Krispy Kreme Reports Fourth Quarter and Full Year 2024 Financial Results

Rhea-AI Summary

Krispy Kreme (NASDAQ: DNUT) reported its Q4 and full year 2024 financial results, showing mixed performance. Full year net revenue reached $1.7 billion with 5.0% organic revenue growth, while Q4 organic revenue grew 1.8% to $400.6 million despite challenges.

The company faced significant headwinds from a cybersecurity incident that impacted Q4 revenue by an estimated $11 million and Adjusted EBITDA by approximately $10 million. For the full year, GAAP net income was $3.8 million compared to a loss of $36.6 million in 2023.

Krispy Kreme's expansion continues with global points of access increasing 24.1% to 17,557, including reaching over 1,900 McDonald's restaurants. The company is restructuring management teams, outsourcing U.S. logistics, and evaluating refranchising certain international markets to drive capital-efficient growth.

For 2025, Krispy Kreme forecasts net revenue of $1,550-$1,650 million, organic revenue growth of 5-7%, and Adjusted EBITDA of $180-$200 million, with leverage expected to trend toward 4.0x by year-end.

Positive

• Global points of access increased 24.1% to 17,557
• Full year organic revenue grew 5.0% to $1,658.1 million
• GAAP net income improved to $3.8 million from a $36.6 million loss in 2023
• Delivered Fresh Daily (DFD) sales exceeded $100 million worldwide in Q4
• Expanded to over 1,900 McDonald's restaurants with daily doughnut deliveries

Negative

• Q4 net revenue declined 10.4% to $404.0 million
• Q4 GAAP net loss of $22.2 million compared to $1.9 million income in prior year
• Cybersecurity incident caused estimated $11 million revenue loss and $10 million Adjusted EBITDA impact
• Adjusted EBITDA declined 8.6% to $193.5 million for full year
• Adjusted EPS declined to $0.11 from $0.27 in the prior year

Insights

Financial Analyst

Krispy Kreme's Q4 and full-year 2024 results reveal a company navigating significant operational challenges while implementing strategic shifts toward a more capital-efficient business model. The $1.67 billion in annual revenue represents a modest 1.2% decline year-over-year, though organic revenue grew 5.0% despite headwinds from a cybersecurity incident that management estimates cost them approximately 70 basis points of growth.

The fourth quarter results demonstrate both challenges and progress in Krispy Kreme's transformation journey. While net revenue declined 10.4% to $404 million, this was primarily due to the strategic divestiture of Insomnia Cookies ($101 million impact) and the cybersecurity incident ($11 million estimated impact). The company's core doughnut business continued to expand, with Global Points of Access increasing an impressive 24.1% year-over-year to 17,557 locations.

The milestone of exceeding $100 million in quarterly Delivered Fresh Daily (DFD) sales worldwide signals the success of Krispy Kreme's omnichannel strategy, particularly the expansion to over 1,900 McDonald's restaurants. However, the decline in DFD average sales per door to $631 reflects a changing customer mix as the company rapidly scales this channel, potentially impacting unit economics.

Segment performance reveals divergent trends that illustrate the company's transition. U.S. organic revenue declined 1.2% with a significant 460 basis point headwind from the cybersecurity incident. International organic revenue grew a robust 7.8%, driven by points of access growth and premiumization efforts. The Market Development segment, despite a 14.2% revenue decline, improved Adjusted EBITDA margins to an impressive 57.8%, highlighting the profitability of the franchise model.

Management's strategic initiatives—restructuring teams, outsourcing logistics, and evaluating refranchising opportunities—signal a pivot toward capital efficiency. Capital expenditures as a percentage of revenue were 7.25% in 2024, with guidance suggesting a reduction to 6-7% in 2025, aligning with this capital-light approach.

The 2025 guidance indicates management expects the transformation to continue with projected organic revenue growth of 5-7% despite lower overall revenue of $1.55-1.65 billion, reflecting the Insomnia divestiture. Adjusted EBITDA guidance of $180-200 million suggests potential margin improvement as restructuring benefits materialize.

The company's leverage target of 4.0x by year-end 2025 indicates a focus on gradually improving the balance sheet while funding growth initiatives. With $65-75 million in projected interest expense for 2025, debt management remains a priority that will impact overall profitability.

For investors, Krispy Kreme presents a mixed picture—a proven brand executing a strategic transformation with demonstrated omnichannel growth potential, balanced against near-term profitability challenges and cybersecurity recovery costs. The successful execution of management's capital-light strategy will be important to delivering the margin expansion and return on invested capital improvements that investors seek.

Full Year 2024 Net Revenue of $1.7 billion and Full Year Organic Revenue growth of 5.0%

Introduces 2025 guidance

CHARLOTTE, N.C.--(BUSINESS WIRE)-- Krispy Kreme, Inc. (NASDAQ: DNUT) (“Krispy Kreme”, “KKI”, or the “Company”) today reported financial results for the fourth quarter and full year ended December 29, 2024.

Fourth Quarter Highlights (vs Q4 2023)

• Net revenue of $404.0 million
• Organic revenue⁽¹⁾ grew 1.8%, to $400.6 million, and was impacted adversely by an estimated 280 basis points from lost revenue linked to the 2024 Cybersecurity Incident
• GAAP net loss of $22.2 million
• Adjusted EBITDA⁽¹⁾ of $45.9 million, impacted adversely by an estimated $10 million impact from the 2024 Cybersecurity Incident
• GAAP operating cash flow of $27.0 million

Full Year Highlights (vs FY 2023)

• Net revenue of $1,665.4 million
• Organic revenue⁽¹⁾ grew 5.0%, to $1,658.1 million, and was impacted adversely by an estimated 70 basis points from lost revenue linked to the 2024 Cybersecurity Incident
• GAAP net income of $3.8 million
• Adjusted EBITDA⁽¹⁾ of $193.5 million, impacted adversely by an estimated $10 million impact from the 2024 Cybersecurity Incident
• GAAP operating cash flow of $45.8 million
• Global Points of Access increased 3,410, or 24.1% to 17,557

“We delivered an 18th consecutive quarter of year-over-year organic sales growth. Excluding the estimated cybersecurity incident impact, results were largely in line with our expectations,” said Josh Charlesworth, Krispy Kreme CEO.

“Last quarter, we announced we were aligning our talent and capital to our business priorities, and we have taken significant action. We have restructured our management teams to maximize profitable U.S. expansion and capital-light international growth. We expect to soon award contracts to outsource U.S. logistics. Finally, we have begun a process to evaluate refranchising certain international markets. I believe these changes will drive capital efficient growth, as we continue our transformation into a bigger and better Krispy Kreme.”

