GEN Restaurant Group Announces Second Quarter 2025 Financial Results
GEN Restaurant Group (NASDAQ: GENK) reported Q2 2025 financial results showing mixed performance. Total revenue increased 2.2% year-over-year to $55.0 million, while recording an operating loss of $1.9 million. The company's restaurant-level adjusted EBITDA was $9.0 million, representing 16.3% of revenue.
Notable developments include the opening of seven new locations in H1 2025 plus two in July, bringing total store count to 52 locations across eleven states and South Korea. The company maintains $9.6 million in cash, no material long-term debt, and access to a $20 million credit line. GEN initiated its first dividend of $0.03 per share and remains on track to exceed its target of 12-13 new stores by year-end.
[ "Expansion to 52 locations with first restaurant in South Korea", "Revenue growth of 2.2% year-over-year to $55.0 million", "Strong liquidity with $9.6M cash and $20M available credit line", "Initiated first dividend payment of $0.03 per share", "Restaurant-level adjusted EBITDA margin improved from 15.6% to 16.3% quarter-over-quarter", "On track to exceed store opening target of 12-13 new locations in 2025" ]GEN Restaurant Group (NASDAQ: GENK) ha riportato i risultati finanziari del secondo trimestre 2025 con performance contrastanti. Il fatturato totale 猫 aumentato del 2,2% su base annua, raggiungendo 55,0 milioni di dollari, mentre si 猫 registrata una perdita operativa di 1,9 milioni di dollari. L'EBITDA rettificato a livello di ristorante 猫 stato di 9,0 milioni di dollari, pari al 16,3% del fatturato.
Tra gli sviluppi pi霉 rilevanti, l'apertura di sette nuovi punti vendita nella prima met脿 del 2025 e altri due a luglio, portando il totale a 52 locali distribuiti in undici stati e Corea del Sud. L'azienda dispone di 9,6 milioni di dollari in liquidit脿, senza debiti a lungo termine significativi, e ha accesso a una linea di credito da 20 milioni di dollari. GEN ha avviato il suo primo dividendo di 0,03 dollari per azione e resta sulla buona strada per superare l'obiettivo di 12-13 nuove aperture entro fine anno.
GEN Restaurant Group (NASDAQ: GENK) report贸 resultados financieros del segundo trimestre de 2025 con un desempe帽o mixto. Los ingresos totales aumentaron un 2,2% interanual hasta 55,0 millones de d贸lares, mientras que registraron una p茅rdida operativa de 1,9 millones de d贸lares. El EBITDA ajustado a nivel de restaurante fue de 9,0 millones de d贸lares, representando el 16,3% de los ingresos.
Entre los desarrollos destacados, la apertura de siete nuevas ubicaciones en el primer semestre de 2025 m谩s dos en julio, alcanzando un total de 52 locales en once estados y Corea del Sur. La compa帽铆a mantiene 9,6 millones de d贸lares en efectivo, sin deuda a largo plazo significativa, y acceso a una l铆nea de cr茅dito de 20 millones de d贸lares. GEN inici贸 su primer dividendo de 0,03 d贸lares por acci贸n y sigue en camino de superar su objetivo de 12-13 nuevas aperturas para fin de a帽o.
GEN Restaurant Group (NASDAQ: GENK)電� 2025雲� 2攵勱赴 鞛 鞁れ爜鞚� 氚滍憸頃橂┌ 順柬暕霅� 靹标臣毳� 氤挫榾鞀惦媹雼�. 齑� 靾橃澋鞚� 鞝勲厔 雽�牍� 2.2% 歃濌皜頃� 5,500毵� 雼煬毳� 旮半頄堨溂雮�, 鞓侅梾 靻愳嫟鞚� 190毵� 雼煬鞓�鞀惦媹雼�. 須岇偓鞚� 鞁濍嫻 靾橃 臁办爼 EBITDA電� 900毵� 雼煬搿�, 靾橃澋鞚� 16.3%毳� 彀頃╇媹雼�.
欤检殧 氚滌爠 靷暛鞙茧電� 2025雲� 靸侂皹旮办棎 7臧� 鞁犼窚 毵れ灔 鞓ろ攬瓿� 7鞗旍棎 2臧� 毵れ灔鞚� 於旉皜霅橃柎 齑� 11臧� 欤检檧 頃滉淡鞐� 52臧� 毵れ灔鞚� 氤挫湢頃橁矊 霅橃棃鞀惦媹雼�. 須岇偓電� 960毵� 雼煬鞚� 順勱笀鞚� 氤挫湢頃橁碃 鞛堨溂氅�, 欷戩殧頃� 鞛リ赴 攵�毂勲姅 鞐嗞碃 2,000毵� 雼煬鞚� 鞁犾毄 頃滊弰毳� 頇滌毄頃� 靾� 鞛堨姷雼堧嫟. GEN鞚� 欤茧嫻 0.03雼煬鞚� 觳� 氚半嫻旮�鞚� 鞁滌瀾頄堨溂氅�, 鞐半旯岇 12~13臧� 鞁犼窚 毵れ灔 臧滌劋 氇╉憸毳� 齑堦臣 雼劚頃� 鞓堨爼鞛呺媹雼�.
