# EDGAR Filing Document

**Accession Number:** 0001840572
**File Stem:** 0001628280-26-030914
**Filing Date:** 2026-5
**Character Count:** 221869
**Document Hash:** d0ffda202b1faa0270d1f0cd82cd9a5c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-26-030914.hdr.sgml**: 20260506

**ACCESSION NUMBER**: 0001628280-26-030914

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 95

**CONFORMED PERIOD OF REPORT**: 20260329

**FILED AS OF DATE**: 20260506

**DATE AS OF CHANGE**: 20260506

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Lucky Strike Entertainment Corp
- **CENTRAL INDEX KEY:** 0001840572
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-AMUSEMENT & RECREATION SERVICES [7900]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 981632024
- **STATE OF INCORPORATION:** VA
- **FISCAL YEAR END:** 0629

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40142
- **FILM NUMBER:** 26945844

**BUSINESS ADDRESS:**
- **STREET 1:** 7313 BELL CREEK ROAD
- **CITY:** MECHANICSVILLE
- **STATE:** VA
- **ZIP:** 23111
- **BUSINESS PHONE:** 800-417-2000

**MAIL ADDRESS:**
- **STREET 1:** 7313 BELL CREEK ROAD
- **CITY:** MECHANICSVILLE
- **STATE:** VA
- **ZIP:** 23111

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Bowlero Corp.
- **DATE OF NAME CHANGE:** 20211215

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Isos Acquisition Corp.
- **DATE OF NAME CHANGE:** 20210114

?xml version='1.0' encoding='ASCII'? bowl-20260329

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**___________________________________**

**FORM 10-Q**

**___________________________________**

☒ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the quarterly period ended March 29, 2026**

**OR**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**Commission file number** 001-40142

![Lucky Strike.jpg](bowl-20260329_g1.jpg)

**___________________________________**

**LUCKY STRIKE ENTERTAINMENT CORPORATION**

**(Exact name of registrant as specified in its charter)**

**___________________________________**

---

| | |
|:---|:---|
| **Delaware** | **98-1632024** |
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
| **7313 Bell Creek Road** | |
| **Mechanicsville, Virginia** | **23111** |
| (Address of Principal Executive Offices) | (Zip Code) |

---

**(804) 417-2000**

Registrant's telephone number, including area code

**Securities registered pursuant to Section 12(b) of the Act:** 

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Class A common stock, <br>par value $0.0001 per share | LUCK | The New York Stock Exchange |

---

**Securities registered pursuant to section 12(g) of the Act: None**

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act. (Check one):

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☒ |
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
| | | Emerging growth company | ☒ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

The registrant had outstanding 78,102,751 shares of Class A common stock, 58,519,437 shares of Class B common stock, and 117,087 shares of Series A preferred stock as of April 30, 2026.

------

<u>[**Table of Contents**](#i90db998c0c1844b89dab6d565a590f22_7)</u>

<u>[Index to Notes](#i90db998c0c1844b89dab6d565a590f22_28)</u>

**Table of Contents**

---

| | | |
|:---|:---|:---|
| | | Page |
| **Part I - Financial Information** | **Part I - Financial Information** | |
| **Item 1.** | **<u>[Financial Statements](#i90db998c0c1844b89dab6d565a590f22_10)</u>** | [i](#i90db998c0c1844b89dab6d565a590f22_10) |
| | **<u>[Condensed Consolidated Balance Sheets (unaudited)](#i90db998c0c1844b89dab6d565a590f22_13)</u>** | [1](#i90db998c0c1844b89dab6d565a590f22_13) |
| | **<u>[Condensed Consolidated Statements of Operations (unaudited)](#i90db998c0c1844b89dab6d565a590f22_16)</u>** | [3](#i90db998c0c1844b89dab6d565a590f22_16) |
| | **<u>[Condensed Consolidated Statements of Comprehensive (Loss) Income (unaudited)](#i90db998c0c1844b89dab6d565a590f22_19)</u>** | [4](#i90db998c0c1844b89dab6d565a590f22_19) |
| | **<u>[Condensed Consolidated Statements of Changes in Temporary Equity and Stockholders' (Deficit) Equity (unaudited)](#i90db998c0c1844b89dab6d565a590f22_22)</u>** | [5](#i90db998c0c1844b89dab6d565a590f22_22) |
| | **<u>[Condensed Consolidated Statements of Cash Flows (unaudited)](#i90db998c0c1844b89dab6d565a590f22_25)</u>** | [7](#i90db998c0c1844b89dab6d565a590f22_25) |
| | **<u>[Index for Notes to Condensed Consolidated Financial Statements (unaudited)](#i90db998c0c1844b89dab6d565a590f22_28)</u>** | [9](#i90db998c0c1844b89dab6d565a590f22_28) |
| | **<u>[Notes to Condensed Consolidated Financial Statements (unaudited)](#i90db998c0c1844b89dab6d565a590f22_34)</u>** | [10](#i90db998c0c1844b89dab6d565a590f22_34) |
| **Item 2.** | **<u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#i90db998c0c1844b89dab6d565a590f22_88)</u>** | [27](#i90db998c0c1844b89dab6d565a590f22_88) |
| **Item 3.** | **<u>[Quantitative and Qualitative Disclosures about Market Risk](#i90db998c0c1844b89dab6d565a590f22_124)</u>** | [38](#i90db998c0c1844b89dab6d565a590f22_124) |
| **Item 4.** | **<u>[Controls and Procedures](#i90db998c0c1844b89dab6d565a590f22_127)</u>** | [38](#i90db998c0c1844b89dab6d565a590f22_127) |
| **Part II - Other Information** | **Part II - Other Information** | |
| **Item 1.** | **<u>[Legal Proceedings](#i90db998c0c1844b89dab6d565a590f22_133)</u>** | [39](#i90db998c0c1844b89dab6d565a590f22_133) |
| **Item 1A.** | **<u>[Risk Factors](#i90db998c0c1844b89dab6d565a590f22_136)</u>**  | [39](#i90db998c0c1844b89dab6d565a590f22_136) |
| **Item 2.** | **<u>[Unregistered Sales of Equity Securities and Use of Proceeds](#i90db998c0c1844b89dab6d565a590f22_139)</u>** | [39](#i90db998c0c1844b89dab6d565a590f22_139) |
| **Item 6.** | **<u>[Exhibits and Financial Statement Schedules](#i90db998c0c1844b89dab6d565a590f22_148)</u>** | [39](#i90db998c0c1844b89dab6d565a590f22_148) |
| **<u>[Signatures](#i90db998c0c1844b89dab6d565a590f22_151)</u>** | | [40](#i90db998c0c1844b89dab6d565a590f22_151) |

---

i

------

<u>[**Table of Contents**](#i90db998c0c1844b89dab6d565a590f22_7)</u>

<u>[Index to Notes](#i90db998c0c1844b89dab6d565a590f22_28)</u>

**Lucky Strike Entertainment Corporation**

**Condensed Consolidated Balance Sheets**

**(Amounts in thousands)**

**(Unaudited)**

**Item 1. Condensed Consolidated Financial Statements**

---

| | | |
|:---|:---|:---|
| | **March 29,<br>2026** | **June 29,<br>2025** |
| **Assets** | | |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $58654 | $59686 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts and notes receivable, net | 7330 | 7998 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories, net | 15094 | 15500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 38283 | 29366 |
| &nbsp;&nbsp;&nbsp;&nbsp;Assets held-for-sale | 756 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 120117 | 112550 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property and equipment, net | 1253383 | 944917 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease right of use assets | 553294 | 588594 |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance lease right of use assets, net | 302322 | 507701 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intangible assets, net | 53003 | 45562 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 886568 | 844351 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax asset | 49490 | 67919 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 48036 | 48145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $3266213 | $3159739 |
| **Liabilities, Temporary Equity and Stockholders' Deficit** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | $183623 | $145188 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current maturities of long-term debt | 9573 | 10162 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current obligations of operating lease liabilities | 35391 | 33103 |
| &nbsp;&nbsp;&nbsp;&nbsp;Earnout liability | 5009 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | 6414 | 5932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 240010 | 194385 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term debt, net | 1739134 | 1300708 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term obligations of operating lease liabilities | 570152 | 606692 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term obligations of finance lease liabilities | 427992 | 683161 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term financing obligations | 455590 | 449215 |
| &nbsp;&nbsp;&nbsp;&nbsp;Earnout liability |  | 36183 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other long-term liabilities | 56838 | 56307 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax liabilities | 4843 | 4434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 3494559 | 3331085 |
| **Commitments and Contingencies (Note 9)** |  |  |

---

------

<u>[**Table of Contents**](#i90db998c0c1844b89dab6d565a590f22_7)</u>

<u>[Index to Notes](#i90db998c0c1844b89dab6d565a590f22_28)</u>

---

| | | |
|:---|:---|:---|
| | **March 29,<br>2026** | **June 29,<br>2025** |
| **Temporary Equity** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A preferred stock | $134424 | $127325 |
| **Stockholders' Deficit** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A common stock | 12 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class B common stock | 6 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 449601 | 472889 |
| &nbsp;&nbsp;&nbsp;&nbsp;Treasury stock, at cost | (490318) | (457917) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (322784) | (313181) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income (loss) | 713 | (480) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' deficit | (362770) | (298671) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities, temporary equity and stockholders' deficit | $3266213 | $3159739 |

---

*See accompanying notes to unaudited condensed consolidated financial statements.*

------

<u>[**Table of Contents**](#i90db998c0c1844b89dab6d565a590f22_7)</u>

<u>[Index to Notes](#i90db998c0c1844b89dab6d565a590f22_28)</u>

**Lucky Strike Entertainment Corporation**

**Condensed Consolidated Statements of Operations**

**(Amounts in thousands, except share and per share amounts)**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| | **March 29,<br>2026** | **March 30,<br>2025** | **March 29,<br>2026** | **March 30,<br>2025** |
| **Revenues** | | | | |
| &nbsp;&nbsp;Bowling | $164590 | $159756 | $432727 | $420926 |
| &nbsp;&nbsp;Food & beverage | 118697 | 120452 | 327223 | 319393 |
| &nbsp;&nbsp;Amusement & other | 58944 | 59674 | 181420 | 159832 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 342231 | 339882 | 941370 | 900151 |
| **Costs and expenses** |  |  |  |  |
| &nbsp;&nbsp;Location operating costs, excluding depreciation and amortization | 99724 | 92568 | 297217 | 261490 |
| &nbsp;&nbsp;Location payroll and benefit costs | 80795 | 75617 | 233921 | 213929 |
| &nbsp;&nbsp;Location food and beverage costs | 26826 | 27627 | 72716 | 71382 |
| &nbsp;&nbsp;Selling, general and administrative expenses, excluding depreciation and amortization | 35566 | 41242 | 109983 | 110437 |
| &nbsp;&nbsp;Depreciation and amortization | 32145 | 40325 | 95762 | 116426 |
| &nbsp;&nbsp;Loss on impairment and disposal of fixed assets, net | 1507 | 648 | 5220 | 4695 |
| &nbsp;&nbsp;Other operating expense (income), net | 41 | (330) | (649) | (212) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total costs and expenses | 276604 | 277697 | 814170 | 778147 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Operating income** | 65627 | 62185 | 127200 | 122004 |
| **Other (income) expenses** |  |  |  |  |
| &nbsp;&nbsp;Interest expense, net | 50740 | 49414 | 154253 | 146879 |
| &nbsp;&nbsp;Change in fair value of earnout liability | (7740) | (18886) | (31186) | (87489) |
| &nbsp;&nbsp;Other expense | 3 | 17 | 4934 | 817 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total other expense | 43003 | 30545 | 128001 | 60207 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Income (loss) before income tax expense (benefit)** | 22624 | 31640 | (801) | 61797 |
| Income tax expense (benefit) | 5773 | 18348 | 8802 | (2897) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net income (loss)** | 16851 | 13292 | (9603) | 64694 |
| Series A preferred stock dividends | (2473) | (2313) | (7245) | (6767) |
| Earnings allocated to Series A preferred stock | (1018) | (712) |  | (3662) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net income (loss) attributable to common stockholders** | $13360 | $10267 | $(16848) | $54265 |
| **Net income (loss) per share attributable to Class A and B common stockholders** | **Net income (loss) per share attributable to Class A and B common stockholders** | **Net income (loss) per share attributable to Class A and B common stockholders** | **Net income (loss) per share attributable to Class A and B common stockholders** | **Net income (loss) per share attributable to Class A and B common stockholders** |
| &nbsp;&nbsp;Basic | $0.10 | $0.07 | $(0.12) | $0.38 |
| &nbsp;&nbsp;Diluted | $0.10 | $0.07 | $(0.12) | $0.36 |
| **Weighted-average shares used in computing net income (loss) per share attributable to common stockholders** | **Weighted-average shares used in computing net income (loss) per share attributable to common stockholders** | **Weighted-average shares used in computing net income (loss) per share attributable to common stockholders** | **Weighted-average shares used in computing net income (loss) per share attributable to common stockholders** | **Weighted-average shares used in computing net income (loss) per share attributable to common stockholders** |
| &nbsp;&nbsp;Basic | 135683635 | 141185986 | 137191017 | 143630881 |
| &nbsp;&nbsp;Diluted | 139063980 | 147606436 | 137191017 | 150982706 |

---

*See accompanying notes to unaudited condensed consolidated financial statements.*

------

<u>[**Table of Contents**](#i90db998c0c1844b89dab6d565a590f22_7)</u>

<u>[Index to Notes](#i90db998c0c1844b89dab6d565a590f22_28)</u>

**Lucky Strike Entertainment Corporation**

**Condensed Consolidated Statements of Comprehensive (Loss) Income** 

**(Amounts in thousands)**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| | **March 29,<br>2026** | **March 30,<br>2025** | **March 29,<br>2026** | **March 30,<br>2025** |
| Net income (loss) | $16851 | $13292 | $(9603) | $64694 |
| Other comprehensive income (loss), net of income tax: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain (loss) on derivatives |  | (139) | 18 | (536) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustment | 370 | 219 | 1175 | (1501) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income (loss) | 370 | 80 | 1193 | (2037) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total comprehensive income (loss) | $17221 | $13372 | $(8410) | $62657 |

---

*See accompanying notes to unaudited condensed consolidated financial statements.*

------

<u>[**Table of Contents**](#i90db998c0c1844b89dab6d565a590f22_7)</u>

<u>[Index to Notes](#i90db998c0c1844b89dab6d565a590f22_28)</u>

**Lucky Strike Entertainment Corporation**

**Condensed Consolidated Statements of Changes in Temporary Equity and Stockholders' (Deficit) Equity**

**(Amounts in thousands, except share amounts)**

**(Unaudited)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Series A preferred stock** | **Series A preferred stock** | **Class A<br>common Stock** | **Class A<br>common Stock** | **Class B<br>common Stock** | **Class B<br>common Stock** | **Treasury stock** | **Treasury stock** | **Additional<br>Paid-in<br>capital** | **Accumulated<br>deficit** | **Accumulated<br>other<br>comprehensive income (loss)** | **Total<br>stockholders'<br>deficit** |
| | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Additional<br>Paid-in<br>capital** | **Accumulated<br>deficit** | **Accumulated<br>other<br>comprehensive income (loss)** | **Total<br>stockholders'<br>deficit** |
| **Balance, June 30, 2024** | 120387 | $127410 | 88854487 | $11 | 58519437 | $6 | 34071295 | $(385015) | $510675 | $(303159) | $220 | (177262) |
| &nbsp;&nbsp;Net income |  |  |  |  |  |  |  |  |  | 23095 |  | 23095 |
| &nbsp;&nbsp;Foreign currency translation adjustment |  |  |  |  |  |  |  |  |  |  | (985) | (985) |
| &nbsp;&nbsp;Unrealized loss on derivatives |  |  |  |  |  |  |  |  |  |  | (709) | (709) |
| &nbsp;&nbsp;Settlement of Series A preferred stock | (3300) | (3492) | 269886 |  |  |  |  |  | 3492 |  |  | 3492 |
| &nbsp;&nbsp;Share-based compensation |  |  | 26656 |  |  |  |  |  | 4314 |  |  | 4314 |
| &nbsp;&nbsp;Cash dividends |  |  |  |  |  |  |  |  | (8552) |  |  | (8552) |
| &nbsp;&nbsp;Repurchase of Class A common stock into Treasury stock |  |  | (702194) |  |  |  | 702194 | (7720) |  |  |  | (7720) |
| **Balance, September 29, 2024** | **117087** | $**123918** | **88448835** | $**11** | **58519437** | $**6** | **34773489** | $**(392735)** | $**509929** | $**(280064)** | $**(1474)** | $**(164327)** |
| &nbsp;&nbsp;Net income |  |  |  |  |  |  |  |  |  | 28307 |  | 28307 |
| &nbsp;&nbsp;Foreign currency translation adjustment |  |  |  |  |  |  |  |  |  |  | (735) | (735) |
| &nbsp;&nbsp;Unrealized gain on derivatives |  |  |  |  |  |  |  |  |  |  | 312 | 312 |
| &nbsp;&nbsp;Share-based compensation |  |  | 317374 |  |  |  |  |  | 3374 |  |  | 3374 |
| &nbsp;&nbsp;Cash dividends |  |  |  |  |  |  |  |  | (8473) |  |  | (8473) |
| &nbsp;&nbsp;Repurchase of Class A common stock into Treasury stock |  |  | (3334976) |  |  |  | 3334976 | (38116) |  |  |  | (38116) |
| **Balance, December 29, 2024** | **117087** | $**123918** | **85431233** | $**11** | **58519437** | $**6** | **38108465** | $**(430851)** | $**504830** | $**(251757)** | $**(1897)** | $**(179658)** |
| &nbsp;&nbsp;Net income |  |  |  |  |  |  |  |  |  | 13292 |  | 13292 |
| &nbsp;&nbsp;Foreign currency translation adjustment |  |  |  |  |  |  |  |  |  |  | 219 | 219 |
| &nbsp;&nbsp;Unrealized loss on derivatives |  |  |  |  |  |  |  |  |  |  | (139) | (139) |
| &nbsp;&nbsp;Share-based compensation |  |  | 761718 |  |  |  |  |  | 564 |  |  | 564 |
| &nbsp;&nbsp;Settlement of equity awards |  |  | (1747434) |  |  |  |  |  | (16244) |  |  | (16244) |
| &nbsp;&nbsp;Cash dividends |  |  |  |  |  |  |  |  | (8351) |  |  | (8351) |
| &nbsp;&nbsp;Accrual of paid-in-kind dividends on Series A preferred stock |  | 3407 |  |  |  |  |  |  | (3407) |  |  | (3407) |
| &nbsp;&nbsp;Repurchase of Class A common stock into Treasury stock |  |  | (1943340) |  |  |  | 1943340 | (20005) |  |  |  | (20005) |
| **Balance, March 30, 2025** | **117087** | $**127325** | **82502177** | $**11** | **58519437** | $**6** | **40051805** | $**(450856)** | $**477392** | $**(238465)** | $**(1817)** | $**(213729)** |

