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Yoshiharu Global Co. (NASDAQ:YOSH) is a rapidly growing restaurant operator based in California, specializing in authentic Japanese ramen. The company also offers a range of other Japanese cuisines, including sushi and bento boxes, through its chain of restaurants. Founded in 2016, Yoshiharu quickly gained recognition and now operates 11 restaurants across Southern California, with plans to expand further.
In recent developments, Yoshiharu has entered into a Memorandum of Understanding to acquire Jjanga LLC, HJH LLC, and Ramen Aku LLC in Las Vegas, Nevada. This strategic move is expected to bolster Yoshiharu's presence and revenue, aligning with its growth strategy to operate 13 restaurants by the end of the year. The acquisitions are anticipated to contribute over $6 million in annual gross revenue, enhancing the company's seafood-centric offerings and ramen portfolio.
Yoshiharu's financial performance has shown positive trends. For the third quarter of 2023, the company reported a 14.3% increase in revenue to $2.0 million, driven by the successful launch of a new restaurant in Corona and diverse menu offerings. The company is focusing on improving its bottom line by managing cash burn rates and optimizing working capital.
The company recently announced a reverse stock split at a 1-for-10 ratio, effective November 27, 2023, as part of its plan to regain compliance with Nasdaq's Minimum Bid Price Requirement. This move is expected to reduce the number of issued shares and potentially increase the stock price, making it more attractive to investors.
Looking ahead, Yoshiharu plans to leverage its newly acquired assets and strategically open new locations to drive top-line growth. With a strong focus on maintaining quality and customer satisfaction, the company aims to sustain its financial resilience and expand its market presence. For more information, please visit www.yoshiharuramen.com.
Yoshiharu Global Co. (NASDAQ:YOSH), a California-based restaurant operator specializing in Japanese ramen, has completed its acquisition of three Las Vegas restaurants for $3.6 million. The purchase involved a mix of cash, promissory notes, and convertible notes, giving the seller an option to convert debt into YOSH common shares. The seller will continue as managing director of the acquired restaurants. Yoshiharu expects these restaurants to generate $6 million in annual revenue in 2024 and aims to break even in the latter half of 2024, with profitability projected for 2025.
Yoshiharu Global Co. (NASDAQ:YOSH) announced an extension for its quarterly filing due to issues with its former auditor, BF Borgers CPA PC. The company has filed a Form NT 10-Q for the extension and is in the process of hiring a new PCAOB-compliant audit firm. Yoshiharu aims to secure the new auditor by the end of this week and plans to re-audit its 2023 and 2022 financial statements. This re-audit is anticipated to be completed by June 2024.
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