Sweetgreen (SG) Company Report

Sweetgreen sold its robotics subsidiary, Spyce, to Wonder for $186.4 million, receiving $100 million in cash and $86.4 million in Wonder preferred stock.
Sweetgreen will maintain operational access to the Infinite Kitchen technology through a supply and licensing agreement, offloading manufacturing and R&D responsibilities. This technology has shown 700 basis points of labor savings and nearly 100 basis points of cost of goods sold (COGS) improvement in equipped stores.
This strategic divestment comes as Sweetgreen faces challenges, including a 9.5% same-store sales decline and widening net losses, prompting a downward revision of full-year 2025 financial guidance.
Sweetgreen plans to open approximately 37 net new restaurants in 2025, with about half featuring the Infinite Kitchen technology, and expects to reduce future unit build costs by purchasing equipment from Wonder at cost plus about five percent.

Nov 7, 2025, 12:03 PM

Bloomberg

Sweetgreen Reports Q3 2025 Results, Announces Sale of Spice Unit, and Updates Guidance

Earnings

Guidance Update

M&A

Sweetgreen reported Q3 2025 sales of $172.4 million and a same-store sales decline of 9.5%, resulting in a negative adjusted EBITDA of $4.4 million.
The company announced the strategic sale of its Spice business unit, which developed the Infinite Kitchen, to Wonder for $186.4 million. This transaction is expected to infuse Sweetgreen's balance sheet with approximately $100 million in liquidity and generate $8 million in annualized G&A savings.
Sweetgreen updated its 2025 guidance, projecting revenue between $682 and $688 million, negative same-store sales of 8.5% to 7.7%, and adjusted EBITDA between negative $13 and negative $10 million.
For 2026, the company plans to open 15 to 20 net new restaurants, a reduction from the 37 net new restaurants expected for 2025, as it prioritizes financial discipline and profitability.
Sweetgreen is implementing a "Sweet Growth Transformation Plan" focused on operational excellence, brand relevance, food quality and menu innovation, personalized digital experience, and disciplined investment, including a review of its menu and pricing architecture.

Nov 6, 2025, 10:00 PM

Transcript

Sweetgreen, Inc. Announces Q3 2025 Financial Results and Updated FY2025 Guidance

Earnings

Guidance Update

Demand Weakening

Sweetgreen, Inc. reported a net loss of $(36.1) million on $172.4 million in total revenue for Q3 2025, representing a 0.6% decrease in revenue compared to the prior year period.
The company's Restaurant-Level Profit Margin declined to 13.1% and Adjusted EBITDA was $(4.4) million for Q3 2025, down from 20.1% and $6.8 million, respectively, in Q3 2024. This decline was primarily due to a (9.5)% Same-Store Sales Change and increased operating costs.
Sweetgreen updated its Fiscal Year 2025 guidance, projecting revenue between $682 million and $688 million, a Same-Store Sales Change of (8.5)% to (7.7)%, and Adjusted EBITDA between $(13) million to $(10) million.
The company announced the sale of Spyce and a partnership with Wonder to maintain access to the Infinite Kitchen platform, with the goal of scaling more efficiently, lowering operating costs, and strengthening its balance sheet.

Nov 6, 2025, 9:21 PM

8-K

Sweetgreen Sells Spyce to Wonder

M&A

New Projects/Investments

Sweetgreen has entered into an agreement to sell its Spyce business, which developed the Infinite Kitchen technology, to Wonder for $186.4 million.
The sale consideration includes $100 million in cash and $86.4 million in Series C Preferred Stock of Wonder.
Sweetgreen will continue to deploy Infinite Kitchens in its restaurants through a supply and license agreement with Wonder.
This strategic sale is intended to enable Sweetgreen to reinvest in key priorities and sharpen its focus on growth and profitability.

