BurgerFi Clocks 4% Revenue Dip In Q2 On Lower Same-Store Sales

BurgerFi International Inc BFI reports Q2 revenues of $43.43 million, missing the analyst consensus of $45 million. Revenues fell 4.1% Y/Y, primarily driven by a decrease in same-store sales at BurgerFi.

Q2 EPS loss of $(0.24) misses the street view of $(0.21).

For the BurgerFi brand, same-store sales decreased (15)% and (8)% in corporate-owned and franchised locations, respectively. For Anthony's brand, same-store sales for the second quarter increased 1% over the prior year.

BFI opened three BurgerFi brand franchised restaurants in Q2, totaling five BurgerFi franchised locations year to date.

Net loss decreased to $(6) million compared to net loss of $(60.4) million. 

Adjusted EBITDA totaled $2 million, compared to $2.6 million in the prior period.

Restaurant-level operating expenses for Q2 were $35.2 million compared to $36.2 million a year ago. 

"The bottom line is that we cannot accept performance like 2Q and are committed to driving better results for all of our stakeholders. While we have limited our comments on what we have in store to drive the turnaround today, we do expect to provide a more detailed and thoughtful update by third quarter earnings or earlier," said Carl Bachmann, Chief Executive Officer of BurgerFi.

2023 Outlook

The company believes it will come in at the low end of the previously stated guidance of annual revenues of $175 million-180 million (consensus $180.95 million).

BFI plans to open 15-20 new franchised restaurants, including one new Anthony's.

Price Action: BFI shares are trading lower by 4% to $1.67 on the last check Wednesday.