---

------

<u>[**Table of Contents**](#i90db998c0c1844b89dab6d565a590f22_7)</u>

<u>[Index to Notes](#i90db998c0c1844b89dab6d565a590f22_28)</u>

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Series A preferred stock** | **Series A preferred stock** | **Class A<br>common Stock** | **Class A<br>common Stock** | **Class B<br>common Stock** | **Class B<br>common Stock** | **Treasury stock** | **Treasury stock** | **Additional<br>Paid-in<br>capital** | **Accumulated<br>deficit** | **Accumulated<br>other<br>comprehensive<br>income (loss)** | **Total<br>stockholders'<br>deficit** |
| | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Additional<br>Paid-in<br>capital** | **Accumulated<br>deficit** | **Accumulated<br>other<br>comprehensive<br>income (loss)** | **Total<br>stockholders'<br>deficit** |
| **Balance, June 29, 2025** | 117087 | $127325 | 81684310 | $12 | 58519437 | $6 | 40868233 | $(457917) | $472889 | $(313181) | $(480) | (298671) |
| &nbsp;&nbsp;Net loss |  |  |  |  |  |  |  |  |  | (13798) |  | (13798) |
| &nbsp;&nbsp;Foreign currency translation adjustment |  |  |  |  |  |  |  |  |  |  | 199 | 199 |
| &nbsp;&nbsp;Unrealized gain on derivatives |  |  |  |  |  |  |  |  |  |  | 18 | 18 |
| &nbsp;&nbsp;Accrual of paid-in-kind dividends on Series A preferred stock |  | 3502 |  |  |  |  |  |  | (3502) |  |  | (3502) |
| &nbsp;&nbsp;Share-based compensation |  |  | 35674 |  |  |  |  |  | 3334 |  |  | 3334 |
| &nbsp;&nbsp;Cash dividends |  |  |  |  |  |  |  |  | (8195) |  |  | (8195) |
| &nbsp;&nbsp;Repurchase of Class A common stock into Treasury stock |  |  | (563184) |  |  |  | 563184 | (5679) |  |  |  | (5679) |
| **Balance, September 28, 2025** | **117087** | $**130827** | **81156800** | $**12** | **58519437** | $**6** | **41431417** | $**(463596)** | $**464526** | $**(326979)** | $**(263)** | $**(326294)** |
| &nbsp;&nbsp;Net loss |  |  |  |  |  |  |  |  |  | (12656) |  | (12656) |
| &nbsp;&nbsp;Foreign currency translation adjustment |  |  |  |  |  |  |  |  |  |  | 606 | 606 |
| &nbsp;&nbsp;Share-based compensation |  |  | 125504 |  |  |  |  |  | 2577 |  |  | 2577 |
| &nbsp;&nbsp;Cash dividends |  |  |  |  |  |  |  |  | (8876) |  |  | (8876) |
| &nbsp;&nbsp;Repurchase of Class A common stock into Treasury stock |  |  | (2319615) |  |  |  | 2319615 | (19206) |  |  |  | (19206) |
| **Balance, December 28, 2025** | **117087** | $**130827** | **78962689** | $**12** | **58519437** | $**6** | **43751032** | $**(482802)** | $**458227** | $**(339635)** | $**343** | $**(363849)** |
| &nbsp;&nbsp;Net income |  |  |  |  |  |  |  |  |  | 16851 |  | 16851 |
| &nbsp;&nbsp;Foreign currency translation adjustment |  |  |  |  |  |  |  |  |  |  | 370 | 370 |
| &nbsp;&nbsp;Share-based compensation |  |  | 253794 |  |  |  |  |  | 3789 |  |  | 3789 |
| &nbsp;&nbsp;Cash dividends |  |  |  |  |  |  |  |  | (8818) |  |  | (8818) |
| &nbsp;&nbsp;Accrual of paid-in-kind dividends on Series A preferred stock |  | 3597 |  |  |  |  |  |  | (3597) |  |  | (3597) |
| &nbsp;&nbsp;Repurchase of Class A common stock into Treasury stock |  |  | (1029437) |  |  |  | 1029437 | (7516) |  |  |  | (7516) |
| **Balance, March 29, 2026** | **117087** | $**134424** | **78187046** | $**12** | **58519437** | $**6** | **44780469** | $**(490318)** | $**449601** | $**(322784)** | $**713** | $**(362770)** |

---

*See accompanying notes to unaudited condensed consolidated financial statements.*

------

<u>[**Table of Contents**](#i90db998c0c1844b89dab6d565a590f22_7)</u>

<u>[Index to Notes](#i90db998c0c1844b89dab6d565a590f22_28)</u>

**Lucky Strike Entertainment Corporation**

**Condensed Consolidated Statements of Cash Flows**

**(Amounts in thousands)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended** | **Nine Months Ended** |
| | **March 29,<br>2026** | **March 30,<br>2025** |
| **Operating activities** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Net (loss) income | $(9603) | $64694 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net (loss) income to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 95762 | 116426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on impairment and disposal of fixed assets, net | 5220 | 4695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income from equity method investment | (220) | (226) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | 6618 | 2844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash interest expense on finance lease obligation | 8679 | 8166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reduction of operating lease right of use assets | 28847 | 27136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash portion of gain on lease modification | (1441) | (144) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | 4200 | (3905) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | 9312 | 17955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions from equity method investments | 171 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of earnout liability | (31186) | (87489) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in assets and liabilities, net of business acquisitions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable and notes receivable, net | 1011 | 1205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | 1483 | (2009) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaids, other current assets and other assets | (5100) | (2815) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 31822 | 23837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | (24215) | (8914) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | (5277) | (6962) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other long-term liabilities | (230) | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 115853 | 154767 |
| **Investing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of property and equipment | (90097) | (117502) |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of previously leased assets | (246795) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of intangible assets | (4663) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of property and equipment |  | 1655 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisitions, net of cash acquired | (88127) | (50565) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (429682) | (166412) |

---

------

<u>[**Table of Contents**](#i90db998c0c1844b89dab6d565a590f22_7)</u>

<u>[Index to Notes](#i90db998c0c1844b89dab6d565a590f22_28)</u>

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended** | **Nine Months Ended** |
| | **March 29,<br>2026** | **March 30,<br>2025** |
| **Financing activities** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase of Class A common stock into Treasury stock | $(31903) | $(65147) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from share issuance | 1216 | 1288 |
| &nbsp;&nbsp;&nbsp;&nbsp;Settlement of equity awards |  | (21053) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments for tax withholdings on share-based compensation | (814) | (6155) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment of cash dividends | (25889) | (25375) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment of long-term debt | (1279927) | (6891) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from term loan | 1200000 | 150000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Senior Secured Notes | 500000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from bridge term loan | 230000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment of bridge term loan | (230000) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment on finance leases | (1503) | (2236) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds on finance leases | 1481 | 417 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Revolver draws | 210000 | 110000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payoff of Revolver draws | (175000) | (110000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other financing, net | 3428 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of previously leased assets | (61651) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment of deferred financing costs | (27130) | (923) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by financing activities | 312308 | 23925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effect of exchange rates on cash | 489 | (164) |
| Net (decrease) increase in cash and cash equivalents | (1032) | 12116 |
| Cash and cash equivalents at beginning of period | 59686 | 66972 |
| **Cash and cash equivalents at end of period** | $58654 | $79088 |

---

*See accompanying notes to unaudited condensed consolidated financial statements.*

------

<u>[**Table of Contents**](#i90db998c0c1844b89dab6d565a590f22_7)</u>

<u>[Index to Notes](#i90db998c0c1844b89dab6d565a590f22_28)</u>

**Lucky Strike Entertainment Corporation**

**Index For Notes to Condensed Consolidated Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| | | **Page** |
| &nbsp;&nbsp;**<u>[Note 1](#i90db998c0c1844b89dab6d565a590f22_34)</u>** | **<u>[Description of Business and Significant Accounting Policies](#i90db998c0c1844b89dab6d565a590f22_34)</u>** | **<u>[10](#i90db998c0c1844b89dab6d565a590f22_34)</u>** |
| &nbsp;&nbsp;**<u>[Note 2](#i90db998c0c1844b89dab6d565a590f22_43)</u>** | **<u>[Business Acquisitions](#i90db998c0c1844b89dab6d565a590f22_43)</u>** | **<u>[13](#i90db998c0c1844b89dab6d565a590f22_43)</u>** |
| &nbsp;&nbsp;**<u>[Note 3](#i90db998c0c1844b89dab6d565a590f22_46)</u>** | **<u>[Goodwill and Other Intangible Assets](#i90db998c0c1844b89dab6d565a590f22_46)</u>** | **<u>[13](#i90db998c0c1844b89dab6d565a590f22_46)</u>** |
| &nbsp;&nbsp;**<u>[Note 4](#i90db998c0c1844b89dab6d565a590f22_49)</u>** | **<u>[Property and Equipment](#i90db998c0c1844b89dab6d565a590f22_49)</u>** | **<u>[14](#i90db998c0c1844b89dab6d565a590f22_49)</u>** |
| &nbsp;&nbsp;**<u>[Note 5](#i90db998c0c1844b89dab6d565a590f22_52)</u>** | **<u>[Leases](#i90db998c0c1844b89dab6d565a590f22_52)</u>** | **<u>[14](#i90db998c0c1844b89dab6d565a590f22_52)</u>** |
| &nbsp;&nbsp;**<u>[Note 6](#i90db998c0c1844b89dab6d565a590f22_55)</u>** | **<u>[Accounts Payable and Accrued Expenses](#i90db998c0c1844b89dab6d565a590f22_55)</u>** | **<u>[18](#i90db998c0c1844b89dab6d565a590f22_55)</u>** |
| &nbsp;&nbsp;**<u>[Note 7](#i90db998c0c1844b89dab6d565a590f22_58)</u>** | **<u>[Debt](#i90db998c0c1844b89dab6d565a590f22_58)</u>** | **<u>[18](#i90db998c0c1844b89dab6d565a590f22_58)</u>** |
| &nbsp;&nbsp;**<u>[Note 8](#i90db998c0c1844b89dab6d565a590f22_61)</u>** | **<u>[Income Taxes](#i90db998c0c1844b89dab6d565a590f22_61)</u>** | **<u>[20](#i90db998c0c1844b89dab6d565a590f22_61)</u>** |
| &nbsp;&nbsp;**<u>[Note 9](#i90db998c0c1844b89dab6d565a590f22_64)</u>** | **<u>[Commitments and Contingencies](#i90db998c0c1844b89dab6d565a590f22_64)</u>** | **<u>[20](#i90db998c0c1844b89dab6d565a590f22_64)</u>** |
| &nbsp;&nbsp;**<u>[Note 10](#i90db998c0c1844b89dab6d565a590f22_67)</u>** | **<u>[Earnouts](#i90db998c0c1844b89dab6d565a590f22_67)</u>** | **<u>[20](#i90db998c0c1844b89dab6d565a590f22_67)</u>** |
| &nbsp;&nbsp;**<u>[Note 11](#i90db998c0c1844b89dab6d565a590f22_70)</u>** | **<u>[Fair Value of Financial Instruments](#i90db998c0c1844b89dab6d565a590f22_70)</u>** | **<u>[21](#i90db998c0c1844b89dab6d565a590f22_70)</u>** |
| &nbsp;&nbsp;**<u>[Note 12](#i90db998c0c1844b89dab6d565a590f22_73)</u>** | **<u>[Common Stock, Preferred Stock and Stockholders' Equity](#i90db998c0c1844b89dab6d565a590f22_73)</u>** | **<u>[22](#i90db998c0c1844b89dab6d565a590f22_73)</u>** |
| &nbsp;&nbsp;**<u>[Note 13](#i90db998c0c1844b89dab6d565a590f22_76)</u>** | **<u>[Share-Based Compensation](#i90db998c0c1844b89dab6d565a590f22_76)</u>** | **<u>[23](#i90db998c0c1844b89dab6d565a590f22_76)</u>** |
| &nbsp;&nbsp;**<u>[Note 14](#i90db998c0c1844b89dab6d565a590f22_79)</u>** | **<u>[Net Income (Loss) Per Share](#i90db998c0c1844b89dab6d565a590f22_79)</u>** | **<u>[25](#i90db998c0c1844b89dab6d565a590f22_79)</u>** |
| &nbsp;&nbsp;**<u>[Note 15](#i90db998c0c1844b89dab6d565a590f22_82)</u>** | **<u>[Supplemental Cash Flow Information](#i90db998c0c1844b89dab6d565a590f22_82)</u>** | **<u>[27](#i90db998c0c1844b89dab6d565a590f22_82)</u>** |

---

------

<u>[**Table of Contents**](#i90db998c0c1844b89dab6d565a590f22_7)</u>

<u>[Index to Notes](#i90db998c0c1844b89dab6d565a590f22_28)</u>

**Lucky Strike Entertainment Corporation**

**Notes to Condensed Consolidated Financial Statements**

**(In thousands, except share and per share data)**

**(Unaudited)**

**(1) Description of Business and Significant Accounting Policies**

Lucky Strike Entertainment Corporation, a Delaware corporation, and its subsidiaries (collectively referred to herein as the "Company," "Lucky Strike Entertainment," "Lucky Strike," "we," "us," and "our") is one of the world's premier operators of location-based entertainment.

The Company operates location-based entertainment venues under several brand names. Our AMF and Bowl America branded locations are traditional bowling locations, while our Lucky Strike and Bowlero branded locations offer a more upscale entertainment experience with lounge seating, enhanced food and beverage offerings, and elevated customer service for both individuals and group events. The Company also operates other forms of location-based entertainment, including Octane Raceway, Raging Waves water park, Shipwreck Island water park, Big Kahuna's water park, Wet 'n Wild Emerald Pointe water park, Raging Waters Los Angeles water park, Castle Park and Boomers Parks locations. All of the Company's locations are managed on a fully integrated and consistent basis, as all locations operate within the same business of location-based entertainment.

***Basis of Presentation:*** The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and the rules and regulations of the Securities and Exchange Commission ("SEC"). Accordingly, certain information and footnote disclosures normally included in the annual financial statements prepared in accordance with GAAP have been condensed or omitted. In the opinion of management, these financial statements contain all adjustments, consisting of normal recurring accruals, necessary to present fairly the financial position, results of operations and cash flows for the periods indicated. Our quarterly financial data should be read in conjunction with the audited financial statements and notes included in our Annual Report on Form 10-K for the fiscal year ended June 29, 2025.

***Principles of Consolidation:*** The condensed consolidated financial statements and related notes include the accounts of Lucky Strike and the subsidiaries it controls. Control is determined based on ownership rights or, when applicable, based on whether the Company is considered to be the primary beneficiary of a variable interest entity. We use the equity method to account for investments in which we have the ability to exercise significant influence over the investee's operating and financial policies, or in which we hold a partnership or limited liability company interest in an entity with specific ownership accounts, unless we have virtually no influence over the investee's operating and financial policies. All significant intercompany balances and transactions have been eliminated in consolidation.

***Segment Reporting:*** We manage our business activities on a consolidated basis and operate as a single operating segment: Location-based entertainment. The Company's Chief Executive Officer, Thomas Shannon, is the Company's chief operating decision maker ("CODM"). The CODM reviews the financial information presented on a consolidated basis since the Company provides its offerings and views key metrics, costs and margins similarly among our various location-based entertainment venues.

As a result, the CODM assesses performance and allocates resources based on net income (loss), as reported on our condensed consolidated statements of operations. The CODM manages and evaluates the results of the business in a consolidated manner to drive synergies and develop uniform strategies. Accordingly, key components and processes of the Company's operations are centrally managed, including location acquisitions and development, customer service, marketing, human resources, finance and accounting, legal and government affairs. Segment asset information is not used by the CODM to allocate resources. The operating financial results along with significant segment expenses and other segment items are presented on the Company's condensed consolidated statements of operations.

***Use of Estimates:*** The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the balance sheets, statements of operations and accompanying notes. Significant estimates made by management include, but are not limited to, cash flow projections; the fair value of assets and liabilities in acquisitions; derivatives with hedge accounting; share-based compensation; depreciation and impairment of long-lived assets; carrying amount and recoverability analyses of property and equipment, assets held for sale, goodwill and other intangible assets; valuation of deferred tax assets and liabilities and income tax uncertainties; and reserves for litigation, claims and self-insurance costs. Actual results could differ from those estimates.

***Change in Estimates:*** During the first quarter of fiscal year 2026, management conducted a review of the estimated useful lives of fixed assets due to operational changes, improved maintenance practices, and technological enhancements

------

<u>[**Table of Contents**](#i90db998c0c1844b89dab6d565a590f22_7)</u>

<u>[Index to Notes](#i90db998c0c1844b89dab6d565a590f22_28)</u>

that are extending asset durability and reducing wear and tear. As a result of this review, the estimated useful lives were revised to better reflect their estimated future economic benefits.

The following table shows the impact of the changes in estimates:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Nine Months Ended** |
| | **March 29,<br>2026** | **March 29,<br>2026** |
| Decrease to depreciation expense | $8157 | $23942 |
| Increase to net income or decrease to net loss | 8157 | 23942 |
| Increase to net income or decrease to net loss per share | $0.06 | $0.17 |

---

***Fair-value Estimates:*** We have various financial instruments included in our financial statements. Financial instruments are carried in our financial statements at either cost or fair value. We estimate fair value of assets and liabilities using the following hierarchy using the highest level possible:

Level 1: &nbsp;&nbsp;&nbsp;&nbsp;Quoted prices in active markets that are accessible at the measurement date for identical assets and liabilities.

Level 2:&nbsp;&nbsp;&nbsp;&nbsp;Observable prices that are based on inputs not quoted on active markets, but are corroborated by market data.

Level 3:&nbsp;&nbsp;&nbsp;&nbsp;Unobservable inputs are used when little or no market data is available.

***Cash and Cash Equivalents:*** The Company considers all highly liquid investments with a maturity date of three months or less when purchased to be cash equivalents. The Company accepts a range of debit and credit cards, and these transactions are generally transmitted to a bank for reimbursement within 24 hours. The payments due from the banks for these debit and credit card transactions are generally received, or settled, within 24 to 48 hours of the transmission date. The Company considers all debit and credit card transactions that settle in less than seven days to be cash equivalents.

***Prepaid Expenses and Other Current Assets:*** Prepaid expenses consist primarily of payments made for goods and services to be received in the near future. Prepaid expenses consist of sales tax, insurance premiums, deposits, and other costs.

---

| | | |
|:---|:---|:---|
| | **March 29,<br>2026** | **June 29,<br>2025** |
| Prepaid expenses | $25104 | $17731 |
| Non-trade receivables | 11148 | 10087 |
| Other | 2031 | 1548 |
| &nbsp;&nbsp;Total prepaid expenses and other current assets | $38283 | $29366 |

---

***Equity Method Investments:*** The aggregate carrying amounts of our equity method investments was $25,890 and $25,841 as of March 29, 2026 and June 29, 2025, respectively, and are included as a component of Other Assets in our accompanying condensed consolidated balance sheets. Substantially all of our equity method investments consist of a limited partner interest in a subsidiary of VICI Properties Inc. ("VICI"). Equity method investments are adjusted to recognize (1) our share, based on percentage ownership or other contractual basis, of the investee's net income or loss after the date of investment, (2) additional contributions made or distributions received, (3) amortization of the recorded investment that exceeds our share of the book value of the investee's net assets, and (4) impairments resulting from other-than-temporary declines in fair value. Cash distributions received from our equity method investments are considered returns on investment and presented within operating activities in the condensed consolidated statement of cash flows to the extent of cumulative equity in net income of the investee. Additional distributions in excess of cumulative equity are considered returns of our investment and are presented as investing activities.

***Derivatives:*** We are exposed to interest rate risk. To manage this risk, we entered into interest rate collar derivative transactions associated with a portion of our outstanding debt. The interest rate collars, which are designated for accounting purposes as cash flow hedges, establish a cap and floor on the Secured Overnight Financing Rate (SOFR). The Company's interest rate collars expire on March 31, 2026.

For financial derivative instruments that are designated as a cash flow hedge for accounting purposes, the effective portion of the gain or loss on the financial derivative instrument is reported as a component of other comprehensive income

------

<u>[**Table of Contents**](#i90db998c0c1844b89dab6d565a590f22_7)</u>

<u>[Index to Notes](#i90db998c0c1844b89dab6d565a590f22_28)</u>

and reclassified into earnings in the same line item associated with the forecasted transaction, and in the same period or periods during which the forecasted transaction affects earnings. Gains and losses on the financial derivative representing either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness are recognized in current earnings.

The interest rate collar agreements effectively modified our exposure to interest rate risk by converting a portion of our interest payments on floating rate debt to include a cap and floor, thus reducing the impact of interest rate changes on future interest expense. See Note 7 - *<u>[Debt](#i90db998c0c1844b89dab6d565a590f22_58)</u>* for more information.

***Net Income (Loss) Per Share Attributable to Common Stockholders:*** We compute net income (loss) per share of Class A common stock and Class B common stock under the two-class method. Holders of Class A common stock and Class B common stock have equal rights to the earnings of the Company. Our participating securities include the Series A preferred stock that have a non-forfeitable right to dividends in the event that a dividend is paid on common stock, but do not participate in losses, and thus are not included in a two-class method in periods of loss. In periods where the Company reports a net loss, all potentially dilutive securities are excluded from the calculation of the diluted net loss per share attributable to common stockholders as their effect is antidilutive and accordingly, basic and diluted net loss per share attributable to common stockholders will be the same. Dilutive securities include Series A preferred stock, earnouts, stock options, and restricted stock units ("RSUs"). See Note 14 - *<u>[Net Income (Loss) Per Share](#i90db998c0c1844b89dab6d565a590f22_79)</u>*.

***Emerging Growth Company Status:*** The Company is an "emerging growth company," as defined in Section 2(a) of the Securities Act of 1933, as modified by the Jumpstart Our Business Startups Act of 2012 ("JOBS Act"), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act and reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements.

Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of our financial statements with those of another public company that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult because of the potential differences in accounting standards used. We will lose our emerging growth company status on June 28, 2026, which is the last day of the fiscal year following the fifth anniversary of Isos' IPO (March 5, 2026).

***Recently Issued Accounting Standards:*** In December 2023, the FASB issued ASU No. 2023-09, Income Taxes ("Topic 740"): Improvements to Income Tax Disclosures, which includes amendments that further enhance income tax disclosures through the standardization and disaggregation of rate reconciliation categories and income taxes paid in both domestic and foreign jurisdictions. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024 and is to be applied prospectively, with early adoption and retrospective application permitted. The Company adopted ASU 2023-09 in the first quarter of fiscal year 2026 and the adoption of this guidance will result in updates to annual disclosures to adhere to the new requirements, but will not otherwise have a significant impact on our consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement–Reporting Comprehensive Income–Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses ("ASU 2024-03"), which requires the disaggregation of certain expenses in the notes of the financials, to provide enhanced transparency into the expense captions presented on the face of the income statement. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027 and may be applied either prospectively or retrospectively. We are currently evaluating the impact of this standard to our consolidated financial statements.

