The following is a summary of the BurgerFi International, Inc. (BFI) Q4 2023 Earnings Call Transcript:

Financial Performance:

• BurgerFi reported a Q4 revenue of $41.5 million, down 8.3% from the previous year.

• Net loss for Q4 was $10.7 million, lower than the loss of $26.2 million in the previous year due to lower impairments and expenses.

• Adjusted EBITDA for Q4 was $671,000, down from $2.6 million in the same quarter last year due to lower franchise sales volume and lack of franchise termination fees.

• The company's cash balance as of January 1, 2024, was $7.6 million compared to $11.9 million at the start of 2023.

Business Progress:

• There are focused efforts to improve labor and cost efficiencies, including the introduction of new systems for inventory control and procurement.

• Expansion plans continue with the opening of a flagship BurgerFi restaurant and the first Better Burger Lab in Manhattan, along with a co-branded franchised location in Florida.

• The franchise strategy has been reassessed - non-performing franchises have been closed and the focus is on lucrative and robust franchisees.

• The company is exploring growth opportunities in non-traditional areas like amusement parks, cinemas, and airports.

• There is a strategic approach to improve restaurant-level margins, which includes reducing cost of goods, labor, and corporate expenses.

More details: BurgerFi International IR

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