First Watch Q1 2025: Revenue rises 16.4% to $282.2M, net loss of $0.8M vs prior-year profit; margins shrink

First Watch Restaurant Group, Inc.

2025-Q1 EPS reported -$0.01 revenue$282,240,000

Net loss of $(0.8)M ($(0.01) diluted EPS) vs net income of $7.2M ($0.12 EPS) in Q1 2024.
Total revenues $282.2M (+16.4% YoY); system-wide sales $323.0M (+11.5%); same-restaurant sales +0.7%, traffic -0.7%.
Restaurant-level operating profit margin fell to 16.5% from 20.8%; income from operations margin 0.4% vs 5.1%.
Adjusted EBITDA $22.8M vs $28.6M; opened 13 new restaurants (net 12), total 584 system-wide.
CEO cites encouraging traffic trends and strong NRO performance despite macro uncertainty.

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