Welcome to our dedicated page for BurgerFi International news (Ticker: BFI), a resource for investors and traders seeking the latest updates and insights on BurgerFi International stock.
BurgerFi International, Inc. (NASDAQ: BFI) is a leading multi-brand restaurant company known for its development, marketing, and acquisition of fast-casual and premium-casual dining concepts worldwide. The company, which started its journey in Fort Lauderdale, Florida, has grown to operate approximately 114 BurgerFi restaurants, both corporate-owned and franchised, across the United States.
Specializing in a classic American menu, BurgerFi offers premium burgers, hot dogs, crispy chicken, frozen custard, hand-cut fries, shakes, beer, wine, and more. The company places a strong emphasis on quality, with a commitment to using 100% Angus beef that is antibiotic-free and fresh, never frozen.
BurgerFi is not just about burgers; the company also owns Anthony's Coal Fired Pizza & Wings, a premium Italian pizza brand. Anthony's has gained recognition for its authentic Italian cuisine and recently participated in high-profile events like the 'Diners, Drive-Ins and Dives LIVE' hosted by Guy Fieri. The brand continues to innovate, bringing unique and authentic Italian experiences to its customers.
Financially, BurgerFi has shown resilience and adaptability. Despite industry challenges, the company has seen improvements in traffic and comp store sales, both at company-owned and franchised locations. According to Christopher Jones, the Chief Financial Officer, the BurgerFi concept is expected to generate positive same-store sales and EBITDA in the second half of 2024, with Anthony's delivering positive same-store sales and EBITDA throughout the year.
In terms of strategic initiatives, the company is currently undergoing a review process to explore potential strategic alternatives to enhance its prospects and ensure stable management. Despite liquidity challenges, the company has secured financial support to navigate through this period, highlighting the commitment of its leadership to drive efficiency and growth.
For those interested in franchising opportunities or finding a BurgerFi location near them, more information is available on their website: burgerfi.com/franchise/.
BurgerFi International has appointed Karl Goodhew as Chief Technology Officer to enhance its digital platforms and customer experience. Goodhew, previously with Macy's and Home Depot, brings over 15 years of experience in software development and engineering. The company emphasizes that his expertise will drive growth through improved technology, focusing on loyalty programs and mobile applications. BurgerFi, recognized as a leading better burger chain, operates approximately 120 restaurants and is committed to quality food sourcing.
BurgerFi International (Nasdaq: BFI, BFIIW) is launching a limited-time Dunkaroos Shake, available from May 10, 2021 to June 13, 2021, in Miami and New York City. This nostalgic shake combines BurgerFi's vanilla custard with Dunkaroos cookies, topped with sprinkles. The introduction stems from a partnership with General Mills, capitalizing on the snack's recent comeback in 2020. CEO Julio Ramirez emphasizes the relevance of the Dunkaroos brand to their target demographic. BurgerFi operates approximately 119 locations and is recognized for its high-quality, fresh food offerings.
BurgerFi International has appointed Henry Gonzalez as its new Chief Marketing Officer, bringing over 25 years of experience in the food industry. He previously founded Bigger Slice Consulting and served as CMO at Costa Farms. Gonzalez is expected to redefine BurgerFi’s brand and drive profitable growth through his extensive marketing expertise. The company has made significant leadership changes recently, including the appointments of a new CFO and COO. BurgerFi, established in 2011, operates approximately 120 locations committed to high-quality, fresh food.
BurgerFi International Inc. (Nasdaq: BFI, BFIIW) has regained compliance with Nasdaq's continued listing requirements following the filing of its Annual Report on Form 10-K for the year ended December 31, 2020. This compliance allows BurgerFi's common stock and warrants to continue trading on Nasdaq. CEO Julio Ramirez expressed satisfaction with the compliance, emphasizing the company's focus on executing its growth strategy in 2021. BurgerFi is recognized as one of the fastest-growing premium fast-casual concepts with a commitment to serving high-quality food.
BurgerFi International reported a 12% increase in total revenue for Q4 2020, totaling $9.8 million compared to $8.7 million in Q4 2019, despite a 5% decline in same-store sales.
For the full year, total revenue rose 2% to $34.3 million, with systemwide sales decreasing 11% to $129.3 million. Net income increased to $6.0 million from $2.9 million, aided by a non-cash gain of $5.6 million. BurgerFi plans to open approximately 30 new locations in 2021 and expand internationally with a location in Saudi Arabia.
BurgerFi International received a letter from Nasdaq on April 16, 2021, indicating non-compliance due to a delayed filing of its 2020 Form 10-K. The company has until June 15, 2021, to submit a compliance plan to regain listing requirements. If accepted, Nasdaq could extend the deadline to October 12, 2021. BurgerFi continues to assess accounting treatment for warrants as per new guidelines. Despite this, its stock under symbols BFI and BFIIW will remain trading on Nasdaq.
BurgerFi International (Nasdaq: BFI, BFIIW) announced the postponement of its fourth quarter and full year conference call originally set for April 14, 2021, due to new SEC guidelines affecting financial reporting. The company needs additional time to ensure compliance with the SEC's recent statement regarding the reporting of warrants issued by SPACs. BurgerFi aims to correctly classify elements in its audited financial statements for the year ended December 31, 2020, prior to filing its Annual Report on Form 10-K.
BurgerFi International (Nasdaq: BFI, BFIIW) will hold a conference call on April 14, 2021, at 8:30 a.m. Eastern time to discuss its financial results for the fourth quarter and full year ending December 31, 2020. The company, recognized as QSR’s 2020 Breakout Brand of the Year, will issue a press release with the financial results prior to the call. Investors can join the call via a toll-free number or listen to a replay available until April 28, 2021.
BurgerFi is launching the SWAG Burger, a Spicy Wagyu Burger, available from March 15, 2021 to May 9, 2021. This new addition follows the success of the Spicy Fi’ed Chicken Sandwich, reinforcing BurgerFi’s focus on premium offerings. The burger comprises a double wagyu and brisket blend, charred jalapeños, candied ghost pepper bacon, and habanero pepper jack cheese. BurgerFi carried out a consumer research study with over 2,500 participants to gauge interest in this unique product. The introduction reflects the company's dedication to innovating within the fast-casual dining segment.
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