Financial Highlights		Quarters Ended												Fiscal Years Ended
$ in millions, except per share data		December 29, 2024				December 31, 2023				Change				December 29, 2024				December 31, 2023				Change
GAAP:
Net revenue		$	404.0			$	450.9				(10.4	)%		$	1,665.4			$	1,686.1				(1.2	)%
Operating (loss)/income		$	(11.5	)		$	(5.3	)		nm				$	(8.7	)		$	13.1			nm
Operating (loss)/income margin			(2.8	)%			(1.2	)%		-160 bps					(0.5	)%			0.8	%		-130 bps
Net (loss)/income		$	(22.2	)		$	1.9			nm				$	3.8			$	(36.6	)		nm
Net (loss)/income attributable to KKI		$	(22.4	)		$	2.6			nm				$	3.1			$	(37.9	)		nm
Diluted (loss)/income per share		$	(0.13	)		$	0.02			$	(0.15	)		$	0.02			$	(0.23	)		$	0.25
Non-GAAP (1):
Organic revenue		$	400.6			$	393.5				1.8	%		$	1,658.1			$	1,578.8				5.0	%
Adjusted net income, diluted		$	1.2			$	15.1			nm				$	19.2			$	46.2			nm
Adjusted EBITDA		$	45.9			$	64.1				(28.4	)%		$	193.5			$	211.6				(8.6	)%
Adjusted EBITDA margin			11.4	%			14.2	%		-280 bps					11.6	%			12.6	%		-100 bps
Adjusted EPS		$	0.01			$	0.09			$	(0.08	)		$	0.11			$	0.27			$	(0.16	)

(1)

Non-GAAP figures – please refer to “Non-GAAP Measures” and “Reconciliation of Non-GAAP Financial Measures.”

Key Operating Metrics		Fiscal Years Ended
$ in millions		December 29, 2024				December 31, 2023				Change
Global Points of Access			17,557				14,147			24.1	%
Sales per Hub (U.S.) trailing four quarters		$	4.9			$	4.9			—	%
Sales per Hub (International) trailing four quarters		$	10.1			$	9.9			2.0	%
Digital Sales as a Percent of Retail Sales			14.4	%			19.3	%		-490 bps

Fourth Quarter 2024 Consolidated Results (vs Q4 2023)

Krispy Kreme’s fourth quarter results reflect the strength of the omni-channel model, delivering net revenue of $404.0 million, a decline of 10.4%, compared to $450.9 million in the same quarter last year primarily due to the sale of a majority ownership stake of Insomnia Cookies in the third quarter of 2024 ($101 million impact) and the 2024 Cybersecurity Incident (estimated $11 million impact). Organic revenue grew 1.8%, driven by the Company’s first quarter of Delivered Fresh Daily (“DFD”) sales in excess of $100 million worldwide. Organic revenue was impacted adversely by an estimated 280 basis points from lost revenue linked to the 2024 Cybersecurity Incident.

GAAP net loss was $22.2 million, compared to income in the prior year of $1.9 million. GAAP Diluted Loss per Share was $(0.13), a decline of $(0.15) from the same quarter last year.

Global Points of Access grew 24.1%, linked to the Company’s accelerating U.S. expansion now reaching more than 1,900 McDonald’s restaurants with daily deliveries of Krispy Kreme doughnuts, alongside growth internationally.

Adjusted EBITDA in the quarter declined 28.4% to $45.9 million, linked to an estimated $10 million dollar impact from the 2024 Cybersecurity Incident, with Adjusted EBITDA margins contracting 280 basis points to 11.4%. Adjusted EBITDA Margin reflects an estimated 210 basis point negative impact from the 2024 Cybersecurity Incident.

Adjusted Net Income, diluted declined to $1.2 million in the quarter from $15.1 million in the same quarter last year. Adjusted EPS declined $0.08 to $0.01 from $0.09 in the same quarter last year, due to increased interest expense and depreciation and amortization and an estimated impact of $0.04 due to the 2024 Cybersecurity Incident.

Full Year 2024 Consolidated Results (vs FY 2023)

Krispy Kreme’s full year results reflect the sale of a majority ownership stake of Insomnia Cookies, as net revenue declined 1.2% to $1.67 billion in 2024, compared to $1.69 billion in the prior year. GAAP net income was $3.8 million, compared to a loss of $36.6 million. GAAP Diluted EPS was $0.02 compared to a loss of $0.23.

Total company organic revenue grew 5.0%, and was impacted adversely by an estimated 70 basis points from lost revenue due to the 2024 Cybersecurity Incident. Organic revenue growth was driven by Global Points of Access growth, strong marketing activations, and pricing actions.

Adjusted EBITDA declined 8.6% to $193.5 million, primarily linked to the sale of a majority ownership stake of Insomnia Cookies and an estimated $10 million impact from the 2024 Cybersecurity Incident. Adjusted Net Income, diluted declined to $19.2 million from $46.2 million in the prior year. Adjusted EPS declined $0.16 to $0.11 from $0.27 in the prior year, due to increased depreciation and amortization, as we invested in our global expansion as well as higher tax rates with a greater portion of earnings generated in higher tax rate jurisdictions.

Diluted weighted average common shares outstanding for the full year 2024 were 171.5 million, compared to 170.5 million for the full year 2023.

Fourth Quarter 2024 Segment Results (vs Q4 2023)

U.S.: In the U.S. segment, net revenue declined $50.9 million, or 17.2%, largely attributable to the sale of Insomnia Cookies ($57.4 million impact), a decline in retail sales, and the 2024 Cybersecurity Incident; partially offset by growth in the DFD business. Organic revenue declined by 1.2%, with an estimated headwind of 460 basis points attributable to the 2024 Cybersecurity Incident. Sales per Hub in the U.S. remained consistent at $4.9 million and DFD average sales per door per week decreased, as expected, and were $631, driven by changing customer mix.

U.S. Adjusted EBITDA decreased 44.0% to $23.6 million with Adjusted EBITDA margin contraction of 460 basis points to 9.6%, of which an estimated 350 basis points were attributable the 2024 Cybersecurity Incident.

International: In the International segment, net revenue grew $7.4 million, or 5.7%. International organic revenue grew 7.8%, driven by points of access growth of 648, or 14%, and continued premiumization efforts.

International Adjusted EBITDA declined 7.7% to $25.7 million with adjusted EBITDA margin declining approximately 270 basis points, as strength in Australia was offset by lower volume in the U.K. leading to deleveraging.

Market Development: In the Market Development segment, net revenue declined $3.4 million, or 14.2%, driven by the impact of franchise acquisitions. Organic revenue decline in the segment was 0.7%.

Market Development Adjusted EBITDA grew 6.8% to $11.9 million. Adjusted EBITDA margins expanded to 57.8%, driven by favorable sales mix and selling, general and administrative expense improvement.

Balance Sheet and Capital Expenditures

During the fourth quarter 2024, the Company invested $33.9 million in capital expenditures, driven primarily by investments in the Hub and Spoke model for the U.S. expansion of the DFD network. For the full year 2024, capital expenditures as a percentage of revenue were 7.25%.

