EarningsAdjusted EBITDA came in at $2.1 million, significantly missing the $5.0 million estimate.
Financial PerformanceThe company reported a 9.0% restaurant-level margin, falling short of the 9.7% estimate and showing a decrease of 210 basis points year-over-year.
GuidanceManagement has lowered its 2024 guidance, reducing expected revenue to approximately $1,250 million from a previous range of $1,250-$1,275 million, and cut adjusted EBITDA projections to $40-$45 million from $60-$70 million.