Muscle Maker, Inc. (Nasdaq: GRIL) has signed a new Pokemoto franchise agreement for the Philadelphia market, increasing its franchise total to 39 agreements. The upcoming location in Northeast Philadelphia will be company-owned, set to open soon. Currently, there are eight Pokemoto locations under development. The franchise model includes a $25,000 initial fee and a 6% ongoing royalty on net sales. This expansion aligns with the company’s strategy to enhance visibility and growth through franchising while focusing on key markets like Texas and Pennsylvania.
Muscle Maker, Inc. (Nasdaq: GRIL) has signed a new franchise agreement for the Highland Village/Flower Mound market in Texas, marking its first entry into this state. This agreement is part of Pokemoto's strategy to expand its franchise presence, now totaling 38 agreements since November 2021. The company plans to open its first Texas locations by June/July 2022. The franchise model features a $25,000 initial fee, with a $15,000 discount for veterans. Additionally, Pokemoto has partnered with FranFund to provide funding solutions for prospective franchisees.
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Muscle Maker, Inc. (NASDAQ: GRIL) announced the launch of a new crispy shrimp tempura dish with Gochujang honey mayo and purple rice on May 23rd. This addition expands Pokemoto's extensive menu, offering over 40 customizable ingredients. The crispy shrimp tempura provides a healthy protein option, while purple rice, rich in antioxidants, serves as an appealing base. This initiative aims to enhance the dining experience, attract customers, and align with health-conscious trends. Recently, Pokemoto also introduced a new bubble tea program for added beverage options.
Muscle Maker, Inc. (Nasdaq: GRIL) reported strong Q1 2022 results with restaurant sales up by 128% and franchise royalties increasing 54% year-over-year. The company improved operating metrics, including food costs down 4.7% and labor costs by 24.1%. Operating expenses decreased 55.3% despite acquisitions in 2021. Muscle Maker maintains over $14 million in cash, indicating solid liquidity for expansion. The company is focusing on its Pokemoto franchise strategy, with 37 agreements sold, and has initiated renovations to improve SuperFit Foods.
Muscle Maker, Inc. (GRIL) announced a partnership between its Pokemoto Division and FranFund to help franchisees secure funding for new Hawaiian Poke restaurants. FranFund offers various funding options including SBA loans and 401(k) business funding to streamline the lending process for franchisees. The franchise model requires a $25,000 initial fee and 6% royalty on net sales. Recently, Pokemoto inked 37 franchise agreements, including five in Rhode Island, with additional locations underway in several states. This partnership aims to enhance Pokemoto's growth strategy and attract new franchisees.
Muscle Maker, Inc. (GRIL) is converting a Muscle Maker Grill location in Northeast Philadelphia into its Pokemoto brand. This marks Pokemoto's first entry into Pennsylvania and serves as a test for franchise expansion in the area. The eatery will offer fresh, customizable Hawaiian poke bowls and boba teas, targeting Millennials and Gen Zs. Following a successful similar conversion at Fort Meade, the company plans to assess other corporate locations for potential conversions or dual-branding. The Pokemoto brand is expanding, with 37 franchise agreements and more locations planned across multiple states.
Muscle Maker, the parent company of Pokemoto Hawaiian Poke, announced five new franchise agreements in Rhode Island, increasing its total to six locations in the state. Since November 2021, Muscl Maker has signed 37 franchise agreements, showcasing a 338% growth rate post-acquisition of Pokemoto in May 2021. The company aims to cater to the millennial demographic, which constitutes 27% of Rhode Island's population. Franchising remains a key part of their growth strategy, alongside opening company-owned locations.
Muscle Maker, Inc. (GRIL) has signed a new franchise agreement for Pokemoto in Hoboken, New Jersey, marking its entry into this market. Since November 2021, the company has secured 32 franchise agreements, emphasizing a growth strategy through franchising while also developing company-owned locations. Each franchise unit has an initial fee of $25,000 and incurs a 6% royalty on net sales. Currently, Pokemoto operates in multiple states and aims to cater to millennial and Gen Z communities, especially those near educational institutions.
Muscle Maker, Inc. (GRIL) reported substantial growth in its fiscal year 2021 results, with a 154% increase in restaurant sales and a 28% rise in operating locations. Operating expenses improved across several categories: food/paper costs down by 2.1%, labor costs reduced by 31.4%, rent decreased by 5.3%, and other expenses by 5.9%. The company also maintained a cash balance of $15.77 million and eliminated the Going Concern warning for 2022. Muscle Maker aims to expand the Pokemoto brand via franchising, having signed 31 franchise agreements and opened six new locations.