GEN Restaurant Group, Inc. announced its financial results for the fourth quarter and full year ended December 31, 2024. For the full year 2024, total revenue increased 15.1% to $208.4 million, surpassing the company's guidance and analyst expectations. The company achieved a restaurant-level adjusted EBITDA margin approaching 18% for the year, aligning with its 2024 outlook.
In the fourth quarter of 2024, total revenue increased 21.2% to $54.7 million compared to the same period in 2023. However, comparable restaurant sales decreased by 4.8% in Q4 2024 and 5.6% for the full year 2024. Net loss before income taxes for Q4 2024 was $1.2 million, and for the full year 2024, net income before income taxes was $4.9 million, a decrease from $11.5 million in 2023, primarily due to increased restaurant development expenses.
Looking ahead to 2025, GEN reported that comparable restaurant sales through the end of February returned to positive growth of 1%. The company has opened three new restaurants in early 2025 and plans an additional 10-13 new units throughout the year. Management also announced plans to open at least two new restaurants in South Korea, marking a significant international expansion.
As of December 31, 2024, the company held $23.7 million in cash and cash equivalents and reported no material long-term debt, aside from approximately $4.3 million in government-funded EIDL loans. This strong financial position is expected to support the company's strategic expansion strategy. Adjusted net income for 2024 was $7.4 million, or $0.21 per diluted share.
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