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Sweetgreen, Inc. (NYSE: SG) is a mission-driven, next-generation restaurant and lifestyle brand focused on serving healthy food at scale. The company operates company-owned restaurants across 22 states and Washington, D.C., offering customizable, plant-forward meals designed to empower customers to make healthier choices. Sweetgreen emphasizes sustainability, transparency, and quality in its menu offerings, which include salads, bowls, and protein plates made from fresh, locally sourced ingredients.
- Core Menu - Features 13 curated, signature items offered year-round, including salads, bowls, and protein plates made with fresh, high-quality ingredients.
- Customization Options - Allows customers to create personalized salads or bowls from over 40 fresh ingredients and made-from-scratch dressings.
- Seasonal Offerings - Highlights fresh, local ingredients through a smaller, curated menu that changes throughout the year to encourage repeat visits.
- Digital Exclusives - Offers exclusive menu items and curated collections available only through Sweetgreen's digital ordering platforms.
| Revenue by Segment - in Millions of USD | FY 2021 | Q1 2022 | Q2 2022 | Q3 2022 | Q4 2022 | FY 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | FY 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | FY 2024 | Q1 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Owned Digital Channels | 51.55 | 212.9 | 51.81 | 56.35 | 50.56 | 46.98 | 205.7 | 53.1 | |||||||||
| In-Store Channel | 64.9 | 242.1 | 64.93 | 81.76 | 77.86 | 70.75 | 295.3 | 66.7 | |||||||||
| Marketplace Channel | 36.64 | 129.1 | 41.11 | 46.53 | 45.01 | 43.15 | 175.8 | 46.5 | |||||||||
| Total Revenue | 152.99 | 584.0 | 157.85 | 184.64 | 173.43 | 160.88 | 676.8 | 166.3 | |||||||||
| Revenue by Geography - in Millions of USD | FY 2021 | Q1 2022 | Q2 2022 | Q3 2022 | Q4 2022 | FY 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | FY 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | FY 2024 | Q1 2025 |
| - New York City Metropolitan Area | - | - | - | - | - | - | - | - | |||||||||
| Total Revenue | 153.05 | 584.04 | 157.85 | 184.641 | 173.43 | 160.88 | 676.83 | 166.3 |
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Jonathan Neman ExecutiveBoard | President, CEO, Chair | None | Co-founder of Sweetgreen (2007), instrumental in its growth and development into a leading fast-casual restaurant chain. | View Report → |
Nicolas Jammet ExecutiveBoard | Chief Concept Officer | None | Co-founder of Sweetgreen, oversees culinary department; previously served as President and Co-CEO. | |
Adrienne Gemperle Executive | Chief People Officer | None | Joined SG in 2020; focuses on employee growth and operational efficiency; previously held leadership roles at Starbucks, SoulCycle, and Plated. | |
Mitch Reback Executive | Chief Financial Officer | None | CFO of SG since 2015; extensive experience in financial leadership, including roles at Drybar and Neutrogena. | |
Nathaniel Ru Executive | Chief Brand Officer | None | Co-founder of Sweetgreen, oversees marketing, creative, and brand departments; previously served as Co-CEO. | |
Rossann Williams Executive | Chief Operating Officer | None | Joined SG in 2024; oversees operations, real estate, and supply chain; previously held senior roles at Starbucks, including President of North American Retail. | |
Wouleta Ayele Executive | Chief Technology Officer | Board Member at Everside Health Group, Inc. | Joined SG in 2021; oversees technology initiatives; previously held senior technology roles at Starbucks. | |
Bradley Singer Board | Board Member | Board Member at Redfin Corporation | Chair of SG's Audit Committee; extensive financial expertise; previously COO at ValueAct Capital and CFO at Discovery Communications. | |
Valerie Jarrett Board | Board Member | CEO of The Barack Obama Foundation; Board Member at Ralph Lauren, Walgreens, Ariel Investments, and University of Chicago | Former Senior Advisor to President Obama; extensive experience in law, policy, and public company boards. | |
Youngme Moon Board | Board Member | None | No detailed bio provided in the documents; serves as a Director at SG. |
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Given that the build-out costs for Infinite Kitchen units are approximately $0.5 million higher than classic Sweetgreen locations, how does the company plan to fund the accelerated rollout of Infinite Kitchens while maintaining its financial health?
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With steak having higher cost of goods sold and causing slight upward pressure on overall COGS, how do you intend to balance menu innovation with maintaining restaurant-level margins?
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You mentioned that labor optimization has led to improved margins through changes in scheduling and deployment, but as you accelerate unit growth, how do you plan to ensure these efficiencies are replicated across new restaurants, especially with potential labor market challenges?
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As you broaden your menu to include items like RippleFries and handhelds, how will you manage the increased operational complexity to avoid negatively impacting speed and consistency in service?
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Considering that same-store sales growth is driven primarily by double-digit increases in emerging markets, what strategies are in place to boost sales in mature markets like the Northeast and Eastern Seaboard, where growth appears to be slower?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Spyce | 2021 | The acquisition was completed on September 7, 2021 using a structure that involved issuing 1,843,493 Class S shares (approximately $37 million) plus paying off $3.5 million of indebtedness, with additional contingent consideration of up to $20 million based on performance milestones. The deal strategically aimed to enhance food service automation by acquiring developed technology valued at $20.05 million and increasing goodwill by $29.7 million, thereby improving quality, consistency, and operational efficiency. |
Recent press releases and 8-K filings for SG.
- 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.
- 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.
- 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
- 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.
- Youngme Moon and Valerie Jarrett will not seek re-election to Sweetgreen’s Board of Directors at the end of their term in June, marking a significant board departure.
- They have been key contributors since the company’s private days, providing strategic guidance and leadership during critical growth phases.
- Extreme weather and LA fires in early 2025 affected about 60% of Sweetgreen’s fleet, resulting in a roughly 6% same-store comp decline and a 7-point overall impact on revenue in January and February.
- New markets in Texas, Atlanta, Florida, and the Upper Midwest are showing strong comp trends, even as legacy markets experienced some weakness due to adverse events.
- The successful launch of Protein Plates and an expansion of the dinner business—from 35% to 40% of total transactions—have contributed to a robust menu innovation strategy.
- The company is reallocating G&A spending towards store development, accelerating the roll-out of Infinite Kitchen (at a cost of $450k–$550k per unit) to capture labor and cost-of-goods savings, and increasing marketing investments.