GEN Restaurant Group (NASDAQ : GENK) a publi茅 des r茅sultats financiers mitig茅s pour le deuxi猫me trimestre 2025. Le chiffre d'affaires total a augment茅 de 2,2 % en glissement annuel pour atteindre 55,0 millions de dollars, tandis qu'une perte op茅rationnelle de 1,9 million de dollars a 茅t茅 enregistr茅e. L'EBITDA ajust茅 au niveau des restaurants s'est 茅lev茅 脿 9,0 millions de dollars, repr茅sentant 16,3 % du chiffre d'affaires.
Parmi les faits marquants, l'ouverture de sept nouveaux 茅tablissements au premier semestre 2025 ainsi que deux en juillet, portant le nombre total de points de vente 脿 52 r茅partis dans onze 茅tats et en Cor茅e du Sud. L'entreprise dispose de 9,6 millions de dollars en liquidit茅s, sans dette 脿 long terme significative, et a acc猫s 脿 une ligne de cr茅dit de 20 millions de dollars. GEN a initi茅 son premier dividende de 0,03 dollar par action et reste en bonne voie pour d茅passer son objectif de 12 脿 13 nouvelles ouvertures d'ici la fin de l'ann茅e.
GEN Restaurant Group (NASDAQ: GENK) meldete gemischte Finanzergebnisse f眉r das 2. Quartal 2025. Der Gesamtumsatz stieg um 2,2 % im Jahresvergleich auf 55,0 Millionen US-Dollar, w盲hrend ein operativer Verlust von 1,9 Millionen US-Dollar verzeichnet wurde. Das bereinigte EBITDA auf Restaurantebene betrug 9,0 Millionen US-Dollar, was 16,3 % des Umsatzes entspricht.
Zu den bemerkenswerten Entwicklungen z盲hlen die Er枚ffnung von sieben neuen Standorten in der ersten H盲lfte des Jahres 2025 sowie zwei weiteren im Juli, wodurch die Gesamtzahl auf 52 Standorte in elf Bundesstaaten und S眉dkorea anstieg. Das Unternehmen verf眉gt 眉ber 9,6 Millionen US-Dollar in bar, keine wesentlichen langfristigen Schulden und Zugang zu einer 20-Millionen-US-Dollar-Kreditlinie. GEN hat seine erste Dividende von 0,03 US-Dollar pro Aktie eingef眉hrt und liegt im Plan, das Ziel von 12-13 neuen Filialer枚ffnungen bis Jahresende zu 眉bertreffen.
- None.
- Operating loss of $1.9 million compared to $1.6 million profit in Q2 2024
- Net loss of $0.05 per share vs. profit of $0.06 per share in Q2 2024
- Total restaurant operating expenses increased 416 basis points to 91.7%
- Same store sales traffic declined in May and June
- Cost of goods sold increased 97 basis points due to inflation and new store costs
- General and administrative expenses increased to 11.6% of revenue from 9.4% year-over-year
Insights
GEN facing mixed Q2 with revenue growth but operational losses; expansion continues despite headwinds while margins remain pressured.
GEN Restaurant Group's Q2 results reveal a 2.2% revenue growth to
The restaurant-level adjusted EBITDA margin improved sequentially from
Cost pressures are evident across multiple categories: COGS increased 97 basis points year-over-year due to new restaurant startup costs and inflation; occupancy costs rose 116 basis points from new location openings; and other operating costs increased 78 basis points compared to Q2 2024.
Despite these challenges, GEN continues aggressive expansion with 10 new locations in the trailing twelve months, bringing the total to 52 restaurants across eleven states plus South Korea. With 7 additional locations under development, the company expects to exceed its target of 12-13 new restaurants for 2025.
The company's liquidity position remains solid with
Same-store sales traffic declined in May and June, though management noted customers began returning in July. The company is banking on cost savings and operational efficiencies to offset ongoing economic headwinds from tariffs and immigration concerns.
CERRITOS, Calif., Aug. 06, 2025 (GLOBE NEWSWIRE) -- GEN Restaurant Group, Inc. (鈥淕EN鈥� or the 鈥淐ompany鈥�) (Nasdaq: GENK), owner of GEN Korean BBQ, a fast-growing casual dining concept with an extensive menu and signature 鈥済rill at your table鈥� experience, is announcing financial results for the second quarter ended June听30, 2025.