In the full year 2024, the Company reduced its supply chain financing liabilities by $44.3 million, including a $23.2 million impact from the Insomnia Cookies divestiture. The company generated Operating Cash Flow of $45.8 million in the year.

2024 Cybersecurity Incident

As previously disclosed, unauthorized activity on a portion of our information technology systems resulted in the Company experiencing certain operational disruptions, including with online ordering in parts of the U.S. (the “2024 Cybersecurity Incident”). Online ordering, retail shops, and core business functions are now fully operational. The incident materially affected the Company’s business operations and is reasonably likely to materially impact the Company’s results of operations and financial condition. In the fourth quarter of 2024, we incurred approximately $3 million of remediation expenses related to the 2024 Cybersecurity Incident. In addition, we estimate that we lost revenue within our U.S. segment in an amount of $11 million related to the incident with a corresponding estimated $10 million impact on Adjusted EBITDA (includes margin on the aforementioned lost revenues, as well as operational inefficiencies). We expect to continue to incur costs in full year 2025 related to the incident, including operational inefficiencies early in the first quarter and costs related to fees for our cybersecurity experts and other advisors. The Company holds cybersecurity insurance that is expected to offset a portion of the losses and costs from the incident.

2025 Financial Outlook

Krispy Kreme issues the following guidance for the full year 2025 (vs FY2024)

• Net Revenue of $1,550 to $1,650 million
• Organic Revenue growth⁽¹⁾ of +5% to +7%
• Adjusted EBITDA⁽¹⁾ of $180 to $200 million
• Adjusted EPS⁽¹⁾ of $0.04 to $0.08
• Income Tax rate between 32% and 36%
• Capital Expenditures of 6% to 7% of net revenue
• Interest Expense, net of $65 million to $75 million

The company expects leverage to trend towards 4.0x by year end 2025.

Notes:
(1)		Non-GAAP figures. The Company does not reconcile forward-looking non-GAAP measures. See “Non-GAAP Measures.”

Definitions

The following definitions apply to terms used throughout this press release:

• Global Points of Access: Reflects all locations at which fresh doughnuts can be purchased. We define global points of access to include all Hot Light Theater Shops, Fresh Shops, Carts and Food Trucks, DFD Doors (which includes Delivered Fresh Daily (“DFD”) branded cabinets and merchandising units within high traffic grocery and convenience stores, quick service or fast casual restaurants (“QSR”), club memberships, and drug stores) and Cookie Bakeries (through the date of the Insomnia cookies divestiture), and other points at which fresh doughnuts can be purchased at both Company-owned and franchise locations as of the end of the respective reporting period. We monitor Global Points of Access as a metric that informs the growth of our omni-channel presence over time and believe this metric is useful to investors to understand our footprint in each of our segments and by asset type.
• Hubs: Reflects locations where fresh doughnuts are produced and processed for sale at any point of access. We define Hubs to include self-sustaining Hot Light Theater Shops and Doughnut Factories, at both Company-owned and franchise locations as of the end of the respective reporting period.
• Hubs with Spokes: Reflects Hubs currently producing product for other Fresh Shops, Carts and Food Trucks, or DFD Doors, and excludes Hubs not currently producing product for other shops, Carts and Food Trucks, or DFD Doors.
• Sales Per Hub: Sales per Hub equals Fresh Revenues from Hubs with Spokes, divided by the average number of Hubs with Spokes at the end of the five most recent quarters.
• Fresh Revenues from Hubs with Spokes: Fresh Revenues is a measure focused on the Krispy Kreme doughnut business and includes product sales generated from our Hot Light Theater Shops, Fresh Shops, Carts and Food Trucks, DFD Doors, and digital channels and excludes sales from Cookie Bakeries and Branded Sweet Treats (through the date of the Insomnia cookies divestiture and Branded Sweet Treats exit, respectively). Fresh Revenues from Hubs with Spokes equals the Fresh Revenues derived from Hubs with Spokes.
• Free Cash Flow: Defined as cash provided by operating activities less purchases of property and equipment.

Conference Call

Krispy Kreme will host a public conference call and webcast at 8:30 AM Eastern Time today to discuss its results for the fourth quarter of 2024. To register for the conference call, please use this link. After registering, confirmation will be sent through email, including dial-in details and unique conference call codes for entry. To listen to the live webcast and Q&A, visit the Krispy Kreme investor relations website at investors.krispykreme.com. A replay of the webcast will be available on the website within 24 hours after the call. Krispy Kreme’s earnings press release and related materials will also be available on the investor relations section of the Company’s website.

Investor Relations
ir@krispykreme.com

Financial Media
Edelman Smithfield for Krispy Kreme, Inc.
Ashley Firlan & Ashna Vasa
KrispyKremeIR@edelman.com

About Krispy Kreme

Headquartered in Charlotte, N.C., Krispy Kreme is one of the most beloved and well-known sweet treat brands in the world. Our iconic Original Glazed® doughnut is universally recognized for its hot-off-the-line, melt-in-your-mouth experience. Krispy Kreme operates in 40 countries through its unique network of fresh doughnut shops, partnerships with leading retailers, and a rapidly growing digital business with more than 17,500 fresh points of access. Our purpose of touching and enhancing lives through the joy that is Krispy Kreme guides how we operate every day and is reflected in the love we have for our people, our communities, and the planet. Connect with Krispy Kreme Doughnuts at www.KrispyKreme.com and follow us on social: X, Instagram and Facebook.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the use of forward-looking terminology, including terms such as “plan,” “believe,” “may,” “continue,” “guidance,” “could,” “will,” “should,” “would,” “anticipate,” “estimate,” “expect,” “intend,” “outlook,” “objective,” “seek,” “strive,” “working towards” or, in each case, the negatives of these words, comparable terminology, or similar references to future periods; however, statements may be forward-looking whether or not these terms or their negatives are used. Forward-looking statements are not a representation by us that the future plans, estimates, or expectations contemplated by us will be achieved. Our actual results could differ materially from the forward-looking statements included in this press release. We consider the assumptions and estimates on which our forward-looking statements are based to be reasonable, but they are subject to various risks and uncertainties relating to our operations, financial results, financial conditions, business, prospects, future plans and strategies, projections, liquidity, the economy, and other future conditions. Therefore, you should not place undue reliance on any of these forward-looking statements. Important factors could cause our actual results to differ materially from those contained in forward-looking statements, including, without limitation: food safety issues, including risks of food-borne illnesses, tampering, contamination, and cross-contamination; impacts from the 2024 Cybersecurity Incident or any other material failure, inadequacy, or interruption of our information technology systems, including breaches or failures of such systems or other cybersecurity or data security-related incidents; any harm to our reputation or brand image; changes in consumer preferences or demographic trends; the impact of inflation or changes in foreign exchange rates; our ability to execute on our omni-channel business strategy; regulatory investigations, enforcement actions or material litigation; and other risks and uncertainties described under the heading “Risk Factors” in our Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) and in other filings we make from time to time with the SEC. These forward-looking statements are made only as of the date of this document, and we undertake no obligation to publicly update or revise any forward-looking statement whether as a result of new information, future events, or otherwise, except as may be required by law.

