BurgerFi International, Inc. Stock Price, News & Analysis

BurgerFi International Inc. (BFI, BFIIW) reported a strong first quarter for 2021, with total revenue increasing by 32% year-over-year, reaching $11.0 million. Systemwide restaurant sales grew 19% to $39.8 million, driven by an 11% increase in same store sales at corporate-owned restaurants. Digital sales surged by 98%, accounting for 33% of total sales. Despite these gains, the company experienced a net loss of $8.2 million due to higher operational costs and non-cash losses. Looking ahead, BurgerFi plans to open approximately 30 new restaurants in 2021.

BurgerFi International has appointed Karl Goodhew as Chief Technology Officer to enhance its digital platforms and customer experience. Goodhew, previously with Macy's and Home Depot, brings over 15 years of experience in software development and engineering. The company emphasizes that his expertise will drive growth through improved technology, focusing on loyalty programs and mobile applications. BurgerFi, recognized as a leading better burger chain, operates approximately 120 restaurants and is committed to quality food sourcing.

BurgerFi International (Nasdaq: BFI, BFIIW) is launching a limited-time Dunkaroos Shake, available from May 10, 2021 to June 13, 2021, in Miami and New York City. This nostalgic shake combines BurgerFi's vanilla custard with Dunkaroos cookies, topped with sprinkles. The introduction stems from a partnership with General Mills, capitalizing on the snack's recent comeback in 2020. CEO Julio Ramirez emphasizes the relevance of the Dunkaroos brand to their target demographic. BurgerFi operates approximately 119 locations and is recognized for its high-quality, fresh food offerings.

BurgerFi International has appointed Henry Gonzalez as its new Chief Marketing Officer, bringing over 25 years of experience in the food industry. He previously founded Bigger Slice Consulting and served as CMO at Costa Farms. Gonzalez is expected to redefine BurgerFi’s brand and drive profitable growth through his extensive marketing expertise. The company has made significant leadership changes recently, including the appointments of a new CFO and COO. BurgerFi, established in 2011, operates approximately 120 locations committed to high-quality, fresh food.

BurgerFi International Inc. (Nasdaq: BFI, BFIIW) has regained compliance with Nasdaq's continued listing requirements following the filing of its Annual Report on Form 10-K for the year ended December 31, 2020. This compliance allows BurgerFi's common stock and warrants to continue trading on Nasdaq. CEO Julio Ramirez expressed satisfaction with the compliance, emphasizing the company's focus on executing its growth strategy in 2021. BurgerFi is recognized as one of the fastest-growing premium fast-casual concepts with a commitment to serving high-quality food.

BurgerFi International reported a 12% increase in total revenue for Q4 2020, totaling $9.8 million compared to $8.7 million in Q4 2019, despite a 5% decline in same-store sales.

For the full year, total revenue rose 2% to $34.3 million, with systemwide sales decreasing 11% to $129.3 million. Net income increased to $6.0 million from $2.9 million, aided by a non-cash gain of $5.6 million. BurgerFi plans to open approximately 30 new locations in 2021 and expand internationally with a location in Saudi Arabia.

BurgerFi International received a letter from Nasdaq on April 16, 2021, indicating non-compliance due to a delayed filing of its 2020 Form 10-K. The company has until June 15, 2021, to submit a compliance plan to regain listing requirements. If accepted, Nasdaq could extend the deadline to October 12, 2021. BurgerFi continues to assess accounting treatment for warrants as per new guidelines. Despite this, its stock under symbols BFI and BFIIW will remain trading on Nasdaq.

BurgerFi International (Nasdaq: BFI, BFIIW) announced the postponement of its fourth quarter and full year conference call originally set for April 14, 2021, due to new SEC guidelines affecting financial reporting. The company needs additional time to ensure compliance with the SEC's recent statement regarding the reporting of warrants issued by SPACs. BurgerFi aims to correctly classify elements in its audited financial statements for the year ended December 31, 2020, prior to filing its Annual Report on Form 10-K.