Second Quarter 2025 Financial and Recent Operational Highlights听
- Total revenue grew
2.2% year-over-year to$55.0 million for the second quarter. - Loss from operations was
$1.9 million , or3.4% of revenue, for the second quarter. - Restaurant-level adjusted EBITDA(1) was
$9.0 million , or16.3% of revenue, for the quarter. - Opened its first restaurant in South Korea.
- Opened seven new locations in the first half of the year, plus two new restaurants in July, expanding total store count to 52 locations across eleven states and South Korea. The Company remains on pace to exceed our target of 12 to 13 total new stores by the end of 2025.
- The Company has more projects from its incubator division rolling out in 2025. The Company is focused on growing the GEN brand through big box retailers with gift cards and other products under the GEN name.
- Cash and cash equivalents at June 30, 2025 was
$9.6 million . - During the second quarter, the Company paid its first dividend of
$0.03 per share.
(1) Adjusted EBITDA, restaurant-level adjusted EBITDA, restaurant-level adjusted EBITDA margin, and adjusted net income are non-GAAP measures. For reconciliations of adjusted EBITDA, restaurant-level adjusted EBITDA, restaurant-level adjusted EBITDA margin, and adjusted net income to the most directly comparable GAAP measure see the accompanying financial tables. For definitions and a discussion of why we consider them useful, see 鈥淣on-GAAP Measures鈥� below.
Management Commentary
鈥淲e鈥檙e pleased to report solid results for the first half of 2025, including the opening of our first restaurant in South Korea, 鈥� said David Kim, Chairman and Chief Executive Officer of GEN. 鈥淭his launch highlights our ability to expand in other parts of the world and bring our concept to the people of South Korea. Our results have been impressive, despite the current business environment including the implications of tariffs and the impact of immigration concerns creating continued economic headwinds. While our same store sales traffic was down in May and June, customers began to return in July. We expect these headwinds will primarily be absorbed through a combination of cost savings and operational efficiencies.
鈥淟ooking to the remainder of 2025, our development pipeline remains robust, and we are on pace to exceed our target of 12 to 13 new restaurants by the end of 2025 as we have 7 additional restaurants under development which we expect to complete construction by the end of 2025. We鈥檙e encouraged by the early success of our dual-concept of GEN Korean BBQ and Kan Sushi format as a potential lever for future growth. With strong cash flow and over
(2) This is a forward-looking non-GAAP financial measure for which a reconciliation to the most directly comparable GAAP financial measure is not available without unreasonable efforts. Refer to 鈥淔orward-Looking Non-GAAP Financial Measures鈥� in this release, which identifies the information that is unavailable without unreasonable efforts and provides additional information. It is probable that this forward-looking non-GAAP financial measure may be materially different from the corresponding GAAP financial measure.
Second Quarter 2025 Financial Results
Total revenue increased
Total restaurant operating expenses as a percentage of revenue increased 416 basis points to
- Cost of goods sold increased by 97 basis points compared to the second quarter of 2024, primarily as a result of new start-up restaurants in operation and inflationary cost increases. There was minimal impact from the Company鈥檚 premium menu rollout.
- Payroll and benefits decreased 29 basis points compared to the second quarter of 2024. Payroll and benefits decreased 163 basis points compared to the first quarter of 2025 as the Company implements labor efficiencies.
- Occupancy costs increased 116 basis points compared to the second quarter of 2024, primarily due to new restaurant openings. Occupancy costs increased 42 basis points compared to the first quarter of 2025.
- Other operating costs increased by 78 basis points compared to the second quarter of 2024 and increased 39 basis points compared to the first quarter of 2025.
- Depreciation and amortization increased 87 basis points compared to the second quarter of 2024.
- Restaurant pre-opening expenses increased to
$2.1 million for the second quarter of 2025 from$1.6 million in the second quarter of 2024 as we have 11 additional stores either opened or in the pipeline.
Loss from operations was
General and administrative expenses totaled
Net loss before income taxes was
Adjusted EBITDA was
As of June 30, 2025, the Company had
Non-GAAP Measures
Restaurant-level adjusted EBITDA represents income (loss) from operations plus adjustments to add-back the following expenses: depreciation and amortization, pre-opening costs, general and administrative expenses, and non-cash lease expense. Restaurant-level adjusted EBITDA margin is the calculation of restaurant-level adjusted EBITDA divided by revenue. Management believes that restaurant-level adjusted EBITDA and restaurant-level adjusted EBITDA margin are useful to investors because these measures highlight trends in our core business that may not otherwise be apparent to investors when relying solely on GAAP financial measures and enabling investors to more effectively compare the Company鈥檚 performance to prior and future periods.
