# EDGAR Filing Document

**Accession Number:** 0001840572
**File Stem:** 0001628280-25-048808
**Filing Date:** 2025-11
**Character Count:** 29023
**Document Hash:** bd01098e1f5091e8b0350a01751e8ae1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-25-048808.hdr.sgml**: 20251104

**ACCESSION NUMBER**: 0001628280-25-048808

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20251104

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251104

**DATE AS OF CHANGE**: 20251104

**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:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40142
- **FILM NUMBER:** 251449002

**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-20251104

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**___________________________________**

**FORM 8-K**

**___________________________________**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d)**

**of the Securities Exchange Act of 1934**

**November 4, 2025**

Date of Report (date of earliest event reported)

**___________________________________**

**LUCKY STRIKE ENTERTAINMENT CORPORATION**

(Exact name of registrant as specified in its charter)

**___________________________________**

---

| | | |
|:---|:---|:---|
| **Delaware**<br>(State or other jurisdiction of <br>incorporation or organization) | **001-40142**<br>(Commission File Number) | **98-1632024**<br>(I.R.S. Employer Identification Number) |
| **7313 Bell Creek Road**<br>**Mechanicsville, Virginia 23111** | **7313 Bell Creek Road**<br>**Mechanicsville, Virginia 23111** | **7313 Bell Creek Road**<br>**Mechanicsville, Virginia 23111** |
| (Address of principal executive offices and zip code) | (Address of principal executive offices and zip code) | (Address of principal executive offices and zip code) |
| **(804) 417-2000** | **(804) 417-2000** | **(804) 417-2000** |
| (Registrant's telephone number, including area code) | (Registrant's telephone number, including area code) | (Registrant's telephone number, including area code) |

---

**___________________________________**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

**☐** Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

**☐** Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

**☐** Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

**☐** Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

---

| | | |
|:---|:---|:---|
| Securities registered pursuant to Section 12(b) of the Act: | Securities registered pursuant to Section 12(b) of the Act: | Securities registered pursuant to Section 12(b) of the Act: |
| **Title of each class** | **Trading Symbol** | **Name of each exchange on which registered** |
| Class A common stock, par value $0.0001 | LUCK | The New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 12b-2 of the Exchange Act.

Emerging growth company&nbsp;&nbsp;&nbsp;&nbsp;☒

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.

☐

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**Item 2.02 - Results of Operations and Financial Condition**

On November 4, 2025, Lucky Strike Entertainment Corporation (the "Company") issued a press release announcing its preliminary financial results for the first quarter of fiscal year 2026, which ended on September 28, 2025. A copy of the Company's press release is being furnished herewith as Exhibit 99.1.

The information furnished with this Item 2.02 (including the preliminary financial results and related information included in Exhibit 99.1 referenced under Item 9.01 below) of this Current Report on Form 8-K shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any other filing under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, except as expressly set forth by specific reference in such a filing.

**Item 7.01 - Regulation FD Disclosure**

The Company will host a webcast on November 4, 2025 at 5:00 p.m. Eastern Time to review its results for the first quarter of fiscal year 2026, which ended on September 28, 2025.

The presentation to be used for the webcast, any future investor presentations or updates thereto will be available on the Company's website at <u>https://ir.luckystrikeent.com/overview/default.aspx</u>. These presentations will be accessible by the public on such website for a limited period of time.

**Item 9.01 - Financial Statements and Exhibits**

(d) Exhibits:

---

| | |
|:---|:---|
| **Exhibit No.** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Description** |
| 99.1 | <u>[Press release of Lucky Strike Entertainment Corporation dated November 4, 2025 reporting financial results for the first quarter of fiscal year 2026 ended September 28, 2025](pressreleaseq1fy-26.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

------

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | **LUCKY STRIKE ENTERTAINMENT CORPORATION** | **LUCKY STRIKE ENTERTAINMENT CORPORATION** |
| Date: November 4, 2025 | By: | /s/ Robert M. Lavan |
|  | Name: | Robert M. Lavan |
|  | Title: | Chief Financial Officer |

---

## Exhibit 99.1

**Lucky Strike Entertainment Reports First Quarter Results for Fiscal Year 2026 and Increases Common Stock Dividend**

**RICHMOND, VA. November 4, 2025 –** Lucky Strike Entertainment (NYSE: LUCK), one of the world's premier owner/operators of location-based entertainment, today provided financial results for the first quarter of the 2026 fiscal year, which ended on September 28, 2025.

