Sweetgreen, Inc.

Listed Company

SGCIK 0001477815NYSELarge AcceleratedRetail-Eating PlacesDelawareFY ends Dec 31

Period

FY 2024

Revenue

$676.83M

Net Income

$-90.37M

Total Assets

$856.76M

Equity

$446.14M

Shares Out

96.08M

Op. Cash Flow

$43.39M

Business

Sweetgreen, Inc. is a mission-driven restaurant and lifestyle brand that serves healthy, plant-forward food at scale. It offers curated signature salads, bowls, plates, made-from-scratch dressings, seasonal and digital-exclusive menu items, catering, and Outpost bulk-delivery services. The company operates through core restaurant operations, owned digital channels (mobile app and website), native delivery, Outpost and catering, and a proprietary Infinite Kitchen automation and supply chain function. Sweetgreen distributes across the United States through its physical restaurants, owned digital channels, marketplace delivery partners, and dedicated Outpost locations.

Summary from filing dated 2025-02-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31	FY 2020 2020-12-31
Revenue	677	584	470	340	221
Total restaurant operating costs	544	482	401	299	229
General and administrative	150	147	187	125	99
Depreciation and amortization	67	59	46	36	27
Pre-opening costs	7	9	12	9	5
Impairment and closure costs	2	624,000	3	5	1
Loss on disposal of property and equipment	300,000	700,000	300,000	100,000	900,000
Restructuring charges	2	7	14	0	0
Total operating expenses	229	224	263	175	133
Loss from operations	−96	−122	−193	−134	−142
Interest income	−11	−13	−5	−450,000	−1
Interest expense	256,000	128,000	83,000	87,000	404,000
Other expense	7	3	819,000	19	245,000
Net loss before income taxes	−92	−113	−189	−153	−141
Income tax (benefit) expense	−1	400,000	1	100,000	0
Net loss	−90	−113	−190	−153	−141
Net loss per share basic (in dollars per share)	−0.79	−1.01	−1.73	−5.51	−8.8
Net loss per share diluted (in dollars per share)	−0.79	−1.01	−1.73	−5.51	−8.8
Weighted average shares used in computing net loss per share basic (in shares)	114	112	110	28	16
Weighted average shares used in computing net loss per share diluted (in shares)	114	112	110	28	16

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31	FY 2020 2020-12-31
Cash and cash equivalents	215	257	332	472	—
Accounts receivable	5	4	3	3	—
Inventory	2	2	1	903,000	—
Prepaid expenses	8	6	8	14	—
Current portion of lease acquisition costs	93,000	93,000	93,000	525,000	—
Other current assets	5	7	2	155,000	—
Total current assets	235	276	346	507	—
Operating lease assets	257	244	254	0	—
Property and equipment, net	296	267	235	181	—
Goodwill	36	36	36	36	6
Intangible assets, net	24	27	31	33	—
Security deposits	1	1	2	2	—
Lease acquisition costs, net	333,000	426,000	518,000	4	—
Restricted cash	3	125,000	125,000	328,000	—
Other assets	4	4	5	0	—
Total assets	857	857	909	763	—
Current portion of operating lease liabilities	42	31	30	0	—
Accounts payable	19	17	12	11	—
Accrued expenses	27	21	22	16	—
Accrued payroll	15	13	7	12	—
Gift cards and loyalty liability	4	3	2	2	—
Other current liabilities	10	6	0	—	—
Total current liabilities	116	92	73	48	—
Operating lease liabilities, net of current portion	289	271	271	0	—
Contingent consideration liability	5	8	21	20	—
Other non-current liabilities	173,000	819,000	1	500,000	—
Deferred income tax liabilities	361,000	2	1	125,000	—
Total liabilities	411	374	368	110	—
COMMITMENTS AND CONTINGENCIES (Note 14)	—	—	—	—	—
Common stock, $0.001 par value, 2,000,000,000 Class A shares authorized, 105,200,553 and 99,700,052 Class A shares issued and outstanding as of December 29, 2024 and December 31, 2023, respectively; 300,000,000 Class B shares authorized and 11,915,758 and 12,939,094 Class B shares issued and outstanding as of December 29, 2024 and December 31, 2023, respectively.	117,000	113,000	111,000	109,000	—
Additional paid-in capital	1,321	1,267	1,213	1,129	—
Accumulated deficit	−875	−785	−672	−476	—
Total stockholders (deficit) equity	446	483	541	653	−307
Total liabilities and stockholders (deficit) equity	857	857	909	763	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31	FY 2020 2020-12-31
Amortization of lease acquisition costs	93,000	92,000	93,000	400,000	300,000
Amortization of loan origination fees	71,000	55,000	126,000	95,000	96,000
Amortization of cloud computing arrangements	914,000	880,000	224,000	0	0
Operating lease cost	31	29	28	0	0
Stock-based compensation	39	50	79	29	5
Impairment and closure costs	2	90,000	3	5	1
Non-cash restructuring charges	701,000	5	13	0	0
Deferred income tax (benefit) expense	−1	358,000	1	125,000	0
Change in fair value of contingent consideration	7	3	819,000	4	0
Account receivable	−2	−258,000	−600,000	−2	1
Inventory	82,000	−686,000	−480,000	−283,000	211,000
Prepaid expenses and other current assets	−22,000	−4	−3	−8	475,000
Operating lease liabilities	−18	−22	−14	0	0
Accounts payable	759,000	10	−5	3	958,000
Accrued payroll and benefits	2	7	−8	3	2
Accrued expenses	3	1	6	−2	9
Gift card and loyalty liability	2	781,000	177,000	−498,000	−946,000
Other non-current liabilities	−646,000	−533,000	−458,000	0	0
Net cash provided by (used in) operating activities	43	26	−43	−65	−90
Purchase of property and equipment	−84	−90	−97	−85	−48
Purchase of intangible assets	−8	−6	−5	−8	−9
Security and landlord deposits	−13,000	122,000	242,000	253,000	30,000
Net cash used in investing activities	−92	−96	−102	−98	−58
Proceeds from stock option exercise	13	5	5	26	2
Payment of contingent consideration	−4	−10	0	0	—
Payment of loan origination fees	0	0	−126,000	0	0
Payment associated to shares repurchased for tax withholding	−2,000	−166,000	0	0	—
Net cash (used in) provided by financing activities	9	−5	5	532	2
Net decrease in cash and cash equivalents and restricted cash	−40	−74	−141	370	−147
Cash paid for interest	184,000	50,000	0	0	383,000
Purchase of property and equipment accrued in accounts payable and accrued expenses	10	7	8	2	469,000
Stock Issued	2	0	0	—	—

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