In September 2025, the FASB issued ASU No. 2025-06, Intangibles - Goodwill and Other - Internal Use Software ("ASU 2025-06"), which will improve disclosures surrounding internal-use software and the timing of capitalization when companies use the incremental and iterative development method. ASU 2025-06 is effective for fiscal years beginning after December 15, 2027 and is to be applied prospectively, with early adoption and retrospective application permitted. We are currently evaluating the impact of this standard to our consolidated financial statements.

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<u>[**Table of Contents**](#i90db998c0c1844b89dab6d565a590f22_7)</u>

<u>[Index to Notes](#i90db998c0c1844b89dab6d565a590f22_28)</u>

**(2) Business Acquisitions**

**Acquisitions:** The Company continually evaluates potential acquisitions, which can be either business combinations or asset purchases, that strategically fit within the Company's overall growth strategy in order to expand our market share in key geographic areas and to improve our ability to leverage our fixed costs.

**2026 Business Acquisitions:** For business combinations, the Company allocates the consideration transferred to the identifiable assets acquired and liabilities assumed based on their preliminary estimated fair values as of the acquisition date. We estimate the fair values of the assets acquired and liabilities assumed using valuation techniques, such as the income, cost and market approaches. During the nine months ended March 29, 2026, the Company had two business acquisitions in which we acquired five locations for a total consideration of $88,127. The Company is still in the process of finalizing its valuation analyses for the business acquisition. The remaining fair value estimates include working capital, intangibles, property and equipment, and operating lease assets and liabilities. If necessary, for business combinations, we will continue to refine our estimates throughout the permitted measurement period, which may result in corresponding offsets to goodwill. We expect to finalize the valuations as soon as possible, but no later than one year after the respective acquisition dates.

The following table summarizes the preliminary purchase price allocations for the fair values of the identifiable assets acquired and liabilities assumed, components of consideration transferred and the transactional related expenses during the nine months ended March 29, 2026 using the acquisition method of accounting:

---

| | |
|:---|:---|
| **Identifiable assets acquired and liabilities assumed** | **Total** |
| Current assets | $1708 |
| Property and equipment | 56575 |
| Operating lease right-of-use ("ROU") assets | 29026 |
| Identifiable intangible assets | 8670 |
| Goodwill | 41631 |
| Other assets | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets acquired | $137631 |
| Current liabilities | $(5223) |
| Operating lease liabilities | (28176) |
| Deferred income tax liability | (14225) |
| Other liabilities | (1880) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities assumed | (49504) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total fair value, net of cash of $549 | $88127 |
| **Components of consideration transferred** |  |
| Cash | $88127 |
| Total | $88127 |

---

**(3) Goodwill and Other Intangible Assets**

***Goodwill:***

The changes in the carrying amount of goodwill for the nine months ended March 29, 2026:

---

| | |
|:---|:---|
| Balance as of June 29, 2025 | $844351 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill resulting from acquisitions during fiscal year 2026 | 41631 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to preliminary fair values for prior year acquisitions | 586 |
| Balance as of March 29, 2026 | $886568 |

---

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<u>[**Table of Contents**](#i90db998c0c1844b89dab6d565a590f22_7)</u>

<u>[Index to Notes](#i90db998c0c1844b89dab6d565a590f22_28)</u>

***Intangible Assets:***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **March 29, 2026** | **March 29, 2026** | **March 29, 2026** | **June 29, 2025** | **June 29, 2025** | **June 29, 2025** |
| | **Gross <br>carrying <br>amount** | **Accumulated <br>amortization** | **Net <br>carrying <br>amount** | **Gross <br>carrying <br>amount** | **Accumulated <br>amortization** | **Net <br>carrying <br>amount** |
| *Finite-lived intangible assets:* |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bowlero trade name | $14870 | $(9334) | $5536 | $14870 | $(5366) | $9504 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other acquisition trade names | 1890 | (1473) | 417 | 2510 | (1611) | 899 |
| &nbsp;&nbsp;&nbsp;&nbsp;Customer relationships | 1874 | (1496) | 378 | 4285 | (3541) | 744 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management contracts | 4500 | (403) | 4097 | 300 | (300) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-compete agreements | 3284 | (2335) | 949 | 3724 | (2313) | 1411 |
| &nbsp;&nbsp;&nbsp;&nbsp;PBA member, sponsor & media relationships | 1200 | (735) | 465 | 1200 | (651) | 549 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other intangible assets | 1564 | (692) | 872 | 754 | (519) | 235 |
|  | 29182 | (16468) | 12714 | 27643 | (14301) | 13342 |
| *Indefinite-lived intangible assets:* |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Liquor licenses | 13039 |  | 13039 | 12830 |  | 12830 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lucky Strike trade name | 8360 |  | 8360 | 8360 |  | 8360 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other trade names | 18890 |  | 18890 | 11030 |  | 11030 |
|  | 40289 |  | 40289 | 32220 |  | 32220 |
|  | $69471 | $(16468) | $53003 | $59863 | $(14301) | $45562 |

---

The following table shows amortization expense for finite-lived intangible assets for each reporting period:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| | **March 29,<br>2026** | **March 30,<br>2025** | **March 29,<br>2026** | **March 30,<br>2025** |
| Amortization expense | $2409 | $1774 | $5922 | $5528 |

---

**(4) Property and Equipment**

As of March 29, 2026 and June 29, 2025, property and equipment consists of:

---

| | | |
|:---|:---|:---|
| | **March 29,<br>2026** | **June 29,<br>2025** |
| Land | $244347 | $139389 |
| Building and leasehold improvements | 957216 | 754647 |
| Equipment, software, furniture, and fixtures | 703701 | 645200 |
| Construction in progress | 28025 | 27021 |
|  | 1933289 | 1566257 |
| Accumulated depreciation | (679906) | (621340) |
| &nbsp;&nbsp;&nbsp;&nbsp;Property and equipment, net of accumulated depreciation | $1253383 | $944917 |

---

The following table shows depreciation expense related to property and equipment for each reporting period:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| | **March 29,<br>2026** | **March 30,<br>2025** | **March 29, 2026** | **March 30, 2025** |
| Depreciation expense | $26955 | $34184 | $81618 | $97817 |

---

**(5) Leases**

The Company leases various assets under non-cancellable operating and finance leases. These assets include location-based entertainment venues, office space, vehicles, and equipment.

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<u>[**Table of Contents**](#i90db998c0c1844b89dab6d565a590f22_7)</u>

<u>[Index to Notes](#i90db998c0c1844b89dab6d565a590f22_28)</u>

Most of our leases contain payments for some or all of the following: base rent, contingent rent, common area maintenance, insurance, real-estate taxes, and other operating expenses. Rental payments are subject to escalation depending on future changes in designated indices or based on pre-determined amounts agreed upon at lease inception.

On July 10, 2025, the Company acquired 58 existing properties that were previously under a master lease agreement with Carlyle for $306,000. Spanning 16 states, the 58 property portfolio includes prime locations in California, Illinois, Georgia, Arizona, and Colorado.

The following table summarizes the components of the net lease cost for each reporting period:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
|<br>**Lease Costs:** |<br>**Location on Condensed Consolidated Statements of Operations** | **March 29,<br>2026** | **March 30,<br>2025** | **March 29, 2026** | **March 30, 2025** |
| **Operating Lease Costs:** <sup>(1)</sup> | | | | | |
| &nbsp;&nbsp;Operating lease costs associated with master leases for locations | Primarily Location operating costs | $3678 | $4427 | $11126 | $13283 |
| &nbsp;&nbsp;Operating lease costs associated with non-master leases for locations | Primarily Location operating costs | 16140 | 15970 | 49124 | 46266 |
| &nbsp;&nbsp;Percentage rental costs for locations <sup>(2)</sup> | Primarily Location operating costs | 1949 | 1760 | 5781 | 4817 |
| &nbsp;&nbsp;Equipment and other operating lease costs <sup>(3)</sup> | Primarily Location operating costs | 2626 | 2402 | 7210 | 3310 |
| **Total Operating Lease Costs:** |  | 24393 | 24559 | 73241 | 67676 |
| **Finance Lease Costs:** |  |  |  |  |  |
| &nbsp;&nbsp;Amortization of right-of-use assets | Depreciation and amortization | 2781 | 4367 | 8222 | 13081 |
| &nbsp;&nbsp;Interest expense | Interest expense, net | 7621 | 12427 | 22969 | 37214 |
| **Total Finance Lease Costs:** |  | 10402 | 16794 | 31191 | 50295 |
| **Financing Obligation Costs:** |  |  |  |  |  |
| &nbsp;&nbsp;Interest expense | Interest expense, net | 10400 | 10210 | 31057 | 30488 |
| **Total Financing Obligation Costs:** |  | 10400 | 10210 | 31057 | 30488 |
| **Other Costs, Net:** |  |  |  |  |  |
| &nbsp;&nbsp;Variable occupancy costs <sup>(4)</sup> | Primarily Location operating costs | 14944 | 13095 | 45501 | 51452 |
| &nbsp;&nbsp;Loss (gain) from modifications to operating leases | Other operating expense (income), net |  | (144) | (1441) | (144) |
| &nbsp;&nbsp;Other lease costs <sup>(5)</sup> | Primarily Location operating costs | 104 | 213 | 754 | 482 |
| &nbsp;&nbsp;Sublease income <sup>(6)</sup> | Revenues - Amusement & other | (1194) | (1163) | (3617) | (3563) |
| **Total Other Costs, Net** |  | 13854 | 12001 | 41197 | 48227 |
| **Total Lease Costs, Net** |  | $59049 | $63564 | $176686 | $196686 |

---

(1)Operating lease costs includes both cash and non-cash expenses for operating leases. The operating lease costs associated with our locations are recognized evenly over the lease term, therefore, the timing of the expense may differ from the timing of actual cash payments. Cash payments and lease costs can differ due to (a) the timing of cash payments relative to the level expense, (b)

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<u>[**Table of Contents**](#i90db998c0c1844b89dab6d565a590f22_7)</u>

<u>[Index to Notes](#i90db998c0c1844b89dab6d565a590f22_28)</u>

non-cash adjustments as a result of purchase accounting, and (c) various other non-cash adjustments to lease costs. Please see the table below for cash paid for amounts included within our lease liabilities.

(2)Percentage rental costs for our locations primarily represents leases where we pay an extra rental amount based on a percentage of revenue in excess of predetermined revenue thresholds.

(3)Equipment and other operating lease costs primarily represents operating leases costs for equipment leases, common area maintenance charges, rent relief from the impacts of COVID-19, and other variable lease costs for operating leases where the lease payments escalate based on an index or rate.

(4)Variable occupancy costs primarily represents utilities, property insurance, and real estate taxes.

(5)Other lease costs primarily includes short-term lease costs and other variable payments for various equipment leases.

(6)Sublease income primarily represents short-term leases with pro-shops and various retail tenants.

Cash paid for amounts included in the measurement of lease liabilities for each reporting period:

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended** | **Nine Months Ended** |
| | **March 29,<br>2026** | **March 30,<br>2025** |
| **Cash paid for amounts included in the measurement of lease liabilities** <sup>(1)</sup> | | |
| **Operating leases:** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating cash flows paid for operating leases | $55962 | $48230 |
| **Total cash paid for operating lease liabilities** | 55962 | 48230 |
| **Finance leases:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating cash flows paid for interest portion of finance leases | 20472 | 35190 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financing cash flows paid for principal portion of finance leases | 1503 | 2236 |
| **Total cash paid for finance lease liabilities** | 21975 | 37426 |
| **Financing Obligations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating cash flows paid for interest portion of financing obligations | 24682 | 24264 |
| **Total cash paid for financing obligations:** | 24682 | 24264 |
| **Total cash amounts paid that are included in the measurement of lease liabilities:** <sup>(2)</sup> | $102619 | $109920 |

---

(1)This table includes cash paid for amounts included in the measurement of our lease liabilities. Since the lease liability only includes amounts that are contractually fixed, this table excludes cash paid for amounts that are variable in nature, such as utilities, common area maintenance, property insurance, real estate taxes, and percentage rent.

(2)For the period ended March 30, 2025, total cash amounts within the above table include deferred repayments of $2,013 for operating leases and $4,341 for finance leases. As of March 29, 2026, there were no deferred payments remaining.

------

<u>[**Table of Contents**](#i90db998c0c1844b89dab6d565a590f22_7)</u>

<u>[Index to Notes](#i90db998c0c1844b89dab6d565a590f22_28)</u>

Supplemental balance sheet information related to leases was as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Condensed Consolidated Balance Sheets Location** | **March 29,<br>2026** | **June 29,<br>2025** |
| **Operating leases:** | | | |
| ROU Assets, net | Operating lease ROU assets, net | $553294 | $588594 |
| Lease liabilities, Short-term | Operating lease liabilities, ST | 35391 | 33103 |
| Lease liabilities, Long-term | Operating lease liabilities, LT | 570152 | 606692 |
| **Finance leases:** |  |  |  |
| ROU Assets, net | Finance lease ROU assets, net | 302322 | 507701 |
| Lease liabilities, Short-term | Other current liabilities | 1649 | 780 |
| Lease liabilities, Long-term | Finance lease liabilities, LT | 427992 | 683161 |
| **Financing Obligations:** |  |  |  |
| Financing obligation, long-term | Long-term financing obligations | 455590 | 449215 |

---

Lease incentive receivables from landlords of $1,580 and $3,975 as of March 29, 2026 and June 29, 2025, respectively, are reflected as a reduction of the operating and finance lease liability.

Other supplemental cash flow information related to leases was as follows for each reporting period:

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended** | **Nine Months Ended** |
| | **March 29,<br>2026** | **March 30,<br>2025** |
| **Supplemental Cash flow Information:** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating Cash Flows from landlord contributions | $1817 | $8389 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financing Cash Flows from landlord contributions | 1481 | 417 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of operating lease assets | 31186 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of operating lease liabilities | 33393 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of finance lease assets | 206064 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of finance lease liabilities | 267715 |  |

---

For the purchase of previously leased property, the Company treated the net difference between operating lease assets and liabilities as a reduction of operating cash flows on the purchase date. Similarly, the Company treated the net difference between finance lease assets and liabilities as a reduction of financing cash flows on the purchase date. The remainder of the purchase price is being allocated to investing cash outflows.

------

<u>[**Table of Contents**](#i90db998c0c1844b89dab6d565a590f22_7)</u>

<u>[Index to Notes](#i90db998c0c1844b89dab6d565a590f22_28)</u>

**(6) Accounts Payable and Accrued Expenses**

As of March 29, 2026 and June 29, 2025, accounts payable and accrued expenses consist of:

---

| | | |
|:---|:---|:---|
| | **March 29,<br>2026** | **June 29,<br>2025** |
| Accounts Payable | $41727 | $33863 |
| Customer deposits | 32223 | 12811 |
| Interest | 26933 | 9164 |
| Compensation | 16459 | 13677 |
| Deferred revenue | 15301 | 17804 |
| Taxes and Licenses | 14220 | 16622 |
| Insurance | 14046 | 13288 |
| Utilities | 4603 | 5070 |
| Professional fees | 3706 | 4221 |
| Other | 14405 | 18668 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total accounts payable and accrued expenses | $183623 | $145188 |

---

**(7) Debt**

The following table summarizes the Company's debt structure as of March 29, 2026 and June 29, 2025:

---

| | | |
|:---|:---|:---|
| | **March 29,<br>2026** | **June 29,<br>2025** |
| Term Loan (Maturing September 22, 2032 and bearing variable rate interest; 6.92% and 7.83% at March 29, 2026 and June 29, 2025, respectively) | $1200000 | $1279116 |
| 7.25% Senior Secured Notes (Due October 15, 2032) | 500000 |  |
| Revolver (Maturing September 22, 2030 and bearing variable rate interest; 6.42% and 6.93% at March 29, 2026 and June 29, 2025, respectively) | 65000 | 30000 |
| Other Equipment Loans | 11863 | 12674 |
|  | 1776863 | 1321790 |
| Less: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unamortized financing costs | (28156) | (10920) |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of unamortized financing costs | 3569 | 3947 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current maturities of long-term debt | (13142) | (14109) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total long-term debt | $1739134 | $1300708 |

---

***Term Loan:*** On September 22, 2025, the Company entered into a Fifteenth Amendment (the "Fifteenth Amendment") to the First Lien Credit Agreement. The Fifteenth Amendment provided for a refinanced $1,200,000 term loan maturing on September 22, 2032 (the "Term Loan"). The proceeds from the Term Loan, along with proceeds from the Notes (defined below), were used to fully repay outstanding borrowings under the First Lien Credit Agreement, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $1,275,861 under the existing term loan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $230,000 under the Bridge Term Loan (defined below)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All outstanding borrowings under the Revolver (defined below)

The refinancing was accounted for as a non-substantial debt modification, resulting in no gain or loss.

The Term Loan is repaid on a quarterly basis in principal payments of $3,000 beginning on March 31, 2026. The Term Loan bears interest at a rate per annum equal to the Adjusted Term Secured Overnight Financing Rate ("SOFR") plus 3.25%, subject to a step down to 3.00% per annum at Total Leverage Ratio level of 2.90:1.00. Interest on the Term Loan is due on the last day of the interest period. The interest period, as agreed upon between the Company and its lenders, can be either one, three, or six months in length. As of March 29, 2026, the interest period is one month.

***7.25% Senior Secured Notes:*** On September 22, 2025, the Company issued $500,000 aggregate principal amount of 7.25% Senior Secured Notes (the "Notes"). The Notes were issued pursuant to the indenture, also dated as of September

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<u>[**Table of Contents**](#i90db998c0c1844b89dab6d565a590f22_7)</u>

<u>[Index to Notes](#i90db998c0c1844b89dab6d565a590f22_28)</u>

22, 2025 (the "Indenture"). The Notes bear interest at the rate of 7.25% per annum and will mature on October 15, 2032. Interest on the Notes will be payable semi-annually in arrears on April 15 and October 15 of each year, beginning on April 15, 2026. The Indenture includes customary redemption provisions, including, among others, the right to redeem the Notes, in whole or in part, (1) prior to October 15, 2028, at a price equal to 100% of the principal amount thereof plus a "make-whole" premium, and (2) on or after October 15, 2028, at the redemption prices set forth in the Indenture.

***Revolver:*** Under the First Lien Credit Agreement, the Company has access to a senior secured revolving credit facility (the "Revolver"). On July 16, 2025, the Company entered into a Fourteenth Amendment (the "Fourteenth Amendment") to the First Lien Credit Agreement. The Fourteenth Amendment provided for a $50,000 increase of the Revolver commitment to an aggregate amount of $385,000.

In connection with the Fifteenth Amendment, the Revolver commitment was increased by $40,000 to an aggregate amount of $425,000, and the amount outstanding as of the effective date of the Fifteenth Amendment of $155,000 was repaid. Any outstanding balance on the Revolver is due on September 22, 2030. Interest on borrowings under the Revolver is based on the Adjusted Term SOFR. Borrowings under the Revolver bear interest at a rate per annum equal to SOFR plus 2.5%. Unused commitments under the Revolving Credit Facility incur initial commitment fees of 0.25%.

***Bridge Term Loan:*** On July 10, 2025, the Company entered into a Thirteenth Amendment (the "Thirteenth Amendment") to the First Lien Credit Agreement. The Thirteenth Amendment provided for a $230,000 bridge term loan (the "Bridge Term Loan"), which provided additional financing to acquire the Carlyle master lease agreement. The maturity date for the Bridge Term Loan is the date that is 364 days after July 10, 2025. The Bridge Term Loan bears interest at a rate per annum equal to the Adjusted Term SOFR plus 2.50%, which will increase by 0.50% on each of the 90th, 180th and 270th days after July 10, 2025. In connection with the Fifteenth Amendment, the Bridge Term Loan was repaid in full and no amounts are outstanding.

***First Lien Credit Agreement Covenants:*** Obligations owed under the First Lien Credit Agreement are secured by a first priority security interest on substantially all assets of Lucky Strike and the guarantor subsidiaries. The First Lien Credit Agreement contains customary events of default, restrictions on indebtedness, liens, investments, asset dispositions, dividends and affirmative and negative covenants. The Company is subject to a financial covenant requiring that the First Lien Leverage Ratio (as defined in the First Lien Credit Agreement) not exceed 6.00:1.00 as of the end of any fiscal quarter if amounts outstanding on the Revolver exceed an amount equal to 40% of the aggregate Revolver commitment (subject to certain exclusions) at the end of such fiscal quarter. In addition, payment of borrowings under the Revolver may be accelerated if there is an event of default, and Lucky Strike would no longer be permitted to borrow additional funds under the Revolver while a default or event of default were outstanding.

***7.25% Senior Secured Notes Covenants:*** The Notes are secured by substantially all of the assets of the Company and certain wholly owned subsidiaries of the Company. The Indenture contains customary restrictive covenants and events of default.

***Letters of Credit:&nbsp;&nbsp;&nbsp;&nbsp;***Outstanding standby letters of credit as of March 29, 2026 and June 29, 2025 totaled $24,122 and $22,422, respectively, and are guaranteed by JP Morgan Chase Bank, N.A. The available amount of the Revolver is reduced by the outstanding standby letters of credit.

