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BurgerFi International Inc.(BFI), a prominent player in the fast-f ood industry, has released its unaudited consolidated financial statements for the first quarter of 2023. The financial data showcases the company's net loss, revenue, and key balance sheet figures, shedding light on its performance during the period. Despite facing challenges, the company generated significant revenue, although it also reported a net loss for the quarter.
In the first quarter of 2023, BurgerFi International Inc. reported a net loss of $9.15 million. This represents a decrease from the net loss of $13.56 million during the same period in the previous year. Despite the reduction in net loss, the company continues to navigate challenges in its operating environment.
Revenue
During the quarter ended April 3, 2023, BurgerFi achieved a total revenue of $45.73 million. This revenue includes proceeds from restaurant sales, royalty and other fees, as well as royalty from brand development and co-op activities. The company's focus on diversifying its revenue streams has contributed to its ability to generate substantial income in a competitive market.
Consolidated Balance Sheets
The consolidated balance sheets reveal that BurgerFi's total assets amounted to $271.22 million as of April 3, 2023. This figure has decreased slightly compared to the previous quarter, which reported total assets of $276.78 million. Despite the dip, the company maintains a solid asset base, which includes current assets such as cash, accounts receivable, and inventory, as well as non-current assets like property, equipment, and intangible assets.
Consolidated Statements of Operations
The financial statements also unveil the company's operating expenses and the factors contributing to its net loss. BurgerFi reported operating expenses of $52.73 million, which include costs related to food, beverage, labor, and administrative expenses. The company's management has been diligently working on cost management strategies to improve its profitability.
Consolidated Statements of Changes in Stockholders' Equity
The changes in stockholders' equity highlight the company's financial position over time. BurgerFi's total stockholders' equity stood at $74.47 million as of April 3, 2023, a decrease from $78.95 million reported at the beginning of the quarter. The fluctuation is influenced by various factors, including net losses, share-based compensation, and changes in the number of issued shares.
Consolidated Statements of Cash Flows
BurgerFi's cash flows provide insights into its liquidity and cash management. In the first quarter of 2023, the company reported net cash flows used in operating activities of $1.96 million. The company made investments in property and equipment, with cash flows used in investing activities totaling $802,000. Additionally, financing activities contributed to net cash flows used of $128,000.
BurgerFi International Inc. has released its Q1 2023 financial statements, showcasing both challenges and opportunities. The company generated $45.73 million in revenue during the quarter, demonstrating its resilience in a competitive market. However, it reported a net loss of $9.15 million, reflecting ongoing operational challenges. The company's strategic efforts to manage costs, diversify revenue streams, and enhance shareholder equity remain critical to its future performance.