GEN Korean BBQ Sizzles in 2024
DENVER, Colo., Mar 07, 2025 (247marketnews.com)- GEN Restaurant Group (NASDAQ:GENK) fired up the grill with its fourth quarter and full-year 2024 financial results. GEN delivered a performance that not only exceeded its own expectations but also set the stage for 2025.
The “grill at your table” experience delivered total revenue hitting $208.4 million for 2024, surpassing its full-year outlook.
For the Q4 2024, total revenue climbed 21.2% to $54.7 million, up from $45.1 million in Q4 2023. For the full year, revenue rose 15.1% to $208.4 million, a leap from $181.0 million in 2023.
Adjusted EBITDA for the Q4 grew 25% to $2.1 million (3.8% of revenue), even after accounting for $1.6 million in pre-opening costs. The full-year figure landed at $16.7 million (8.0% of revenue), despite $5.3 million in pre-opening expenses.
David Kim, GEN’s CEO and Chairman, stated, “Closing out 2024, we achieved our highest total annual revenue figure as a public company while maintaining healthy unit level economics as demonstrated by our results. Driven by the success of new restaurants, for the year we delivered an impressive 15% increase in total revenue to $208.4 million, exceeding both our 2024 guidance and analysts’ expectations. We also achieved a restaurant-level adjusted EBITDA margin approaching 18%, which was in line with our 2024 outlook.
“Moving into 2025, our priority remains on executing our growth initiatives and capitalizing on the growing demand for Korean BBQ. We’re very pleased to report that our first quarter comparable restaurant sales through the end of February returned to positive growth of 1% as a result of continued success with our premium menu and modest pricing adjustments. We’ve opened three new restaurants in early 2025, with an additional 10-13 new units slated to open throughout the year. We’re also excited to bring GEN to the global stage as we plan to open at least two new restaurants in South Korea. Supported by over $23 million in cash and cash equivalents, strong cash flow from operations and no material long-term debt, we believe we’re well positioned to drive sustainable growth and profitability through execution of our strategic expansion strategy.”
Since March 2024, the company opened nine new locations—six in 2024 and three in early 2025 that were originally slated for last year. Looking ahead, GEN is on track to launch 10 to 13 additional units in 2025, not counting those three delayed openings.
The balance sheet is just as appetizing. As of December 31, 2024, GEN held $23.7 million in cash and equivalents, with no long-term debt beyond $4.3 million in government-backed EIDL loans. The Board of Directors underscored its faith in this trajectory by greenlighting a $5 million stock buyback program.
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