Quarterly report [Sections 13 or 15(d)]

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 28, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 5,548 $ 27,576
Credit card receivable 10,754 10,477
Restricted cash and cash equivalents 499 499
Accounts receivable 9,921 12,294
Inventory 8,588 11,318
Other current assets 11,198 6,786
Due from related parties   376
Total current assets 46,508 69,326
Property and equipment, net 284,862 276,120
Operating lease right-of-use assets 247,951 260,331
Goodwill 155,783 155,783
Intangibles, net 133,246 133,111
Deferred tax assets, net   54,282
Other assets 8,923 9,030
Security deposits 2,261 2,097
Total assets 879,534 960,080
Current liabilities:    
Accounts payable 37,093 30,883
Accrued payroll expenses 21,598 23,897
Accrued expenses 46,456 48,339
Current portion of operating lease liabilities 12,965 15,294
Deferred gift card revenue and other 3,898 6,540
Current portion of long-term debt 9,307 6,125
Other current liabilities 1,035 313
Total current liabilities 132,352 131,391
Long-term debt, net of current portion, unamortized discount and debt issuance costs 334,041 328,110
Operating lease liabilities, net of current portion 285,906 293,490
Deferred tax liabilities, net 5,446  
Other long-term liabilities 4,896 5,758
Total liabilities 762,641 758,749
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 September 28, 2025 and December 31, 2024 182,348 158,085
Stockholders' equity:    
Common stock, $0.0001 par value, 75,000,000 shares authorized; 34,422,167 issued and 31,093,185 outstanding at September 28, 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 September 28, 2025 and December 31, 2024
Treasury stock, at cost, 3,402,881 shares at September 28, 2025 and 3,019,654 shares at December 31, 2024 (19,308) (18,202)
Additional paid-in capital 47,609 67,118
Accumulated deficit (86,844)  
Accumulated other comprehensive loss (2,932) (3,028)
Total stockholders' equity (61,472) 45,891
Noncontrolling interests (3,983) (2,645)
Total equity (65,455) 43,246
Total liabilities, Series A preferred stock and equity $ 879,534 $ 960,080