Non-GAAP Measures

This press release includes certain financial information that is not presented in conformity with accounting principles generally accepted in the U.S. (“GAAP”). These non-GAAP financial measures including organic revenue growth/(decline), Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBIT, Adjusted Net Income, Diluted, Adjusted EPS, Free Cash Flow, Net Debt, Fresh Revenue from Hubs with Spokes and Sales per Hub. These non-GAAP financial measures are not standardized, and it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names, limiting their usefulness as comparative measures. Other companies may calculate similarly titled financial measures differently than we do or may not calculate them at all. Additionally, these non-GAAP financial measures are not measurements of financial performance under GAAP or a substitute for results reported under GAAP. In order to facilitate a clear understanding of our consolidated historical operating results, we urge you to review our non-GAAP financial measures in conjunction with our historical consolidated financial statements and notes thereto filed with the SEC and not to rely on any single financial measure.

The Company does not provide reconciliations of forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measure because it is unable to predict with reasonable certainty or without unreasonable effort non-recurring items, such as those reflected in our reconciliation of historic numbers. The variability of these items is unpredictable and may have a significant impact.

See “Reconciliation of Non-GAAP Financial Measures” below for a reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measure.

Krispy Kreme, Inc. Consolidated Statements of Operations (in thousands, except per share amounts)
		Fiscal Years Ended
		December 29, 2024 (52 weeks)				December 31, 2023 (52 weeks)				January 1, 2023 (52 weeks)
		(unaudited)
Net revenues
Product sales		$	1,627,778			$	1,651,166			$	1,497,882
Royalties and other revenues			37,619				34,938				32,016
Total net revenues			1,665,397				1,686,104				1,529,898
Product and distribution costs			409,177				443,243				406,227
Operating expenses			809,916				776,589				704,287
Selling, general and administrative expense			274,303				266,863				223,198
Marketing expenses			47,695				45,872				42,566
Pre-opening costs			3,411				4,120				4,227
Other (income)/expenses, net			(3,967	)			10,378				10,157
Depreciation and amortization expense			133,597				125,894				110,261
Operating (loss)/income			(8,735	)			13,145				28,975
Interest expense, net			60,066				50,341				34,102
Gain on divestiture of Insomnia Cookies			(90,455	)			—				—
Other non-operating expense, net			1,885				3,798				3,036
Income/(loss) before income taxes			19,769				(40,994	)			(8,163	)
Income tax expense/(benefit)			15,954				(4,347	)			612
Net income/(loss)			3,815				(36,647	)			(8,775	)
Net income attributable to noncontrolling interest			720				1,278				6,847
Net income/(loss) attributable to Krispy Kreme, Inc.		$	3,095			$	(37,925	)		$	(15,622	)
Net income/(loss) per share:
Common stock - Basic		$	0.02			$	(0.23	)		$	(0.10	)
Common stock - Diluted		$	0.02			$	(0.23	)		$	(0.10	)
Weighted average shares outstanding:
Basic			169,341				168,289				167,471
Diluted			171,500				168,289				167,471

		Quarter Ended
		December 29, 2024 (13 weeks)				December 31, 2023 (13 weeks)
		(unaudited)
Net revenues
Product sales		$	394,193			$	441,399
Royalties and other revenues			9,830				9,506
Total net revenues			404,023				450,905
Product and distribution costs			98,476				112,951
Operating expenses			200,190				200,636
Selling, general and administrative expense			67,153				74,508
Marketing expenses			12,484				13,771
Pre-opening costs			720				1,193
Other expenses, net			2,463				16,429
Depreciation and amortization expense			34,035				36,752
Operating loss			(11,498	)			(5,335	)
Interest expense, net			15,598				13,483
Gain on divestiture of Insomnia Cookies			(3,327	)			—
Other non-operating expense, net			770				767
Loss before income taxes			(24,539	)			(19,585	)
Income tax benefit			(2,376	)			(21,468	)
Net (loss)/income			(22,163	)			1,883
Net income/(loss) attributable to noncontrolling interest			280				(727	)
Net (loss)/income attributable to Krispy Kreme, Inc.		$	(22,443	)		$	2,610
Net (loss)/income per share:
Common stock - Basic		$	(0.13	)		$	0.02
Common stock - Diluted		$	(0.13	)		$	0.02
Weighted average shares outstanding:
Basic			169,989				168,609
Diluted			169,989				170,678

Krispy Kreme, Inc. Consolidated Balance Sheets (in thousands, except per share data)
		As of
		December 29, 2024				December 31, 2023
		(unaudited)
ASSETS
Current assets:
Cash and cash equivalents		$	28,962			$	38,185
Restricted cash			353				429
Accounts receivable, net			67,722				59,362
Inventories			28,133				34,716
Taxes receivable			16,155				15,526
Prepaid expense and other current assets			31,615				25,363
Total current assets			172,940				173,581
Property and equipment, net			511,139				538,220
Goodwill			1,047,581				1,101,939
Other intangible assets, net			819,934				946,349
Operating lease right of use asset, net			409,869				456,964
Investments in unconsolidated entities			91,070				2,806
Other assets			19,497				20,733
Total assets		$	3,072,030			$	3,240,592
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Current portion of long-term debt		$	56,356			$	54,631
Current operating lease liabilities			46,620				50,365
Accounts payable			123,316				156,488
Accrued liabilities			124,212				134,005
Structured payables			135,668				130,104
Total current liabilities			486,172				525,593
Long-term debt, less current portion			844,547				836,615
Noncurrent operating lease liabilities			405,366				454,583
Deferred income taxes, net			130,745				123,925
Other long-term obligations and deferred credits			40,768				36,093
Total liabilities			1,907,598				1,976,809
Commitments and contingencies
Shareholders’ equity:
Common stock, $0.01 par value; 300,000 shares authorized as of both December 29, 2024 and December 31, 2023; 170,060 and 168,628 shares issued and outstanding as of December 29, 2024 and December 31, 2023, respectively			1,701				1,686
Additional paid-in capital			1,466,508				1,443,591
Shareholder note receivable			(1,906	)			(3,850	)
Accumulated other comprehensive (loss)/income, net of income tax			(32,128	)			7,246
Retained deficit			(299,638	)			(278,990	)
Total shareholders’ equity attributable to Krispy Kreme, Inc.			1,134,537				1,169,683
Noncontrolling interest			29,895				94,100
Total shareholders’ equity			1,164,432				1,263,783
Total liabilities and shareholders’ equity		$	3,072,030			$	3,240,592