Adjusted EBITDA represents net income (loss) before net interest expense, income taxes, depreciation and amortization, stock-based compensation expense, employee retention credits, litigation accruals, non-cash lease expenses and non-cash lease expense related to pre-opening costs and gain on remeasurement of previously held interest. Adjusted EBITDA margin is defined as Adjusted EBITDA divided by revenue. Management believes that Adjusted EBITDA and Adjusted EBITDA margin are useful to investors because these measures highlight trends in our core business that may not otherwise be apparent to investors when relying solely on GAAP financial measures and enabling investors to more effectively compare the Company鈥檚 performance to prior and future periods.
Adjusted Net Income represents net (loss) income, adjusted for pre-opening costs, gain on remeasurement of previously held interest and non-cash stock-based compensation, and the related tax impact of the adjustments. Adjusted net income per share is defined as adjusted net income divided by the weighted-average number of shares of Class A common stock outstanding for the applicable period. Management believes that adjusted net income and adjusted net income per share are useful to investors because these measures highlight trends in our core business that may not otherwise be apparent to investors when relying solely on GAAP financial measures and enabling investors to more effectively compare the Company鈥檚 performance to prior and future periods.
Forward-Looking听Non-GAAP听Financial Measures
This press release also includes certain forward-looking听non-GAAP听financial measures for the year ending December听31, 2025. We calculate forward-looking听non-GAAP听financial measures based on internal forecasts that omit certain amounts that would be included in GAAP financial measures. We have not provided quantitative reconciliations of these forward-looking听non-GAAP听financial measures to the most directly comparable forward-looking GAAP financial measures because the excluded items are not available on a prospective basis without unreasonable efforts. For example, the timing of new restaurant openings and construction is difficult to predict because of delays in timing from city and other regulatory inspectors. In addition, we believe such reconciliations would imply a degree of precision and certainty that could be confusing to investors. It is probable that these forward-looking听non-GAAP听financial measures may be materially different from the corresponding GAAP financial measures
Conference Call
GEN will conduct a conference call today at 5:00 p.m. Eastern time to discuss its financial results for the first quarter 2025 ended June 30, 2025.
Chairman and Chief Executive Officer David Kim and Chief Financial Officer Tom Croal will host the conference call, followed by a question-and-answer session.
Date: Wednesday August 6, 2025
Time: 5:00 p.m. Eastern time (2:00 p.m. Pacific time)
Toll-free dial-in number: 1-800-717-1738
International dial-in number: 1-646-307-1865
Conference ID: 26538
Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please call 1-888-562-0262, press 1, prompt 1.
The conference call will be broadcast live via webcast 听and available for replay via the investor relations section of the Company鈥檚 website at .
A telephonic replay of the conference call will also be available after 8:00 p.m. Eastern Time on the same day through August 13, 2025.
Toll-free replay number: 1-844-512-2921
International replay number: 1-412-317-6671
Replay ID: 1126538
About GEN Restaurant Group, Inc.
GEN Korean BBQ is one of the largest Asian casual dining restaurant concepts in听the United States. Founded in 2011 by two Korean immigrants in听Los Angeles, the brand has now grown over 52 company-owned locations where guests serve as their own chefs, preparing meals on embedded grills in the center of each table. The extensive menu consists of traditional Korean and Korean-American food, including high-quality meats, poultry, seafood and mixed vegetables. With its unique culinary experience alongside its modern d茅cor and lively atmosphere, GEN Korean BBQ delivers an engaging and interactive dining experience that appeals to a vast segment of the population. For more information, GenKoreanBBQ.com听and follow the brand on听Facebook听and听Instagram.
