Ark Restaurants Q3 net loss of $3.45M; Bryant Park litigation costs $800K, Sequoia impairment $4.7M

ARK RESTAURANTS CORP

2025-Q3 EPS reported -$2.65 revenue$128,428,000

$0.96 diluted EPS loss vs. $0.18 gain YoY; revenue $43.7M, down 13% (excluding divested units) due to Bryant Park event business decline.
Litigation over Bryant Park leases cost >$800K in Q3; lease expired, landlord selected new operator, company appealing injunction denial.
Sequoia (DC) recognized $4.7M non-cash impairment (ROU+long-lived); total goodwill impairment $3.44M in FY25; deferred tax valuation allowance $4.8M.
Adjusted EBITDA $1.79M vs. $3.38M prior; same-store sales down 7.4% in Q3, largely at Bryant Park Grill.
Credit agreement maturity extended to June 2028; facility reduced to $20M; tangible net worth covenant raised to $28M.

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