***Other Equipment Loan:*** On August 19, 2022, the Company entered into an equipment loan agreement for a principal amount of $15,350 with JP Morgan Chase Bank, N.A.. The loan matures August 19, 2029 and bears a fixed interest rate of 6.24%. The loan is repaid on a monthly basis in fixed payments of $153 plus a final payment at maturity. The loan obligation is secured by a lien on the equipment.

***Covenant Compliance:*** The Company was in compliance with all debt covenants as of March 29, 2026.

***Interest rate collars:*** The Company entered into two interest rate collars effective as of March 31, 2023 for an aggregate notional amount of our term loan of $800,000. The collar hedging strategy stabilizes interest rate fluctuations by setting both a floor and a cap. The hedge transactions have a trade and hedge designation date of April 4, 2023. The hedge transactions, each for a notional amount of $400,000, provide for interest rate collars. The interest rate collars establish a floor on SOFR of 0.9429% and 0.9355%, respectively, and a cap on SOFR of 5.50%. The interest rate collars had a maturity date of March 31, 2026.

The fair value of the collar agreements as of March 29, 2026 and June 29, 2025 was a liability of $0 and $16, respectively, and is included within the condensed consolidated balance sheets.

Since SOFR was within the collar cap and floor rates, there was no interest impact on the condensed consolidated statement of operations. Subsequent to the end of the quarter, the interest rate collars reached maturity and expired with a zero fair value, resulting in no income statement, OCI, or cash flow impact.

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<u>[**Table of Contents**](#i90db998c0c1844b89dab6d565a590f22_7)</u>

<u>[Index to Notes](#i90db998c0c1844b89dab6d565a590f22_28)</u>

**(8) Income Taxes**

For interim periods, the Company generally uses the estimated annual effective tax rate ("AETR") method to calculate its income tax provision based on the current estimate of its AETR plus the tax effect of discrete items occurring during the period. The estimated AETR is based on forecasted annual results which may fluctuate due to significant changes in the forecasted or actual results and any other transaction that results in differing tax treatment.

For the three and nine months ended March 29, 2026, the Company departed from the estimated AETR method and computed its provision for income taxes using the discrete effective tax rate method (the "discrete method"), as allowed under ASC Topic 740, Income Taxes - Interim Reporting. The discrete method is applied when the application of the estimated AETR is impractical because it is not possible to reliably estimate the AETR. The discrete method treats the year-to-date period as if it was the annual period and determines the income tax expense or benefit on that basis. We believe that, at this time, the use of this discrete method is more appropriate than the AETR method as our full-year forecasted pre-tax income, relative to our forecasted permanent differences, has the potential to distort our estimated AETR.

The Company's effective tax rate for the nine months ended March 29, 2026 was (1,099)%, which differs from the US federal statutory rate of 21% primarily due to state taxes incurred relating to the repurchase of the 58 properties under the Carlyle master lease agreement, the change in fair value of the earnout liability, increase to the valuation allowance against the deferred tax asset for business interest expense that cannot be deducted under IRC Section 163(j), permanent differences, and other discrete tax items. The Company's effective tax rate for the nine months ended March 30, 2025 was (5)%, which differs from the US federal statutory rate of 21% due to the change in fair value of the earnout liability, permanent differences, and other discrete tax items.

On July 4, 2025, the U.S. government enacted The One Big Beautiful Bill Act of 2025. The most significant impact to the Company under the bill was the permanent reinstatement of bonus depreciation on qualified property and modifications to the calculation for excess business interest expense limitation under IRC Section 163(j) to the current tax estimate. The Company will continue to monitor the potential impacts of the bill on the Company's consolidated financial statements.

**(9) Commitments and Contingencies**

From time to time, we are involved in various inquiries, investigations, claims, lawsuits and other legal proceedings that are incidental to the conduct of our business. These matters typically involve claims from customers, employees or other third parties involved in operational issues common to the retail, restaurant and entertainment industries. Such matters typically represent actions with respect to contracts, intellectual property, taxation, employment, employee benefits, personal injuries and other matters. A number of such claims may exist at any given time and there are currently a number of claims and legal proceedings pending against us. While it is not feasible to predict the outcome of all claims and legal proceedings and exposures with certainty, management believes that their ultimate disposition should not have a material adverse effect on the Company's consolidated financial position, results of operations or cash flows.

**(10) Earnouts**

There were 11,417,982 and 11,418,291 unvested earnout shares outstanding as of March 29, 2026 and June 29, 2025, respectively.

The outstanding unvested earnout shares will vest if the closing share price of Lucky Strike's Class A common stock equals or exceeds $17.50 per share for any 10 trading days within any consecutive 20 trading day period that occurs from December 15, 2021 through December 15, 2026.

All but 33,500 earnout shares are classified as a liability and changes in the fair value of the earnout shares are recognized in the statement of operations. Those earnout shares not classified as a liability are classified as equity compensation to employees and recognized as compensation expense on a straight-line basis over the expected term or upon the contingency being met.

See Note 11 - *<u>[Fair Value of Financial Instruments](#i90db998c0c1844b89dab6d565a590f22_70)</u>* for a summary of changes in the estimated fair value of the earnout shares for the periods ended March 29, 2026 and March 30, 2025.

------

<u>[**Table of Contents**](#i90db998c0c1844b89dab6d565a590f22_7)</u>

<u>[Index to Notes](#i90db998c0c1844b89dab6d565a590f22_28)</u>

**(11) Fair Value of Financial Instruments**

***Debt***

The fair value and carrying value of our debt as of March 29, 2026 and June 29, 2025 are as follows:

---

| | | |
|:---|:---|:---|
| | **March 29,<br>2026** | **June 29,<br>2025** |
| Carrying value | $1776863 | $1321790 |
| Fair value | 1674863 | 1316993 |

---

The fair value of our debt is estimated based on trading levels of lenders buying and selling their participation levels of funding (Level 2).

There were no transfers in or out of any of the levels of the valuation hierarchy during the three and nine months ended March 29, 2026 and the fiscal year ended June 29, 2025.

***Items Measured at Fair Value on a Recurring Basis***

The Company holds certain assets and liabilities that are required to be measured at fair value on a recurring basis. The following table is a summary of fair value measurements and hierarchy level as of March 29, 2026 and June 29, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **March 29, 2026** | **March 29, 2026** | **March 29, 2026** | **March 29, 2026** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Earnout shares | $— | $— | $5009 | $5009 |
| Total liabilities | $— | $— | $5009 | $5009 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **June 29, 2025** | **June 29, 2025** | **June 29, 2025** | **June 29, 2025** |
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Interest rate collars | $— | $16 | $— | $16 |
| Earnout shares |  |  | 36183 | 36183 |
| Total liabilities | $— | $16 | $36183 | $36199 |

---

The fair value of earnout shares was estimated using a Monte Carlo simulation model (level 3 inputs). The key inputs into the Monte Carlo simulation as of March 29, 2026 were as follows:

---

| | |
|:---|:---|
| | **Earnout** |
| Expected term in years | 0.71 |
| Expected volatility | 50% |
| Risk-free interest rate | 3.76% |
| Stock price | $7.93 |
| Dividend yield | 3.03% |

---

The following table sets forth a summary of changes in the estimated fair value of the Company's Level 3 Earnout liability for the three months ended March 29, 2026 and March 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| | **March 29,<br>2026** | **March 30,<br>2025** | **March 29,<br>2026** | **March 30,<br>2025** |
| **Balance as of beginning of period** | $12748 | $69058 | $36183 | $137636 |
| Issuances | 1 |  | 12 | 25 |
| Changes in fair value | (7740) | (18886) | (31186) | (87489) |
| **Balance as of end of period** | $5009 | $50172 | $5009 | $50172 |

---

------

<u>[**Table of Contents**](#i90db998c0c1844b89dab6d565a590f22_7)</u>

<u>[Index to Notes](#i90db998c0c1844b89dab6d565a590f22_28)</u>

***Other Financial Instruments***

Other financial instruments include cash and cash equivalents, accounts and notes receivable, accounts payable and accrued expenses. The financial statement carrying amounts of these items approximate the fair value due to their short duration.

**(12) Common Stock, Preferred Stock and Stockholders' Equity**

The Company is authorized to issue three classes of stock to be designated, respectively, Class A common stock, Class B common stock (together with Class A common stock, the "Common Stock") and Series A preferred stock (the "Preferred Stock"). The total number of shares of capital stock which the Company shall have authority to issue is 2,400,000,000, divided into the following:

Class A common stock:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Authorized: 2,000,000,000 shares, with a par value of $0.0001 per share as of March 29, 2026 and June 29, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Issued and Outstanding: 78,187,046 shares (inclusive of 1,574,946 shares contingent on certain stock price thresholds but excluding 44,780,469 shares held in treasury) as of March 29, 2026 and 81,684,310 shares (inclusive of 1,581,366 shares contingent on certain stock price thresholds but excluding 40,868,233 shares held in treasury) as of June 29, 2025.

Class B common stock:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Authorized: 200,000,000 shares, with a par value of $0.0001 per share as of March 29, 2026 and June 29, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Issued and Outstanding: 58,519,437 shares as of March 29, 2026 and June 29, 2025.

Preferred Stock:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Authorized: 200,000,000 shares, with a par value of $0.0001 per share as of March 29, 2026 and June 29, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Issued and Outstanding: 117,087 shares as of March 29, 2026 and June 29, 2025.

***Series A Preferred Stock***

Dividends accumulate on a cumulative basis on a 360-day year commencing from the issue date. The dividend rate is fixed at 5.5% per annum on a liquidation preference of $1,000 per share. Payment dates are June 30 and December 31 of each year with a record date of June 15 for the June 30 payment date and December 15 for the December 31 payment date. Declared dividends will be paid in cash if the Company declares the dividend to be paid in cash. If the Company does not pay all or any portion of the dividends that have accumulated as of any payment date, then the dollar amount of the dividends not paid in cash will be added to the liquidation preference and deemed to be declared and paid in-kind. For the nine months ended March 29, 2026, accumulated dividends in the amount of $7,099 were added to the liquidation preference and deemed to be declared and paid in-kind. For the nine months ended March 29, 2026, dividends in the amount of $5,445 were accumulated on the Preferred Stock.

***Stock Dividend***

Common stock dividends paid during the nine months ended March 29, 2026 is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Declaration Date** | **Record Date** | **Payment Date** | **Amount** <sup>(1)</sup> |
| August 19, 2025 | August 29, 2025 | September 12, 2025 | $8183 |
| November 4, 2025 | November 24, 2025 | December 8, 2025 | 8844 |
| February 3, 2026 | February 20, 2026 | March 6, 2026 | 8756 |
|  |  |  | $25783 |

---

(1)Amounts include dividends paid to holders of Series A preferred stock on an as-converted basis. The amounts do not reflect amounts paid for accrued dividends on previously unvested share-based awards or amounts accrued for currently unvested share-based awards.

On May 5, 2026, the Company's Board of Directors declared a regular quarterly cash dividend of $0.06 per share of common stock, which will be paid on June 5, 2026, to stockholders of record on May 22, 2026.

------

<u>[**Table of Contents**](#i90db998c0c1844b89dab6d565a590f22_7)</u>

<u>[Index to Notes](#i90db998c0c1844b89dab6d565a590f22_28)</u>

***Share Repurchase Program***

On February 7, 2022, the Company announced that its Board of Directors authorized a share repurchase program providing for repurchases of up to $200,000 of the Company's outstanding Class A common stock through February 3, 2024. On each of May 15, 2023, September 6, 2023 and February 2, 2024, the Board of Directors authorized a replenishment of then-remaining balance of the share repurchase program to $200,000, which in aggregate increased the total amount that has been authorized under the share repurchase program to approximately $551,518. On February 2, 2024, the Board of Directors extended the share repurchase program indefinitely. Treasury stock purchases are stated at cost and presented as a reduction of equity on the condensed consolidated balance sheets. Repurchases of shares are made in accordance with applicable securities laws and may be made from time to time in the open market or by negotiated transactions. The amount and timing of repurchases are based on a variety of factors, including stock price, regulatory limitations, debt agreement limitations, and other market and economic factors. The share repurchase program does not require the Company to repurchase any specific number of shares, and the Company may terminate the repurchase program at any time.

For the nine months ended March 29, 2026, 3,912,236 shares of Class A common stock were repurchased for a total of $32,116, for an average purchase price per share of $8.21. As of March 29, 2026, the Company had $60,106 remaining under its current share repurchase authorization.

**(13) Share-Based Compensation** 

The Company has two stock plans: the Lucky Strike Entertainment Corporation 2021 Omnibus Incentive Plan ("2021 Plan") and the Lucky Strike Entertainment Corporation Employee Stock Purchase Plan ("ESPP"). These stock incentive plans are designed to attract and retain key personnel by providing them the opportunity to acquire an equity interest in the Company and align the interest of key personnel with those of the Company's stockholders.

As of March 29, 2026 and June 29, 2025, the total share-based compensation cost not yet recognized is as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Award Plan** | **March 29,<br>2026** | **June 29,<br>2025** |
| Stock options | 2021 Plan | $8111 | $11976 |
| Service based RSUs | 2021 Plan | 5643 | 5286 |
| Market and service based RSUs | 2021 Plan | 10207 | 5988 |
| Earnout RSUs | 2021 Plan | 38 | 92 |
| ESPP | ESPP | 276 | 276 |
| Total unrecognized share-based compensation cost |  | $24275 | $23618 |

---

Share-based compensation recognized in the condensed consolidated statements of operations for the periods ended March 29, 2026 and March 30, 2025 is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| |<br>**Award Plan** | **March 29,<br>2026** | **March 30,<br>2025** | **March 29,<br>2026** | **March 30,<br>2025** |
| Stock options | 2021 Plan | $1247 | $2063 | $4459 | $7588 |
| Service based RSUs | 2021 Plan | 1149 | 1089 | 3090 | 3466 |
| Market and service based RSUs | 2021 Plan | 523 | 684 | 1541 | 1328 |
| Earnout RSUs | 2021 Plan | (2) | 16 | 4 | 40 |
| Other share-based awards & settlements <sup>(1)</sup> | 2021 Plan |  | 4809 |  | 5249 |
| ESPP | ESPP | 76 | 127 | 218 | 284 |
| Total share-based compensation expense |  | $2993 | $8788 | $9312 | $17955 |

---

<sup>(1)</sup> Consists of the impact of the $21,053 cash settlement of 1,747,434 shares of Class A common stock and 773,753 stock options as part of an employment separation agreement with a long-time executive and Director of the Company during the period ended March 30, 2025, which resulted in an equity charge of $16,244 within Additional paid-in capital and share-based compensation expense within Selling, general, and administrative expenses of $4,809. The settled Class A common stock and stock options were then cancelled.

------

<u>[**Table of Contents**](#i90db998c0c1844b89dab6d565a590f22_7)</u>

<u>[Index to Notes](#i90db998c0c1844b89dab6d565a590f22_28)</u>

The Company did not have any recognized income tax benefits, net of valuation allowances, related to our share-based compensation plans.

------

<u>[**Table of Contents**](#i90db998c0c1844b89dab6d565a590f22_7)</u>

<u>[Index to Notes](#i90db998c0c1844b89dab6d565a590f22_28)</u>

**(14) Net Income (Loss) Per Share**

The computations of basic and diluted net income (loss) per share of Class A common stock and Class B common stock are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended - Basic** | **Three Months Ended - Basic** | **Three Months Ended - Basic** | **Three Months Ended - Basic** | **Three Months Ended - Basic** | **Three Months Ended - Basic** |
| | **March 29, 2026** | **March 29, 2026** | **March 29, 2026** | **March 30, 2025** | **March 30, 2025** | **March 30, 2025** |
| | **Class A** | **Class B** | **Total** | **Class A** | **Class B** | **Total** |
| Numerator |  |  |  |  |  |  |
| **Net income allocated to common stockholders** | $7598 | $5762 | $13360 | $6011 | $4256 | $10267 |
| Denominator |  |  |  |  |  |  |
| **Weighted-average shares outstanding** | 77164198 | 58519437 | 135683635 | 82666549 | 58519437 | 141185986 |
| **Net income per share, basic** | $0.10 | $0.10 | $0.10 | $0.07 | $0.07 | $0.07 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended - Diluted** | **Three Months Ended - Diluted** | **Three Months Ended - Diluted** | **Three Months Ended - Diluted** | **Three Months Ended - Diluted** | **Three Months Ended - Diluted** |
| | **March 29, 2026** | **March 29, 2026** | **March 29, 2026** | **March 30, 2025** | **March 30, 2025** | **March 30, 2025** |
| | **Class A** | **Class B** | **Total** | **Class A** | **Class B** | **Total** |
| Numerator |  |  |  |  |  |  |
| **Net income allocated to common stockholders** | $7598 | $5762 | $13360 | $6011 | $4256 | $10267 |
| Denominator |  |  |  |  |  |  |
| **Weighted-average shares outstanding** | 77164198 | 58519437 | 135683635 | 82666549 | 58519437 | 141185986 |
| **Impact of incremental shares** | 1043255 | 2337090 | 3380345 | 1250628 | 5169822 | 6420450 |
| &nbsp;&nbsp;Total | 78207453 | 60856527 | 139063980 | 83917177 | 63689259 | 147606436 |
| **Net income per share, diluted** | $0.10 | $0.09 | $0.10 | $0.07 | $0.07 | $0.07 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Nine Months Ended - Basic** | **Nine Months Ended - Basic** | **Nine Months Ended - Basic** | **Nine Months Ended - Basic** | **Nine Months Ended - Basic** | **Nine Months Ended - Basic** |
| | **March 29, 2026** | **March 29, 2026** | **March 29, 2026** | **March 30, 2025** | **March 30, 2025** | **March 30, 2025** |
| | **Class A** | **Class B** | **Total** | **Class A** | **Class B** | **Total** |
| Numerator |  |  |  |  |  |  |
| **Net (loss) income allocated to common stockholders** | $(9661) | $(7187) | $(16848) | $32156 | $22109 | $54265 |
| Denominator |  |  |  |  |  |  |
| **Weighted-average shares outstanding** | 78671580 | 58519437 | 137191017 | 85111444 | 58519437 | 143630881 |
| **Net (loss) income per share, basic** | $(0.12) | $(0.12) | $(0.12) | $0.38 | $0.38 | $0.38 |

---

------

<u>[**Table of Contents**](#i90db998c0c1844b89dab6d565a590f22_7)</u>

<u>[Index to Notes](#i90db998c0c1844b89dab6d565a590f22_28)</u>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Nine Months Ended - Diluted** | **Nine Months Ended - Diluted** | **Nine Months Ended - Diluted** | **Nine Months Ended - Diluted** | **Nine Months Ended - Diluted** | **Nine Months Ended - Diluted** |
| | **March 29, 2026** | **March 29, 2026** | **March 29, 2026** | **March 30, 2025** | **March 30, 2025** | **March 30, 2025** |
| | **Class A** | **Class B** | **Total** | **Class A** | **Class B** | **Total** |
| Numerator |  |  |  |  |  |  |
| **Net (loss) income allocated to common stockholders** | $(9661) | $(7187) | $(16848) | $32156 | $22109 | $54265 |
| Denominator |  |  |  |  |  |  |
| **Weighted-average shares outstanding** | 78671580 | 58519437 | 137191017 | 85111444 | 58519437 | 143630881 |
| **Impact of incremental shares** | \* | \* | \* | 1295413 | 6056412 | 7351825 |
| &nbsp;&nbsp;Total | 78671580 | 58519437 | 137191017 | 86406857 | 64575849 | 150982706 |
| **Net (loss) income per share, diluted** | $(0.12) | $(0.12) | $(0.12) | $0.37 | $0.34 | $0.36 |
| **Anti-dilutive shares excluded from diluted calculation\*** |  |  | 14718118 |  |  |  |

---

\*The impact of potentially dilutive convertible Preferred Stock, service based RSUs, market and service based RSUs, stock options, and purchases of shares under our ESPP were excluded from the diluted per share calculations because they would have been antidilutive

The impact from incremental shares for our diluted per share calculations are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | **March 29, 2026** | **March 29, 2026** | **March 29, 2026** | **March 30, 2025** | **March 30, 2025** | **March 30, 2025** |
| | **Class A** | **Class B** | **Total** | **Class A** | **Class B** | **Total** |
| Service based RSUs | 84691 |  | 84691 | 661886 |  | 661886 |
| Market and service based RSUs | 908391 |  | 908391 | 510861 |  | 510861 |
| Stock options | 11226 | 2337090 | 2348316 | 30381 | 5169822 | 5200203 |
| ESPP | 38947 |  | 38947 | 47500 |  | 47500 |
| &nbsp;&nbsp;Total | 1043255 | 2337090 | 3380345 | 1250628 | 5169822 | 6420450 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Nine Months Ended** | **Nine Months Ended** | **Nine Months Ended** | **Nine Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| | **March 29, 2026** | **March 29, 2026** | **March 29, 2026** | **March 30, 2025** | **March 30, 2025** | **March 30, 2025** |
| | **Class A** | **Class B** | **Total** | **Class A** | **Class B** | **Total** |
| Service based RSUs | 139120 |  | 139120 | 661886 |  | 661886 |
| Market and service based RSUs | 908391 |  | 908391 | 510861 |  | 510861 |
| Stock options | 16324 | 3413893 | 3430217 | 75166 | 6056412 | 6131578 |
| ESPP | 38947 |  | 38947 | 47500 |  | 47500 |
| Series A Preferred Stock | 10201443 |  | 10201443 |  |  |  |
| &nbsp;&nbsp;Total | 11304225 | 3413893 | 14718118 | 1295413 | 6056412 | 7351825 |

---

------

<u>[**Table of Contents**](#i90db998c0c1844b89dab6d565a590f22_7)</u>

<u>[Index to Notes](#i90db998c0c1844b89dab6d565a590f22_28)</u>

**(15) Supplemental Cash Flow Information**

---

| | | |
|:---|:---|:---|
| | **March 29,<br>2026** | **March 30,<br>2025** |
| Cash paid during the period for: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest <sup>(1)</sup> | $123417 | $129066 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes, net of refunds | 7770 | 1848 |
| Noncash investing and financing transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital expenditures in accounts payable and accrued expenses | 14706 | 14476 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of interest rate swap, net of tax | 18 | (536) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrual of paid-in-kind dividends on Series A preferred stock | 7099 | 3407 |
| &nbsp;&nbsp;&nbsp;&nbsp;Excise tax liability accrued on stock repurchases | 285 | 693 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unsettled treasury stock trade payable | 213 |  |

---

(1)&nbsp;&nbsp;&nbsp;&nbsp;Includes cash paid for the interest portion on finance leases and financing obligations. See Note 5 - *<u>[Leases](#i90db998c0c1844b89dab6d565a590f22_52)</u>* for supplementary information relating to leasing transactions.

**Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations**

*This discussion should be read in conjunction with Lucky Strike Entertainment's unaudited condensed consolidated financial statements and the related notes in Item 1 and with the audited consolidated financial statements and the related notes included in our Annual Report on Form 10-K for the fiscal year ended June 29, 2025 as filed with the Securities and Exchange Commission ("SEC") on August 28, 2025. This discussion contains forward-looking statements and involves numerous risks and uncertainties, including, but not limited to, those described under the heading "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended June 29, 2025. Actual results may differ materially from those contained in any forward-looking statements. All period references are to our fiscal periods unless otherwise indicated. Unless the context otherwise requires, references in this "Management's Discussion and Analysis of Financial Condition and Results of Operations" to "we," "us," "our," the "Company," "Lucky Strike Entertainment," and "Lucky Strike" are intended to mean the business and operations of Lucky Strike Entertainment Corporation and its consolidated subsidiaries. All financial information in this section is presented in thousands, unless otherwise noted, except share and per share amounts.*

**Special Note Regarding Forward-Looking Statements**

This Quarterly Report on Form 10-Q contains forward-looking statements regarding, among other things, the plans, strategies and prospects, both business and financial of Lucky Strike. These statements are based on the beliefs and assumptions of our management. Although we believe that our plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable, we cannot assure you that it will achieve or realize these plans, intentions or expectations. Forward-looking statements are inherently subject to risks, uncertainties and assumptions. Generally, statements that are not historical facts, including statements concerning possible or assumed future actions, business strategies, events or results of operations, are forward-looking statements. Forward-looking statements in this Quarterly Report on Form 10-Q include, but are not limited to, statements about our business strategy, financial projections, anticipated growth and market opportunities.

These forward-looking statements are based on information available as of the date of this Quarterly Report on Form 10-Q, and current expectations, forecasts and assumptions, and involve a number of risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

In addition, statements that we "believe," and similar statements reflect only our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this Quarterly Report on Form 10-Q, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and these statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.

------

<u>[**Table of Contents**](#i90db998c0c1844b89dab6d565a590f22_7)</u>

<u>[Index to Notes](#i90db998c0c1844b89dab6d565a590f22_28)</u>

As a result of a number of known and unknown risks and uncertainties, our actual results or performance may be materially different from those expressed or implied by these forward-looking statements. Factors that could cause our actual results to differ include those described under the heading "*Risk Factors*" in our Annual Report on Form 10-K for the fiscal year ended June 29, 2025.

**Overview**

Lucky Strike Entertainment is one of the world's premier operators of location-based entertainment. The Company operates traditional bowling locations under its AMF and Bowl America brands, as well as more upscale entertainment venues under its Lucky Strike and Bowlero brands, featuring lounge seating, arcades, enhanced food and beverage offerings, and elevated customer service for both individuals and group events. The Company also hosts and oversees professional and non-professional bowling tournaments and related broadcasting activities. In addition, the Company operates other forms of location-based entertainment, including family entertainment centers ("FECs") and water parks, under brands including Octane Raceway, Raging Waves, Shipwreck Island, Big Kahuna's, Wet 'n Wild Emerald Pointe, Raging Waters Los Angeles, Castle Park, and Boomers Parks.

The Company remains focused on creating long-term shareholder value through continued organic growth, the conversion and upgrading of existing locations to more upscale entertainment experiences offering a broader range of offerings, the opening of new locations and strategic acquisitions.

**Recent Developments**

During the nine months ended March 29, 2026, Lucky Strike Entertainment continued to execute on its long-term growth strategy, delivering total revenue growth of 5% and further expanding its three core verticals: bowling, water parks, and FECs. The following summarizes the Company's significant developments during the period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Property Acquisition from Carlyle:** The Company acquired 58 existing properties that were previously subject to a master lease agreement with Carlyle for aggregate consideration of $306,000. The acquired portfolio spans 16 states and includes prime locations in California, Illinois, Georgia, Arizona, and Colorado. This transaction reduced annual rent obligations by eliminating the associated lease liabilities, while providing meaningful financial and operational flexibility in support of the Company's long-term growth strategy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Water Park and FEC Acquisitions:** The Company completed the acquisitions of Wet 'n Wild Emerald Pointe water park, Raging Waters Los Angeles water park, Castle Park, and two additional Boomers Parks locations, further expanding the Company's water park and FEC portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **New Location Opening:** The Company completed construction of and opened a newly built Lucky Strike entertainment location in Southern California during the period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Lucky Strike Rebrand Initiative:** The Company continued to make meaningful progress on the Lucky Strike rebrand initiative with an additional 66 locations converted. As of March 29, 2026, we had 110 Lucky Strike locations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Debt Refinancing:** The Company refinanced its existing term loan with a new $1,200,000 term loan, issued $500,000 aggregate principal amount of 7.25% Senior Secured Notes, and increased its revolving credit facility commitment to $425,000. Management believes this refinancing strengthens the Company's balance sheet and provides enhanced financial flexibility to support ongoing growth initiatives.

**Trends**

There are a number of factors that could materially affect our future profitability, including changing economic conditions with the resulting impact on our sales, profitability, and capital spending, changes in our debt levels and applicable interest rates, and increasing prices of labor and inventory, which includes food and beverage costs. For example, the Company continues to monitor the impacts of various macroeconomic trends, such as inflationary pressure, changes in monetary policy, decreasing consumer confidence and spending, and the introduction of or changes in tariffs. The Company also monitors geopolitical developments, including the ongoing conflict involving Iran and related regional instability, which have contributed to volatility in global energy markets, supply chain disruptions, and broader macroeconomic uncertainty. Such changes in macroeconomic conditions may lead to increased costs for the business. Furthermore, these macroeconomic and geopolitical trends could adversely affect the Company's customers, which could impact their willingness to visit the Company's locations, which could harm the financial results. Additionally, sales and

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results of operations could be impacted by acquisitions and restructuring projects. Restructuring can include various projects, including closure of locations not performing well, cost reductions through staffing reductions, and optimizing and allocating resources to improve profitability.

Our operating results fluctuate seasonally. For our bowling locations, we typically generate our highest sales volumes during the third quarter of each fiscal year due to the timing of leagues, holidays and changing weather conditions. For our FEC and water park locations, we typically generate our highest sales volumes during the fourth and first quarters of our fiscal year due to more favorable weather conditions and the timing of operating seasons. School operating schedules, holidays and weather conditions may also affect our sales volumes in some operating regions differently than others. Because of the seasonal nature of our business, results for any quarter are not necessarily indicative of the results that may be achieved for the full fiscal year.

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**Presentation of Results of Operations**

The Company reports on a fiscal year, with each quarter generally comprised of one 5-week period and two 4-week periods.

**Results of Operations**

**Three Months Ended March 29, 2026 Compared to the Three Months Ended March 30, 2025**

***Analysis of Consolidated Statement of Operations.*** The following table displays certain items from our condensed consolidated statements of operations for the periods presented below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | | |
| | **March 29,<br>2026** | **%**<sup>(1)</sup> | **March 30,<br>2025** | **%**<sup>(1)</sup> |<br>**Change** |<br>**% Change** |
| **Revenues** | | | | | | |
| &nbsp;&nbsp;Bowling | $164590 | 48% | $159756 | 47% | $4834 | 3% |
| &nbsp;&nbsp;Food & beverage | 118697 | 35% | 120452 | 35% | (1755) | (1)% |
| &nbsp;&nbsp;Amusement & other | 58944 | 17% | 59674 | 18% | (730) | (1)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 342231 | 100% | 339882 | 100% | 2349 | 1% |
| **Costs and expenses** |  |  |  |  |  |  |
| &nbsp;&nbsp;Location operating costs, excluding depreciation and amortization | 99724 | 29% | 92568 | 27% | 7156 | 8% |
| &nbsp;&nbsp;Location payroll and benefit costs | 80795 | 24% | 75617 | 22% | 5178 | 7% |
| &nbsp;&nbsp;Location food and beverage costs | 26826 | 8% | 27627 | 8% | (801) | (3)% |
| &nbsp;&nbsp;Selling, general and administrative expenses, excluding depreciation and amortization | 35566 | 10% | 41242 | 12% | (5676) | (14)% |
| &nbsp;&nbsp;Depreciation and amortization | 32145 | 9% | 40325 | 12% | (8180) | (20)% |
| &nbsp;&nbsp;Loss on impairment and disposal of fixed assets, net | 1507 | —% | 648 | —% | 859 | \* |
| &nbsp;&nbsp;Other operating expense (income), net | 41 | —% | (330) | —% | (371) | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;Total costs and expenses | 276604 | 81% | 277697 | 82% | (1093) | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Operating income** | 65627 | 19% | 62185 | 18% | 3442 | 6% |
| **Other (income) expenses** |  |  |  |  |  |  |
| &nbsp;&nbsp;Interest expense, net | 50740 | 15% | 49414 | 15% | 1326 | 3% |
| &nbsp;&nbsp;Change in fair value of earnout liability | (7740) | (2)% | (18886) | (6)% | 11146 | (59)% |
| &nbsp;&nbsp;Other expense | 3 | —% | 17 | —% | (14) | (82)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total other expense | 43003 | 13% | 30545 | 9% | 12458 | 41% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Income before income tax expense** | 22624 | 7% | 31640 | 9% | (9016) | (28)% |
| Income tax expense | 5773 | 2% | 18348 | 5% | (12575) | (69)% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net income** | $16851 | 5% | $13292 | 4% | 3559 | 27% |

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<sup>(1)</sup> Percent calculated as a percentage of revenues and may not total due to rounding.

\*Represents a change equal to or in excess of 100% or one that is not meaningful.

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***Revenues:*** For the quarter ended March 29, 2026, revenues totaled $342,231 and represented an increase of $2,349, or 1%, over the same period of last fiscal year. The increase is primarily attributable to newly acquired or opened locations.

The following table summarizes our revenues on a same-store-basis for the quarter ended March 29, 2026 as compared to the corresponding period last fiscal year:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | | |
| *(in thousands)* | **March 29,<br>2026** | **March 30,<br>2025** | **Change** | **% Change** |
| Revenues on a same-store basis <sup>(1)</sup> | $332523 | $331952 | $571 | —% |
| Revenues for media, new and closed locations | 9137 | 7294 | 1843 | 25% |
| Service fee revenue <sup>(2)</sup> | 571 | 636 | (65) | (10)% |
| Total revenues | $342231 | $339882 | $2349 | 1% |

---

<sup>(1)</sup> Revenues from 360 locations are included in the same-store comparable location base for the comparison in the above table. In our previously filed Form 10-Q for the three months ended March 30, 2025, revenues from 348 locations were included in the same-store revenue.

<sup>(2)</sup> Service fee revenue is a mandatory gratuity passed through to the employee, which is a non-contributor to earnings and is being phased out across our locations.

Same-store revenues includes revenue from locations that are open in periods presented (open in both the current period and the prior period being reported) and excludes revenues from locations that are not open in periods presented such as acquired new locations or locations closed for upgrades, renovations or other such reasons, as well as media revenues and service fee revenues.

Same-store revenues remained relatively flat during the quarter ended March 29, 2026 compared to the same period of the prior fiscal year. Within the quarter, walk-in bowling entertainment revenues and food and non-alcoholic beverage revenues at same-store bowling entertainment locations remained strong, contributing approximately $7,400 of incremental same-store revenues during the period. This strength was partially offset by combined declines in same-store alcoholic beverage revenues and amusement and other revenues, resulting in overall same-store revenue stability for the quarter. Results were impacted by significant adverse weather during the quarter, including Winter Storm Fern in January 2026, which brought severe winter conditions across a significant portion of our markets, and separate adverse weather conditions across portions of our markets in February and March 2026. Management believes these weather events negatively impacted customer traffic at certain locations during those periods. Additionally, consumer confidence declined in March 2026, which management believes was driven in part by rising energy prices and broader macroeconomic uncertainty stemming from geopolitical tensions in the Middle East, including the ongoing conflict with Iran. These conditions contributed to increased volatility in fuel costs and adversely impacted consumer spending patterns during the period.

***Location operating costs:*** Location operating costs primarily consist of rent, utilities, insurance, repairs & maintenance, property taxes, supplies, marketing, and other costs associated with Company locations. Location operating costs include both fixed and variable components and therefore do not directly correlate with revenue.

Location operating costs increased $7,156, or 8%, during the quarter ended March 29, 2026 compared to the same period of the prior fiscal year. Increases were broad-based across most cost categories, including amusement costs, marketing, property taxes, insurance, and utilities. The overall increase was primarily driven by location count growth and strategic operational initiatives, as further described below.

Water park and FEC locations contributed approximately $3,200 to the increase over the comparable period, and new bowling locations contributed approximately $590. In addition, marketing expense increased approximately $2,300 compared to the prior year period, reflecting management's initiative to increase marketing investment. Management believes the increased marketing spend supported retail entertainment revenue performance during the quarter, notwithstanding the adverse weather and consumer confidence headwinds discussed above. Marketing expense decreased approximately $1,300 compared to the immediately preceding quarter as we became more disciplined in deploying our marketing budget during the current quarter.

Location operating costs as a percent of revenues increased from 27% to 29% during the quarter ended March 29, 2026 compared to the same period of the prior fiscal year. The increase as a percentage of revenues is primarily attributable

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to the FEC and water park locations within our portfolio, which typically generate their highest sales volumes during the fourth and first quarters of our fiscal year due to favorable weather conditions and the timing of their operating seasons. As a result, location operating costs for these locations tend to increase at a higher rate than revenues during the second and third quarters of our fiscal year, consistent with the seasonal pattern observed in the current period.

Notwithstanding the year-over-year increase, location operating costs as a percent of revenues improved sequentially from 33% in the first quarter of fiscal 2026 to 32% in the second quarter of fiscal 2026 to 29% in the current quarter, reflecting the Company's ongoing efforts to optimize location-level cost efficiency.

***Location payroll and benefit costs:*** Location payroll and benefit costs consist of employee costs that directly support location operations. Location payroll and benefit costs increased $5,178, or 7%, during the quarter ended March 29, 2026 compared to the same period of the prior fiscal year. The increase is primarily driven by location count growth, additional bonus incentives, and an overall increase in labor hours per location. Water park and FEC locations had a significant impact, contributing approximately $2,400 to the increase over the comparable period. The remaining increase reflects higher labor hours and bonus incentive costs across existing same-store locations during the period.

***Location food & beverage costs:*** Location food & beverage costs as a percentage of food & beverage revenue remained flat at 23%. Location food & beverage costs decreased $801, or 3%. The decrease in location food & beverage costs is mainly attributable to decreased food & beverage revenue as compared to the same period of the prior fiscal year.

***Selling, general and administrative expenses ("SG&A"):*** SG&A expenses decreased $5,676 or 14%, during the quarter ended March 29, 2026 compared to the same period of the prior fiscal year. The decrease was primarily driven by a $5,800 reduction in share-based compensation expense, reflecting a non-recurring charge of $4,809 in the prior year period associated with the settlement of equity awards in connection with the retirement of a long-time executive of the Company. The decreases were partially offset by an increase of $553 in severance expense incurred during the current quarter in connection with reductions to corporate headcount.

***Depreciation and amortization:*** Depreciation and amortization decreased $8,180 or 20%, during the quarter ended March 29, 2026 compared to the same period of the prior fiscal year. The decrease primarily reflects the impact of a change in the estimated useful lives of certain fixed assets, which resulted in a reduction in depreciation expense of approximately $8,157 during the quarter.

***Interest expense, net:*** Interest expense primarily relates to interest on debt, finance leases, and financing obligations. Interest expense increased $1,326, or 3%, during the quarter ended March 29, 2026 compared to the same period of the prior fiscal year. The increase is primarily attributable to higher debt levels relative to the third quarter of fiscal 2025, driven by two principal factors: (i) the issuance of the 7.25% Senior Secured Notes (the "Notes") late in the first quarter of fiscal 2026, and (ii) amounts outstanding on the Revolver during the quarter, where no such amounts were outstanding during the comparable prior year period. Interest on the Notes is payable semi-annually in arrears on April 15 and October 15 of each year. As of March 29, 2026, we had approximately $19,000 of accrued interest related to the Notes, of which approximately $9,200 was accrued during the third quarter of fiscal 2026. Interest expense on the Revolver increased approximately $1,000 as compared to the third quarter of fiscal 2025. These increases were partially offset by a $4,806 decrease in interest expense related to finance leases and a $4,300 decrease in interest expense related to term loan debt. The decrease in finance lease interest expense reflects the purchase of certain previously leased assets during the first quarter of fiscal 2026. The decrease in term loan debt interest expense reflects both lower outstanding principal balances and more favorable interest rates achieved in connection with the refinancing completed in the first quarter of fiscal 2026.

***Change in fair value of earnouts:*** The impact on the statement of operations during the quarter ended March 29, 2026 is due to the decrease in the fair value of the earnouts. The decrease in the fair value of the earnouts is primarily driven by the decrease in the Company's stock price and the limited remaining vesting period associated with the earnouts, which reduce the estimated probability of vesting.

***Income tax expense:*** The income tax expense and deferred tax assets and liabilities reflect management's assessment of the Company's tax position. During the current year, the Company determined that its estimated AETR was not possible to reliably estimate due to the timing of results and the existence of a valuation allowance against interest limitation due to IRC Section 163(j). As a result, the Company utilized the discrete method. The effective tax rate of 26% for the quarter ended March 29, 2026 was primarily attributed to the change in fair value of the earnout liability, unrealizable Section 163(j) interest limitation, and permanent differences.

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**Nine Months Ended March 29, 2026 Compared to the Nine Months Ended March 30, 2025**

***Analysis of Consolidated Statement of Operations.*** The following table displays certain items from our condensed consolidated statements of operations for the periods presented below:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Nine Months Ended** | **Nine Months Ended** | **Nine Months Ended** | **Nine Months Ended** | | |
| | **March 29,<br>2026** | **%**<sup>(1)</sup> | **March 30,<br>2025** | **%**<sup>(1)</sup> |<br>**Change** |<br>**% Change** |
| **Revenues** | | | | | | |
| &nbsp;&nbsp;Bowling | $432727 | 46% | $420926 | 47% | $11801 | 3% |
| &nbsp;&nbsp;Food & beverage | 327223 | 35% | 319393 | 35% | 7830 | 2% |
| &nbsp;&nbsp;Amusement & other | 181420 | 19% | 159832 | 18% | 21588 | 14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 941370 | 100% | 900151 | 100% | 41219 | 5% |
| **Costs and expenses** |  |  |  |  |  |  |
| &nbsp;&nbsp;Location operating costs, excluding depreciation and amortization | 297217 | 32% | 261490 | 29% | 35727 | 14% |
| &nbsp;&nbsp;Location payroll and benefit costs | 233921 | 25% | 213929 | 24% | 19992 | 9% |
| &nbsp;&nbsp;Location food and beverage costs | 72716 | 8% | 71382 | 8% | 1334 | 2% |
| &nbsp;&nbsp;Selling, general and administrative expenses, excluding depreciation and amortization | 109983 | 12% | 110437 | 12% | (454) | —% |
| &nbsp;&nbsp;Depreciation and amortization | 95762 | 10% | 116426 | 13% | (20664) | (18)% |
| &nbsp;&nbsp;Loss on impairment and disposal of fixed assets, net | 5220 | 1% | 4695 | 1% | 525 | 11% |
| &nbsp;&nbsp;Other operating (income) expense, net | (649) | —% | (212) | —% | (437) | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;Total costs and expenses | 814170 | 86% | 778147 | 86% | 36023 | 5% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Operating income** | 127200 | 14% | 122004 | 14% | 5196 | 4% |
| **Other (income) expenses** |  |  |  |  |  |  |
| &nbsp;&nbsp;Interest expense, net | 154253 | 16% | 146879 | 16% | 7374 | 5% |
| &nbsp;&nbsp;Change in fair value of earnout liability | (31186) | (3)% | (87489) | (10)% | 56303 | (64)% |
| &nbsp;&nbsp;Other expense | 4934 | 1% | 817 | —% | 4117 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;Total other expense | 128001 | 14% | 60207 | 7% | 67794 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;**(Loss) income before income tax expense (benefit)** | (801) | —% | 61797 | 7% | (62598) | \* |
| Income tax expense (benefit) | 8802 | 1% | (2897) | —% | 11699 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net (loss) income** | $(9603) | (1)% | $64694 | 7% | (74297) | \* |

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___________

<sup>(1)</sup> Percent calculated as a percentage of revenues and may not total due to rounding.

