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Pinstripes Holdings (PNST) investor relations material
Pinstripes Holdings Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Revenue grew 10.4% year-over-year to $35.5M in Q3 FY2025, driven by new store openings, but net loss widened to $8.1M from net income of $12.2M in the prior year.
Operates 18 locations, with one new venue opened in Walnut Creek, CA; further expansion depends on additional financing.
Same store sales declined 7.7% year-over-year, reflecting challenges in mature venues, though event business and marketing adjustments aided improvement.
Cost reduction initiatives delivered $10M in annualized store-level savings and $4M in SG&A, improving margins.
Substantial doubt exists about the company's ability to continue as a going concern due to liquidity constraints, debt covenant breaches, and ongoing losses.
Financial highlights
Q3 revenue: $35.5M, up 10.4% year-over-year; net loss: $8.1M; adjusted EBITDA: $2.7M; venue-level EBITDA: $6.8M (19.2% margin).
Food and beverage revenue: $8.1M (+10.3% y/y); recreation revenue: $27.5M (+10.5% y/y).
Operating loss for Q3: $3.2M, including $1.5M in pre-opening expenses.
Cash and cash equivalents fell to $2.4M as of January 5, 2025, from $13.2M at prior fiscal year-end.
Store labor and benefits: 33.1% of revenue in Q3, down from 33.7% year-over-year.
Outlook and guidance
Management expects continued revenue growth from new store openings and cost controls, but acknowledges ongoing liquidity challenges and the need for additional capital.
Exploring strategic alternatives and cost reductions to address going concern risks.
Margin expansion expected in Q4 as mature venues recover and cost savings are fully realized.
Further unit growth and expansion are contingent on securing additional financing.
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