Summary by Moomoo AI
Yoshiharu Global Co. reported Q3 2024 revenue of $3.0 million, up 48.9% from $2.0 million in Q3 2023, driven primarily by the acquisition of three Las Vegas restaurants in April 2024 which contributed $1.1 million in additional revenue. However, net loss widened to $1.2 million from $0.9 million in Q3 2023 due to higher operating expenses and interest costs related to the expansion.Restaurant-level contribution margin improved to 11.0% for the first nine months of 2024 compared to 8.1% in the same period of 2023, reflecting enhanced operational efficiency. The company maintained stable food and beverage costs at 28.3% of sales while reducing labor costs as a percentage of sales to 44.6% from 55.6% year-over-year in Q3.The company expanded its footprint to 15 locations with the opening of a new restaurant in San Clemente on October 31, 2024, with two additional locations under construction. Management secured a $1 million private placement investment in October 2024 to fund expansion into the Korean BBQ segment, demonstrating continued execution of its growth strategy despite wider losses.