\*Represents a change equal to or in excess of 100% or one that is not meaningful.

***Revenues:*** For the nine months ended March 29, 2026, revenues totaled $941,370 and represented an increase of $41,219, or 5%, over the same period of last fiscal year. The increase in revenues is primarily attributable to revenue from newly acquired or leased locations.

The following table summarizes our revenues on a same-store-basis for nine months ended March 29, 2026 as compared to the corresponding period last fiscal year:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Nine Months Ended** | **Nine Months Ended** | | |
| *(in thousands)* | **March 29, 2026** | **March 30, 2025** | **Change** | **% Change** |
| Revenues on a same-store basis <sup>(1)</sup> | $858952 | $857037 | $1915 | —% |
| Revenues for media, new and closed locations | 80784 | 41284 | 39500 | 96% |
| Service fee revenue <sup>(2)</sup> | 1634 | 1830 | (196) | (11)% |
| Total revenues | $941370 | $900151 | $41219 | 5% |

---

<sup>(1)</sup> Revenues from 350 locations are included in the same-store comparable location base for the comparison in the above table. In our previously filed 10-Q for the nine months ended March 30, 2025, revenues from 327 locations were included in the same-store revenue.

<sup>(2)</sup> Service fee revenue is a mandatory gratuity passed through to the employee, which is a non-contributor to earnings and is being phased out across our locations.

Same-store revenues remained relatively flat during the nine months ended March 29, 2026 compared to the same period of the prior fiscal year, consistent with the relative flatness observed through the first half of fiscal 2026. Management believes the continued flatness in same-store revenues reflects the cumulative impact of the adverse weather conditions and consumer confidence headwinds experienced during the third quarter of fiscal 2026, as described above. Partially offsetting these headwinds, walk-in bowling entertainment revenue at same-store locations remained strong during the third quarter, contributing approximately $7,800 of incremental same-store revenues. This strength in walk-in business was partially offset by declines in our events business during the period.

***Location operating costs:*** Location operating costs increased $35,727, or 14%, during the nine months ended March 29, 2026 compared to the same period of the prior fiscal year. Increases were broad-based across most cost categories, including amusement costs, marketing, rent, property taxes, insurance, and utilities. The overall increase was primarily driven by location count growth and strategic operational initiatives, as further described below.

Water park and FEC locations contributed approximately $13,600 to the increase over the comparable period, and new bowling locations contributed approximately $7,500. In addition, marketing expense increased approximately $9,500 compared to the prior year period, reflecting management's initiative to align marketing spend more closely with industry benchmarks. Management believes the increased marketing investment has contributed to growth in retail entertainment revenue during the period.

Location operating costs as a percent of revenues increased from 29% to 32% for the nine months ended March 29, 2026 compared to the same period of the prior fiscal year, consistent with the seasonal dynamics of our FEC and water park locations described above. As a result, location operating costs for these locations tend to increase at a higher rate than revenues during the second and third quarters of our fiscal year, consistent with the seasonal pattern observed in the current period. Notwithstanding this increase, location operating costs as a percent of revenues improved sequentially in each quarter of fiscal 2026 to date, as described above, reflecting the Company's ongoing efforts to optimize location-level cost efficiency.

***Location payroll and benefit costs:*** Location payroll and benefit costs increased $19,992, or 9%, during the nine months ended March 29, 2026 compared to the same period of the prior fiscal year. The increase is primarily driven by location count growth, additional bonus incentives, and an overall increase in labor hours per location. Water park and FEC locations had a significant impact, contributing approximately $10,100 to the increase over the comparable period. The remaining increase reflects higher labor hours and bonus incentive costs across existing same-store locations during the period.

***Location food & beverage costs:*** Location food & beverage costs as a percentage of food & beverage revenue remained flat at 22%. Location food & beverage costs increased $1,334, or 2%. The increase in location food & beverage costs is mainly attributable to increased food & beverage revenue as compared to the same period of the prior fiscal year.

***Selling, general and administrative expenses ("SG&A"):*** SG&A expenses decreased $454 or less than 1% for the nine months ended March 29, 2026 compared to the same period of the prior fiscal year. The decrease is primarily attributable to a decline in share-based compensation expense of approximately $8,600, driven by a non-recurring settlement of equity awards in the prior year period related to the retirement of a long-tenured executive of the Company. Partially offsetting this decrease, SG&A labor increased approximately $7,200, reflecting strategic investments in our marketing, water park, and FEC teams. The increase in marketing headcount is directly aligned with our initiative to increase our overall marketing budget, as management believes a larger and more capable marketing team is necessary to effectively deploy the expanded investment. The water park and FEC teams consist primarily of year-round staff who support peak seasonal operations during the summer months.

***Depreciation and amortization:*** Depreciation and amortization decreased $20,664 or 18% for the nine months ended March 29, 2026 compared to the same period of the prior fiscal year. The decrease primarily reflects the impact of a

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change in the estimated useful lives of certain fixed assets, which resulted in a reduction in depreciation expense of approximately $23,942 compared to the same period of the prior fiscal year. This decrease was partially offset by depreciation and amortization associated with capital expenditures and acquired assets since the third quarter of fiscal 2025.

***Interest expense, net:*** Interest expense increased $7,374, or 5% for the nine months ended March 29, 2026 compared to the same period of the prior fiscal year. The higher interest expense is primarily attributable to increases in debt since the third quarter of fiscal 2025. Specifically, the Notes, which were issued late in the first quarter of fiscal 2026. We have approximately $19,000 of interest accrued related to the Notes as of March 29, 2026. In addition to the impact of the Notes, the increase is attributable to the amortization of approximately $3,300 of deferred financing costs associated with the Bridge Term Loan during the first quarter of fiscal 2026. The increases in interest expense were partially offset by a $14,245 decrease in interest expense for finance leases due to the purchase of previously leased assets.

***Change in fair value of earnouts:*** The impact on the statement of operations during nine months ended March 29, 2026 is due to the decrease in the fair value of the earnouts. The decrease in the fair value of the earnouts is primarily driven by the decrease in the Company's stock price and the limited remaining vesting period associated with the earnouts, which reduce the estimated probability of vesting.

***Income tax expense (benefit):*** Income tax expense (benefit) and deferred tax assets and liabilities reflect management's assessment of the Company's tax position. During the nine months ended March 29, 2026, the Company determined that its estimated AETR was not possible to reliably estimate due to the timing of results and the existence of a valuation allowance against interest limitation due to IRC Section 163(j). As a result, the Company utilized the discrete method. The effective tax rate of (1,099)% for nine months ended March 29, 2026 was primarily attributed to state taxes incurred relating to the repurchase of the 58 properties under the Carlyle master lease agreement, the change in fair value of the earnout liability, permanent differences, and other discrete tax items.

**Non-GAAP measure**

Adjusted EBITDA is a non-GAAP financial measure that is not in accordance with, or an alternative to, measures prepared in accordance with GAAP. The Company believes certain financial measures which meet the definition of non-GAAP financial measures provide important supplemental information. The Company considers Adjusted EBITDA as an important financial measure because it provides a financial measure of the quality of the Company's earnings. Other companies may calculate Adjusted EBITDA differently than we do, which might limit its usefulness as a comparative measure. Adjusted EBITDA is used by management in addition to and in conjunction with the results presented in accordance with GAAP. We have presented Adjusted EBITDA solely as a supplemental disclosure because we believe it allows for a more complete analysis of results of operations and assists investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance, such as Interest Expense, Income Taxes, Depreciation and Amortization, Impairment Charges, Share-based Compensation, EBITDA from Closed Locations, Foreign Currency Exchange Loss (Gain), Asset Disposition Loss (Gain), Transactional and other advisory costs, Changes in the value of earnouts, and Other. Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP.

Refer to notes below for additional details concerning the respective items for Adjusted EBITDA.

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The following table provides a reconciliation from net income (loss) to Adjusted EBITDA for each reporting period:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| | **March 29,<br>2026** | **March 30,<br>2025** | **March 29,<br>2026** | **March 30,<br>2025** |
| Net income (loss) | $16851 | $13292 | $(9603) | $64694 |
| Adjustments: |  |  |  |  |
| Interest expense | 50782 | 49414 | 155513 | 146879 |
| Income tax expense (benefit) | 5773 | 18348 | 8802 | (2897) |
| Depreciation and amortization | 32627 | 40741 | 96910 | 117751 |
| Loss on impairment, disposals, and other charges, net | 1507 | 648 | 6793 | 4695 |
| Share-based compensation <sup>(1)</sup> | 2993 | 8788 | 9312 | 17955 |
| Closed location EBITDA <sup>(2)</sup> | 872 | 251 | 2215 | 3645 |
| Transactional and other advisory costs <sup>(3)</sup> | 4366 | 4485 | 18727 | 11764 |
| Changes in the value of earnouts <sup>(4)</sup> | (7740) | (18886) | (31186) | (87489) |
| Other, net <sup>(5)</sup> | 982 | 179 | 1654 | 1963 |
| Adjusted EBITDA | $109013 | $117260 | $259137 | $278960 |

---

Notes to Adjusted EBITDA:

(1)Includes the non-recurring settlement of equity awards related to the retirement of a long-time executive of the Company during the period ended March 30, 2025, which resulted in an additional $4,809 of share-based compensation expense.

(2)The closed location adjustment is to remove EBITDA for closed locations. Closed locations are those locations that are closed for a variety of reasons, including permanent closure, newly acquired or built locations prior to opening, locations closed for renovation or rebranding and conversion. If a location is not open on the last day of the reporting period, it will be considered closed for that reporting period. If the location is closed on the first day of the reporting period for permanent closure, the location will be considered closed for that reporting period.

(3)The adjustment for transaction costs and other advisory costs is to remove charges incurred in connection with any transaction, including mergers, acquisitions, refinancing, amendment or modification to indebtedness, and dispositions, in each case, regardless of whether consummated.

(4)The adjustment for changes in the value of earnouts is to remove of the impact of the revaluation of the earnouts. Changes in the fair value of the earnout liability is recognized in the statement of operations. Decreases in the liability will have a favorable impact on the statement of operations and increases in the liability will have an unfavorable impact.

(5)Other includes the following related to transactions that do not represent ongoing or frequently recurring activities as part of the Company's operations: (i) non-routine expenses, net of recoveries for matters outside the normal course of business, (ii) severance expense, and (iii) other individually de minimis expenses.

**Liquidity and Capital Resources**

We manage our liquidity through assessing available cash-on-hand, our ability to generate cash and our ability to borrow or otherwise raise capital to fund operating, investing and financing activities.

A core tenet of our long-term strategy is to grow the size and scale of the Company in order to improve our operating profit margins through leveraging our fixed costs. As such, one of the Company's known cash requirements is for capital expenditures related to the construction of new locations and upgrading and converting existing locations. We believe our financial position, generation of cash, available cash-on-hand, existing credit facility, and access to potentially obtain additional financing from sale-lease-back transactions or other sources will provide sufficient capital resources to fund our operational requirements, capital expenditures, and material short and long-term commitments for the foreseeable future. We also plan to use available cash-on-hand to fund our share repurchase program, which was implemented as a method to return value to our shareholders. However, there are a number of factors that may hinder our ability to access these capital resources, including but not limited to our degree of leverage, and potential borrowing restrictions imposed by our lenders. See "*<u>[Risk Factors](#i90db998c0c1844b89dab6d565a590f22_136)</u>*" included in our previously filed Annual Report on Form 10-K for the fiscal year ended June 29, 2025 for further information.

At March 29, 2026, we had approximately $58,654 of available cash and cash equivalents.

------

<u>[**Table of Contents**](#i90db998c0c1844b89dab6d565a590f22_7)</u>

<u>[Index to Notes](#i90db998c0c1844b89dab6d565a590f22_28)</u>

***Nine Months Ended March 29, 2026 Compared to the Nine Months Ended March 30, 2025***

The following compares the primary categories of the condensed consolidated statements of cash flows for the periods ended March 29, 2026 and March 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Nine Months Ended** | **Nine Months Ended** | **$ Change** | **%<br>Change** |
|<br>***(in thousands)*** | **March 29,<br>2026** | **March 30,<br>2025** | **$ Change** | **%<br>Change** |
| Net cash provided by operating activities | $115853 | $154767 | $(38914) | (25)% |
| Net cash used in investing activities | (429682) | (166412) | (263270) | \* |
| Net cash provided by financing activities | 312308 | 23925 | 288383 | \* |
| Effect of exchange rate changes on cash | 489 | (164) | 653 | \* |
| Net change in cash and cash equivalents | $(1032) | $12116 | $(13148) | \* |

---

_________

\*Represents a change equal to or in excess of 100% or one that is not meaningful.

Operating activities provided $115,853 as compared to providing $154,767 during the same period of the prior fiscal year. The decrease in cash provided by operating activities is due primarily to unfavorable changes in working capital coupled with lower net income.

Investing activities used $429,682 as compared to $166,412 during the same period of the prior fiscal year. The increase in cash used in investing activities mainly reflects the purchase of previously leased assets offset by a decrease in purchases of property and equipment.

Financing activities provided $312,308 as compared to using $23,925 during the same period of the prior fiscal year. The increase in cash provided by financing activities primarily reflects the proceeds from the Fifteenth Amendment to the First Lien Credit Agreement and the issuance of Senior Secured Notes. This was partially offset by the repayment of outstanding debt and payment of deferred financing costs.

Our contractual obligations primarily include, but are not limited to, debt service, self-insurance liabilities, and leasing arrangements. We believe our sources of liquidity, namely available cash on hand, history of generating positive operating cash flows, and access to capital markets will continue to be adequate to meet our contractual obligations, as well as fund working capital, planned capital expenditures, location acquisitions, and execute purchases under our share repurchase program.

**Critical Accounting Estimates**

Our critical accounting estimates are discussed in Part II, Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations" of our Annual Report on Form 10-K for the fiscal year ended June 29, 2025 under "Critical Accounting Estimates." There have been no significant changes in our critical accounting estimates during the quarter ended March 29, 2026.

**Recently Issued Accounting Standards**

See Note 1 - *<u>[Description of Business and Significant Accounting Policies](#i90db998c0c1844b89dab6d565a590f22_34)</u>* of the notes to Condensed Consolidated Financial Statements of this Quarterly Report on Form 10-Q for information regarding new accounting pronouncements.

**Emerging Growth Company Accounting Election**

We are currently an emerging growth company, as defined in the JOBS Act. Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards until such time as those standards apply to private companies. We have elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date we (i) are no longer an emerging growth company or (ii) affirmatively and irrevocably opt out of the extended transition period provided in the JOBS Act. As a result, our financial statements may not be comparable to companies that comply with new or revised accounting pronouncements as of public company effective dates. We will lose our emerging growth company status on June 28, 2026, which is the last day of the fiscal year following the fifth anniversary of Isos' IPO (March 5, 2026).

------

<u>[**Table of Contents**](#i90db998c0c1844b89dab6d565a590f22_7)</u>

<u>[Index to Notes](#i90db998c0c1844b89dab6d565a590f22_28)</u>

**Item 3. Quantitative and Qualitative Disclosures About Market Risk**

We are exposed to market risk from changes in, among other things, interest rates, credit risk, labor costs, health insurance claims and foreign currency exchange rates, which could impact its results of operations and financial condition. We attempt to address our exposure to these risks through our normal operating and financing activities.

**Interest Rate Risk**

Under our term and revolving credit facilities, we are exposed to a certain level of interest rate risk. Interest on the principal amount of our borrowings under our revolving credit facility loan accrues at the Adjusted Term Secured Overnight Financing Rate or the Alternate Base Rate, as further described in the credit agreement governing our term and revolving credit facilities. An increase or decrease of 1.0% in the effective interest rate would cause an increase or decrease to interest expense of approximately $12,650 over a twelve month period on our outstanding debt without considering the impact of hedging. The Company entered into two hedging transactions effective as of March 31, 2023 for an aggregate notional amount of our term loan of $800,000. The hedge transactions have a trade and hedge designation date of April 4, 2023. The hedge transactions, each for a notional amount of $400,000, provide for interest rate collars. The interest rate collars establish a floor on SOFR of 0.9429% and 0.9355%, respectively, and a cap on SOFR of 5.50%. The interest rate collars had a maturity date of March 31, 2026. Subsequent to the end of the quarter, the interest rate collars reached maturity and expired with a zero fair value, resulting in no income statement, OCI, or cash flow impact.

**Credit Risk**

Financial instruments that potentially subject us to significant concentrations of credit risk consist of cash and temporary investments. We are exposed to credit losses in the event of non-performance by counter parties to our financial instruments. We place cash and temporary investments with various high-quality financial institutions. Although we do not obtain collateral or other security to secure these obligations, we periodically monitor the third-party depository institutions that hold our cash and cash equivalents. Our emphasis is primarily on safety and liquidity of principal and secondarily on maximizing yield on those funds.

**Commodity Price Risk**

We are exposed to market price fluctuation in food, beverage, supplies and other costs such as energy. Given the historical volatility of certain of our food product prices, including proteins, produce, dairy products, and cooking oil, these fluctuations can materially impact our food costs. While our purchasing commitments partially mitigate the risk of such fluctuations, there is no assurance that supply and demand factors such as disease or inclement weather will not cause the prices of the commodities used in our food operations to fluctuate. Additionally, the cost of purchased materials may be influenced by tariffs and other trade regulations which are outside of our control. To the extent that we do not pass along cost increases to our customers, our results of operations may be adversely affected.

**Inflation**

We experience inflation related to our purchase of certain products that we need to operate our business. This price volatility could potentially have a material impact on our financial condition and/or our results of operations. In order to mitigate price volatility, we monitor price fluctuations and may adjust our prices accordingly, however, our ability to recover higher costs through increased pricing may be limited by the competitive environment in which we operate.

**Item 4. Controls and Procedures**

**Evaluation of Disclosure Controls and Procedures** 

We maintain disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act) that are designed to ensure that information required to be disclosed in our reports filed pursuant to the Exchange Act is properly and timely reported and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that these disclosure controls and procedures are effective as of March 29, 2026.

**Changes in Internal Control Over Financial Reporting** 

There were no changes to our internal control over financial reporting practices or processes that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting during our third quarter ended March 29, 2026.

------

<u>[**Table of Contents**](#i90db998c0c1844b89dab6d565a590f22_7)</u>

<u>[Index to Notes](#i90db998c0c1844b89dab6d565a590f22_28)</u>

**Part II**

**Item 1. Legal Proceedings**

For a description of all material pending legal proceedings, see Note 9 - *<u>[Commitments and Contingencies](#i90db998c0c1844b89dab6d565a590f22_64)</u>* of the notes to Condensed Consolidated Financial Statements of this Quarterly Report on Form 10-Q.

**Item 1A. Risk Factors**

There have been no material changes to our risk factors contained in Part I. Item 1A. "Risk Factors" of our Annual Report on Form 10-K for the year ended June 29, 2025.

**Item 2. Unregistered Sales of Equity Securities and Use of Proceeds**

**Issuer Purchases of Equity Securities**

The following table provides information regarding purchases of our securities made by us for the quarter ended March 29, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***(in thousands, except share and per share amounts)*** | **Total Number of Class A Shares Purchased** | **Average Price Paid per Class A Share\*** | **Total Number of Shares Purchased as Part of Publicly Announced Programs** | **Dollar Value of Shares That May Yet Be Purchased Under The Publicly Announced Repurchase Program\*** |
| December 29, 2025 to February 1, 2026 | 24500 | $8.90 | 24500 | $67352 |
| February 2, 2026 to March 1, 2026 | 668459 | 6.67 | 668459 | 62894 |
| March 2, 2026 to March 29, 2026 | 336478 | 8.29 | 336478 | 60106 |
|  | 1029437 | $7.25 | 1029437 |  |

---

\*The average price paid per share and dollar value of shares that may yet be purchased under the plan includes any commissions paid to repurchase stock (but excludes any excise taxes).

