Executive Summary

Q4 FY2024 revenue rose 5.9% year over year to $36.20M, driven by Food & Beverage +4.9% and Recreation +9.5%; however, Venue-Level EBITDA margin fell to 3.7% and Adjusted EBITDA was $(5.42)M, materially below the company’s Q4 guidance ranges provided last quarter .
Same-store sales increased 0.4%, below “low single digits” guidance from Q3 and indicating softer comps relative to expectations .
Operating loss widened to $(10.65)M on higher G&A ($7.41M; 20.5% of sales) and elevated store-level cost mix; net loss was $(8.71)M .
FY2025 guidance introduced: Adj. EBITDA $19–21M, mature venue margin 20–22%, ~4 new venues, ~low-single-digit SSS growth, ~$17M G&A, and $3M pre-opening; management also identified ~$10M annual cost savings opportunities to support margin recovery .
Street consensus (S&P Global) was unavailable for BYN/PNST due to CIQ mapping; results are assessed versus prior company guidance and reported actuals. Wall Street consensus data from S&P Global was unavailable.

What Went Well and What Went Wrong

What Went Well

Revenue growth of 5.9% YoY to $36.2M, with Recreation +9.5% and Food & Beverage +4.9% in Q4, showing broad-based top-line expansion .
Mature venues’ margin improved 309 bps YoY to 11.4% in the quarter, signaling underlying unit economics strength in the mature base .
CEO highlighted positive traffic and comp growth amid a challenging consumer backdrop: “we were able to drive both positive comparable sales growth and positive traffic growth during the fiscal fourth quarter” .

What Went Wrong

Venue-Level EBITDA margin was 3.7% vs Q3 guidance of 13–16%; Adjusted EBITDA came in $(5.42)M vs guided $(0.75)M to $0.3M—both significant misses, reflecting cost pressure and overhead ramp .
G&A was $7.41M (20.5% of sales) vs guided $4.0–$4.5M, driven by public-company costs and increased digital marketing, pressuring profitability .
Same-store sales growth of 0.4% fell short of “low single digits” guidance; store labor (40.3% of sales), occupancy (19.1%), and other operating costs (18.8%) rose YoY, compressing store-level margins .

Financial Results

Headline P&L and Margin Comparison

Metric	Q4 2023	Q3 2024	Q4 2024
Total Revenue ($USD Millions)	$34.17	$32.16	$36.20
Net Income (Loss) ($USD Millions)	$(8.78)	$12.25	$(8.71)
Diluted EPS ($USD)	N/A	$0.33	N/A
Operating Margin (%)	(21.7)%	(9.5)%	(29.4)%
Venue-Level EBITDA ($USD Millions)	$2.62	$6.23	$1.35
Venue-Level EBITDA Margin (%)	8.3%	19.4%	3.7%
Adjusted EBITDA ($USD Millions)	$(2.41)	$0.43	$(5.42)
Same-Store Sales Growth (%)	N/A	6.9%	0.4%
G&A ($USD Millions)	$3.37	$5.27	$7.41
Pre-Opening Expenses ($USD Millions)	$2.79	$1.93	$1.65

Notes:

EPS was disclosed for Q3 but not for Q4 period; net loss is shown for Q4 instead .
Q3 net income was primarily driven by a non-cash warrant fair value gain .

Segment Breakdown

Segment Revenue ($USD Millions)	Q4 2023	Q3 2024	Q4 2024
Food & Beverage	$26.31	$24.85	$27.59
Recreation	$7.86	$7.31	$8.61
Total	$34.17	$32.16	$36.20

KPIs and Cost Mix

KPI / Cost Mix	Q4 2023	Q4 2024
Venue-Level EBITDA Margin (%)	8.3%	3.7%
Mature Venue Margin (%)	8.3%	11.4%
Food & Beverage Costs (% of revenue)	17.2%	18.1%
Store Labor & Benefits (% of sales)	37.6%	40.3%
Store Occupancy excl. D&A (% of sales)	17.0%	19.1%
Other Store Operating excl. D&A (% of sales)	17.6%	18.8%

Balance sheet reference points (end of FY2024):

Cash and equivalents: $13.17M; current + long-term notes payable: ~$75.50M .

