Sweetgreen, Inc. reported significant financial developments in its 10-Q filing for the period ending September 29, 2024. The company achieved revenue of $173.4 million for the thirteen weeks ended September 29, 2024, marking a 13% increase from $153.4 million in the same period of 2023. For the thirty-nine weeks, revenue rose 20% to $515.9 million from $431.0 million year-over-year. This growth was attributed to an increase in the Comparable Restaurant Base revenue and the addition of new restaurant openings.

Despite the revenue growth, Sweetgreen continued to experience net losses. The net loss for the thirteen weeks was $20.8 million, an improvement from a loss of $25.1 million in the prior year. For the thirty-nine weeks, the net loss decreased to $61.3 million from $86.0 million, reflecting a 29% reduction in losses. The company’s net loss per share also improved, with a basic and diluted loss of $0.18 for the thirteen weeks, compared to $0.22 in the previous year.

Total restaurant operating costs for the thirteen weeks increased to $138.5 million, up from $124.3 million, while for the thirty-nine weeks, costs rose to $410.9 million from $353.9 million. The increase in costs was driven by higher food, beverage, and packaging expenses, which rose 14% for the thirteen weeks, attributed to new restaurant openings and increased protein costs.

Sweetgreen's operational metrics showed positive trends, with a Same-Store Sales Change of 6% for the thirteen weeks, up from 4% in the prior year. The company opened five new restaurants during the quarter, bringing the total to 236 locations across 22 states and Washington, D.C. However, the number of net new openings for the thirty-nine weeks decreased to 15 from 34 in the previous year.

The company’s total assets slightly increased to $858.0 million as of September 29, 2024, from $856.6 million at the end of 2023. However, total stockholders’ equity decreased to $463.3 million from $482.6 million, and the accumulated deficit grew to $846.3 million from $785.0 million.

Sweetgreen's cash and cash equivalents were reported at $234.6 million, down from $257.2 million at the end of 2023. The company continues to manage its liquidity through a $45 million revolving credit facility, which remains undrawn as of the reporting date. The company anticipates that its existing cash and access to credit will be sufficient to meet its operational needs for at least the next 12 months.