***<u>Quarter Highlights:</u>***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Total revenue increased 12.3% to $292.3 million from $260.2 million in the previous year* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Same Store Revenue decreased 0.4% versus the prior year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Net loss of $13.8 million versus prior year net income of $23.1 million*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Adjusted EBITDA of $72.7 million versus $62.9 million in the prior year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• From June 30, 2025 through November 4, 2025, we acquired three family entertainment centers and one water park. Total locations in operation as of November 4, 2025 is 369, which reflects the closure of an unprofitable location*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Continued progress on Lucky Strike rebrand initiative with 74 current Lucky Strike locations*

"The Company delivered another strong quarter marked by solid execution, disciplined cost management, and meaningful platform expansion. Core retail and league businesses remained resilient, with encouraging digital engagement and clear signs of recovery in events heading into the holiday season. Strategic real estate investments and a major refinancing strengthened the balance sheet and extended financial flexibility, while recent acquisitions in waterparks and family entertainment centers broadened the Company's footprint and enhance long-term growth potential. The addition of seasoned leaders further deepened the Company's operational and cultural bench strength, underscoring a continued commitment to people, hospitality, and performance excellence across its expanding entertainment portfolio." said Thomas Shannon, CEO and Founder of Lucky Strike Entertainment.

**Fiscal Year 2026 Guidance**

The Company is reaffirming fiscal year 2026 guidance provided on August 28, 2025. We remain focused on delivering profitable growth by driving revenues, expanding operating cash flow, and increasing free cash flow – including FCF/share. Our outlook reflects attractive growth supported by organic operating leverage and increased investment in high-ROI, revenue-generating initiatives. Additionally, recent acquisitions typically take 12-18 months to achieve our company-wide margins. The Company's fiscal year 2026 performance guidance is presented below.

Total Revenue Growth:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5% to 9%

Total Revenue: &nbsp;&nbsp;&nbsp;&nbsp;$1,260M to $1,310M

Adjusted EBITDA: &nbsp;&nbsp;&nbsp;&nbsp;$375M to $415M

**Common Stock Dividend Increase**

The Board of Directors of Lucky Strike Entertainment declared a quarterly cash dividend of $0.06 per common share for the second quarter of fiscal year 2026. This is an approximate 9% increase over the regular quarterly cash dividend declared in August 2025. The dividend will be payable on December 8, 2025, to stockholders of record on November 24, 2025.

**September 2025 Debt Refinancing**

------

On September 22, 2025, the Company refinanced its credit facility. The Company entered into a new $1.2 billion term loan maturing September 22, 2032 and issued $500 million aggregate principal amount of 7.25% senior secured notes due 2032, with the proceeds being used to repay the outstanding amounts under the Company's revolver and its existing term loans in full, including a bridge term loan entered into in July 2025 related to the acquisition of 58 previously leased properties. In addition, the Company increased its revolving credit commitment by $40 million to an aggregate amount of $425 million. The refinancing extended the maturity of this indebtedness by five years, from 2028 to 2032 and reduced the interest rate on the term loan by 25 basis points.

**Investor Webcast Information** 

Listeners may access an investor webcast hosted by Lucky Strike Entertainment. The webcast and results presentation will be accessible at 5:00 PM ET on November 4, 2025 in the Events & Presentations section of the Lucky Strike Entertainment Investor Relations website at https://ir.luckystrikeent.com/.

