BurgerFi Reports Fourth Quarter and Full Year 2020 Results

- Total revenue increased 12% in the Fourth Quarter -

- BurgerFi Opens 11 New Locations in 2020 with Plans to Open Approximately 30 Locations in 2021 -

- Delivery & Digital Sales Increase More Than 80% Year-Over-Year in the Fourth Quarter -

PALM BEACH, Fla., April 29, 2021 (GLOBE NEWSWIRE) -- BurgerFi International Inc. (Nasdaq: BFI, BFIIW), one of the nation’s fastest-growing premium fast-casual concepts, QSR’s 2020 Breakout Brand of the Year and the top better burger chain in USA Today’s 10Best Readers’ Choice for 2021, is reporting financial results for the fourth quarter and full year ended December 31, 2020.

Fourth Quarter 2020 Financial Summary vs. Same Year-Ago Quarter

• Total revenue increased 12% to $9.8 million compared to $8.7 million
• Same store sales at company owned restaurants decreased 5%
• Systemwide sales decreased 7% to $34.6 million compared to $37.3 million
• Net income attributable to controlling interests and common shareholders increased to $6.0 million compared to $0.9 million; the current quarter included non-cash gain on change in value of warrant liability of $5.6 million
• Adjusted EBITDA increased 19% to $1.2 million compared to $1.0 million (see reconciliation of GAAP to Non-GAAP measures below)
  

Full Year 2020 Financial Summary vs. 2019

• Total revenue increased 2% to $34.3 million compared to $33.6 million
• Same store sales at company owned restaurants decreased 15%
• Systemwide sales decreased 11% to $129.3 million compared to $145.8 million
• Net income attributable to controlling interests and common shareholders increased to $6.0 million compared to $2.9 million; the current year included non-cash gain on change in value of warrant liability of $5.6 million
• Adjusted EBITDA was $2.2 million compared to $4.1 million (see reconciliation of GAAP to Non-GAAP Measures
                                               

	Delivery + BurgerFi App Systemwide Sales
	Full Year 2020
	1,610,000+ orders
	$38.9 million systemwide sales
	+41% in order volume
	+64% in sales volume

Management Commentary
“2020 was a transformative year for BurgerFi,” said Julio Ramirez, CEO of BurgerFi. “We made progress expanding our footprint with 11 new restaurants, including our first drive-thru location in Kentucky. Additionally, we opened nine delivery-only ghost kitchens with REEF Technology and Epic Kitchens to test out specific markets and build brand recognition. BurgerFi also launched curbside service via digital channels integrated through our website for contactless service. As customer habits shifted during the pandemic, I am incredibly proud of our team’s adaptability and the strategic investments we made in our digital platforms to provide a better omnichannel customer experience. These investments allowed us to recover same store sales sequentially since the start of the pandemic, while also growing our systemwide delivery and digital sales by over 64% for the year.

“As we move forward in 2021, we are eager to continue executing our growth strategy with a significant capital infusion from the closing of the business combination in December 2020. We have already opened four new locations including an additional drive-thru location in Nevada in March and we have eight more restaurants currently under construction. We are excited to bring the best ‘better burger’ experience to a broader customer base with plans to open approximately 30 locations in existing and new markets primarily throughout the Southeast and Mid-Atlantic regions in 2021. We are also continuing to grow internationally with plans to open our first location in Saudi Arabia during the fourth quarter as part of our multi-unit agreement with Food Supplies Co. We are confident in our financial position and ability to capitalize on the growth opportunities in the future.”

Commenting on the results, Ophir Sternberg, Executive Chairman of BurgerFi, stated: “I commend the entire organization’s ability to not only adapt to the unprecedented challenges experienced this year in the food industry, but also the work being done to lay the foundation for growth as we embark into the new year. As I look at the number of BurgerFi’s under development, the recent investments in digital capabilities, the unique expansion opportunities ahead and the bolstered management team and board, I believe that we are just beginning to tap into our true growth potential. We look forward to introducing consumers around the globe to our best-in-class menu.”

Fourth Quarter 2020 Financial Results
Revenue in the fourth quarter of 2020 improved 12% to $9.8 million compared to $8.7 million in the year-ago quarter. The increase was primarily a result of four new company owned stores and higher terminated franchise fees. These increases were partially offset by a 5% decline in company owned same store sales and a decrease in royalties due to a 7% decline in systemwide sales, both as a result of t