Tuesday, January 13, 2026
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
4Q25. Preliminary total GAAP revenues for 4Q25 are expected to be approximately $207 million, a 6.8% decrease from $222 million in 4Q24 and below the $223 million consensus estimate. This decline was primarily driven by RA Sushi and Kona Grill closures as part of the portfolio optimization and the change in the Company’s fiscal year. The Grill closures are expected to reduce total GAAP revenues by approximately 2.4%, representing 35% of the expected total GAAP revenue decline.
Calendar Impacts. The fiscal calendar change to 4 equal quarters in 2025 created timing differences that impacted quarterly comparisons: 4Q25 had 91 days versus 92 days in 4Q24. Additionally, the New Year’s Eve holiday shifted from fiscal 2025 to fiscal 2026. The exclusion of New Year’s Eve in the current year impacted total GAAP revenues by approximately 2.5%, representing 37% of the expected total GAAP revenue decline. Fourth quarter comparable sales are expected to decrease by approximately 1.8%.
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