**About Lucky Strike Entertainment**

Lucky Strike Entertainment is one of the world's premier location-based entertainment platforms. With over 360 locations across North America, Lucky Strike Entertainment provides experiential offerings in bowling, amusements, water parks, and family entertainment centers. The Company also owns the Professional Bowlers Association, the major league of bowling and a growing media property that boasts millions of fans around the globe. For more information on Lucky Strike Entertainment, please visit IR.LuckyStrikeEnt.com.

------

**Forward Looking Statements**

Some of the statements contained in this press release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that involve risk, assumptions, and uncertainties, such as statements of our plans, objectives, expectations, intentions, and forecasts. These forward-looking statements reflect our views with respect to future events as of the date of this release and are based on our management's current expectations, estimates, forecasts, projections, assumptions, beliefs, and information. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. All such forward-looking statements are subject to risks and uncertainties, many of which are outside of our control, and could cause future events or results to be materially different from those stated or implied in this document. It is not possible to predict or identify all such risks. These risks include, but are not limited to: our ability to design and execute our business strategy; changes in consumer preferences and buying patterns; our ability to compete in our markets; the occurrence of unfavorable publicity; risks associated with long-term non-cancellable leases for our locations; our ability to retain key managers; risks associated with our substantial indebtedness and limitations on future sources of liquidity; our ability to carry out our expansion plans; our ability to successfully defend litigation brought against us; failure to hire and retain qualified employees and personnel; cybersecurity breaches, cyber-attacks and other interruptions to our and our third-party service providers' technological and physical infrastructures; catastrophic events, including war, terrorism and other conflicts; public health emergencies and pandemics, such as the COVID-19 pandemic, or natural catastrophes and accidents; fluctuations in our operating results; economic conditions, including the impact of increasing interest rates, inflation and recession; and other factors described under the section titled "Risk Factors" in the Company's Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the "SEC") by the Company on August 28, 2025, as well as other filings that the Company will make, or has made, with the SEC, such as Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this press release and in other filings. We expressly disclaim any obligation to publicly update or review any forward-looking statements, except as required by applicable law.

------

**Non-GAAP Financial Measures**

To provide investors with information in addition to our results as determined under Generally Accepted Accounting Principles ("GAAP"), we disclose Same Store Revenue and Adjusted EBITDA as "non-GAAP measures", which management believes provide useful information to investors because each measure assists both investors and management in analyzing and benchmarking the performance and value of our business. Accordingly, management believes that these measurements are useful for comparing general operating performance from period to period, and management relies on these measures for planning and forecasting of future periods. Additionally, these measures allow management to compare our results with those of other companies that have different financing and capital structures. These measures are not financial measures calculated in accordance with GAAP and should not be considered as a substitute for revenue or net income as calculated in accordance with GAAP, and may not be comparable to a similarly titled measure reported by other companies. Our fiscal year 2026 guidance measures (other than revenue) are provided on a non-GAAP basis without a reconciliation to the most directly comparable GAAP measure because the Company is unable to predict with a reasonable degree of certainty certain items contained in the GAAP measures without unreasonable efforts. For the same reasons, the Company is unable to address the probable significance of the unavailable information. Such items include, but are not limited to, acquisition-related expenses, share-based compensation, and other items not reflective of the Company's ongoing operations.

Same Store Revenue represents total Revenue less Non-Location Related Revenue, Revenue from Closed Locations, Service Fee Revenue, if applicable, and Acquired Revenue. Adjusted EBITDA represents Net Income (Loss) before Interest Expense, Income Taxes, Depreciation and Amortization, Impairment and Other 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.

The Company considers Same Store Revenue as an important financial measure because it provides comparable revenue for locations open for the entire duration of both the current and comparable measurement periods.

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. 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.

