Quarterly report [Sections 13 or 15(d)]

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 29, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 4,662 $ 27,576
Credit card receivable 10,422 10,477
Restricted cash and cash equivalents 499 499
Accounts receivable 9,631 12,294
Inventory 9,304 11,318
Other current assets 7,817 6,786
Due from related parties 376 376
Total current assets 42,711 69,326
Property and equipment, net 286,895 276,120
Operating lease right-of-use assets 252,994 260,331
Goodwill 155,783 155,783
Intangibles, net 133,099 133,111
Deferred tax assets, net 53,337 54,282
Other assets 8,638 9,030
Security deposits 2,223 2,097
Total assets 935,680 960,080
Current liabilities:    
Accounts payable 33,468 30,883
Accrued payroll expenses 16,879 23,897
Accrued expenses 44,193 48,339
Current portion of operating lease liabilities 14,072 15,294
Deferred gift card revenue and other 4,037 6,540
Current portion of long-term debt 7,438 6,125
Other current liabilities 981 313
Total current liabilities 121,068 131,391
Long-term debt, net of current portion, unamortized discount and debt issuance costs 327,489 328,110
Operating lease liabilities, net of current portion 288,511 293,490
Other long-term liabilities 4,980 5,758
Total liabilities 742,048 758,749
Commitments and contingencies (Note 17)
Temporary equity:    
Series A preferred stock, $0.0001 par value, 160,000 shares authorized; 160,000 issued and outstanding at June 29, 2025 and December 31, 2024 173,813 158,085
Stockholders' equity:    
Common stock, $0.0001 par value, 75,000,000 shares authorized; 34,284,722 issued and 30,951,590 outstanding at June 29, 2025 and 33,994,140 issued and 31,037,843 outstanding at December 31, 2024 3 3
Preferred stock, other than Series A preferred stock, $0.0001 par value, 9,840,000 shares authorized; no shares issued and outstanding at June 29, 2025 and December 31, 2024
Treasury stock, at cost, 3,333,132 shares at June 29, 2025 and 3,019,654 shares at December 31, 2024 (19,107) (18,202)
Additional paid-in capital 55,171 67,118
Accumulated deficit (10,104)  
Accumulated other comprehensive loss (2,918) (3,028)
Total stockholders' equity 23,045 45,891
Noncontrolling interests (3,226) (2,645)
Total equity 19,819 43,246
Total liabilities, Series A preferred stock and equity $ 935,680 $ 960,080