The forward-looking statements included in this presentation are made only as of the date hereof. Any forward-looking statement made by us in this presentation speaks only as of the date of this presentation and are expressly qualified in their entirety by the cautionary statements included in this presentation. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. Non-GAAP Financial Measures accordance with accoun ...

Financial Data and Key Metrics Changes - Revenue for Q2 2025 grew by 20.3% year-over-year to $278.2 million, and increased by 62.6% compared to Q2 2023 [8][26] - Same restaurant sales increased by 2.1%, primarily driven by menu price and product mix, with guest traffic approximately flat [26] - Adjusted EBITDA for Q2 was $42.1 million, a 22.6% increase compared to 2024 [32] - Net income for Q2 was $18.4 million, compared to $16.8 million in 2024, with diluted EPS of $0.16 [33] Business Line Data and Key Metrics Changes - The company opened 16 net new restaurants, bringing the total to 398 locations across 27 states and the District of Columbia [10][26] - Restaurant level profit margin was 26.3% of revenue, slightly down from 26.5% in 2024, but reflecting a 19.6% increase in dollar terms [28] Market Data and Key Metrics Changes - The Mediterranean category continues to show strength, with a three-year traffic growth of 19.7% and growing market share [35] - The company is experiencing strong demand in new markets, including Pittsburgh and Michigan, with positive guest reception [10] Company Strategy and Development Direction - The company aims to expand to at least 1,000 restaurants by 2032, focusing on the Mediterranean cuisine category [11][35] - The "Project Soul" initiative is designed to enhance the guest experience through inviting restaurant designs [11] - The culinary innovation pipeline includes new offerings like chicken shawarma and cinnamon sugar pita chips, aimed at enhancing menu variety [12][13] Management's Comments on Operating Environment and Future Outlook - Management acknowledges macroeconomic pressures but remains confident in the long-term trajectory and structural strength of the business [27][35] - There is optimism regarding the reacceleration of same restaurant sales as the company moves into Q3 [42][44] Other Important Information - The company has zero debt and $385.8 million in investments, with access to a $75 million undrawn revolver [34] - The effective tax rate for Q2 was 22.5%, with expectations for the full year to be between 12-15% [33] Q&A Session Summary Question: Could you elaborate on the same store sales side? - Management noted that macro pressures are present but the honeymoon effect from new restaurant classes has significantly influenced sales, with strong performance from the 2024 class [38][40] Question: Can you help level set where you're trending in the third quarter? - Management indicated that there has been an acceleration in same restaurant sales trends as they move into Q3 [44] Question: Has the company evaluated its marketing media mix? - Management confirmed that there is an opportunity to reallocate marketing spend, especially as they have not historically spent a high percentage of revenue on marketing [46] Question: Does the honeymoon period mean first year comps are negative or flat? - Management clarified that while some locations are experiencing negative comps, overall demand for the brand remains strong [50][54] Question: What do you attribute to the July improvement? - The improvement is attributed to the lapping of the steak launch and enhanced guest experience initiatives [67] Question: Can you talk about the assistant manager edition? - Management explained that the assistant manager role is aimed at providing additional support in high-volume restaurants and building a leadership pipeline [71][74] Question: Can you talk about the technology investments mentioned? - Management highlighted that technology investments like the kitchen display system and AI camera are aimed at improving operational efficiency and guest experience [90][91]

Financial Data and Key Metrics Changes - Revenue for Q2 2025 increased by 20.3% year over year to $278.2 million, and by 62.6% compared to 2023 [5][24] - Same restaurant sales grew by 2.1%, primarily driven by menu price and product mix, with guest traffic remaining approximately flat [24] - Adjusted EBITDA for the quarter was $42.1 million, reflecting a 22.6% increase compared to 2024 [29] - Net income for the quarter was $18.4 million, compared to $16.8 million in 2024, with diluted EPS at $0.16 [30] Business Line Data and Key Metrics Changes - The company opened 16 net new restaurants, bringing the total to 398 locations across 27 states and the District of Columbia [5][24] - Restaurant level profit margin was 26.3%, slightly down from 26.5% in 2024, but reflecting a 19.6% increase in dollar terms [26] - New restaurant productivity was approximately 109%, exceeding the target of $2.3 million in average unit volumes [26] Market Data and Key Metrics Changes - The Mediterranean cuisine category continues to show strength, with a three-year traffic growth of 19.7% and increasing market share [32] - The company is expanding into new markets, including Pittsburgh and Michigan, with positive reception from customers [8][9] Company Strategy and Development Direction - The company aims to reach at least 1,000 restaurants by February 2032, focusing on expanding its Mediterranean concept [9][32] - The "Project Soul" initiative is designed to enhance the guest experience through inviting restaurant designs [9] - The company is committed to culinary innovation, with new menu items like chicken shawarma and cinnamon sugar pita chips being tested and rolled out [10][11] Management's Comments on Operating Environment and Future Outlook - Management acknowledged macroeconomic pressures but expressed confidence in the long-term trajectory and structural strength of the business [5][32] - The company is seeing a reacceleration in same restaurant sales as it moves into Q3, driven by strong demand for Mediterranean cuisine [25][32] - Management emphasized the importance of maintaining operational excellence and enhancing guest experiences as the company scales [15][18] Other Important Information - The company has zero debt and $385.8 million in investments, with access to a $75 million undrawn revolver [31] - The effective tax rate for Q2 was 22.5%, with expectations for the full year to be between 12-15% [30] Q&A Session Summary Question: Could you elaborate on the same store sales side? - Management noted that macro pressures are present but emphasized the strong performance of the 2024 restaurant class, which exceeded expectations [35][38] Question: Can you help level set where you're trending in the third quarter? - Management indicated that the trend is continuing to improve, with acceleration in same restaurant sales [42] Question: Has the company evaluated its marketing media mix? - Management acknowledged the opportunity to increase marketing spend as awareness grows in new markets, while maintaining a long-term strategic focus [44][46] Question: Does the honeymoon period mean first year comps are negative? - Management confirmed that while some restaurants in the 2024 class are delivering strong results, they are impacting same restaurant sales due to the honeymoon effect [48][53] Question: What do you attribute to the July improvement? - Management attributed the improvement to the end of the steak launch lap and enhancements in guest experience [67][69] Question: Can you talk about the assistant manager edition? - Management explained that the rollout will begin in November, aimed at strengthening leadership and operational support in high-volume restaurants [72][75] Question: Can you talk about the 2Q mix? - Management stated that there were no significant changes in mix, and chicken shawarma will be priced at a premium compared to other chicken items [78][79] Question: What marketing opportunities could open now that you've crossed $1 billion in sales? - Management indicated that achieving this milestone allows for more effective marketing strategies and leveraging investments across scaled markets [82][85]