Company: FWRG
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001789940-25-000086
Chunk: 14

Company: First Watch Restaurant Group, Inc.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 14
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-in capital657,387 649,045 Accumulated deficit(49,554)(53,822)Accumulated other comprehensive loss(1,132)(441)Total equity607,311 595,389 Total liabilities and equity$1,720,229 $1,514,356 

The accompanying notes are an integral part of these consolidated financial statements.

4

Table of Contents

 FIRST WATCH RESTAURANT GROUP, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)

(Unaudited)

 THIRTEEN WEEKS ENDEDTHIRTY-NINE WEEKS ENDED SEPTEMBER 28, 2025SEPTEMBER 29, 2024SEPTEMBER 28, 2025SEPTEMBER 29, 2024Revenues:Restaurant sales$313,636 $248,965 $898,210 $743,730 Franchise revenues2,386 2,644 7,939 8,889 Total revenues316,022 251,609 906,149 752,619 Operating costs and expenses:Restaurant operating expenses (exclusive of depreciation and amortization shown below):Food and beverage costs69,730 55,865 208,355 163,852 Labor and other related expenses102,387 83,756 300,451 247,332 Other restaurant operating expenses50,140 38,891 141,002 113,232 Occupancy expenses25,891 21,075 73,849 60,733 Pre-opening expenses3,813 2,387 9,980 5,782 General and administrative expenses33,746 27,680 97,150 82,527 Depreciation and amortization19,662 15,153 54,355 41,960 Impairments and loss on disposal of assets175 114 311 386 Transaction expenses, net428 375 2,220 1,769 Total operating costs and expenses305,972 245,296 887,673 717,573 Income from operations10,050 6,313 18,476 35,046 Interest expense(4,567)(3,441)(11,904)(9,421)Other income, net191 624 1,141 1