BurgerFi Clocks 29% Topline Growth In Q4, Reiterates FY23 Outlook

BurgerFi International Inc BFI reported fourth-quarter FY22 sales growth of 29% year-over-year, to $45.23 million, beating the consensus of $44.90 million.
Systemwide sales for BurgerFi decreased by 5% to $38.7 million. Systemwide same-store sales fell 9% at BurgerFi.
Restaurant-level operating expenses were $36.4 million compared to $26.9 million in 4Q21.
Loss per share for Q4 was $(1.18), compared to $(5.84) a year ago.
Adjusted EBITDA was $2.6 million in both the Q4 of 2021 and 2022.
As of Jan. 2, 2023, there were 174 total BurgerFi and Anthony's restaurants, of which 114 were BurgerFi, and 60 were corporate-owned Anthony's.
"I remain enthusiastic about the development pipeline in place as well as the long runway of whitespace opportunities ahead for both brands. In total, we plan to open 15-20 new franchised restaurants, including 2-3 Anthony's in 2023," commented Ian Baines, CEO of BurgerFi.
FY23 Outlook, reiterated: BurgerFi sees annual revenues of $175 million-$180 million vs. consensus of $177.4 million; and Adjusted EBITDA of $10 million-$12 million.
It sees low-single-digit same-store sales growth for corporate-owned locations; 15-20 new franchised restaurants, including 2-3 new Anthony's.
Price Action: BFI shares traded lower by 1.63% at $1.21 on the last check Wednesday.