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Pinstripes (PNST)
OTHER OTC:PNST
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Pinstripes
(OTC:PNST)
38Underperform
Pinstripes (PNST) vs. S&P 500 (SPY)
Market Cap
$3.50M
Dividend YieldN/A
Average Volume (3M)265.71K
Price to Earnings (P/E)―
Beta (1Y)0.94
Revenue GrowthN/A
EPS GrowthN/A
CountryUS
Employees1,800
SectorFinancial
Sector Strength81
IndustryRestaurants
Share Statistics
EPS (TTM)-0.85
Shares Outstanding41,212,357
10 Day Avg. Volume93,109
30 Day Avg. Volume265,707
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)0.04
Price to Cash Flow (P/CF)0.10
P/FCF Ratio0.00
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$2.00Price Target Upside2400.00% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
Pinstripes Business Overview & Revenue Model
Company DescriptionPinstripes (PNST) is a unique dining and entertainment venue that combines Italian-American cuisine with bowling and bocce. The company operates in the restaurant and entertainment sectors, offering a distinctive experience that blends dining with games and events. Pinstripes locations are known for their upscale environment, making them popular choices for social gatherings, corporate events, and family outings.
How the Company Makes MoneyPinstripes generates revenue through multiple streams, primarily from its food and beverage sales, which are complemented by income from bowling and bocce games. The company also hosts private events, such as corporate gatherings, weddings, and parties, which contribute significantly to its earnings. Additional revenue is derived from special events and promotions that attract a diverse clientele. Pinstripes' unique combination of dining and entertainment helps drive customer loyalty and repeat business, bolstered by strategic marketing partnerships and collaborations with local businesses and organizations.
Pinstripes Financial Statement Overview
Summary
Pinstripes exhibits significant financial challenges. While revenue growth is a positive aspect, the company struggles with profitability, high leverage, and negative cash flows. Immediate attention is needed to address these issues to ensure long-term viability.Income Statement
Pinstripes has shown consistent revenue growth, with a 53.97% increase from 2022 to 2023, and a 6.70% increase from 2023 to 2024. Despite this, profitability remains a major concern, as indicated by negative net profit margins over the periods, though there was a slight improvement. Gross profit margin has been positive, but EBIT and EBITDA margins reflect ongoing operational challenges.45
Neutral
Balance Sheet
The balance sheet presents substantial risks with negative stockholders' equity indicating financial distress. The debt-to-equity ratio is not calculable due to negative equity, but high total liabilities and net debt levels signify significant leverage. The equity ratio is negative, highlighting solvency issues.25
Negative
Cash Flow
Cash flow analysis reveals significant operational challenges, with negative operating and free cash flows. The free cash flow position has deteriorated further from 2023 to 2024. The operating cash flow to net income ratio is negative, indicating inefficiencies in converting income to cash.30
Negative
| Breakdown | |||
| TTM | Jun 2024 | Jun 2023 | Jun 2022 |
|---|---|---|---|
| Income Statement | Total Revenue | ||
| 128.79M | 118.72M | 111.27M | 77.10M | Gross Profit |
| 7.56M | 15.44M | 14.86M | 9.80M | EBIT |
| -27.72M | -21.79M | -13.73M | -11.33M | EBITDA |
| -4.13M | 13.34M | -3.28M | -22.25K | Net Income Common Stockholders |
| -36.10M | -6.79M | -7.53M | -9.92M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | ||
| 2.38M | 13.17M | 8.44M | 8.91M | Total Assets |
| 162.86M | 167.32M | 130.93M | 114.47M | Total Debt |
| 197.52M | 185.01M | 139.38M | 119.55M | Net Debt |
| 195.13M | 171.84M | 130.94M | 110.64M | Total Liabilities |
| 258.57M | 236.48M | 245.93M | 224.03M | Stockholders Equity |
| -95.71M | -69.16M | -115.00M | -109.56M |
| Cash Flow | Free Cash Flow | ||
| -37.78M | -54.81M | -25.03M | -7.48M | Operating Cash Flow |
| -19.35M | -32.68M | -12.04M | -5.59M | Investing Cash Flow |
| -18.43M | -22.13M | -12.99M | -1.90M | Financing Cash Flow |
| 531.00K | 59.55M | 24.56M | 11.06M |
Pinstripes Technical Analysis
Negative
0.08
Price Trends
0.27
Negative
0.46
Negative
1.11
Negative
Market Momentum
-0.06
Negative
37.00
Neutral
58.33
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PNST, the sentiment is Negative. The current price of 0.08 is below the 20-day moving average (MA) of 0.09, below the 50-day MA of 0.27, and below the 200-day MA of 1.11, indicating a bearish trend. The MACD of -0.06 indicates Negative momentum. The RSI at 37.00 is Neutral, neither overbought nor oversold. The STOCH value of 58.33 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for PNST.
