BurgerFi International Inc (NASDAQ:BFI) reports Q2 revenues of $43.43 million, missing the analyst consensus of $45 million. Revenues fell 4.1% Y/Y, primarily driven by a decrease in same-store sales at BurgerFi.

Q2 EPS loss of $(0.24) misses the street view of $(0.21).

For the BurgerFi brand, same-store sales decreased (15)% and (8)% in corporate-owned and franchised locations, respectively. For Anthony's brand, same-store sales for the second quarter increased 1% over the prior year.

BFI opened three BurgerFi brand franchised restaurants in Q2, totaling five BurgerFi franchised locations year to date.

Net loss decreased to $(6) million compared to net loss of $(60.4) million. 

Adjusted EBITDA totaled $2 million, compared to $2.6 million in the prior period.

Restaurant-level operating expenses for Q2 were $35.2 million compared to $36.2 million a year ago. 

2023 Outlook

The company believes it will come in at the low end of the previously stated guidance of annual revenues of $175 million-180 million (consensus $180.95 million).

BFI plans to open 15-20 new franchised restaurants, including one new Anthony's.

Price Action: BFI shares are trading lower by 4% to $1.67 on the last check Wednesday.