Mon, Aug 19, 12:26 PM (148 days ago)
Yoshiharu Global Co. reported a notable financial shift in its Q2 2024 results, with revenues of $6.14 million, a 30.9% increase from $4.69 million in Q2 2023. The growth was primarily attributed to the acquisition of three Las Vegas restaurants, contributing approximately $1.3 million to revenue. Despite increased revenues, the company experienced a net loss of $1.98 million, an 8.5% improvement from a $2.16 million loss in the previous year. Operating expenses rose, with labor costs increasing by 38.8% and rent and utilities by 38.5%, largely due to the new acquisitions. The company’s cash flow showed a positive shift, with $621,458 generated from operations compared to a cash outflow of $2.55 million in the same period last year. Cash used in investing activities surged to $2.20 million, reflecting the Las Vegas acquisition. Looking ahead, Yoshiharu aims for aggressive growth, targeting over 100% annual unit growth in the next 3-5 years, despite uncertainties in site selection and competition. The company is also focused on enhancing profitability and brand awareness while managing operational costs as it expands its restaurant footprint.