Pinstripes Risk Analysis
Pinstripes disclosed 97 risk factors in its most recent earnings report. Pinstripes reported the most risks in the “Finance & Corporate” category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Pinstripes Peers Comparison
Overall Rating
UnderperformOutperform
Sector (64)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | $2.61B | 15.87 | 41.18% | 2.14% | 4.13% | 56.76% | |
71 Outperform | $6.84B | 26.77 | 2390.91% | ― | 13.67% | 69.41% | |
68 Neutral | $828.08M | 53.46 | 4.54% | ― | 1.81% | -15.53% | |
64 Neutral | $14.53B | 10.25 | 8.67% | 4.22% | 16.51% | -12.20% | |
56 Neutral | $379.36M | 5.70 | -42.81% | 8.49% | -2.26% | -32.36% | |
41 Neutral | $67.77M | ― | 92.02% | ― | -4.19% | -266.52% | |
38 Underperform | $3.50M | ― | 9.82% | ― | ― | ― |
* Financial Sector Average
Performance Comparison
PNST
Pinstripes
0.08
-3.29
-97.63%
BJRI
BJ's Restaurants
36.45
0.19
0.52%
EAT
Brinker International
154.39
103.43
202.96%
DIN
Dine Brands Global
24.87
-18.42
-42.55%
RRGB
Red Robin Gourmet
3.88
-3.53
-47.64%
CAKE
Cheesecake Factory
51.09
15.41
43.19%
Pinstripes Earnings Call Summary
Earnings Call Date: Feb 19, 2025 | % Change Since: -82.61% | Next Earnings Date: Jun 26, 2025
Earnings Call Sentiment Neutral
The earnings call presented a mix of positive developments in profitability and cost savings, alongside challenges in comp growth and liquidity. While the positive aspects such as revenue growth and cost management efforts show promise, the significant issues with liquidity and negative comp trends indicate areas of concern.Highlights
Strong Venue-Level EBITDA Margins
The company achieved venue-level EBITDA margins of over 19% and reported their best corporate profitability quarter in two years with adjusted EBITDA of $2.7 million.
Revenue Growth
Total revenue increased by 10.4% to $35.5 million compared to the same quarter last year, with a 10.5% increase in food and beverage revenues and a 10.3% increase in recreation revenues.
Cost Reduction Initiatives
Achieved $10 million in annualized cost savings at the store level and $4 million in annualized cost savings in SG&A, which have been fully implemented and are flowing through the P&L.
New Store Openings
Opened a new venue in Walnut Creek, California, marking the 18th location, and planning to open additional locations including Coral Gables and Jacksonville.
Lowlights
Negative Comp Growth
The company experienced negative comp trends in the mid- to high-teens during the first four weeks of the third quarter, later improving to a down 7% range.
Liquidity Concerns
As of January 5th, cash and cash equivalents were $2.4 million with $114 million of debt outstanding, leading the company to explore strategic alternatives to improve liquidity.
Challenges in Marketing Adjustments
Marketing adjustments initially had unintended negative impacts on business, contributing to comp declines, though later corrections improved the situation.
CEO Transition
CFO Tony Querciagrossa announced his departure, which might affect financial leadership continuity during a critical phase.
Company Guidance
In the third quarter of fiscal 2025, Pinstripes Holdings reported significant improvements in profitability, with venue-level EBITDA margins exceeding 19% and an adjusted corporate EBITDA of $2.7 million, marking their best corporate profitability quarter in two years. The company saw a $1.3 million improvement in venue-level EBITDA from the previous quarter, achieving over a 10% margin, excluding extraordinary expenses. However, same-store sales faced challenges, with a downturn in the mid- to high-teens initially, which improved to a negative 7% range by the end of the quarter due to adjustments in marketing and promotional strategies. Revenue for the quarter increased by 10.4% year-over-year to $35.5 million, driven by a 10.5% rise in food and beverage revenues and a 10.3% increase in recreation revenues. The company implemented $10 million in annualized cost savings at the store level and $4 million in SG&A cost reductions, contributing to a venue-level EBITDA margin of 19.2%. Pinstripes ended the quarter with $2.4 million in cash and cash equivalents and $114 million in debt, while also securing an additional $6 million funding from Oaktree to enhance liquidity.Pinstripes Corporate Events
Executive/Board Changes
Pinstripes Appoints Richard Abbey as Interim CFO
Neutral
Mar 13, 2025
On March 11, 2025, Pinstripes Holdings, Inc. appointed Richard Abbey as the interim Chief Financial Officer. Abbey, with over 30 years of experience in various industries, will serve through an engagement with AP Services, LLC, an affiliate of AlixPartners. The company will pay $45,000 per week for his services. Abbey’s appointment follows a letter of intent with Oaktree Capital Management and complements the recent appointment of Caitlin Schaefer as Chief Accounting Officer.
Executive/Board Changes
Pinstripes Announces New Interim Financial Leadership
Neutral
Feb 28, 2025
Pinstripes Holdings, Inc. announced a leadership change within its financial team. On February 17, 2025, Anthony Querciagrossa resigned as Chief Financial Officer, effective February 28, 2025. Subsequently, on February 25, 2025, Caitlin Schaefer was appointed as Chief Accounting Officer and interim principal financial officer, effective March 1, 2025. Schaefer, who has been with the company since September 2023, brings extensive experience from her previous roles at Mondelez International and Ernst & Young. Her appointment includes a competitive compensation package and an indemnity agreement, aligning with the company’s standard practices for its officers.
Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.