------

**GAAP Financial Information**

---

| |
|:---|
| **Lucky Strike Entertainment Corporation** |
| Condensed Consolidated Balance Sheets |
| (Amounts in thousands, except share and per share amounts) |
| (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| | **September 28, 2025** | **June 29,<br>2025** |
| **Assets** | | |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $31032 | $59686 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts and notes receivable, net | 6607 | 7998 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories, net | 16125 | 15500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 37089 | 29366 |
| &nbsp;&nbsp;&nbsp;&nbsp;Assets held-for-sale | 756 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 91609 | 112550 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property and equipment, net | 1226853 | 944917 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease right of use assets | 572320 | 588594 |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance lease right of use assets, net | 298489 | 507701 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intangible assets, net | 47849 | 45562 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 863000 | 844351 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax asset | 75566 | 67919 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 50150 | 48145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $3225836 | $3159739 |
| **Liabilities, Temporary Equity and Stockholders' Deficit** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | $144099 | $145188 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current maturities of long-term debt | 3645 | 10162 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current obligations of operating lease liabilities | 34605 | 33103 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | 12398 | 5932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 194747 | 194385 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term debt, net | 1678896 | 1300708 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term obligations of operating lease liabilities | 587702 | 606692 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term obligations of finance lease liabilities | 414769 | 683161 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term financing obligations | 451381 | 449215 |
| &nbsp;&nbsp;&nbsp;&nbsp;Earnout liability | 32657 | 36183 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other long-term liabilities | 56600 | 56307 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax liabilities | 4551 | 4434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 3421303 | 3331085 |
| **Commitments and Contingencies** |  |  |

---

------

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| | | |
|:---|:---|:---|
| | **September 28, 2025** | **June 29,<br>2025** |
| **Temporary Equity** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Series A preferred stock | $130827 | $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 | 464526 | 472889 |
| &nbsp;&nbsp;&nbsp;&nbsp;Treasury stock, at cost | (463596) | (457917) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (326979) | (313181) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (263) | (480) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' deficit | (326294) | (298671) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities, temporary equity and stockholders' deficit | $3225836 | $3159739 |

---

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| |
|:---|
| **Lucky Strike Entertainment Corporation** |
| Condensed Consolidated Statements of Operations |
| (Amounts in thousands) |
| (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| | **September 28,<br>2025** | **September 29,<br>2024** |
| **Revenues** | | |
| &nbsp;&nbsp;Bowling | $125270 | $122203 |
| &nbsp;&nbsp;Food & beverage | 96129 | 88039 |
| &nbsp;&nbsp;Amusement & other | 70879 | 49953 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 292278 | 260195 |
| **Costs and expenses** |  |  |
| &nbsp;&nbsp;Location operating costs, excluding depreciation and amortization | 97826 | 86228 |
| &nbsp;&nbsp;Location payroll and benefit costs | 75244 | 67436 |
| &nbsp;&nbsp;Location food and beverage costs | 21935 | 20530 |
| &nbsp;&nbsp;Selling, general and administrative expenses, excluding depreciation and amortization | 35345 | 34811 |
| &nbsp;&nbsp;Depreciation and amortization | 33195 | 36983 |
| &nbsp;&nbsp;Loss on impairment and disposal of fixed assets, net | 1375 | 1472 |
| &nbsp;&nbsp;Other operating income, net | (888) | (211) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total costs and expenses | 264032 | 247249 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Operating income** | 28246 | 12946 |
| **Other (income) expenses** |  |  |
| &nbsp;&nbsp;Interest expense, net | 53397 | 48670 |
| &nbsp;&nbsp;Change in fair value of earnout liability | (3527) | (48921) |
| &nbsp;&nbsp;Other expense | 4931 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total other expense (income) | 54801 | (251) |
| &nbsp;&nbsp;&nbsp;&nbsp;**(Loss) income before income tax benefit** | (26555) | 13197 |
| Income tax benefit | (12757) | (9898) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net (loss) income** | $(13798) | $23095 |

---

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---

| |
|:---|
| **Lucky Strike Entertainment Corporation** |
| Condensed Consolidated Statements of Cash Flows |
| (Amounts in thousands) |
| (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| | **September 28,<br>2025** | **September 29,<br>2024** |
| Net cash (used in) provided by operating activities | $(6408) | $29413 |
| Net cash used in investing activities | (315147) | (39924) |
| Net cash provided by (used in) financing activities | 292671 | (17806) |
| Effect of exchange rate changes on cash | 230 | (207) |
| **Net decrease in cash and cash equivalents** | **(28654)** | **(28524)** |
| Cash and cash equivalents at beginning of period | 59686 | 66972 |
| **Cash and cash equivalents at end of period** | $**31032** | $**38448** |