Forward-Looking Statements
This press release contains forward-looking statements. Forward-looking statements may be identified by the use of words such as 鈥渂elieve,鈥� 鈥渋ntend,鈥� 鈥渆xpect鈥�, 鈥渨ill,鈥� 鈥渕ay鈥�, and other similar words or expressions that predict or indicate future events. All statements that are not statements of historical fact are forward-looking statements, including any statements regarding our strategy, future operations, and growth prospects, any statements regarding future economic conditions or performance, any statements of belief or expectation, and any statements of assumptions underlying any of the foregoing or other future events. Forward-looking statements are based on current information available at the time the statements are made and on management鈥檚 reasonable belief or expectations with respect to future events, and are subject to risks and uncertainties, many of which are beyond the Company鈥檚 control, that could cause actual performance or results to differ materially from the belief or expectations expressed in or suggested by the forward-looking statements. Additional factors or events that could cause actual results to differ may also emerge from time to time, and it is not possible for the Company to predict all of them. Forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation to update any forward-looking statement to reflect future events, developments or otherwise, except as may be required by applicable law.听 Investors are referred to the Company鈥檚 Annual Report on Form 10-K for the year ended December 31, 2024, and in our subsequent filings with the Securities and Exchange Commission (鈥淪EC鈥�), which are available on the SEC鈥檚 website at www.sec.gov, for additional information regarding the risks and uncertainties that may cause actual results to differ materially from those expressed in any forward-looking statement
Investor Relations Contact:
Thomas V. Croal
562-356-9929
[email protected]
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| GEN RESTAURANT GROUP Condensed Consolidated Income Statements (in thousands, except per share amounts) | ||||||||||||||||
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| 听 | 听 | Three months ended June听30, | 听 | 听 | Six months ended June听30, | 听 | ||||||||||
| 听 | 听 | 2025 | 听 | 听 | 2024 | 听 | 听 | 2025 | 听 | 听 | 2024 | 听 | ||||
| 听 | 听 | 听 | 听 | |||||||||||||
| Revenue | 听 | $ | 55,041 | 听 | 听 | $ | 53,860 | 听 | 听 | 听 | 112,377 | 听 | 听 | $ | 104,620 | 听 |
| Restaurant operating expenses: | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||
| Food cost | 听 | 听 | 18,623 | 听 | 听 | 听 | 17,700 | 听 | 听 | 听 | 37,885 | 听 | 听 | 听 | 34,668 | 听 |
| Payroll and benefits | 听 | 听 | 16,561 | 听 | 听 | 听 | 16,362 | 听 | 听 | 听 | 34,749 | 听 | 听 | 听 | 32,514 | 听 |
| Occupancy expenses | 听 | 听 | 5,121 | 听 | 听 | 听 | 4,389 | 听 | 听 | 听 | 10,212 | 听 | 听 | 听 | 8,682 | 听 |
| Operating expenses | 听 | 听 | 5,905 | 听 | 听 | 听 | 5,358 | 听 | 听 | 听 | 11,831 | 听 | 听 | 听 | 10,457 | 听 |
| Depreciation and amortization | 听 | 听 | 2,221 | 听 | 听 | 听 | 1,706 | 听 | 听 | 听 | 4,214 | 听 | 听 | 听 | 3,243 | 听 |
| Pre-opening costs | 听 | 听 | 2,051 | 听 | 听 | 听 | 1,645 | 听 | 听 | 听 | 4,699 | 听 | 听 | 听 | 3,547 | 听 |
| Total restaurant operating expenses | 听 | 听 | 50,482 | 听 | 听 | 听 | 47,160 | 听 | 听 | 听 | 103,590 | 听 | 听 | 听 | 93,111 | 听 |
| General and administrative | 听 | 听 | 6,403 | 听 | 听 | 听 | 5,058 | 听 | 听 | 听 | 12,773 | 听 | 听 | 听 | 9,731 | 听 |
| Depreciation and amortization - corporate | 听 | 听 | 36 | 听 | 听 | 听 | 29 | 听 | 听 | 听 | 70 | 听 | 听 | 听 | 57 | 听 |
| Total costs and expenses | 听 | 听 | 56,921 | 听 | 听 | 听 | 52,247 | 听 | 听 | 听 | 116,433 | 听 | 听 | 听 | 102,899 | 听 |
| (Loss) income from operations | 听 | 听 | (1,880 | ) | 听 | 听 | 1,613 | 听 | 听 | 听 | (4,056 | ) | 听 | 听 | 1,721 | 听 |
| Employee retention credits | 听 | 听 | 313 | 听 | 听 | 听 | 200 | 听 | 听 | 听 | 313 | 听 | 听 | 听 | 200 | 听 |
