Company: FWRG
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001789940-25-000072
Chunk: 13

Company: First Watch Restaurant Group, Inc.
Filing Date: 2025-08-05
Form: 10-Q
Item: Part I, Item 1
Chunk 13
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-in capital654,446 649,045 Accumulated deficit(52,545)(53,822)Accumulated other comprehensive loss(1,198)(441)Total equity601,313 595,389 Total liabilities and equity$1,675,993 $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

(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)

(Unaudited)

 THIRTEEN WEEKS ENDEDTWENTY-SIX WEEKS ENDED JUNE 29, 2025JUNE 30, 2024JUNE 29, 2025JUNE 30, 2024Revenues:Restaurant sales$304,983 $255,457 $584,574 $494,765 Franchise revenues2,904 3,104 5,553 6,245 Total revenues307,887 258,561 590,127 501,010 Operating costs and expenses:Restaurant operating expenses (exclusive of depreciation and amortization shown below):Food and beverage costs71,978 55,803 138,625 107,987 Labor and other related expenses101,310 83,841 198,064 163,576 Other restaurant operating expenses46,603 37,549 90,862 74,341 Occupancy expenses24,809 20,490 47,958 39,658 Pre-opening expenses3,507 1,828 6,167 3,395 General and administrative expenses33,185 27,189 63,404 54,847 Depreciation and amortization18,136 14,536 34,693 26,807 Impairments and loss on disposal of assets127 153 136 272 Transaction expenses, net919 725 1,792 1,394 Total operating costs and expenses300,574 242,114 581,701 472,277 Income from operations7,313 16,447 8,426 28,733 Interest expense(4,003)(3,381)(7,337)(5,980)Other income, net266 713 950 1,039 Income before income taxes