GEN Restaurant Group, Inc. announced its financial results for the first quarter ended March 31, 2025. Total revenue increased 13.0% year-over-year to $57.3 million, driven by the opening of six new restaurants. The company also reported the successful launch of its first dual-concept location in Austin, featuring both GEN Korean BBQ and the new Kan Sushi brand.
Despite revenue growth, comparable restaurant sales decreased by 0.7% in Q1 2025, excluding the effect of February 29, 2024. The company reported a net loss before income taxes of $2.1 million, or $(0.06) per diluted share, compared to net income of $3.8 million, or $0.11 per diluted share, in Q1 2024. The prior year included a one-time gain of $3.4 million from an acquisition.
Adjusted EBITDA for the quarter was $1.2 million, or 2.2% of revenue, inclusive of $2.6 million in pre-opening expenses. Cash and cash equivalents stood at $15.4 million as of March 31, 2025, a decrease from $23.7 million at the end of 2024. Management reaffirmed its full-year goal of 12 to 13 new restaurants, including the first three international locations in South Korea, and anticipates total revenue between $245 million and $250 million.
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