| Gain on remeasurement of previously held interest | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 3,402 | 听 |
| Other income (loss) | 听 | 听 | (300 | ) | 听 | 听 | 鈥� | 听 | 听 | 听 | (300 | ) | 听 | 听 | 鈥� | 听 |
| Gain (loss) on foreign currency | 听 | 听 | (14 | ) | 听 | 听 | 鈥� | 听 | 听 | 听 | (14 | ) | 听 | 听 | 鈥� | 听 |
| Interest income (expense), net | 听 | 听 | 67 | 听 | 听 | 听 | 262 | 听 | 听 | 听 | 127 | 听 | 听 | 听 | 538 | 听 |
| Equity in income (loss) of equity method investee | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | (17 | ) |
| Net (loss) income before income taxes | 听 | 听 | (1,814 | ) | 听 | 听 | 2,075 | 听 | 听 | 听 | (3,930 | ) | 听 | 听 | 5,844 | 听 |
| (Benefit) provision for income taxes | 听 | 听 | (116 | ) | 听 | 听 | 11 | 听 | 听 | 听 | (268 | ) | 听 | 听 | 83 | 听 |
| Net (loss) income | 听 | 听 | (1,698 | ) | 听 | 听 | 2,064 | 听 | 听 | 听 | (3,662 | ) | 听 | 听 | 5,761 | 听 |
| Less: Net (loss) income attributable to non-controlling interest | 听 | 听 | (1,437 | ) | 听 | 听 | 1,787 | 听 | 听 | 听 | (3,100 | ) | 听 | 听 | 4,990 | 听 |
| Net (loss) income attributable to GEN Restaurant Group, Inc. | 听 | 听 | (261 | ) | 听 | 听 | 277 | 听 | 听 | 听 | (562 | ) | 听 | 听 | 771 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||
| Net (loss) income attributable to Class A common stock per share - basic and diluted | 听 | $ | (261 | ) | 听 | 听 | 277 | 听 | 听 | $ | (562 | ) | 听 | 听 | 771 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||
| Weighted-average shares of Class A common stock outstanding - basic and diluted | 听 | 听 | 5,132 | 听 | 听 | 听 | 4,572 | 听 | 听 | 听 | 5,073 | 听 | 听 | 听 | 4,446 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||
| Net (loss) income per share of Class A common stock -basic and diluted | 听 | $ | (0.05 | ) | 听 | $ | 0.06 | 听 | 听 | $ | (0.11 | ) | 听 | $ | 0.17 | 听 |
| 听 | ||||||||
| GEN RESTAURANT GROUP Selected Balance Sheet Data and Selected Operating Data (in thousands, except restaurants and percentages) | ||||||||
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| 听 | 听 | June听30, 2025 | 听 | 听 | December听31, 2024 | 听 | ||
| (amounts in thousands) | 听 | 听 | 听 | |||||
| Selected Balance Sheet Data: | 听 | 听 | 听 | 听 | 听 | 听 | ||
| Cash and cash equivalents | 听 | $ | 9,610 | 听 | 听 | $ | 23,675 | 听 |
| Total assets | 听 | $ | 246,327 | 听 | 听 | $ | 240,415 | 听 |
| Total liabilities | 听 | $ | 203,801 | 听 | 听 | $ | 194,798 | 听 |
| Total Stockholders' equity | 听 | $ | 41,026 | 听 | 听 | $ | 44,117 | 听 |
| 听 | ||||||||||||||||
| 听 | 听 | Three months ended June听30, | 听 | 听 | Six months ended June听30, | 听 | ||||||||||
| (amounts in thousands, except percentages) | 听 | 2025 | 听 | 听 | 2024 | 听 | 听 | 2025 | 听 | 听 | 2024 | 听 | ||||
| Selected Operating Data | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||
| Restaurants at end of period | 听 | 听 | 50 | 听 | 听 | 听 | 40 | 听 | 听 | 听 | 50 | 听 | 听 | 听 | 40 | 听 |
| Comparable restaurant sales performance | 听 | 听 | (7.2 | )% | 听 | 听 | (5.6 | )% | 听 | 听 | (4.4 | )% | 听 | 听 | (3.8 | )% |
| Net (loss) income | 听 | $ | (1,698 | ) | 听 | $ | 2,064 | 听 | 听 | $ | (3,662 | ) | 听 | $ | 5,761 | 听 |
| Net (loss) income margin | 听 | 听 | (3.1 | )% | 听 | 听 | 3.8 | % | 听 | 听 | (3.3 | )% | 听 | 听 | 5.5 | % |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||
| Adjusted EBITDA | 听 | $ | 1,854 | 听 | 听 | $ | 4,875 | 听 | 听 | $ | 3,104 | 听 | 听 | $ | 7,839 | 听 |
| Adjusted EBITDA margin | 听 | 听 | 3.4 | % | 听 | 听 | 9.1 | % | 听 | 听 | 2.8 | % | 听 | 听 | 7.5 | % |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||
| (Loss) income from operations | 听 | $ | (1,880 | ) | 听 | $ | 1,613 | 听 | 听 | $ | (4,056 | ) | 听 | $ | 1,721 | 听 |
| (Loss) income from operations margin | 听 | 听 | (3.4 | )% | 听 | 听 | 3.0 | % | 听 | 听 | (3.6 | )% | 听 | 听 | 1.6 | % |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||
| Restaurant level Adjusted EBITDA | 听 | 听 | 8,958 | 听 | 听 | 听 | 10,243 | 听 | 听 | 听 | 17,918 | 听 | 听 | 听 | 18,675 | 听 |