Guidance Changes

Q4 FY2024 Actuals vs Q3 Guidance

Metric	Period	Previous Guidance	Actual	Change
Same-Store Sales Growth	Q4 FY2024	Low single digits	0.4%	Lower vs guidance
Venue-Level EBITDA Margin	Q4 FY2024	13–16%	3.7%	Lower vs guidance
G&A incl. stock comp & tax ($)	Q4 FY2024	$4.0–$4.5M	$7.41M	Higher vs guidance
Pre-Opening Expenses ($)	Q4 FY2024	$1.0–$1.5M	$1.65M	Higher vs guidance
Adjusted EBITDA ($)	Q4 FY2024	$(0.75) to $0.3M	$(5.42)M	Lower vs guidance

Bolded takeaways: Venue-Level margin and Adjusted EBITDA were significant misses relative to guidance ranges .

FY2025 Guidance Introduction

Metric	Period	Previous Guidance	Current Guidance	Change
Same-Store Sales Growth	FY2025	N/A	Low single digits	New
New Venue Openings	FY2025	N/A	4 venues	New
Mature Venue-Level Margin	FY2025	N/A	20–22%	New
G&A incl. stock comp & tax ($)	FY2025	N/A	~$17.0M	New
Pre-Opening Expenses ($)	FY2025	N/A	$3.0M	New
Adjusted EBITDA ($)	FY2025	N/A	$19.0–21.0M	New
Annual Cost Savings Identified	FY2025	N/A	~$10M	New

Earnings Call Themes & Trends

Note: A Q4 FY2024 earnings call was scheduled, but a transcript was not available in the document set; trends below reflect management’s press release commentary .

Topic	Previous Mentions (Q-2 and Q-1)	Current Period (Q4 FY2024)	Trend
Cost savings / margin initiatives	Limited disclosure in prior releases; focus on growth (Q3)	~$10M annual cost savings identified; target +500 bps mature store margin improvement potential	Improving margin narrative
Mature venue economics	Q3 emphasized strong unit margins and growth	Mature margin 11.4% (+309 bps YoY)	Positive momentum
Development pipeline	Q3: Aventura opening; upcoming Orlando, Walnut Creek, Coral Gables	Pipeline expanded: Bellevue, Lake Union (Seattle), Jacksonville; 22 total locations open/under construction/under lease	Accelerating openings
Demand/Comps	Q3 same-store +6.9%	Same-store +0.4%; described as “challenging consumer environment”	Softer comps
Overhead/Public company costs	Q3 G&A increased due to public company readiness and digital marketing	G&A $7.41M (20.5% of sales), again cited as a driver of loss	Elevated overhead persists

Management Commentary

Strategic focus: “Our mature venue base…showcases the power and potential of the Pinstripes brand, generating strong profitability improvement…we have an even more significant opportunity to improve margins through fiscal 2025…approximately $10 million in annual savings” — Dale Schwartz, Founder & CEO .
Growth pipeline: “Walnut Creek, CA and Coral Gables, FL…two prominent Seattle locations in Bellevue and Lake Union…new Jacksonville location…more than 30 potential locations…22 total locations open, under construction or under lease” .
Demand backdrop: “positive comparable sales growth and positive traffic growth…despite a challenging consumer environment” .

Q&A Highlights

A Q4 FY2024 earnings call was scheduled, but a transcript was not available in the document catalog; no Q&A details to report .

Estimates Context

Wall Street consensus estimates via S&P Global for BYN/PNST were unavailable due to missing CIQ mapping at the time of request. Wall Street consensus data from S&P Global was unavailable.
As a result, comparisons are anchored to the company’s Q4 guidance provided in the Q3 release and reported actuals .

Key Takeaways for Investors

Q4 margins and Adjusted EBITDA were well below guidance; cost pressures at store level and higher G&A drove the miss—watch near-term margin recovery trajectory and G&A normalization path .
Management’s ~$10M cost savings plan and FY2025 mature margin target (20–22%) are key levers; execution against these is the primary medium-term profitability catalyst .
Mature venue economics continue to strengthen (Q4 mature margin +309 bps YoY); scaling new units while preserving mature unit margins is central to the thesis .
Development pipeline remains robust (4 openings in FY2025; expanded footprint including Seattle and Jacksonville); monitor ramp curves and pre-opening spend ($3M guided) .
Liquidity and leverage: ~$13.17M cash vs ~$75.5M notes payable; balance sheet discipline and cost savings execution are important to funding growth and margin improvement .
Near-term trading setup: After a guidance miss, the FY2025 margin/EBITDA frameworks and visible cost actions become narrative drivers; updates on comps and margin pacing could re-rate expectations .
Street consensus was unavailable; as coverage builds post-SPAC, track estimate formation and revisions relative to management’s FY2025 guidance. Wall Street consensus data from S&P Global was unavailable.

Pinstripes Holdings, Inc. (BYN)·Q4 2024 Earnings Summary