GEN Restaurant Group, Inc. Files 2023 Annual Report (10-K)

TL;DR

<b>GEN Restaurant Group, Inc. has filed its annual 10-K report for the fiscal year ending December 31, 2023, detailing financial performance and corporate structure.</b>

AI Summary

GEN Restaurant Group, Inc. (GENK) filed a Annual Report (10-K) with the SEC on March 6, 2024. GEN Restaurant Group, Inc. filed its 10-K annual report for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. Key entities mentioned include various LLCs such as GenRestaurantManagementLlc, GenNevadaLlc, and GenMiracleMile. The report references financial instruments and agreements, including Commercial Bank Loan Agreement One and Economic Injury Disaster Loan. It also details equity components like Common Class A stock, Additional Paid-In Capital, and Retained Earnings as of December 31, 2023.

Why It Matters

For investors and stakeholders tracking GEN Restaurant Group, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of GEN Restaurant Group's financial health, operational activities, and legal standing for the fiscal year 2023, which is crucial for investors to assess the company's performance and future prospects. The detailed breakdown of various subsidiaries, financial instruments, and equity components offers insights into the company's complex structure and its financial commitments and resources.

Risk Assessment

Risk Level: medium — GEN Restaurant Group, Inc. shows moderate risk based on this filing. The company's 10-K filing indicates a complex structure with numerous LLCs and various financial agreements, which could present operational and financial risks that are not fully detailed in the provided extract.

Analyst Insight

Investors should review the full 10-K filing to understand the financial performance, risks, and strategic direction of GEN Restaurant Group for fiscal year 2023.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2023-01-01 — Fiscal Year Start (Reporting period)
• 0001891856 — Central Index Key (Company identifier)
• 5812 — Standard Industrial Classification (Industry code for Eating Places)
• DE — State of Incorporation (Company's legal domicile)
• 2024-03-06 — Filing Date (Date of submission)

Key Players & Entities

• GEN Restaurant Group, Inc. (company) — Filer name
• 2023-12-31 (date) — Fiscal year end
• GenRestaurantManagementLlc (company) — Subsidiary
• GenNevadaLlc (company) — Subsidiary
• GenMiracleMile (company) — Subsidiary
• Commercial Bank Loan Agreement One (dollar_amount) — Financial agreement
• Economic Injury Disaster Loan (dollar_amount) — Financial agreement
• Common Class A stock (dollar_amount) — Equity component

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-03-06: Filing Date — Date the 10-K report was officially submitted to the SEC.

Key Financial Figures

• $0.001 — red Class A Common stock, par value $0.001 per share GENK The Nasdaq Stock Mar
• $19.95 — or a fixed price generally ranging from $19.95 to $21.99 for lunch and $28.99 to $30.9
• $21.99 — price generally ranging from $19.95 to $21.99 for lunch and $28.99 to $30.95 for dinn
• $28.99 — ing from $19.95 to $21.99 for lunch and $28.99 to $30.95 for dinners as of December 31
• $30.95 — 19.95 to $21.99 for lunch and $28.99 to $30.95 for dinners as of December 31, 2023, ex
• $35.95 — ers as of December 31, 2023, except for $35.95 for dinner at the Miracle Mile at Las V
• $27.95 — acle Mile at Las Vegas, NV location and $27.95 for lunch, $33.95 for regular dinner an
• $33.95 — egas, NV location and $27.95 for lunch, $33.95 for regular dinner and $37.95 for late
• $37.95 — or lunch, $33.95 for regular dinner and $37.95 for late dinner at the Manhattan, NY lo
• $1.9 million — ge Net Build-Out Costs of approximately $1.9 million for nine new units opened in 2022 and 2
• $2.6 million — ened in 2022 had Net Build-Out Costs of $2.6 million. During 2023, we opened six restaurants
• $2.1 million — ge Net Build-Out Costs of approximately $2.1 million. Going forward, we are targeting averag
• $3.0 million — verage Net Build-Out Costs of less than $3.0 million with AUVs ranging from $4.0 to $5.0 mil
• $4.0 — han $3.0 million with AUVs ranging from $4.0 to $5.0 million for our new restaurant
• $5.0 million — million with AUVs ranging from $4.0 to $5.0 million for our new restaurant units, resulting

Filing Documents

• genk-20231231.htm (10-K) — 2582KB
• genk-ex21_1.htm (EX-21.1) — 32KB
• genk-ex23_1.htm (EX-23.1) — 4KB
• genk-ex31_1.htm (EX-31.1) — 24KB
• genk-ex31_2.htm (EX-31.2) — 15KB
• genk-ex32_1.htm (EX-32.1) — 18KB
• genk-ex32_2.htm (EX-32.2) — 8KB
• genk-ex97_1.htm (EX-97.1) — 67KB
• 0000950170-24-027323.txt (&nbsp;) — 11023KB
• genk-20231231.xsd (EX-101.SCH) — 1753KB
• genk-20231231_htm.xml (XML) — 1696KB

Business

Business 3 Item 1A.

Risk Factors

Risk Factors 8 Item 1B. Unresolved Staff Comments 40 Item 1C Cybersecurity 40 Item 2.

Properties

Properties 41 Item 3.

Legal Proceedings

Legal Proceedings 41 Item 4. Mine Safety Disclosures 41 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 42 Item 6. Reserved 42 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 43 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 57 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 57 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 57 Item 9A.

Controls and Procedures

Controls and Procedures 57 Item 9B. Other Information 58 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 58 PART III Item 10. Directors, Executive Officers and Corporate Governance 59 Item 11.

Executive Compensation

Executive Compensation 59 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 59 Item 13. Certain Relationships and Related Transactions, and Director Independence 59 Item 14. Principal Accountant Fees and Services 59 PART IV Item 15. Exhibits and Financial Statement Schedules 60 Item 16. Form 10-K Summary 61 i

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about us and our industry that involve substantial risks and uncertainties. All statements contained in this Annual Report on Form 10-K other than statements of historical fact, including statements regarding our future results of operations and financial position, our business strategy and plans, and our objectives for future operations, are forward-looking statements. The terms such as "target," "may," "might," "will," "objective," "intend," "should," "could," "can," "would," "expect," "believe," "design," "estimate," "continue," "predict," "potential," "plan," "anticipate" or the negative of these terms, and similar expressions are intended to identify forward-looking statements. You should not rely on forward-looking statements as predictions of future events. We have based these forward-looking statements largely on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations. These forward-looking statements are subject to a number or risks, uncertainties and assumptions, including but not limited to: the impact of the COVID-19 pandemic; our ability to operate as a consolidated public company; our ability to successfully maintain increases in our comparable restaurant sales and average unit volumes ("AUVs"); our ability to expand in existing and new markets; our projected growth in the number of restaurants; macroeconomic conditions and other economic factors; our ability to compete with many other restaurants; our reliance on vendors, suppliers, and distributors; concerns regarding food safety and food-borne illness; changes in consumer preferences and the level of acceptance of our restaurant concept in new markets; mi

View Full Filing

View this 10-K filing on SEC EDGAR