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Sep 30, 2024
Gen Q3 2024 Earnings Report
GEN Restaurant Group reported financial results for Q3 2024, showing revenue growth but a decrease in net income due to increased expenses for new restaurant development.
Key Takeaways
GEN Restaurant Group reported a 7.8% increase in total revenue to $49.1 million for the third quarter of 2024. However, net income decreased to $0.2 million, or $0.01 per diluted share, due to higher expenses related to new restaurant openings. The company maintained a restaurant-level adjusted EBITDA margin above 18%.
Opened one new location during the third quarter and two more locations in October 2024.
Launched GEN Korean BBQ gift cards at participating Costco locations.
Total revenue increased 7.8% to $49.1 million compared to the third quarter of 2023.
Maintained restaurant-level adjusted EBITDA margin above 18% of revenue.
Gen
Gen
Forward Guidance
The Company is maintaining its expectation to open a total of 10 to 11 new locations in 2024 and generating restaurant-level adjusted EBITDA margin of approximately 18%.