Company: FWRG
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001789940-25-000041
Chunk: 17

Company: First Watch Restaurant Group, Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 1
Chunk 17
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651,434 649,045 Accumulated deficit(54,651)(53,822)Accumulated other comprehensive loss(1,104)(441)Total equity596,289 595,389 Total liabilities and equity$1,544,138 $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 ENDED MARCH 30, 2025MARCH 31, 2024Revenues:Restaurant sales$279,591 $239,308 Franchise revenues2,649 3,141 Total revenues282,240 242,449 Operating costs and expenses:Restaurant operating expenses (exclusive of depreciation and amortization shown below):Food and beverage costs66,647 52,184 Labor and other related expenses96,754 79,735 Other restaurant operating expenses44,259 36,792 Occupancy expenses23,149 19,168 Pre-opening expenses2,660 1,567 General and administrative expenses30,219 27,658 Depreciation and amortization16,557 12,271 Impairments and loss on disposal of assets9 119 Transaction expenses, net873 669 Total operating costs and expenses281,127 230,163 Income from operations1,113 12,286 Interest expense(3,334)(2,599)Other income, net684 326 (Loss) income before income taxes(1,537)10,013 Income tax benefit (expense)708 (2,799)Net (loss) income$(829)$7,214 Net (loss) income$(829)$7,214 Other comprehensive (loss) incomeUnrealized (loss) gain on derivatives(883)1,238 Income tax related to other comprehensive (loss) income 220 (309)Comprehensive (loss) income$(1,492)$8,143 Net (loss) income per common share - basic$(0.01)$0.12 Net (loss) income per common share - diluted$(0.01)$0.12 Weighted average number of common shares outstanding -