**Item 6. Exhibits**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 10.1+ | <u>[Resignation, Severance, and Release Agreement](leveksterresignationsevera.htm)[,](leveksterresignationsevera.htm)[dated February 18, 2026, b](leveksterresignationsevera.htm)[etween Lev Eks](leveksterresignationsevera.htm)[ter and Lucky Strike Entertainment Corporation.](leveksterresignationsevera.htm)</u> |
| 31.1+ | <u>[Certification of the Principal Executive Officer required by Rule 13a-14(a) or Rule 15d-14(a).](bowl-ex311x32926.htm)</u> |
| 31.2+ | <u>[Certification of the Principal Financial Officer required by Rule 13a-14(a) or Rule 15d-14(a).](bowl-ex312x32926.htm)</u> |
| 32.1+ | <u>[Certification of the Principal Executive Officer required by Rule 13a-14(b) or Rule 15d-14(b) and 18 U.S.C. 1350.](bowl-ex321x32926.htm)</u> |
| 32.2+ | <u>[Certification of the Principal Financial Officer required by Rule 13a-14(b) or Rule 15d-14(b) and 18 U.S.C. 1350.](bowl-ex322x32926.htm)</u> |
| 101.INS | XBRL Instance Document |
| 101.SCH | XBRL Taxonomy Extension Schema Document |
| 101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF | XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB | XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE | XBRL Taxonomy Extension Presentation Linkbase |
| 104 | Cover Page Interactive Data File (embedded within the Inline iXBRL document). |

---

____________

+ Filed herewith.

------

<u>[**Table of Contents**](#i90db998c0c1844b89dab6d565a590f22_7)</u>

<u>[Index to Notes](#i90db998c0c1844b89dab6d565a590f22_28)</u>

**SIGNATURES**

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
| | | **LUCKY STRIKE ENTERTAINMENT CORPORATION** | **LUCKY STRIKE ENTERTAINMENT CORPORATION** |
| Date: | May 6, 2026 | By: | /s/ Robert M. Lavan |
|  |  | Name: | Robert M. Lavan |
|  |  | Title: | Chief Financial Officer |
|  |  |  | (Principal Financial Officer) |

---

## Exhibit 10.1

**<u>RESIGNATION, SEVERANCE AND RELEASE AGREEMENT</u>**

This Resignation, Severance and Release Agreement (the "<u>Resignation Agreement</u>") is deemed effective as of the 18<sup>th</sup> day of February, 2026 (the "<u>Effective Date</u>") between Lev Ekster ("<u>Executive</u>") and Lucky Strike Entertainment Corporation, a Delaware corporation ("<u>Company</u>").

The parties enter into this Resignation Agreement on the basis of the following facts, understandings and intentions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.Executive is currently employed by the Company, pursuant to that certain Employment Agreement, dated as of November 6, 2024 (the "<u>Employment Agreement</u>"), by and between Executive and the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.Executive desires to resign from his position with the Company to pursue entrepreneurial opportunities on the terms and conditions set forth in this Resignation Agreement.

NOW, THEREFORE, in consideration of the above recitals incorporated herein and the mutual covenants and promises contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby expressly acknowledged, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Resignation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Effective as of February 18, 2026 (the "<u>Transition Date</u>"), Executive has resigned from his position as President of the Company and will be deemed to have relinquished and resigned from any and all other titles, positions and appointments with the Company and its subsidiaries (collectively, the "<u>Company Group</u>"), whether as an officer, director, consultant, agent, trustee or otherwise (but not as an employee of the Company).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)During the period beginning on the Transition Date and ending on March 4, 2026 (the "<u>Separation Date</u>"), Executive will (i) continue to be employed by the Company in an advisory capacity, (ii) assist in the smooth and orderly transition of his duties, responsibilities and relationships as President of the Company, and other matters in which Executive participated or in respect of which Executive has knowledge, to the Company's Chief Executive Officer and other executive officers, (iii) perform such other reasonable duties related thereto as the Chief Executive Officer or his delegate may request, and (iv) continue to receive the payments and benefits to which Executive is entitled pursuant to the Employment Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Executive's employment with the Company will terminate on the Separation Date. Following the Separation Date, Executive will have no authority to act on behalf of any member of the Company Group. Executive agrees to execute such documents promptly as may be reasonably requested by the Company to evidence the resignation of his titles, positions and

------

appointments as of the Transition Date and the termination of his employment on the Separation Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Executive acknowledges and agrees that, other than the Separation Payment as payable pursuant to the terms and conditions as expressly contained herein, upon termination of his employment with the Company on the Separation Date, Executive will not be entitled to any other payments or benefits pursuant to the Employment Agreement, other than any payments or benefits required to be paid or provided by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>Severance</u>. In consideration of and subject to Executive's promises herein, including those relating to Executive's compliance with the obligations related to the Release (as set forth in Section 4 below), Company will pay Executive severance to which he would not otherwise be entitled equal to $275,000 U.S. DOLLARS, less standard withholdings and deductions ("<u>Separation Payment</u>"). Company shall report the Separation Payment to the Internal Revenue Service and all applicable state or local taxing authorities by means of a Form W-2 as regular wages to Executive. The Separation Payment will be made on the next scheduled pay cycle following the later of: (i) the Release Effective Date (as defined in Section 4 below); and (ii) the Company's receipt of all Company Property, as defined herein. The Executive acknowledges that the Separation Payment represents consideration for signing and abiding by this Resignation Agreement, including the Release, and is not salary, wages or benefits to which Executive was already entitled.

The Executive acknowledges and agrees that Executive will not be eligible for any other compensation, bonus, insurance coverage, pay, or benefits (cash or non-cash) from Company, related to Executive's employment, whether before or after the Separation Date. The Executive understands that Executive shall not accrue vacation, sick or personal days after the Separation Date. The Executive waives and forever discharges Company from any liability for any payment or benefits of any kind which might otherwise be payable as a result of Executive's employment with Company or termination thereof, it being the intention of the parties to convert and merge all such claims and rights into this Resignation Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>Equity Awards</u>. Prior to the Separation Date, Executive held various equity awards (collectively, the "<u>Equity Awards</u>") with respect to shares of Class A Common Stock of the Company ("<u>Shares</u>"), which were granted to Executive pursuant to the Company's Omnibus Incentive Plan and the applicable grant notices and award agreements (such plan and agreements, collectively, the "<u>Award Documents</u>"). Notwithstanding anything in the Award Documents to the contrary, subject to Executive's execution and non-revocation of this Resignation Agreement and the requirements set forth in Section 4 related to the Release, and in consideration of the Release and Executive's continued compliance with his obligations set forth in this Resignation Agreement, (i) the 40,560 RSUs that have already vested (the "Vested RSUs") and 21,234 RSUs that are scheduled to vest, and will vest in accordance with the terms and conditions thereof, in 2026 (the "<u>Unvested RSUs</u>") and (ii) the 6,271 Earnout Shares and PSUs that have already time vested (the "<u>Vested Earnout Shares and PSUs</u>") and the 2,071 Earnout Shares that are eligible to vest in 2026 in accordance with the terms and conditions thereof (the "<u>Earnout Shares</u>" and, together with the Vested RSUs, Unvested RSUs and the

------

Vested Earnout Shares and PSUs, the "<u>Retained Awards</u>") will not be forfeited on the Separation Date (if applicable) but rather will remain outstanding and will vest in accordance with the terms of the Award Documents (if and when such vesting occurs if vesting has not already occurred), as applicable, and the number of Shares subject to the Retained Awards (as reduced by the number of Shares having a Fair Market Value equal to the applicable withholding taxes due in respect of the Retained Awards) will be delivered to Executive promptly following the applicable vesting date (assuming, in the case of unvested Earnout Shares, such date occurs). Executive acknowledges and agrees that, on the Separation Date, all of the other unvested Equity Awards will be forfeited. Executive further agrees not to sell any Unvested RSUs and Unvested Earnout Shares until one year from the Separation Date. Capitalized terms used but not defined in this Section 3 have the meanings assigned to them in the Award Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>Release</u>. To receive the Separation Payment and the benefits of Section 3 with respect to the Retained Awards, Executive must (a) sign and return the release of claims attached hereto as Exhibit A (the "<u>Release</u>"), at any time during the 21-day period beginning on the Separation Date, and (b) not revoke the Release during the seven-day period immediately following the date that Executive signs and returns the Release. If Executive timely signs and returns the Release and does not timely revoke the Release, then the Release will become effective on the eighth day following the date that Executive signs and return the Release (such eighth day, the "<u>Release Effective Date</u>"). For clarity, if Executive does not timely sign and return the Release, or if Executive timely revokes the Release, Executive will not be entitled to the Separation Payment or any unvested Retained Awards and the Release will not be effective, but the remaining provisions of this Resignation Agreement will remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.<u>Cooperation</u>. Executive acknowledges and agrees that, for the avoidance of doubt, Section 6.2 of the Employment Agreement shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.<u>Non-Competition</u>. The Executive agrees that if the Executive were to become employed by a competitor of the Company Group during the Non-Competition Restricted Period (defined below), it would be difficult for the Executive not to rely on or use the Company Group's trade secrets and confidential information. Thus, to avoid the possible disclosure of such trade secrets and confidential information, and to protect such trade secrets and confidential information and the Company Group's goodwill with customers, during the Non-Competition Restricted Period, the Executive shall not directly or indirectly through any other person engage in, enter the employ of, render any services to, have any ownership interest in, nor participate in the financing, operation, management or control of, any Competing Business. For purposes of this Resignation Agreement, "Non-Competition Restricted Period" means the one (1) year period after the Separation Date. For purposes of this Resignation Agreement, "Competing Business" means any person anywhere in the United States and any other country in which the Company or any of its subsidiaries operates that at any time during the Non-Competition Restricted Period is engaged in (or has plans to engage in) a business that competes in bowling, family entertainment center, waterpark, arcade or such other businesses as are set forth on Schedule 1 hereto.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.<u>Non-Solicitation of Customers</u>. During the Non-Competition Restricted Period (defined in Section 6 above), the Executive shall not directly or indirectly through any other person influence or attempt to influence customers, vendors, suppliers, licensors, lessors, joint venturers, consultants, or partners (collectively, "Customers") of the Company Group (which, for the avoidance of doubt, do not include any employee or agent of the Company Group that is covered by the Non-Solicitation Restricted Period in Section 8 below) to divert their business away from the Company or any subsidiary, and the Executive shall not otherwise interfere with, disrupt or attempt to disrupt the business relationships, contractual or otherwise, between the Company or any of its subsidiaries, on the one hand, and any of its or their Customers, on the other hand; provided, however, that, with respect to any Customer of the Company Group who is not known as such by Executive, Executive's actions towards such Customer shall not breach this Section 7 unless and until the Company makes Executive aware of the Company's relationship with such Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.<u>Non-Solicitation of Personnel</u>. During the Non-Solicitation Restricted Period (as defined below), the Executive shall not directly or indirectly through any other person (a) induce or attempt to induce any employee or agent of the Company Group to leave the employ or service of the Company or any subsidiary, or in any way interfere with the relationship between the Company or any subsidiary, on the one hand, and any employee or agent of the Company Group on the other hand, or (b) hire any person who was an employee or agent of the Company Group until six (6) months after such individual's employment relationship with the Company or any subsidiary has been terminated. For purposes of this Resignation Agreement, "<u>Non-Solicitation Restricted Period</u>" means the two (2) year period after the Separation Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.<u>Confidentiality</u>. To the extent permitted by law, Executive agrees not to disclose the existence or terms of this Resignation Agreement to any person other than Executive's lawyer, accountant, income tax preparer, spouse or children, except pursuant to written authorization by Company or as compelled by law, and that Executive will be responsible for any further disclosure of such information made by such persons. Executive acknowledges and agrees that the Company may disclose part or all of this Resignation Agreement, or a summary of terms, as deemed appropriate by the Company, in compliance with the Company's reporting obligations that may be required by law or otherwise as a publicly traded company listed on NYSE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.<u>Non-Admission of Liability</u>. The parties hereto acknowledge the execution of this Resignation Agreement, and each of the terms contained herein, is not, and shall not be construed in any way as an admission of wrongdoing or liability on the part of either party hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Company Property</u>. On the Separation Date, Executive will immediately return to Company all property, equipment and materials which Executive received in connection with Executive's employment with Company ("<u>Company Property</u>"). Company shall not be required to make the Separation Payment until and unless Executive returns all Company Property.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.<u>Directors and Officers Liability Insurance</u>. For a period of six (6) years from the Separation Date, the Company shall keep in place a directors and officers' liability insurance policy (or policies) providing comprehensive coverage to the Executive if and to the extent that the Company provides such coverage for any other present or former senior executive or director of the Company. The Company shall give prompt written notice to the Executive in the event the Company does not have in full force and effect a directors and officers' liability policy (or policies) that covers the Executive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.<u>Government Documents, Licenses and Permits</u>. The Company shall take all reasonable steps as promptly as practicable (expected to be no later than one hundred twenty (120) days from the Separation Date) to file necessary documents with the appropriate governmental authority to apply for the removal of Executive's name from any governmental document, license and/or permit currently issued to the Company and in effect on the Separation Date; provided, however, that in event the Company is unable to receive approval from the appropriate governmental authority or otherwise remove Executive's name from a given governmental document, license and/or permit within 180 days of the Separation Date, the Company shall provide Executive with a status update after it becomes aware and advise Executive of the steps the Company plans to take to accomplish the removal of Executive's name from such document, license or permit. The Company acknowledges and agrees that Section 19 (Indemnification) of the Employment Agreement shall cover any fines, penalties, fees, suits, actions, proceedings at law or in equity, claims (groundless or otherwise), liabilities, losses, damages, payments, deficiencies, settlements, costs and legal and other expenses (including reasonable fees and disbursements of counsel selected by Executive) asserted or levied against Executive by any person arising out of or in connection with (a) Executive's name being on any governmental document, license and/or permit currently issued to the Company and (b) the removal of Executive's name on any such governmental document, license and/or permit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.<u>Notices</u>. All notices or other communication required or permitted hereunder shall be in writing and shall be delivered personally, by e-mail (with delivery receipt requested), telecopied or sent by certified, registered or express mail, postage prepaid. Any such notice shall be deemed given when so delivered personally, by e-mail, telecopied or sent by certified, registered or express mail, as follows:

If to Executive, to the address listed on Executive's signature page hereto.

If to Company, to:

Lucky Strike Entertainment Corporation

7313 Bell Creek Road

Mechanicsville, Virginia 23111

Telephone: 804-417-2000

Attention: Jason Cohen

E-mail: JasonCohen@LSEnt.com

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Any party may by notice given in accordance with this Section 14 designate another address or person for receipt of notices hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.<u>Successors and Assigns</u>. This Resignation Agreement shall inure to the benefit of and be binding upon the successors and permitted assigns of the parties hereto. No Person other than the parties hereto and their successors and permitted assigns is intended to be a beneficiary of this Resignation Agreement. No party hereto may assign its rights under this Resignation Agreement without the prior written consent of the other parties hereto, and any attempted assignment without such consent shall be null and void ab initio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.<u>Amendment and Waiver</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;No failure or delay on the part of Executive or Company in exercising any right, power or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power or remedy preclude any other or further exercise thereof or the exercise of any other right, power or remedy. The remedies provided for herein are cumulative and are not exclusive of any remedies that may be available to Executive or Company at law, in equity or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Any amendment, supplement or modification of or to any provision of this Resignation Agreement and any waiver of any provision of this Resignation Agreement shall be effective only if it is made or given in writing and signed by Executive and Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.<u>Expenses</u>. Executive and Company shall each bear their own expenses incurred in connection with this Resignation Agreement and the consummation of the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.<u>Counterparts; Electronic Signatures</u>. This Resignation Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts, all of which when so executed shall be deemed to be an original and both of which taken together shall constitute one and the same agreement. Electronic, facsimile or portable document format (pdf) executed signature pages are acceptable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.<u>Headings</u>. The headings in this Resignation Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.<u>GOVERNING LAW</u>. THIS RESIGNATION AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW OR CONFLICTING PROVISION OR RULE (WHETHER OF THE STATE OF NEW YORK OR ANY OTHER JURISDICTION) THAT WOULD CAUSE THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF NEW YORK TO BE APPLIED. IN FURTHERANCE OF THE FOREGOING, THE INTERNAL LAW OF THE STATE OF NEW YORK WILL CONTROL THE INTERPRETATION AND CONSTRUCTION OF THIS AGREEMENT, EVEN IF UNDER SUCH JURISDICTION'S CHOICE OF LAW OR CONFLICT OF LAW ANALYSIS, THE SUBSTANTIVE LAW OF SOME OTHER

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JURISDICTION WOULD ORDINARILY APPLY. Executive and Company agree that any controversy or claim arising out of or relating to this Resignation Agreement, its enforcement or interpretation, or because of an alleged breach, default, or misrepresentation in connection with any of its provisions, or any other controversy or claim arising out of Executive's employment, including, but not limited to, any state or federal statutory claims, shall be governed by the arbitration and dispute resolution provisions set forth in the Employment Agreement (which, for avoidance of doubt include Sections 16.1 through and including Section 16.6 of the Employment Agreement). WITHOUT LIMITING THE PRECEDING SENTENCE, EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS RESIGNATION AGREEMENT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.<u>Severability</u>. If any one or more of the provisions contained herein, or the application thereof in any circumstance, is held invalid, illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions hereof shall not be in any way impaired, unless the provisions held invalid, illegal or unenforceable shall substantially impair the benefits of the remaining provisions hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.<u>Entire Agreement</u>. This Resignation Agreement, together with the Employment Agreement, is intended by the parties as a final expression of their agreement and intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein and therein. There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein or therein. This Resignation Agreement supersedes all prior and contemporaneous agreements and understandings between the parties with respect to such subject matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.<u>Further Assurances</u>. Each of the parties shall execute such documents and perform such further acts (including, without limitation, obtaining any consents, exemptions, authorizations, or other actions by, or giving any notice to, or making any filings with, any Governmental Authority or any other Person) as may be reasonably required or desirable to carry out or to perform the provisions of this Resignation Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.<u>Understanding</u>. Executive represents that he is competent, that his promises and release are in Executive's best interest and that (A) in negotiating and executing this Resignation Agreement, he has had adequate opportunity to consult an attorney of Executive's choosing concerning the meaning and effect of each term hereof, and (B) he has carefully read this Resignation Agreement, understands its terms and intends to be bound by it.

[Remainder of page intentionally left blank]

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IN WITNESS WHEREOF, the parties hereto have caused this Resignation Agreement to be executed and delivered as of the date first above written.

EXECUTIVE:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;COMPANY:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

LUCKY STRIKE ENTERTAINMENT CORPORATION&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

By: <u>/s/ Lev Ekster</u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By: <u>/s/ Jason Cohen</u> 

Name: &nbsp;&nbsp;&nbsp;&nbsp;Lev Ekster&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: Jason Cohen

Address: 1375 Cleveland Road&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: Chief Legal Officer

&nbsp;&nbsp;&nbsp;&nbsp; Miami, Florida 33141

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**SCHEDULE 1**

Topgolf International, Inc. and its subsidiaries

Dave and Buster's, Inc. and its subsidiaries (including, without limitation, Main Event Entertainment)

Andretti Indoor Karting & Gaming and its subsidiaries

Golf Entertainment Group, Inc. and its subsidiaries (including, without limitation, Puttery, Drive Shack and American Golf)

Popstroke Holdings LLC and its subsidiaries Round1 Bowling & Amusement

Punch Bowl Social

Level99

Meow Wolf

Sandbox VR

Puttshack

Electric Shuffle

Flight Club / Beat the Bomb

Swingers

ACTIVATE

Chuck E. Cheese

iFLY Indoor Skydiving

Urban Air / Sky Zone

K1 Speed

Chicken N Pickle

Six Flags

Walt Disney Company

Universal Parks & Resorts (NBCUniversal)

Merlin Entertainments

F1 Arcade

Jaguar Bolera

Camp Pickle

GoodSurf

FlightClub

Elevate

QubicaAMF

Brunswick&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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**<u>EXHIBIT A</u>**

**<u>General Release Agreement</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Release</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Lev Ekster (the "<u>Executive</u>"), on his own behalf and on behalf of his descendants, dependents, heirs, executors, administrators, assigns and successors, and each of them (the "<u>Executive Releasors</u>"), hereby acknowledges full and complete satisfaction of and releases and discharges and covenants not to sue Lucky Strike Entertainment Corporation (the "<u>Company</u>"), its divisions, subsidiaries, parents, or affiliated corporations, past and present, and each of them, as well as its and their assignees, successors, directors, officers, stockholders, partners, representatives, attorneys, agents or employees, past or present, or any of them (individually and collectively, "<u>Company Releasees</u>"), from and with respect to any and all claims, agreements, obligations, demands and causes of action, known or unknown, suspected or unsuspected, arising out of or in any way connected with the Executive's employment or separation of employment or any other relationship with or interest in the Company, and each of them, or the termination thereof, including without limiting the generality of the foregoing, any claim for severance pay, profit sharing, bonus or similar benefit, pension, retirement, life insurance, health or medical insurance or any other fringe benefit, or disability, or any other claims, agreements, obligations, demands and causes of action, known or unknown, suspected or unsuspected resulting from any act or omission by or on the part of Company Releasees committed or omitted prior to the date of this General Release Agreement (this "<u>Agreement</u>") set forth below, including, without limiting the generality of the foregoing, any claim under Title VII of the Civil Rights Act of 1964; the Americans with Disabilities Act; the Family and Medical Leave Act, Age Discrimination Employment Act of 1967, as amended by the Older Workers Benefit Protection Act; any exception to the employment at will doctrine, including any common law theory sounding in tort, contract or public policy; the Fair Labor Standards Act, as amended, 29 U.S.C. Section 201, et seq., or any state or local wage and hour law or ordinance; the National Labor Relations Act, as amended, 29 U.S.C. Subsection 141, et seq.; any state "service letter" statute; any common law theory of recover; Continuation Coverage Under Group Health Plans (commonly referred to as "<u>COBRA</u>") contained in 29 U.S.C. Title I, Subtitle B., Part 6 (of the Employee Retirement Income Security Act of 1974, as amended) and Section 4980B of the Internal Revenue Code of 1986, as amended; the Employee Retirement Income Security Act of 1974 (commonly referred to as "<u>ERISA</u>"), as amended; any other federal or state law or regulation relating to wages, hours of work, overtime pay, pay practices, rest and meal periods and penalties; state workers' compensation laws; or any other federal, state or local laws or regulations regarding employment discrimination, employment or termination of employment; claims for wrongful discharge, breach of express or implied contract, defamation, fraud, harassment or misrepresentation under any statute, rule, regulation or under the common law, or any other federal, state or local law, regulation or ordinance (collectively, the "<u>Claims</u>").