Krispy Kreme, Inc. Consolidated Statements of Cash Flows (in thousands)
		Fiscal Years Ended
		December 29, 2024 (52 weeks)				December 31, 2023 (52 weeks)				January 1, 2023 (52 weeks)
		(unaudited)
CASH FLOWS PROVIDED BY OPERATING ACTIVITIES:
Net income/(loss)		$	3,815			$	(36,647	)		$	(8,775	)
Adjustments to reconcile net income/(loss) to net cash provided by operating activities:
Depreciation and amortization expense			133,597				125,894				110,261
Deferred and other income taxes			3,067				(18,486	)			(14,237	)
Loss on extinguishment of debt			—				472				—
Impairment and lease termination charges			4,464				24,909				18,297
Loss on disposal of property and equipment			1,250				110				393
Gain on divestiture of Insomnia Cookies			(90,455	)			—				—
Gain on remeasurement of equity method investment			(5,579	)			—				—
Gain on sale-leaseback			(1,569	)			(9,646	)			(6,549	)
Share-based compensation			35,149				24,196				18,170
Change in accounts and notes receivable allowances			646				654				570
Inventory write-off			2,783				11,248				868
Settlement of interest rate swap derivatives			—				7,657				8,476
Amortization related to settlement of interest rate swap derivatives			(5,910	)			(10,289	)			—
Other			(619	)			2,155				2,232
Change in operating assets and liabilities, excluding business acquisitions and divestitures, and foreign currency translation adjustments:
Accounts, notes, and taxes receivable			(13,895	)			(3,523	)			(9,485	)
Inventories			(2,011	)			780				(12,515	)
Other current and noncurrent assets			(873	)			(2,395	)			(1,691	)
Operating lease assets and liabilities			(1,227	)			5,111				(793	)
Accounts payable and accrued liabilities			(20,156	)			(74,471	)			32,015
Other long-term obligations and deferred credits			3,355				(2,185	)			2,581
Net cash provided by operating activities			45,832				45,544				139,818
CASH FLOWS PROVIDED BY/(USED FOR) INVESTING ACTIVITIES:
Purchase of property and equipment			(120,792	)			(121,427	)			(111,717	)
Proceeds from disposals of assets			183				218				1,077
Proceeds from sale-leaseback			6,308				10,025				8,401
Acquisition of shops and franchise rights from franchisees, net of cash acquired			(31,938	)			—				(17,330	)
Purchase of equity method investment			(3,506	)			(1,424	)			(989	)
Net proceeds from divestiture of Insomnia Cookies			124,126				—				—
Principal payment received from loan to Insomnia Cookies			45,000				—				—
Principal payments received from loans to franchisees			985				20				59
Disbursement for loan receivable			(1,086	)			—				(975	)
Net cash provided by/(used for) investing activities			19,280				(112,588	)			(121,474	)
CASH FLOWS (USED FOR)/PROVIDED BY FINANCING ACTIVITIES:
Proceeds from the issuance of debt			676,250				1,175,698				149,000
Repayment of long-term debt and lease obligations			(712,778	)			(1,084,390	)			(101,181	)
Payment of financing costs			—				(5,175	)			—
Proceeds from structured payables			376,189				241,148				282,023
Payments on structured payables			(345,327	)			(214,574	)			(294,457	)
Payment of contingent consideration related to a business combination			—				(925	)			(900	)
Capital contribution from shareholders, net of loans issued			919				764				(288	)
Payments of issuance costs in connection with initial public offering			—				—				(12,458	)
Proceeds from sale of noncontrolling interest in subsidiary			1,562				292				593
Distribution to shareholders			(23,692	)			(23,558	)			(23,430	)
Payments for repurchase and retirement of common stock			(5,489	)			(1,880	)			(4,019	)
Distribution to noncontrolling interest			(41,583	)			(15,538	)			(11,721	)
Net cash (used for)/provided by financing activities			(73,949	)			71,862				(16,838	)
Effect of exchange rate changes on cash, cash equivalents and restricted cash			(462	)			(1,934	)			(4,968	)
Net (decrease)/increase in cash, cash equivalents and restricted cash			(9,299	)			2,884				(3,462	)
Cash, cash equivalents and restricted cash at beginning of the fiscal year			38,614				35,730				39,192
Cash, cash equivalents and restricted cash at end of the fiscal year		$	29,315			$	38,614			$	35,730
Net cash provided by operating activities		$	45,832			$	45,544			$	139,818
Less: Purchase of property and equipment			(120,792	)			(121,427	)			(111,717	)
Free cash flow		$	(74,960	)		$	(75,883	)		$	28,101

Krispy Kreme, Inc.
Reconciliation of Non-GAAP Financial Measures
(unaudited and in thousands, except per share amounts)

We define “Adjusted EBITDA” as earnings before interest expense, net, income tax expense, and depreciation and amortization, with further adjustments for share-based compensation, certain strategic initiatives, acquisition and integration expenses, and certain other non-recurring, infrequent or non-core income and expense items. Adjusted EBITDA is a principal metric that management uses to monitor and evaluate operating performance and provides a consistent benchmark for comparison across reporting periods. “Adjusted EBITDA margin” reflects Adjusted EBITDA as a percentage of net revenues.

We define “Adjusted EBIT” as earnings before interest expense, net and income tax expense, with further adjustments for share-based compensation, certain strategic initiatives, acquisition and integration expenses, and certain other non-recurring, infrequent or non-core income and expense items. Adjusted EBIT is a principal metric that management uses to monitor and evaluate operating performance and provides a consistent benchmark for comparison across reporting periods.

We define “Adjusted Net Income, Diluted” as net income/(loss) attributable to common shareholders, adjusted for interest expense, share-based compensation, certain strategic initiatives, acquisition and integration expenses, amortization of acquisition-related intangibles, the tax impact of adjustments, and certain other non-recurring, infrequent or non-core income and expense items. “Adjusted EPS” is Adjusted Net Income, Diluted converted to a per share amount.

Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBIT, Adjusted Net Income, Diluted, and Adjusted EPS have certain limitations, including adjustments for income and expense items that are required by GAAP. In evaluating these non-GAAP measures, you should be aware that in the future we will incur expenses that are the same as or similar to some of the adjustments in this presentation, such as share-based compensation. Our presentation of these non-GAAP measures should not be construed to imply that our future results will be unaffected by any such adjustments. Management compensates for these limitations by relying on our GAAP results in addition to using these non-GAAP measures supplementally.