| Restaurant level Adjusted EBITDA margin | 听 | 听 | 16.3 | % | 听 | 听 | 19.0 | % | 听 | 听 | 15.9 | % | 听 | 听 | 17.9 | % |
| 听 | ||||||||||||||||
| GEN RESTAURANT GROUP Reconciliation of Net Income to EBITDA and Adjusted EBITDA (in thousands, except percentages) | ||||||||||||||||
| 听 | ||||||||||||||||
| (amounts in thousands, except percentages) | 听 | Three months ended June听30, | 听 | 听 | Six months ended June听30, | 听 | ||||||||||
| 听 | 听 | 2025 | 听 | 听 | 2024 | 听 | 听 | 2025 | 听 | 听 | 2024 | 听 | ||||
| 听 | 听 | 听 | 听 | |||||||||||||
| EBITDA: | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||
| Net (loss) income | 听 | $ | (1,698 | ) | 听 | $ | 2,064 | 听 | 听 | $ | (3,662 | ) | 听 | $ | 5,761 | 听 |
| Net (loss) income Margin | 听 | 听 | (3.1 | )% | 听 | 听 | 3.8 | % | 听 | 听 | (3.3 | )% | 听 | 听 | 5.5 | % |
| Interest income, net | 听 | 听 | (67 | ) | 听 | 听 | (262 | ) | 听 | 听 | (127 | ) | 听 | 听 | (538 | ) |
| (Benefit) provision for income taxes | 听 | 听 | (116 | ) | 听 | 听 | 11 | 听 | 听 | 听 | (268 | ) | 听 | 听 | 83 | 听 |
| Depreciation and amortization | 听 | 听 | 2,257 | 听 | 听 | 听 | 1,735 | 听 | 听 | 听 | 4,284 | 听 | 听 | 听 | 3,300 | 听 |
| EBITDA | 听 | $ | 376 | 听 | 听 | $ | 3,548 | 听 | 听 | $ | 227 | 听 | 听 | $ | 8,606 | 听 |
| EBITDA Margin | 听 | 听 | 0.7 | % | 听 | 听 | 6.6 | % | 听 | 听 | 0.2 | % | 听 | 听 | 8.2 | % |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||
| Adjustments to EBITDA: | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||
| EBITDA | 听 | $ | 376 | 听 | 听 | $ | 3,548 | 听 | 听 | $ | 227 | 听 | 听 | $ | 8,606 | 听 |
| Stock-based compensation expense(1) | 听 | 听 | 734 | 听 | 听 | 听 | 759 | 听 | 听 | 听 | 1,468 | 听 | 听 | 听 | 1,518 | 听 |
| Litigation Accrual(2) | 听 | 听 | 300 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 300 | 听 | 听 | 听 | 鈥� | 听 |
| Employee retention credits(3) | 听 | 听 | (313 | ) | 听 | 听 | (200 | ) | 听 | 听 | (313 | ) | 听 | 听 | (200 | ) |
| Gain on remeasurement of previously held interest(4) | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | (3,402 | ) |
| Non-cash lease expense(5) | 听 | 听 | 127 | 听 | 听 | 听 | 192 | 听 | 听 | 听 | 218 | 听 | 听 | 听 | 376 | 听 |
| Non-cash lease expense related to pre-opening costs(6) | 听 | 听 | 630 | 听 | 听 | 听 | 576 | 听 | 听 | 听 | 1,204 | 听 | 听 | 听 | 941 | 听 |
| Adjusted EBITDA | 听 | $ | 1,854 | 听 | 听 | $ | 4,875 | 听 | 听 | $ | 3,104 | 听 | 听 | $ | 7,839 | 听 |
| Adjusted EBITDA Margin | 听 | 听 | 3.4 | % | 听 | 听 | 9.1 | % | 听 | 听 | 2.8 | % | 听 | 听 | 7.5 | % |
| 听 | ||||||||||||||||
| Reconciliation of Income from Operations to Restaurant-level Adjusted EBITDA (in thousands, except percentages; unaudited) | ||||||||||||||||
| 听 | ||||||||||||||||
| 听 | 听 | Three Months Ended June听30, | 听 | 听 | Six Months Ended June听30, | 听 | ||||||||||
| 听 | 听 | 2025 | 听 | 听 | 2024 | 听 | 听 | 2025 | 听 | 听 | 2024 | 听 | ||||
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||||
| (Loss) income from Operations | 听 | $ | (1,880 | ) | 听 | $ | 1,613 | 听 | 听 | $ | (4,056 | ) | 听 | $ | 1,721 | 听 |
| (Loss) Income Margin from Operations | 听 | 听 | (3.4 | )% | 听 | 听 | 3.0 | % | 听 | 听 | (3.6 | )% | 听 | 听 | 1.6 | % |
| Depreciation and amortization | 听 | 听 | 2,257 | 听 | 听 | 听 | 1,735 | 听 | 听 | 听 | 4,284 | 听 | 听 | 听 | 3,300 | 听 |
| Pre-opening costs | 听 | 听 | 2,051 | 听 | 听 | 听 | 1,645 | 听 | 听 | 听 | 4,699 | 听 | 听 | 听 | 3,547 | 听 |
| General and administrative | 听 | 听 | 6,403 | 听 | 听 | 听 | 5,058 | 听 | 听 | 听 | 12,773 | 听 | 听 | 听 | 9,731 | 听 |
| Non-cash lease expense | 听 | 听 | 127 | 听 | 听 | 听 | 192 | 听 | 听 | 听 | 218 | 听 | 听 | 听 | 376 | 听 |
| Restaurant-Level Adjusted EBITDA | 听 | $ | 8,958 | 听 | 听 | $ | 10,243 | 听 | 听 | $ | 17,918 | 听 | 听 | $ | 18,675 | 听 |
| Restaurant-Level Adjusted EBITDA Margin | 听 | 听 | 16.3 | % | 听 | 听 | 19.0 | % | 听 | 听 | 15.9 | % | 听 | 听 | 17.9 | % |
(1) Stock-based compensation expense: During all periods presented, we incurred expenses related to the granting of restricted stock units to employees.
