GEN Q2 revenue $53.9M (+15.9% YoY) but net income falls to $2.1M; comp sales -5.6%

GEN Restaurant Group, Inc.

2024-Q2 EPS reported $0.17 revenue$104,620,000

Total revenue $53.9M, up 15.9% YoY; net income $2.1M vs $4.5M in Q2 2023.
Comparable restaurant sales decreased 5.6% YoY.
Adjusted EBITDA $4.9M (9.1% of revenue) down from $6.3M (13.7%) in Q2 2023.
Restaurant-level adjusted EBITDA margin 19.0% exceeded expectations; pre-opening costs $1.6M.
Company now expects 10-11 new locations in 2024 (increased guidance); cash $29.2M, no long-term debt.

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