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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.
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Q3 2025 earnings summary19 Feb, 2025

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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Frequently asked questions

Pinstripes Holdings Inc. operates a unique dining and entertainment business that integrates Italian-American cuisine with recreational activities such as bowling and bocce. The company offers a varied food and beverage menu and hosts both private and public events, catering to a broad demographic. Additionally, Pinstripes provides spaces for corporate events and social gatherings, including weddings and birthday parties, across its numerous large-format locations which also feature outdoor dining areas and bocce courts. The company is headquartered in Northbrook, Illinois, and its shares are listed on the NYSE.

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