		Quarter Ended								Fiscal Years Ended
(in thousands)		December 29, 2024				December 31, 2023				December 29, 2024				December 31, 2023
Net (loss)/income		$	(22,163	)		$	1,883			$	3,815			$	(36,647	)
Interest expense, net			15,598				13,483				60,066				50,341
Income tax (benefit)/expense			(2,376	)			(21,468	)			15,954				(4,347	)
Share-based compensation			10,546				6,375				35,149				24,196
Employer payroll taxes related to share-based compensation			59				85				358				395
Gain on divestiture of Insomnia Cookies			(3,327	)			—				(90,455	)			—
Other non-operating expense, net (1)			770				767				1,885				3,798
Strategic initiatives (2)			(441	)			5,216				19,993				29,057
Acquisition and integration expenses (3)			245				32				3,282				511
New market penetration expenses (4)			213				367				1,407				1,380
Shop closure expenses, net (5)			4,073				16,979				4,861				17,335
Restructuring and severance expenses (6)			6,792				2,251				7,561				5,050
Gain on remeasurement of equity method investment (7)			—				—				(5,579	)			—
Gain on sale-leaseback			(1,569	)			—				(1,569	)			(9,646	)
Other (8)			3,460				1,419				3,203				4,307
Amortization of acquisition related intangibles (9)			7,700				7,346				30,297				29,373
Adjusted EBIT		$	19,580			$	34,735			$	90,228			$	115,103
Depreciation expense and amortization of right of use assets			26,335				29,406				103,300				96,521
Adjusted EBITDA		$	45,915			$	64,141			$	193,528			$	211,624

		Quarter Ended								Fiscal Years Ended
(in thousands)		December 29, 2024				December 31, 2023				December 29, 2024				December 31, 2023
Segment Adjusted EBITDA:
U.S.		$	23,561			$	42,101			$	112,767			$	130,979
International			25,746				27,887				90,716				96,532
Market Development			11,858				11,104				47,904				42,966
Corporate			(15,250	)			(16,951	)			(57,859	)			(58,853	)
Total Adjusted EBITDA		$	45,915			$	64,141			$	193,528			$	211,624

		Quarter Ended								Fiscal Years Ended
(in thousands, except per share amounts)		December 29, 2024				December 31, 2023				December 29, 2024				December 31, 2023
Net (loss)/income		$	(22,163	)		$	1,883			$	3,815			$	(36,647	)
Share-based compensation			10,546				6,375				35,149				24,196
Employer payroll taxes related to share-based compensation			59				85				358				395
Gain on divestiture of Insomnia Cookies			(3,327	)			—				(90,455	)			—
Other non-operating expense, net (1)			770				767				1,885				3,798
Strategic initiatives (2)			(441	)			5,216				19,993				29,057
Acquisition and integration expenses (3)			245				32				3,282				511
New market penetration expenses (4)			213				367				1,407				1,380
Shop closure expenses, net (5)			4,073				16,979				4,861				17,335
Restructuring and severance expenses (6)			6,792				2,251				7,561				5,050
Gain on remeasurement of equity method investment (7)			—				—				(5,579	)			—
Gain on sale-leaseback			(1,569	)			—				(1,569	)			(9,646	)
Other (8)			3,460				1,419				3,203				4,307
Amortization of acquisition related intangibles (9)			7,700				7,346				30,297				29,373
Loss on extinguishment of 2019 Facility (10)			—				—				—				472
Tax impact of adjustments (11)			(4,075	)			(29,303	)			9,690				(20,729	)
Tax specific adjustments (12)			(778	)			979				(3,988	)			(1,364	)
Net (income)/loss attributable to noncontrolling interest			(280	)			727				(720	)			(1,278	)
Adjusted net income attributable to common shareholders - Basic		$	1,225			$	15,123			$	19,190			$	46,210
Additional income attributed to noncontrolling interest due to subsidiary potential common shares			(8	)			(13	)			(20	)			(28	)
Adjusted net income attributable to common shareholders - Diluted		$	1,217			$	15,110			$	19,170			$	46,182
Basic weighted average common shares outstanding			169,989				168,609				169,341				168,289
Dilutive effect of outstanding common stock options, RSUs, and PSUs			1,861				2,069				2,159				2,204
Diluted weighted average common shares outstanding			171,850				170,678				171,500				170,493
Adjusted net income per share attributable to common shareholders:
Basic		$	0.01			$	0.09			$	0.11			$	0.27
Diluted		$	0.01			$	0.09			$	0.11			$	0.27

(1)		Primarily foreign translation gains and losses in each period. Fiscal 2024 also consists of equity method income from Insomnia Cookies following the divestiture.
(2)		Fiscal 2024 consists primarily of costs associated with the divestiture of the Insomnia Cookies business, preparing for the McDonald’s U.S. expansion, and global transformation. Fiscal 2023 consists primarily of costs associated with global transformation and U.S. initiatives such as the decision to exit the Branded Sweet Treats business, including property, plant and equipment impairments, inventory write-offs, employee severance, and other related costs. Fiscal 2022 consists mainly of equipment disposals, equipment relocation and installation, consulting and advisory fees, and other costs associated with the shift of Branded Sweet Treats manufacturing capability from Burlington, Iowa to Winston-Salem, North Carolina.
(3)		Consists of acquisition and integration-related costs in connection with the Company’s business and franchise acquisitions, including legal, due diligence, and advisory fees incurred in connection with acquisition and integration-related activities for the applicable period.
(4)		Consists of start-up costs associated with entry into new countries in which the Company has not previously operated, including Brazil and Spain.
(5)		Includes lease termination costs, impairment charges, and loss on disposal of property, plant and equipment.
(6)		Fiscal 2024 consists primarily of costs associated with the restructuring of the U.S. and U.K. executive teams. Fiscal 2023 and 2022 consist primarily of costs associated with restructuring of the global executive team.
(7)		Consists of a gain related to the remeasurement of the equity method investments in KremeWorks USA, LLC and KremeWorks Canada, L.P. to fair value immediately prior to the acquisition of the shops.
(8)		Fiscal 2024 consists primarily of $3.1 million in costs related to remediation of the 2024 Cybersecurity Incident, including fees for cybersecurity experts and other advisors. Fiscal 2023 and fiscal 2022 consist primarily of legal and other regulatory expenses incurred outside the ordinary course of business.
(9)		Consists of amortization related to acquired intangible assets as reflected within depreciation and amortization in the Consolidated Statements of Operations.
(10)		Includes interest expenses related to unamortized debt issuance costs from our prior credit agreement (the “2019 Facility”) associated with extinguished lenders as a result of the March 2023 debt refinancing.
(11)		Tax impact of adjustments calculated by applying the applicable statutory rates. The Company’s adjusted effective tax rate is 34.0%, 27.2%, and 24.1% for each of the fiscal years 2024, 2023, and 2022, respectively. Fiscal 2024 and fiscal 2023 also include the impact of disallowed executive compensation expense. Fiscal 2022 includes the impact of disallowed executive compensation expense and a discrete tax benefit related to a legal accrual.
(12)		Fiscal 2024 consists of the recognition of previously unrecognized tax benefits unrelated to ongoing operations, a discrete tax benefit unrelated to ongoing operations, the release of valuation allowances associated with the divestiture of Insomnia Cookies, and the effect of various tax law changes on existing temporary differences. Fiscal 2023 consists of the recognition of a previously unrecognized tax benefit unrelated to ongoing operations, the effect of tax law changes on existing temporary differences, and a discrete tax benefit unrelated to ongoing operations. Fiscal 2022 consists of the recognition of previously unrecognized tax benefits unrelated to ongoing operations, as well as benefits attributable to multiple tax years due to lapse of the statute of limitations. Fiscal 2022 also includes the effect of discrete adjustments to the Company’s deferred tax liabilities that are unrelated to the Company’s ongoing operations.

