BurgerFi Clocks 311% Sales Growth In Q1; Affirms FY22 Guidance

BurgerFi International Inc BFI reported first-quarter FY22 sales growth of 311% year-on-year, to $44.93 million, beating the consensus of $35.06 million.
Systemwide sales for BurgerFi increased 2% to $40.5 million. The systemwide restaurant same-store sales declined 5%.
The digital channel constituted 36% of systemwide sales.
The operating expenses rose 312% Y/Y to $55.9 million.
The operating loss expanded to $(11) million versus a loss of $(2.7) million last year.
The company held $13.3 million in cash and equivalents as of March 31, 2022.
Adjusted EBITDA for the quarter increased 213% to $2.3 million.
Net loss for the quarter expanded to $(13.6) million from $(8.2) million last year.
Outlook: BurgerFi reiterated the FY22 sales outlook of $180 million - $190 million, versus the consensus of $188.4 million.
The company sees an adjusted EBITDA of $12 million - $14 million. It expects mid-single-digit same-store sales growth.
Price Action: BFI shares are trading higher by 0.09% at $2.98 on the last check Monday.