---

------

**Balance Sheet and Liquidity**

As of September 28, 2025 and June 29, 2025, our calculation of net debt was as follows:

---

| | | |
|:---|:---|:---|
| *(in thousands)* | **September 28, 2025** | **June 29,<br>2025** |
| Cash and cash equivalents | $31032 | $59686 |
| Bank debt and loans | 1712408 | 1321790 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net debt | $1681376 | $1262104 |

---

As of September 28, 2025 and June 29, 2025, our cash on hand and revolving borrowing capacity was as follows:

---

| | | |
|:---|:---|:---|
| *(in thousands)* | **September 28, 2025** | **June 29, 2025** |
| Cash and cash equivalents | $31032 | $59686 |
| Revolver Capacity | 425000 | 335000 |
| Amounts outstanding on Revolver |  | (30000) |
| Revolver capacity committed to letters of credit | (24122) | (22422) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total cash on hand and revolving borrowing capacity | $431910 | $342264 |

---

------

**GAAP to non-GAAP Reconciliations**

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| | | |
|:---|:---|:---|
| | **Same Store Revenue** | **Same Store Revenue** |
| | **Three Months Ended** | **Three Months Ended** |
|<br>*(in thousands)* | **September 29,<br>2024** | **September 28, 2025** |
| Total Revenue - Reported | $260195 | $292278 |
| less: Service Fee Revenue | (650) | (586) |
| Revenue Excluding Service Fee Revenue | $259545 | $291692 |
| less: Non-Location Related (including Closed Centers) | (4110) | (3121) |
| Total Location Revenue | $255435 | $288571 |
| less: Acquired Revenue |  | (34091) |
| Same Store Revenue | $255435 | $254480 |
| ***<u>% Year-over-Year Change</u>*** |  |  |
| *Total Revenue – Reported* |  | 12.3% |
| *Total Revenue excluding Service Fee Revenue* |  | 12.4% |
| *Total Location Revenue* |  | 13.0% |
| *Same Store Revenue* |  | (0.4)% |

---

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---

| | | |
|:---|:---|:---|
| | **Adjusted EBITDA Reconciliation** | **Adjusted EBITDA Reconciliation** |
| | **Three Months Ended** | **Three Months Ended** |
|<br>*(in thousands)* | **September 28, 2025** | **September 29,<br>2024** |
| **Consolidated** |  |  |
| Revenue | $292278 | $260195 |
| Net (loss) income - GAAP | (13798) | 23095 |
| *Net (loss) income margin* | (4.7)% | 8.9% |
| Adjustments: |  |  |
| Interest expense | 53397 | 48670 |
| Income tax benefit | (12757) | (9898) |
| Depreciation and amortization | 33500 | 37437 |
| Loss on impairment, disposals, and other charges, net | 1375 | 1472 |
| Share-based compensation  | 3486 | 4503 |
| Closed location EBITDA <sup>(1)</sup> | 521 | 2205 |
| Transactional and other advisory costs <sup>(2)</sup> | 9997 | 3259 |
| Changes in the value of earnouts <sup>(3)</sup> | (3527) | (48921) |
| Other, net <sup>(4)</sup> | 460 | 1121 |
| Adjusted EBITDA | $72654 | $62943 |
| *Adjusted EBITDA Margin* | *24.9%* | *24.2%* |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1)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.

&nbsp;&nbsp;&nbsp;&nbsp;(2)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.

&nbsp;&nbsp;&nbsp;&nbsp;(3)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.

&nbsp;&nbsp;&nbsp;&nbsp;(4)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.

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**Contacts**:

Lucky Strike Entertainment Corporation Investor Relations

IR@LSEnt.com

<br>