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Sweetgreen, Inc., a Delaware corporation (together with its subsidiaries, Sweetgreen, we, , us, or the Company ) is a mission-driven, next generation restaurant and lifestyle brand that serves healthy food at scale. Our bold vision is to be as ubiquitous as traditional fast food, but with the transparency and quality that consumers increasingly expect.
The business is unprofitable at the operating level (-20.50% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue growth slowed to 0.4%, essentially flat. Margins also contracted 6.4pp. This is a business that needs a catalyst.
ROIC dropped from -9.68% to -14.80%, capital efficiency is deteriorating. Negative free cash flow of -$119M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$675M
▲ +0.4% YoY
Net Income (TTM)
$17M
▼ -48.3% YoY
Op. Margin
-21.51%
▼ -6.4pp YoY
ROIC
-14.95%
▼ -5.1pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$119M
▼ -190.2% YoY
Op. Cash Flow (TTM)
-$17M
▼ -129.3% YoY
Net Debt
$199M
Cash & Equiv.
$157M
5Y CAGR: +25.2%
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