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First Watch Q1 2025 Earnings Report
First Watch Restaurant Group, Inc. reported its financial results for the first quarter of fiscal year 2025, showing an increase in total revenues and a net loss.
Key Takeaways
First Watch Restaurant Group, Inc. reported total revenues of $282.2 million for Q1 2025, a 16.4% increase from the prior year. The company experienced a net loss of $(0.8) million, or $(0.01) per diluted share, and an Adjusted EBITDA of $22.8 million. Same-restaurant sales growth was 0.7%, with 13 new system-wide restaurants opened.
Total revenues increased by 16.4% to $282.2 million in Q1 2025.
The company reported a net loss of $(0.8) million for Q1 2025, compared to a net income of $7.2 million in Q1 2024.
Adjusted EBITDA for Q1 2025 was $22.8 million, a decrease from $28.6 million in Q1 2024.
First Watch opened 13 new system-wide restaurants across 10 states, bringing the total to 584 system-wide restaurants.
Revenue by Segment
Forward Guidance
First Watch updated its fiscal year 2025 guidance, expecting total revenue growth of approximately 20.0% and Adjusted EBITDA in the range of $114.0 million to $119.0 million. The company plans to open 59 to 64 new system-wide restaurants.
Positive Outlook
- Total revenue growth of ~20.0% expected.
- Adjusted EBITDA projected between $114.0 million and $119.0 million.
- Positive low-single digits same-restaurant sales growth anticipated.
- Flat-to-slightly positive same-restaurant traffic growth expected.
- Plans to open 59 to 64 new system-wide restaurants, net of 3 company-owned restaurant closures.
Challenges Ahead
- Blended tax rate expected to be 45.0%-50.0%.
- Capital expenditures in the range of $150.0 million to $160.0 million.
- Guidance for Adjusted EBITDA is not reconciled to GAAP financial measures due to inability to determine probable significance of reconciling items.
Historical Earnings Impact
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