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As of the fiscal year ended September 27, 2025, we owned and/or operated 16 restaurants and bars, 12 fast food concepts and catering operations through our subsidiaries. Three of our restaurant and bar facilities are located in New York City, one is located in Washington, D.C., five are located in Las Vegas, Nevada, one is located in Atlantic City, New Jersey, four are located on the east coast…
The business is unprofitable at the operating level (-2.45% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 9.7% YoY. The question is whether this is cyclical or a structural shift.
Free cash flow declined 168% versus the prior year, cash generation momentum has weakened. Negative free cash flow of -$1M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$158M
▼ -9.7% YoY
Net Income (TTM)
-$6M
▼ -194.3% YoY
Op. Margin
-3.60%
▼ -0.1pp YoY
ROIC
-3.74%
▼ -0.2pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$4M
▼ -168.3% YoY
Op. Cash Flow (TTM)
$969K
▼ -62.4% YoY
Net Debt
$76M
Cash & Equiv.
$11M
5Y CAGR: +9.3%
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