(2) Litigation accrual: This is an accrual in 2025 related to a specific litigation claim.
(3) Employee retention credits: These are refundable credits recognized under the CARES Act.
(4) Gain on remeasurement of previously held interest: During the first quarter of 2024, we reported a one-time, non-recurring, gain on the acquisition of GKBH restaurants.
(5) Non-cash lease expense: This reflects the extent to which lease expense is greater than or less than contractual rent paid.
(6) Non-cash lease expense related to pre-opening costs: Costs for stores in development in which the lease expense is greater than the contractual rent.
| 听 | ||||||||||||||||
| Reconciliation of Net Income to Adjusted Net Income and Adjusted Net Income EPS (in thousands, except percentages; unaudited) | ||||||||||||||||
| 听 | ||||||||||||||||
| 听 | 听 | Three Months Ended June听30, | 听 | 听 | Six Months Ended June听30, | 听 | ||||||||||
| (in thousands, except per share amounts) | 听 | 2025 | 听 | 听 | 2024 | 听 | 听 | 2025 | 听 | 听 | 2024 | 听 | ||||
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||||||||
| Net (loss) income | 听 | $ | (1,698 | ) | 听 | $ | 2,064 | 听 | 听 | $ | (3,662 | ) | 听 | $ | 5,761 | 听 |
| Pre-opening costs | 听 | 听 | 2,051 | 听 | 听 | 听 | 1,645 | 听 | 听 | 听 | 4,699 | 听 | 听 | 听 | 3,547 | 听 |
| Gain on remeasurement of previously held interest | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | (3,402 | ) |
| Stock-based compensation | 听 | 听 | 734 | 听 | 听 | 听 | 759 | 听 | 听 | 听 | 1,468 | 听 | 听 | 听 | 1,518 | 听 |
| Legal settlement | 听 | 听 | 300 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 300 | 听 | 听 | 听 | 鈥� | 听 |
| Tax impact of adjustments | 听 | 听 | (143 | ) | 听 | 听 | (97 | ) | 听 | 听 | (299 | ) | 听 | 听 | (76 | ) |
| Adjusted Net income | 听 | 听 | 1,244 | 听 | 听 | 听 | 4,371 | 听 | 听 | 听 | 2,506 | 听 | 听 | 听 | 7,348 | 听 |
| Less: Adjusted net income attributable to non-controlling interest | 听 | 听 | 1,052 | 听 | 听 | 听 | 3,786 | 听 | 听 | 听 | 2,120 | 听 | 听 | 听 | 6,363 | 听 |
| Adjusted net income attributable to GEN Restaurant Group, Inc. | 听 | 听 | 192 | 听 | 听 | 听 | 586 | 听 | 听 | 听 | 386 | 听 | 听 | 听 | 985 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||
| Adjusted Net income attributable to Class A common stock per share - basic and diluted | 听 | $ | 192 | 听 | 听 | $ | 586 | 听 | 听 | $ | 386 | 听 | 听 | $ | 985 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||
| Weighted-average shares of Class A common stock outstanding - basic and diluted | 听 | 听 | 5,132 | 听 | 听 | 听 | 4,572 | 听 | 听 | 听 | 5,073 | 听 | 听 | 听 | 4,446 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | ||||
| Adjusted Net income per share of Class A common stock - basic and diluted | 听 | $ | 0.04 | 听 | 听 | $ | 0.13 | 听 | 听 | $ | 0.08 | 听 | 听 | $ | 0.22 | 听 |
FAQ
What were GEN Restaurant Group's (GENK) Q2 2025 earnings results?
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