las Vegas, with plans for further expansion in 2026-2027 [2] Menu and Offerings - First Watch introduced a new core menu and elevated seasonal offerings, marking the first major menu overhaul in a decade, which includes new protein options and popular items returning to the menu [3][4] - The menu revamp aims to improve navigation, eliminate slow-moving items, and reduce complexity for back-of-house operations, reflecting a comprehensive initiative that was tested for over a year [4] Delivery and Market Strategy - The company is enhancing its focus on delivery channels, strengthening third-party delivery partnerships to improve profitability and meet customer needs [4][5] - First Watch's strategy includes deepening its presence in newly entered markets and shifting from market entry to market densification, positioning itself for sustained growth [2]