GEN Restaurant Group posted Q2 revenue up 1.2% to $55.7 million; operating loss widened to $5.2 million from $1.9 million.
Net loss widened to $4.6 million, or $0.14 per diluted Class A share, from $1.7 million, or $0.05 per share.
Restaurant-level adjusted EBITDA (non-GAAP) fell to $6.3 million from $9 million; adjusted EBITDA (non-GAAP) swung to a $41,000 loss from $1.9 million.
Comparable restaurant sales declined 9.3%; results reflected CPG growth and restaurant openings, partly offset by six exited locations.
Strategic update
Received a non-binding LOI to acquire U.S. restaurant operations while retaining CPG; CPG gained commitments from 100+ Costco warehouses and UNFI/C&S distribution.
GENK•
