PNST
Pinstripes Holdings Inc.0.0425
+0.0000+0%
Dec 16, 4:00:00 PM EST
Earnings Call Transcripts
This Quarter (Q4 '25)
No earnings call transcript available yet
Last Quarter (Q3 '25)
No earnings call transcript available
Key Stats
Market Cap
1.75MP/E (TTM)
-Basic EPS (TTM)
-1.02Dividend Yield
0%Recent Filings
8-K
Interim CFO appointed
Pinstripes Holdings appointed Richard Abbey as interim CFO on March 11, 2025, fulfilling a binding letter of intent with Oaktree Capital Management. Abbey, a 30-year veteran from AlixPartners, steps in amid financial restructuring, with the company paying APS $45,000 weekly for his services. Caitlin Schaefer remains chief accounting officer and interim principal financial officer. This bolsters expertise during transition.
8-K
Pinstripes inks Oaktree recap deal
Pinstripes Holdings entered a binding letter of intent on March 7, 2025, with Oaktree for a recapitalization that hands 85% equity to Oaktree lenders while existing shareholders keep 15% plus upside warrants tied to $300M-$750M valuations. Oaktree funded $7.5M in new debt at 20% interest maturing 2028, converting make-whole into 8% PIK preferred stock and waiving defaults. NYSE delisted the stock March 5 for sub-$15M market cap, shifting to OTC with liquidity risks, yet operations continue uninterrupted.
8-K
CFO resigns; interim appointed
Pinstripes Holdings announced Anthony Querciagrossa's resignation as CFO, effective February 28, 2025, following his February 17 notice. The board swiftly appointed Caitlin Schaefer, former Corporate Controller with EY and Mondelez experience, as interim principal financial officer starting March 1, offering her $275,000 base salary plus bonuses tied to a strategic transaction. This move ensures continuity amid the CFO transition. No family ties or conflicts disclosed.
10-Q
Q3 FY2025 results
Pinstripes Holdings posted Q3 FY2025 revenue of $35.5M, up 10.4% y/y from $32.2M, fueled by four new locations while mature venues dipped 7.7%. Food and beverage sales climbed 10.5% y/y to $27.5M, recreation up 10.3% y/y to $8.1M, but operating loss widened slightly to $3.2M from $3.1M amid higher occupancy and depreciation costs. YTD revenue hit $92.6M, a 12.2% y/y gain, yet operating loss ballooned to $18.7M from $11.1M, with net loss of $27.4M versus $1.9M profit last year—driven by $15.5M interest expense, up 155.4% y/y from added debt. Cash dwindled to $2.4M from $13.2M, free cash flow negative at $13.6M (derived), total debt $88.3M including $64.5M senior notes at 20% post-amendment; covenant breach triggered forbearance until February 2025. A $0.6M impairment hit from a scrapped lease. Debt covenants loom large.
8-K
Q3 revenue grows, but liquidity tightens
Pinstripes Holdings reported fiscal Q3 2025 revenue up 10.4% to $35.5 million, driven by new venues, yet same-store sales fell 7.7% amid mature venue softness. Venue-Level EBITDA rose to $6.8 million with a 19.2% margin, bolstered by cost cuts, while Adjusted EBITDA hit $2.7 million. CFO Tony Querciagrossa steps down February 28, 2025; cash dwindled to $2.4 million, flagging going concern doubts and debt breaches. New stores mature steadily.
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