---
schema_version: "secwatch.filing_event.v1"
accession: "0001789940-25-000040"
form_type: "8-K"
ticker: "FWRG"
cik: "0001789940"
company_name: "First Watch Restaurant Group, Inc."
filed_at: "2025-05-06T23:59:59+00:00"
generated_at: "2026-05-22T13:20:13.750216+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001789940-25-000040
- form_type: 8-K
- ticker: FWRG
- cik: 0001789940
- company_name: First Watch Restaurant Group, Inc.
- filed_at: 2025-05-06T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1789940/000178994025000040/0001789940-25-000040-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1789940/000178994025000040/fwrg-20250506.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001789940-25-000040
- JSON: https://secwatch.observer/filing/0001789940-25-000040.json
- Plain text: https://secwatch.observer/filing/0001789940-25-000040.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.