Nov 6, 2025, 9:06 PM

Press Release

Sweetgreen Announces Third Quarter 2025 Financial Results and Updates Fiscal Year 2025 Outlook

Earnings

Guidance Update

Demand Weakening

Sweetgreen reported total revenue of $172.4 million for the third quarter of fiscal year 2025, representing a 0.6% decrease compared to the prior year period.
The company's net loss was $(36.1) million for Q3 2025, an increase from $(20.8) million in the prior year period, and Adjusted EBITDA was $(4.4) million, down from $6.8 million in Q3 2024.
Same-Store Sales Change was (9.5)% for the third quarter of fiscal year 2025, compared to 5.6% in the prior year period.
Sweetgreen updated its fiscal year 2025 guidance, projecting revenue ranging from $682 million to $688 million and Adjusted EBITDA between $(13) million to $(10) million.
The updated outlook for fiscal year 2025 also includes a Same-Store Sales Change of (8.5)% to (7.7)% and a Restaurant-Level Profit Margin of 14.5% to 15%.

Nov 6, 2025, 9:05 PM

Press Release

Sweetgreen Reports Q2 2025 Results and Lowers Guidance

Earnings

Layoffs

Guidance Update

Sweetgreen reported disappointing second-quarter 2025 results, with revenue of $185.6 million (flat year over year) and a 7.6% decline in same-store sales.
The company posted a net GAAP loss of $0.20 per share and implemented workforce reductions of 10%.
Sweetgreen lowered its full-year revenue guidance to around $707.5 million and its stock has dropped approximately 61.6% year-to-date.

Aug 7, 2025, 11:02 PM

Bloomberg

Sweetgreen outlines strategic growth at William Blair Growth Stock Conference

New Projects/Investments

Revenue Acceleration/Inflection

CEO Jonathan Neiman outlined the company’s ambitious growth strategy, highlighting the current 253 restaurants and the potential expansion to thousands of U.S. locations while improving unit economics and margins.
The call emphasized innovative technology investments such as the Infinite Kitchen and enhanced digital channels, which are expected to boost throughput, margin leverage, and customer experience while supporting competitive pricing.
Operational improvements, including new store prototypes, refined drive-thru strategies, and advanced workforce management, were identified as key levers to drive better comp performance in challenging markets.

Jun 4, 2025, 5:01 PM

Sweetgreen Outlines Loyalty, Menu Innovation and Tech Enhancements at Consumer Conference

Guidance Update

New Projects/Investments

Product Launch

Launched a new loyalty program on April 2nd, aiming to drive frequency with 20,000 new weekly customer sign-ups, surpassing past performance.
Revived seasonal menu offerings, reintroducing fan favorites and driving additional traffic, while addressing earlier menu strategy adjustments.
Highlighted technology upgrades including the deployment of the Infinite Kitchen for a reported 700-point labor efficiency gain and improvements in speed of service led by COO Jason.
Outlined full-year guidance with flat same-store sales expected early and improvements in the later half driven by easier comps and menu innovations.

Jun 4, 2025, 2:15 AM

Sweetgreen Q1 2025 Earnings & Financial Highlights

Earnings

Product Launch

Guidance Update

Revenue Acceleration/Inflection

Revenue reached $166.3 million in Q1 2025, a 5.4% YoY increase, with 17.9% restaurant-level margins despite a 3.1% same-store sales decline
The company opened 5 new restaurants this quarter and updated fiscal 2025 guidance to include at least 40 net new restaurant openings, with projected revenue between $740M and $760M and an adjusted EBITDA target of approximately $30M
Financial results showed a net loss of $(25.0) million and an operating loss of $(28.5) million, reflecting the impact of increased operating expenses
Menu innovation highlights include the nationwide launch of Ripple Fries, a new KBBQ menu collaboration with COTE Korean Steakhouse, and the rollout of an updated SG Rewards loyalty program
Operational improvements were driven by tighter cost controls in food, labor, and occupancy, along with the implementation of an AI-powered workforce management system that enhances scheduling and reduces absenteeism

May 8, 2025, 9:01 PM

Transcript 8-K

Sweetgreen Announces Departure of COO

Management Change

Chief Operating Officer Rossann Williams has departed Sweetgreen effective immediately and will continue as a consultant until June 1, 2025.
The 8-K filing dated April 17, 2025 confirms the executive change and is signed by CFO Mitch Reback.

Apr 17, 2025, 12:00 AM

8-K

Filings & Transcripts

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