Yoshiharu Global Co. reported a significant increase in revenue for the fiscal year ending December 31, 2024, achieving $12.8 million, a 39.3% rise from $9.2 million in 2023. This growth was primarily driven by the acquisition of three restaurants in Las Vegas, which contributed approximately $3.5 million in sales, alongside an additional $1 million from two new restaurant openings. Despite the revenue increase, the company recorded a net loss of $2.7 million, slightly improved from a loss of $3.0 million in the previous year, indicating a 12.3% reduction in losses.
Operationally, Yoshiharu expanded its footprint, operating 15 restaurants by the end of 2024, up from 10 in 2023. The company has two additional locations under construction and plans to open two to four more restaurants in 2025. The total employee count rose to approximately 259, reflecting the company's growth strategy. However, the company continues to face challenges, including rising costs in food, labor, and rent, which increased by 41.5%, 14.2%, and 56.8%, respectively, compared to the previous year.
Strategically, Yoshiharu has focused on enhancing its brand presence and operational efficiency. The company has invested in its infrastructure and personnel to support its growth initiatives, including plans to initiate franchise sales in 2024. The management team, led by CEO James Chae, emphasizes maintaining high-quality food and customer service as key components of their strategy. Additionally, the company is exploring new product offerings, such as instant ramen noodles for retail distribution.
Looking ahead, Yoshiharu's management expressed optimism about future growth, contingent on successfully executing its expansion plans and managing operational costs. However, the company also acknowledged potential risks, including market competition, economic conditions, and the need for effective site selection for new restaurants. The company is currently addressing compliance issues with Nasdaq regarding its stockholder equity, which could impact its ability to raise capital in the future.
About Yoshiharu Global Co.
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