Krispy Kreme, Inc. Segment Reporting (unaudited and in thousands, except percentages or otherwise stated)
		Quarter Ended
		December 29, 2024			December 31, 2023			January 1, 2023
Net revenues:
U.S.		$	245,121		$	296,006		$	270,836
International			138,386			130,978			113,015
Market Development			20,516			23,921			20,748
Total net revenues		$	404,023		$	450,905		$	404,599

Organic revenue growth measures our revenue growth trends excluding the impact of acquisitions, divestitures, and foreign currency, and we believe it is useful for investors to understand the expansion of our global footprint through internal efforts. We define “organic revenue growth” as the growth in revenues, excluding (i) acquired shops owned by us for less than 12 months following their acquisition, (ii) the impact of foreign currency exchange rate changes, (iii) the impact of shop closures related to restructuring programs such as the shop portfolio optimization program initiated for Krispy Kreme U.S. during fiscal 2022, (iv) the impact of the Branded Sweat Treats business exit, (v) the impact of the divestiture of Insomnia Cookies, and (vi) revenues generated during the 53^rd week for those fiscal years that have a 53^rd week based on our fiscal calendar.

Q4 2024 Organic Revenue - QTD (in thousands, except percentages)		U.S.				International				Market Development				Total Company
Total net revenues in fourth quarter of fiscal 2024		$	245,121			$	138,386			$	20,516			$	404,023
Total net revenues in fourth quarter of fiscal 2023			296,006				130,978				23,921				450,905
Total Net Revenues (Decline)/Growth			(50,885	)			7,408				(3,405	)			(46,882	)
Total Net Revenues (Decline)/Growth %			-17.2	%			5.7	%			-14.2	%			-10.4	%
Less: Impact of Insomnia Cookies divestiture			(57,434	)			—				—				(57,434	)
Adjusted net revenues in fourth quarter of fiscal 2023			238,572				130,978				23,921				393,471
Adjusted net revenue growth/(decline)			6,549				7,408				(3,405	)			10,552
Impact of acquisitions			(9,428	)			(1,757	)			3,244				(7,941	)
Impact of foreign currency translation			—				4,545				—				4,545
Organic Revenue (Decline)/Growth		$	(2,879	)		$	10,196			$	(161	)		$	7,156
Organic Revenue (Decline)/Growth %			-1.2	%			7.8	%			-0.7	%			1.8	%

Q4 2023 Organic Revenue - QTD (in thousands, except percentages)		U.S.				International				Market Development				Total Company
Total net revenues in fourth quarter of fiscal 2023		$	296,006			$	130,978			$	23,921			$	450,905
Total net revenues in fourth quarter of fiscal 2022			270,836				113,015				20,748				404,599
Total Net Revenues Growth			25,170				17,963				3,173				46,306
Total Net Revenues Growth %			9.3	%			15.9	%			15.3	%			11.4	%
Less: Impact of shop optimization program closures			(1,754	)			—				—				(1,754	)
Less: Impact of Branded Sweet Treats exit			(8,841	)			—				—				(8,841	)
Adjusted net revenues in fourth quarter of fiscal 2022			260,241		—		113,015				20,748				394,004
Adjusted net revenue growth			35,765				17,963				3,173				56,901
Impact of foreign currency translation			—				(4,921	)			—				(4,921	)
Organic Revenue Growth		$	35,765			$	13,042			$	3,173			$	51,980
Organic Revenue Growth %			13.7	%			11.5	%			15.3	%			13.2	%

		Fiscal Years Ended
		December 29, 2024			December 31, 2023			January 1, 2023
Net revenues:
U.S.		$	1,058,736		$	1,104,944		$	1,010,250
International			519,102			489,631			435,651
Market Development			87,559			91,529			83,997
Total net revenues		$	1,665,397		$	1,686,104		$	1,529,898

Full Year 2024 Organic Revenue - YTD (in thousands, except percentages)		U.S.				International				Market Development				Total Company
Total net revenues in fiscal 2024		$	1,058,736			$	519,102			$	87,559			$	1,665,397
Total net revenues in fiscal 2023			1,104,944				489,631				91,529				1,686,104
Total Net Revenues (Decline)/Growth			(46,208	)			29,471				(3,970	)			(20,707	)
Total Net Revenues (Decline)/Growth %			-4.2	%			6.0	%			-4.3	%			-1.2	%
Less: Impact of shop optimization program closures			(463	)			—				—				(463	)
Less: Impact of Insomnia Cookies divestiture			(100,965	)			—				—				(100,965	)
Less: Impact of Branded Sweet Treats exit			(5,853	)			—				—				(5,853	)
Adjusted net revenues in fiscal 2023			997,663				489,631				91,529				1,578,823
Adjusted net revenue growth/(decline)			61,073				29,471				(3,970	)			86,574
Impact of acquisitions			(15,656	)			(2,865	)			5,371				(13,150	)
Impact of foreign currency translation			—				5,883				—				5,883
Organic Revenue Growth		$	45,417			$	32,489			$	1,401			$	79,307
Organic Revenue Growth %			4.6	%			6.6	%			1.5	%			5.0	%

Full Year 2023 Organic Revenue - YTD (in thousands, except percentages)		U.S.				International				Market Development				Total Company
Total net revenues in fiscal 2023		$	1,104,944			$	489,631			$	91,529			$	1,686,104
Total net revenues in fiscal 2022			1,010,250				435,651				83,997				1,529,898
Total Net Revenues Growth			94,694				53,980				7,532				156,206
Total Net Revenues Growth %			9.4	%			12.4	%			9.0	%			10.2	%
Less: Impact of shop optimization program closures			(11,367	)			—				—				(11,367	)
Less: Impact of Branded Sweet Treats exit			(24,577	)			—				—				(24,577	)
Adjusted net revenues in fiscal 2022			974,306				435,651				83,997				1,493,954
Adjusted net revenue growth			130,638				53,980				7,532				192,150
Impact of acquisitions			(7,678	)			—				2,227				(5,451	)
Impact of foreign currency translation			—				(5,039	)			—				(5,039	)
Organic Revenue Growth		$	122,960			$	48,941			$	9,759			$	181,660
Organic Revenue Growth %			12.6	%			11.2	%			11.6	%			12.2	%

Fresh Revenues from Hubs with Spokes and Sales per Hub are defined above.

