Yoshiharu Global Co. reported significant financial developments for the nine months ending September 30, 2024, showcasing a notable increase in revenue and changes in profitability compared to the same period in 2023. The company generated revenue of $9.15 million, a 36.3% increase from $6.71 million in the prior year. For the third quarter alone, revenue reached $3.02 million, reflecting a 48.9% rise from $2.03 million in Q3 2023.
Despite the revenue growth, the company faced challenges in profitability. Total restaurant operating expenses for the nine months ended September 30, 2024, were $8.75 million, up 33.2% from $6.57 million in 2023. This led to a net operating income of $406,170, a significant improvement from $146,269 in the previous year. However, the overall net loss for the nine months increased to $3.20 million from $3.05 million in 2023, marking a 5.1% rise in losses.
In terms of operational expenses, the company reported total operating expenses of $3.17 million for the nine months, slightly higher than $3.00 million in 2023. The loss from operations decreased marginally to $2.77 million from $2.86 million year-over-year. For the third quarter, the net operating loss was $(41,063), a substantial improvement from $(217,939) in Q3 2023.
Yoshiharu's strategic developments included the acquisition of assets from three restaurant entities for $3.6 million in June 2024, which contributed to increased depreciation and amortization expenses. The company also reported a net cash inflow from operating activities of $1.16 million, a turnaround from the $(3.31 million) used in the same period last year.
The company’s balance sheet showed a total stockholders’ equity deficit of $(399,806) as of September 30, 2024, compared to a deficit of $2.65 million at the end of 2023. The accumulated deficit increased to $(12.54 million) from $(10.22 million) over the same period.
Yoshiharu continues to expand its footprint, with plans for additional locations, including a new store opening in San Clemente, CA, on October 31, 2024. The company aims for over 100% annual unit growth over the next 3-5 years, focusing on new restaurant development and increased brand awareness.
About Yoshiharu Global Co.
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