Notwithstanding the foregoing, Executive does not waive or release Claims with respect to any of the following: (1) Claims arising from any breach or alleged breach by the Company of the Resignation, Severance and Release Agreement, dated as of February 18, 2026 (the "<u>Resignation</u> 

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<u>Agreement</u>"), by and between the Company and Executive, or Executive's right to enforce such Resignation Agreement; (2) Claims arising with respect to those provisions of the Employment Agreement, dated as of November 6, 2024 (the "<u>Employment Agreement</u>"), by and between the Company and the Executive that are intended to survive the termination of the Executive's employment with the Company; (3) any right to indemnification (including the advancement of legal fees) that the Executive may have pursuant to the Employment Agreement, the bylaws or corporate charter of the Company, with respect to any loss, damages or expenses (including but not limited to attorneys' fees to the extent otherwise provided) that the Executive may incur with respect to his service as an employee, officer or director of the Company, or any of its parents, subsidiaries or affiliates; or (4) with respect to any rights that the Executive may have to insurance coverage for such losses, damages or expenses under any Company (or parent, subsidiary or affiliate) directors and officers liability insurance policy (in the future or previously in force). In the interest of clarity, in connection with the forgoing, Executive acknowledges and agrees that he will not provide information to others that would support any claims against the Company or encourage or participate in any such claims. In addition, this release does not cover any Claim that cannot be so released as a matter of applicable law. This release does not prevent Executive from filing a charge with or participating in an investigation by a governmental administrative agency or cooperating as required by law with any governmental inquiry or investigation or judicial proceeding; provided, however, that Executive waives any right to receive any monetary award resulting from such a charge or investigation, including, without limitation, interest, penalties, fines, and attorneys' fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Company Releasees, acting as releasors (in such capacity, "<u>Company Releasors</u>"), hereby acknowledge full and complete satisfaction of and release and discharge and covenant not to sue Executive Releasors, acting as releasees (in such capacity, "<u>Executive Releasees</u>"), from and with respect to any and all claims, agreements, obligations, demands and causes of action, known or unknown, suspected or unsuspected, arising out of or in any way connected with Executive's employment or separation of employment or any other relationship with or interest in the Company, and each of them, or the termination thereof, or any other claims, agreements, obligations, demands and causes of action, known or unknown, suspected or unsuspected resulting from any act or omission by or on the part of Executive Releasees committed or omitted prior to the date of this Agreement, including, without limiting the generality of the foregoing, any Claims.

Notwithstanding the foregoing, the Company does not waive or release Claims with respect to any of the following: (1) Claims arising from any breach or alleged breach by Executive of the Resignation Agreement, or the Company's right to enforce such Resignation Agreement; and (2) Claims arising with respect to those provisions of the Employment Agreement that are intended to survive the termination of the Executive's employment with the Company. In the interest of clarity, in connection with the forgoing, the Company acknowledges and agrees that it will not provide information to others that would support any claims against Executive Releasees or encourage or participate in any such claims. In addition, this release does not cover any Claim that cannot be so released as a matter of applicable law. This release does not prevent the Company from filing a charge with or participating in an investigation by a governmental administrative agency or cooperating as required by law with any governmental inquiry or

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investigation or judicial proceeding; <u>provided</u>, <u>however</u>, that the Company waives any right to receive any monetary award resulting from such a charge or investigation, including, without limitation, interest, penalties, fines, and attorneys' fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>Release of Unknown Claims</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)It is the intention of Executive in executing this Agreement that the same shall be effective as a bar to each and every claim, demand and cause of action hereinabove specified. In furtherance of this intention, Executive hereby expressly waives any and all rights and benefits conferred upon him by any law, statute, or legal doctrine that would otherwise prevent the release of unknown claims and expressly consents that this Agreement shall be given full force and effect according to each and all of its express terms and provisions, including those related to unknown and unsuspected claims, demands and causes of action, if any, as well as those relating to any other claims, demands and causes of action hereinabove specified. Executive acknowledges that he may hereafter discover claims or facts in addition to or different from those he now knows or believes to exist with respect to the subject matter of this Agreement and which, if known or suspected at the time of executing this Agreement, may have materially affected this settlement. Nevertheless, Executive waives any right, claim or cause of action that might arise as a result of such different or additional claims or facts. Executive acknowledges that he understands the significance and consequence of such release and waiver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)It is the intention of the Company in executing this Agreement that the same shall be effective as a bar to each and every claim, demand and cause of action hereinabove specified. In furtherance of this intention, the Company hereby expressly waives any and all rights and benefits conferred upon it by any law, statute, or legal doctrine that would otherwise prevent the release of unknown claims and expressly consents that this Agreement shall be given full force and effect according to each and all of its express terms and provisions, including those related to unknown and unsuspected claims, demands and causes of action, if any, as well as those relating to any other claims, demands and causes of action hereinabove specified. The Company acknowledges that it may hereafter discover claims or facts in addition to or different from those it now knows or believes to exist with respect to the subject matter of this Agreement and which, if known or suspected at the time of executing this Agreement, may have materially affected this settlement. Nevertheless, the Company waives any right, claim or cause of action that might arise as a result of such different or additional claims or facts. The Company acknowledges that it understands the significance and consequence of such release and waiver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>ADEA Waiver</u>. The Executive expressly acknowledges and agrees that by entering into this Agreement, he is waiving any and all rights or claims that he may have arising under the Age Discrimination in Employment Act of 1967, as amended ("<u>ADEA</u>"), which have arisen on or before the date of execution of this Agreement. The Executive further expressly acknowledges and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)In return for this Agreement, he will receive consideration beyond that which he was already entitled to receive before entering into this Agreement;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)He is hereby advised in writing by this Agreement to consult with an attorney before signing this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)He was given a copy of this Agreement on March 4, 2026 and informed that he had a period of twenty-one (21) days within which to consider this Agreement and that if he wished to execute this Agreement prior to expiration of such 21-day period, he should execute the Acknowledgement and Waiver attached hereto as <u>Exhibit A-1</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Nothing in this Agreement prevents or precludes the Executive from challenging or seeking a determination in good faith of the validity of this waiver under the ADEA, nor does it impose any condition precedent, penalties or costs from doing so, unless specifically authorized by federal law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)He was informed that he has seven (7) days following the date of execution of this Agreement in which to revoke this Agreement, and this Agreement will become null and void if the Executive elects revocation during that time. Any revocation must be in writing and delivered in accordance with the notice provisions of the Employment Agreement, and must be received by the Company during the seven-day revocation period. In the event that the Executive exercises his right of revocation, neither the Company nor Executive will have any obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>No Filing or Transfer of Claim</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Executive warrants, with the understanding that such warranty is material to this transaction, that (a) Executive has not asserted, and no person or entity has asserted on Executive's behalf, any Claim, demand, cause of action or lawsuit arising out of or related in any way to Executive's employment with the Company or regarding any of the Company Releasees herein and (b) Executive has not assigned, pledged, hypothecated or transferred any Claim purported to be released hereby. Executive specifically agrees that Executive will not, directly or indirectly, in the future file any Claim based on actions or omissions released herein against the Company or any of the Company Releasees, with any court or in any proceeding; nor will Executive, directly or indirectly, file any Claim seeking individual relief with any local, state or federal governmental agency; provided, however, the foregoing shall not apply to any claims that cannot be released as a matter of law or public policy. Executive shall indemnify and hold Company Releasees harmless from and against any and all loss, liability, claim, damage (including incidental and consequential damages) or expense (including costs of investigation and defense and reasonable attorney's fees) whether or not involving third party claims, arising directly or indirectly from or in connection with (i) the assertion by or on behalf of Executive of any Claim or other matter purported to be released pursuant to this Release and (ii) the assertion by any third party of any Claim or demand against any Company Releasees which Claim or demand arises directly or indirectly from, or in connection with, any assertion by or on behalf of the Executive against such third party of any Claims or other matters purported to be released pursuant to this Release. Executive agrees that if Executive does, directly or indirectly, file any Claim, complaint, charge or lawsuit in violation of Section 1(a) above, then the Company and/or any of the Company Releasees, as applicable, shall be entitled to recover from Executive the entire amount of the Separation Payment described above, as well as its/their costs and expenses

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incurred in defense of such complaint, charge or lawsuit, including reasonable attorneys' fees. Further, in the event it becomes necessary for the Company or any of the Company Releasees to bring legal action to enforce the terms hereof, whether for injunctive relief or damages or both, Executive agrees that in the event Company and/or any of the Company Releasees prevails in such action, in whole or in part, the Company and/or any of the Company Releasees, as applicable, shall be entitled to recover from the Executive its/their costs and expenses incurred in such action, including reasonable attorneys' fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Company warrants, with the understanding that such warranty is material to this transaction, that (a) the Company has not asserted, and no person or entity has asserted on the Company's behalf, any Claim, demand, cause of action or lawsuit arising out of or related in any way to Executive's employment with the Company or regarding any of the Executive Releasees herein and (b) the Company has not assigned, pledged, hypothecated or transferred any Claim purported to be released hereby. The Company specifically agrees that it will not, directly or indirectly, in the future file any Claim based on actions or omissions released herein against Executive or any of the Executive Releasees, with any court or in any proceeding; nor will the Company, directly or indirectly, file any Claim seeking individual relief with any local, state or federal governmental agency; provided, however, the foregoing shall not apply to any claims that cannot be released as a matter of law or public policy. The Company shall indemnify and hold Executive Releasees harmless from and against any and all loss, liability, claim, damage (including incidental and consequential damages) or expense (including costs of investigation and defense and reasonable attorney's fees) whether or not involving third party claims, arising directly or indirectly from or in connection with (i) the assertion by or on behalf of the Company of any Claim or other matter purported to be released pursuant to this Release and (ii) the assertion by any third party of any Claim or demand against any Executive Releasees which Claim or demand arises directly or indirectly from, or in connection with, any assertion by or on behalf of the Company against such third party of any Claims or other matters purported to be released pursuant to this Release. The Company agrees that if it does, directly or indirectly, file any Claim, complaint, charge or lawsuit in violation of Section 1(b) above, then Executive and/or any of the Executive Releasees, as applicable, shall be entitled to recover from the Company his/their costs and expenses incurred in defense of such complaint, charge or lawsuit, including reasonable attorneys' fees. Further, in the event it becomes necessary for Executive or any of the Executive Releasees to bring legal action to enforce the terms hereof, whether for injunctive relief or damages or both, the Company agrees that in the event Executive and/or any of the Executive Releasees prevails in such action, in whole or in part, Executive and/or any of the Executive Releasees, as applicable, shall be entitled to recover from the Company his/their costs and expenses incurred in such action, including reasonable attorneys' fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Non-Disclosure and Non-Disparagement. After the Separation Date, Executive will not disclose any secret or confidential information, knowledge or data relating to the Company Group or its business that is not public knowledge (except as required by law). Executive shall continue to be bound by his prior agreement and obligations owed to the Company or any subsidiary which survive termination of employment, restated and incorporated herein, including but not limited to those obligations set forth in the Confidentiality Agreement referenced in Section 6.1 of the Employment Agreement. For five (5) years following the

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Separation Date, (i) the Executive will not disparage or defame or cast in a negative light the Company or any of its directors or officers, or make any derogatory, negative or similar statements, in any medium to any person, and (ii) the Company and its officers and directors will not disparage or defame or cast in a negative light the Executive, or make any derogatory, negative or similar statements, in any medium to any person; provided, however, that the foregoing shall not prohibit any party from (A) giving truthful testimony in any legal proceeding pending before any agency or court of the United States or state government or in any arbitration proceeding relating to this Agreement or otherwise required by law or any administrative or legislative body or (B) responding to incorrect, disparaging or derogatory public statements to the extent necessary to correct or refute such public statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.<u>Affirmative Reference</u>. The Company agrees that, upon receipt of a request for reference regarding Executive from any prospective employer, recruiter, background verification service, or any similar third party, the Company shall respond in a timely manner and provide a positive reference. Additionally, if the Company's CEO should be approached by any person or entity to provide a reference for Executive, the CEO shall provide a positive reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.<u>Miscellaneous</u>. The following provisions shall apply for purposes of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Successors</u>. This Agreement is personal to the Executive and shall not be assignable by the Executive. This Agreement shall inure to the benefit of and be binding upon the Company, the Company Releasees, Executive and the Executive Releasees and their respective successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Governing Law</u>. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW OR CONFLICTING PROVISION OR RULE (WHETHER OF THE STATE OF NEW YORK OR ANY OTHER JURISDICTION) THAT WOULD CAUSE THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF NEW YORK TO BE APPLIED. IN FURTHERANCE OF THE FOREGOING, THE INTERNAL LAW OF THE STATE OF NEW YORK WILL CONTROL THE INTERPRETATION AND CONSTRUCTION OF THIS AGREEMENT, EVEN IF UNDER SUCH JURISDICTION'S CHOICE OF LAW OR CONFLICT OF LAW ANALYSIS, THE SUBSTANTIVE LAW OF SOME OTHER JURISDICTION WOULD ORDINARILY APPLY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Severability</u>. It is the desire and intent of the parties hereto that the provisions of this Agreement be enforced to the fullest extent permissible under the laws and public policies applied in each jurisdiction in which enforcement is sought. Accordingly, if any particular provision of this Agreement shall be adjudicated by a court of competent jurisdiction to be invalid, prohibited or unenforceable under any present or future law, and if the rights and obligations of any party under this Agreement will not be materially and adversely affected thereby, such provision, as to such jurisdiction, shall be

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ineffective, without invalidating the remaining provisions of this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction, and to this end the provisions of this Agreement are declared to be severable; furthermore, in lieu of such invalid or unenforceable provision there will be added automatically as a part of this Agreement, a legal, valid and enforceable provision as similar in terms to such invalid or unenforceable provision as may be possible. Notwithstanding the foregoing, if such provision could be more narrowly drawn (as to geographic scope, period of duration or otherwise) so as not to be invalid, prohibited or unenforceable in such jurisdiction, it shall, as to such jurisdiction, be so narrowly drawn, without invalidating the remaining provisions of this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Modifications</u>. This Agreement may not be amended, modified or changed (in whole or in part), except by a formal, definitive written agreement expressly referring to this Agreement, which agreement is executed by both of the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Waiver</u>. Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Arbitration; Waiver of Jury Trial</u>. The Executive and the Company agree that any controversy or claim arising out of or relating to this Agreement, its enforcement or interpretation, or because of an alleged breach, default, or misrepresentation in connection with any of its provisions, or any other controversy or claim arising out of the Executive's employment, including, but not limited to, any state or federal statutory claims, shall be governed by the arbitration and dispute resolution provisions set forth in the Employment Agreement(which, for avoidance of doubt include Sections 16.1 through and including Section 16.6 of the Employment Agreement). WITHOUT LIMITING THE PRECEDING SENTENCE, EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)<u>Additional Actions</u>. Each party agrees to cooperate fully and to execute any and all supplementary documents and to take all additional reasonable actions that may be necessary or appropriate to give full force to the basic terms and intent of this Agreement and that are not inconsistent with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)<u>Counterparts; Electronic Signatures</u>. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original as against any party whose signature appears thereon, and all of which together shall constitute one and

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the same instrument. This Agreement shall become binding when one or more counterparts hereof, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories. Photographic copies of such signed counterparts may be used in lieu of the originals for any purpose. Electronic, facsimile or portable document format (pdf) executed signature pages are acceptable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)<u>Legal Counsel; Mutual Drafting</u>. Each party recognizes that this is a legally binding contract and acknowledges and agrees that such party has had the opportunity to consult with legal counsel of such party's choice. Each party has cooperated in the drafting, negotiation and preparation of this Agreement. Hence, in any construction to be made of this Agreement, the same shall not be construed against either party on the basis of that party being the drafter of such language. Executive agrees and acknowledges that Executive has read and understands this Agreement, is entering into it freely and voluntarily without coercion, and has been advised to seek counsel prior to entering into this Agreement and has had ample opportunity to do so. The undersigned have read and understand the consequences of this Agreement and voluntarily sign it. The undersigned declare under penalty of perjury under the laws of the State of New York that the foregoing is true and correct.

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EXECUTED this ________ day of ________ 2026, at __________________ County, ________.

"**EXECUTIVE**"

<u>&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Lev Ekster

EXECUTED this ________ day of ________ 2026, at __________________ County, ________.

**"COMPANY"**

LUCKY STRIKE ENTERTAINMENT CORPORATION

By: <u>&nbsp;&nbsp;&nbsp;&nbsp;</u><br> Name: <u>&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Title:<u>&nbsp;&nbsp;&nbsp;&nbsp;</u>

***To be executed on or within 21 days after March 4, 2026; signature prior to***

***March 5, 2026 is not permitted.***

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**<u>EXHIBIT A-1</u>**

<u>ACKNOWLEDGMENT AND WAIVER</u>

I, Lev Ekster, hereby acknowledge that I was given 21 days to consider the foregoing General Release Agreement and voluntarily chose to sign the General Release Agreement prior to the expiration of the 21-day period.

I declare under penalty of perjury under the laws of the State of New York that the foregoing is true and correct.

EXECUTED this ___ day of ____________ 2026, at ________ County, _______.

<u>&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Lev Ekster

## Exhibit 31.1

**Exhibit 31.1**

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Thomas F. Shannon, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Lucky Strike Entertainment Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Securities Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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---

| | |
|:---|:---|
| Date: May 6, 2026 | /s/ Thomas F. Shannon |
| | Thomas F. Shannon |
| | Chief Executive Officer and Chairman |
| | Lucky Strike Entertainment Corporation |

---

## Exhibit 31.2

**Exhibit 31.2**

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Robert M. Lavan, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Lucky Strike Entertainment Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Securities Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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---

| | |
|:---|:---|
| Date: May 6, 2026 | /s/ Robert M. Lavan |
| | Robert M. Lavan |
| | Chief Financial Officer |
| | Lucky Strike Entertainment Corporation |

---

## Exhibit 32.1

**Exhibit 32.1**

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of Lucky Strike Entertainment Corporation (the "Company") for the quarterly period ended March 29, 2026, as filed with the U.S. Securities and Exchange Commission (the "Report"), I, Thomas F. Shannon, Chief Executive Officer of the Company, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Date: May 6, 2026 | /s/ Thomas F. Shannon |
| | Thomas F. Shannon |
| | Chief Executive Officer and Chairman |
| | Lucky Strike Entertainment Corporation |

---

The foregoing certification is being furnished as an exhibit to the Report pursuant to Item 601(b)(32) of Regulation S-K and Section 1350 of Title 18 of the United States Code and, accordingly, is not being filed with the U.S. Securities and Exchange Commission as part of the Report and is not to be incorporated by reference into any filing of the Company under the Securities Act of 1933 or the Securities Exchange Act of 1934 (whether made before or after the date of the Report, irrespective of any general incorporation language contained in such filing).

## Exhibit 32.2

**Exhibit 32.2**

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of Lucky Strike Entertainment Corporation. (the "Company") for the quarterly period ended March 29, 2026, as filed with the U.S. Securities and Exchange Commission (the "Report"), I, Robert M. Lavan, Chief Financial Officer of the Company, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Date: May 6, 2026 | /s/ Robert M. Lavan |
| | Robert M. Lavan |
| | Chief Financial Officer |
| | Lucky Strike Entertainment Corporation |

---

The foregoing certification is being furnished as an exhibit to the Report pursuant to Item 601(b)(32) of Regulation S-K and Section 1350 of Title 18 of the United States Code and, accordingly, is not being filed with the U.S. Securities and Exchange Commission as part of the Report and is not to be incorporated by reference into any filing of the Company under the Securities Act of 1933 or the Securities Exchange Act of 1934 (whether made before or after the date of the Report, irrespective of any general incorporation language contained in such filing).

<br>