FWRG - First Watch Restaurant Group: Waiting For Profitability

• In Q4 2021, First Watch’s revenue increased by 48.6% to $162.6 million, and its net loss reduced to -$4.7 million, compared to -$7.1 million in Q4 2020.
• The restaurant level operating profit margin reached to 19.5% in 2021, which is higher than 17.4% in the pre-covid 2019 period.
• In 2022, the company is planning to open 30 to 35 new company-owned restaurants and 8 to 13 franchise-owned restaurants.
• As of December 26, 2021, the company had 435 system-wide restaurants in 28 states.
• The stock price is down by around 47% from its high of $25.5 in October 2021.

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