Yoshiharu reports Q1 EPS (96c) vs. (65c) last year

Reports Q1 revenue $3.5M vs. $2.8M last year. James Chae, CEO, commented, “The first quarter was highlighted by strong revenue growth and a strengthened balance sheet to fuel momentum and growth initiatives. In the first quarter, revenue grew 25% to $3.5 million, driven primarily by sales at our three new restaurants in Las Vegas, which we acquired in second quarter 2024. During the quarter we secured financing commitments of $3.56 million from multiple parties. We also entered into agreements with certain creditors to convert $2.5 million of existing debt obligations. These efforts served to increase stockholders’ equity, improve our overall financial position by reducing total debt, principal and interest payments, and lower near-term cash needs. As a result, we were able to regain compliance with Nasdaq’s minimum stockholders’ equity requirement. Our newest location in fast-growing Menifee, California is now in operation, bringing us to a total of 15 locations in the U.S. Menifee is recognized for its rapid development and business-friendly environment, with the city committing over $100 million to traffic and infrastructure improvements, enhancing connectivity and accessibility. We have one additional location currently under development in Ontario, and continue to explore and evaluate new opportunities via corporate-owned restaurants, and through the development of a franchise program to accelerate national expansion and international openings. Looking ahead, we are focused on further improvement to top- and bottom-line growth, and additional strategic expansion in the U.S. and China. New initiatives such as diversifying our mix of service channels, adding kiosks across our stores, and utilizing cooking robots to reduce labor costs will further growth and efficiencies. We look forward to additional updates on our anticipated milestones in the weeks and months to come.”