Company: FWRG
Filing Date: 2025-11-06
Form Type: 424B3
Source: 0001628280-25-050306
Chunk: 7

Company: First Watch Restaurant Group, Inc.
Filing Date: 2025-11-06
Form: 424B3
Chunk 7
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 Russia and Ukraine war;

• war and unrest in the Middle East and the related impact on macroeconomic conditions, including inflation, as a result of such conflicts or other related events;

• our vulnerability to changes in economic conditions and consumer preferences;

• our inability to successfully open new restaurants or establish new markets;

• our inability to effectively manage our growth;

• potential negative impacts on sales at our and our franchisees’ restaurants as a result of our opening new restaurants;

• a decline in visitors to any of the retail centers, lifestyle centers, or entertainment centers where our restaurants are located;

• lower than expected same-restaurant sales growth;

• unsuccessful marketing programs and limited time new offerings;

• changes in the cost of food; unprofitability or closure of new restaurants or lower than previously experienced performance in existing restaurants;

• our inability to compete effectively for customers;

• unsuccessful financial performance of our franchisees;

• our limited control over our franchisees’ operations;

• our inability to maintain good relationships with our franchisees;

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• conflicts of interest with our franchisees;

• the geographic concentration of our system-wide restaurant base in the southeast portion of the United States;

• damage to our reputation and negative publicity;

• our inability or failure to recognize, respond to and effectively manage the accelerated impact of social media;

• our limited number of suppliers and distributors for several of our frequently used ingredients and shortages or disruptions in the supply or delivery of such ingredients;

• information technology system failures or breaches of our network security;

• our failure to comply with federal and state laws and regulations relating to privacy, data protection, advertising and consumer protection, or the expansion of current or the enactment of new laws or regulations relating to privacy, data protection, advertising and consumer protection;

• our potential liability with our gift cards under the property laws of some states;

• our failure to enforce and maintain our trademarks and protect our other intellectual property;

• litigation with respect to intellectual property assets; our dependence on our executive officers and certain other key employees;

• our inability to identify, hire, train and retain qualified individuals for our workforce;

• our failure to obtain or to properly verify the employment eligibility of our employees;

• our failure to maintain our corporate culture as we grow;

• unionization activities among our employees;

• employment and labor law proceedings;

• labor shortages or increased labor costs or health care costs;

• risks associated with leasing property subject to long-term and non-cancelable leases;

• risks related to our sale of alcoholic beverages;