		Fiscal Years Ended
Sales per Hub (in thousands, unless otherwise stated)		December 29, 2024 (52 weeks)				December 31, 2023 (52 weeks)				January 1, 2023 (52 weeks)
U.S.:
Revenues		$	1,058,736			$	1,104,944			$	1,010,250
Non-Fresh Revenues (1)			(3,161	)			(9,416	)			(38,380	)
Fresh Revenues from Insomnia Cookies and Hubs without Spokes (2)			(307,665	)			(399,061	)			(404,430	)
Fresh Revenues from Hubs with Spokes			747,910				696,467				567,440
Sales per Hub (millions)			4.9				4.9				4.5
International:
Fresh Revenues from Hubs with Spokes (3)		$	519,102			$	489,631			$	435,651
Sales per Hub (millions) (4)			10.1				9.9				9.6

(1)		Includes the exited Branded Sweet Treats business revenues as well as licensing royalties from customers for use of the Krispy Kreme brand.
(2)		Includes Insomnia Cookies revenues (through the date of the divestiture) and Fresh Revenues generated by Hubs without Spokes.
(3)		Total International net revenues is equal to Fresh Revenues from Hubs with Spokes for that business segment.
(4)		International sales per Hub comparative data has been restated in constant currency based on current exchange rates.

Krispy Kreme, Inc. Global Points of Access
		Global Points of Access
		Fiscal Years Ended
		December 29, 2024		December 31, 2023		January 1, 2023
		(unaudited)
U.S.:
Hot Light Theater Shops		237		229		234
Fresh Shops		70		70		62
Cookie Bakeries (1)		—		267		231
DFD Doors (2)		9,644		6,808		5,729
Total		9,951		7,374		6,256
International:
Hot Light Theater Shops		49		44		46
Fresh Shops		519		483		448
Carts, Food Trucks, and Other (3)		17		16		14
DFD Doors		4,583		3,977		3,210
Total		5,168		4,520		3,718
Market Development:
Hot Light Theater Shops		108		116		106
Fresh Shops		1,095		968		813
Carts, Food Trucks, and Other (3)		30		30		27
DFD Doors		1,205		1,139		917
Total		2,438		2,253		1,863
Total Global Points of Access (as defined)		17,557		14,147		11,837
Total Hot Light Theater Shops		394		389		386
Total Fresh Shops		1,684		1,521		1,323
Total Cookie Bakeries (1)		—		267		231
Total Shops		2,078		2,177		1,940
Total Carts, Food Trucks, and Other		47		46		41
Total DFD Doors		15,432		11,924		9,856
Total Global Points of Access (as defined)		17,557		14,147		11,837

(1)		Reflects the divestiture of Insomnia Cookies during fiscal 2024.
(2)		Includes more than 1,900 McDonald’s QSR shops as of December 29, 2024.
(3)		Carts and Food Trucks are non-producing, mobile (typically on wheels) facilities without walls or a door where product is received from a Hot Light Theater Shop or Doughnut Factory. Other includes a vending machine. Points of Access in this category are primarily found in international locations in airports and train stations.

Krispy Kreme, Inc. Global Hubs
		Hubs
		Fiscal Years Ended
		December 29, 2024		December 31, 2023		January 1, 2023
		(unaudited)
U.S.:
Hot Light Theater Shops (1)		232		220		228
Doughnut Factories		6		4		4
Total		238		224		232
Hubs with Spokes		158		149		133
Hubs without Spokes		80		75		99
International:
Hot Light Theater Shops (1)		40		36		34
Doughnut Factories		14		14		14
Total		54		50		48
Hubs with Spokes		54		50		48
Market Development:
Hot Light Theater Shops (1)		106		112		104
Doughnut Factories		27		23		24
Total		133		135		128
Total Hubs		425		409		408

(1)		Includes only Hot Light Theater Shops and excludes Mini Theaters. A Mini Theater is a Spoke location that produces some doughnuts for itself and also receives doughnuts from another producing location.

Krispy Kreme, Inc. Net Debt and Leverage (in thousands, except leverage ratio)
		As of
		December 29, 2024				December 31, 2023
		(unaudited)
Current portion of long-term debt		$	56,356			$	54,631
Long-term debt, less current portion			844,547				836,615
Total long-term debt, including debt issuance costs			900,903				891,246
Add back: Debt issuance costs			3,322				4,371
Total long-term debt, excluding debt issuance costs			904,225				895,617
Less: Cash and cash equivalents			(28,962	)			(38,185	)
Net debt		$	875,263			$	857,432
Adjusted EBITDA - trailing four quarters			193,528				211,624
Net leverage ratio		4.5 x				4.1 x

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20250224225524/en/

Investor Relations

ir@krispykreme.com

Financial Media

Edelman Smithfield for Krispy Kreme, Inc.

Ashley Firlan & Ashna Vasa

KrispyKremeIR@edelman.com

Source: Krispy Kreme, Inc.

FAQ

What was Krispy Kreme's (DNUT) organic revenue growth for full year 2024?

Krispy Kreme reported 5.0% organic revenue growth for full year 2024, reaching $1,658.1 million, despite an estimated 70 basis point negative impact from the cybersecurity incident.

How did the 2024 cybersecurity incident impact Krispy Kreme's (DNUT) Q4 results?

The cybersecurity incident negatively impacted Q4 2024 results with an estimated $11 million in lost revenue and approximately $10 million impact on Adjusted EBITDA, representing about 280 basis points of organic revenue growth and 210 basis points of Adjusted EBITDA margin.

What is Krispy Kreme's (DNUT) financial outlook for 2025?

For 2025, Krispy Kreme projects net revenue of $1,550-$1,650 million, organic revenue growth of 5-7%, Adjusted EBITDA of $180-$200 million, and Adjusted EPS of $0.04-$0.08, with leverage trending toward 4.0x by year-end.

How many global points of access did Krispy Kreme (DNUT) add in 2024?

Krispy Kreme added 3,410 global points of access in 2024, representing a 24.1% increase to reach a total of 17,557 locations worldwide.

What strategic changes is Krispy Kreme (DNUT) implementing in 2025?

Krispy Kreme is restructuring management teams to maximize profitable U.S. expansion and capital-light international growth, outsourcing U.S. logistics, and evaluating refranchising certain international markets to drive capital-efficient growth.

What happened to Krispy Kreme's (DNUT) Insomnia Cookies business in 2024?

Krispy Kreme sold a majority ownership stake in Insomnia Cookies during the third quarter of 2024, which impacted Q4 net revenue by approximately $57.4 million and contributed to the overall 10.4% revenue decline for the quarter.