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Edge12 Dec 2025
Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
Pinstripes Holdings (PNST) investor relations material
Pinstripes Holdings has been otc
Pinstripes Holdings Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary19 Feb, 2025
Executive summary
Revenue increased 10.4% year-over-year to $35.5 million for Q3 FY2025, driven by new store openings, but net loss widened to $8.1 million from net income of $12.2 million in the prior year.
Achieved best corporate profitability quarter in two years with adjusted EBITDA of $2.7 million and venue-level EBITDA margin over 19%.
The company operates 18 locations, with one new venue opened in Walnut Creek, CA, and plans for further expansion contingent on financing.
Substantial doubt exists about the company's ability to continue as a going concern due to liquidity constraints, debt covenant breaches, and ongoing losses.
CFO Tony Querciagrossa will step down effective February 28, 2025.
Financial highlights
Q3 revenue was $35.5 million, up 10.4% year-over-year; net loss was $8.1 million; adjusted EBITDA reached $2.7 million.
Venue-level EBITDA margin was 19.2%, with mature stores at 21.6%, both slightly down year-over-year.
Food and beverage revenue increased 10.5% to $27.5 million; recreation revenue rose 10.3% to $8.1 million.
General and administrative expenses decreased to $4.8 million from $5.3 million.
Cash and cash equivalents fell to $2.4 million as of January 5, 2025, from $13.2 million at prior fiscal year-end.
Outlook and guidance
Management expects continued revenue growth from new store openings and increased same store sales, but acknowledges ongoing liquidity challenges and the need for additional capital.
No material price increases planned for private events or open play; focus remains on creative promotions.
Exploring strategic alternatives and cost reductions to address going concern risks.
Explain the strategic alternatives being explored.
Why did same store sales decrease 7.7%?
What milestones are required by Oaktree?
Update on strategic financing alternatives
Drivers for sustained comp growth beyond Q4?
Impact of financing on 2026 unit development
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Next Pinstripes Holdings earnings date
Q4 20259 Jan, 2026
Next Pinstripes Holdings earnings date
Q4 20259 Jan, 2026
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Frequently asked questions
Pinstripes Holdings Inc. operates a unique dining and entertainment business that integrates Italian-American cuisine with recreational activities such as bowling and bocce. The company offers a varied food and beverage menu and hosts both private and public events, catering to a broad demographic. Additionally, Pinstripes provides spaces for corporate events and social gatherings, including weddings and birthday parties, across its numerous large-format locations which also feature outdoor dining areas and bocce courts. The company is headquartered in Northbrook, Illinois, and its shares are listed on the NYSE.
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