Thu, May 16, 8:09 PM (71 days ago)
BurgerFi International, Inc. reported a net loss of $6.5 million for Q1 2024, an improvement from the $9.2 million loss in Q1 2023. Revenues decreased by 6% to $42.9 million, mainly due to a drop in same-store sales and the closure of underperforming locations. Operating expenses as a percentage of sales rose to 87.8% from 83.4%, driven by higher labor costs and lower sales leverage. General and administrative expenses fell by 19% due to headcount reductions and lower litigation costs. The company faces liquidity issues, failing to meet the minimum liquidity covenant in its Credit Agreement, raising substantial doubt about its ability to continue as a going concern. Adjusted EBITDA dropped to $0.3 million from $2.6 million YoY. BurgerFi is actively negotiating with lenders to address the default.