BurgerFi: Reports First Quarter 2023 Results

Palm Beach / FL. (bfi) BurgerFi International Inc., owner of the BurgerFi brand (BF), and the Anthony’s Coal Fired Pizza + Wings brand (ACF), reported its results for the first quarter ended April 03, 2023. Summary:

  • Total revenue increased to USD 45.7 million in the first quarter 2023 compared to USD 44.9 million in the prior year quarter driven by ACF same-store sales growth
    • Consolidated systemwide sales increased to USD 73.4 million compared to USD 73.1 million in the prior period
    • Systemwide sales for BF decreased 1 percent to USD 40.3 million in the first quarter compared to the prior period
    • Same-store sales growth of 3 percent at ACF in the first quarter of 2023 compared to the prior period
    • Systemwide same-store sales decrease of 4 percent at BF in the first quarter of 2023 compared to the prior period
  • Opened two new BF brand franchised restaurants in the first quarter, one new BF franchised location in the second quarter to date, and expects to open an additional new BF franchised location by month end
  • Consolidated restaurant-level operating expenses as a percent of restaurant sales improved 260 basis points when compared to the prior year quarter, driven through both brands
  • Net loss of USD 9.2 million or USD (0.39) per diluted share in the first quarter 2023 compared to net loss of USD 13.6 million or USD (0.62) per diluted share compared to prior year quarter
  • Adjusted Ebitda of USD 2.6 million in the first quarter 2023 compared to USD 2.3 million in the prior year quarter

Management Commentary

Executive Chairman Ophir Sternberg: «We kicked off 2023 with an increase in revenue, improved operating margins in both brands and higher adjusted Ebitda and remain on track to achieve our annual guidance. Year to date, we have opened three new franchised BF locations with plans to open a total of 15-20 new franchised restaurants this year, including our first franchised ACF. I believe we are in the early innings of our growth strategy and am pleased with the progress made during the Company’s first quarter. I remain confident in the opportunities ahead at both BF and ACF. As a result, as previously announced in February, myself, through Lionheart, and certain senior members of the management team purchased additional shares of BF, so we are collectively the largest shareholders in the company with approximately 21 percent of the shares outstanding.»

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