secwatch.observer — SEC 8-K summary
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Issuer:     First Watch Restaurant Group, Inc. (FWRG)
CIK:        0001789940
Form:       8-K
Filed at:   2025-05-06T23:59:59+00:00
Accession:  0001789940-25-000040
Event type: earnings
Sentiment:  negative
Materiality: 0.80
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1789940/000178994025000040/0001789940-25-000040-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1789940/000178994025000040/fwrg-20250506.htm
  HTML page:      https://secwatch.observer/filing/0001789940-25-000040

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer