BFIIW - BurgerFi misses Q2 top and bottom line estimates; updates FY23 outlook

2023-08-16 07:23:28 ET

• BurgerFi press release ( NASDAQ: BFI ): Q2 GAAP EPS of -$0.24 misses by $0.07 .
• Revenue of $43.4M (-4.2% Y/Y) misses by $1.6M .
• Adjusted EBITDA of $ 2.0 million in the second quarter 2023 compared to $2.6 million in the prior period.
• Same-store sales growth of 1% at Anthony’s in the second quarter of 2023 compared to the prior period.

• Management is updating its outlook for the fiscal year 2023:

  Management now believes that it will come in at the low end of the previous stated guidance.

  • Annual revenues of $175-180 million vs. consensus of $180.97 million.
  • Consolidated low single-digit same-store sales growth for corporate-owned locations.
  • 15-20 new franchised restaurants, including one new Anthony's.
  • Adjusted EBITDA of $10-12 million.
  • Capital expenditures of approximately $2 million.

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