Kura Sushi USA (KRUS) investor relations material

Executive summary

• FY26 sales rose to $328.3M from $282.8M and adjusted EBITDA to $22.2M from $19.1M; comps declined 0.4% as traffic weakness outweighed price/mix gains.

• FY26 GAAP net loss widened to $4.6M from $1.9M; adjusted net loss was $2.0M versus adjusted net income of $0.4M.

• Q4 sales increased to $88.9M, but comps fell 5.7% as traffic declined 11.5%; labor and G&A leverage helped offset tariff and consumer pressures.

Financial highlights

• Q4 sales were $88.9M versus $79.4M; comps fell 5.7%, with traffic down 11.5% and price/mix up 5.8%.

• Q4 net loss was $0.3M, or $(0.02) diluted EPS, versus net income of $2.3M, or $0.18; adjusted net income was $0.9M, or $0.08 per diluted share, versus $2.5M, or $0.20.

• Q4 adjusted EBITDA was $7.7M versus $7.4M; restaurant-level operating profit was $19.1% margin versus 19.8%.

• FY26 operating loss was $6.6M versus $4.8M, with diluted EPS of $(0.38) versus $(0.16); restaurant-level operating profit was $59.0M versus $52.1M.

• Q4 food and beverage costs were 29.7% of sales versus 28.4%; labor was 30.4% versus 31.1%, occupancy 7.8% versus 7.1%, and G&A 11.2% versus 11.7%.

Outlook and guidance

• FY27 sales guidance is $376M–$381M; the high end assumes flat to slightly positive comps and the low end negative comps, with ~1.5% comp spread between endpoints.

• FY27 plans include 17 openings, with quarterly openings expected at 4/2/5/6; the schedule is heavily backloaded and is expected to generate 84 operating months.

• FY27 guidance calls for ~11.5% G&A as a share of sales and ~19% restaurant-level operating profit margin; management expects a further 100 bps of labor improvement.

• FY27 guidance assumes no tariff relief; historical 20% restaurant-level margins remain a midterm goal.

• Positive free cash flow and self-funding are targeted by FY31; tariff relief could accelerate the timeline.