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Here are 1-3 brief analogies to describe First Watch Restaurant Group (FWRG):

• Panera Bread for breakfast and brunch.
• A more modern and upscale IHOP, focused on fresh breakfast and lunch.

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• Breakfast & Brunch Meals: First Watch offers a diverse menu of freshly prepared breakfast and brunch items, including eggs, omelets, pancakes, waffles, and various breakfast bowls.
• Lunch Meals: The company provides a selection of lunch options such as sandwiches, salads, and soups, available during its operating hours.
• Beverages: A range of non-alcoholic drinks like coffee, juices, and teas are served, alongside alcoholic options such as mimosas and Bloody Marys.

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First Watch Restaurant Group (FWRG) operates a chain of restaurants and sells primarily to individual consumers rather than other companies. Its major customer categories include:

• Families and Social Groups: This category includes groups of friends and families who visit for breakfast or brunch, especially on weekends. They are often looking for a casual dining experience with a diverse menu to accommodate different tastes and age groups.
• Morning Commuters and Breakfast Enthusiasts: Individuals seeking a quality breakfast before starting their workday or as part of their morning routine. This segment values efficiency, fresh ingredients, and a pleasant atmosphere for a solo or small-group meal.
• Lunch Patrons and Daytime Diners: People looking for a midday meal, including working professionals on lunch breaks, individuals meeting friends, or those enjoying a leisure lunch. This group appreciates the fresh, made-to-order options and the restaurant's focus on quality ingredients during the non-traditional lunch hours.

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Christopher A. Tomasso, Chief Executive Officer & President

Chris Tomasso joined First Watch in 2006, serving as Chief Marketing Officer from 2006 to 2015, President from 2015 to 2018, and was named Chief Executive Officer in June 2018. He has over 30 years of experience in the restaurant and entertainment industries. Prior to joining First Watch, he led strategic branding and marketing for national and international brands such as Cracker Barrel and Hard Rock Cafe International. During his tenure, First Watch grew from approximately 50 restaurants to over 400 through a mix of organic growth and acquisition. He led First Watch through its impressive IPO in 2021. First Watch was backed by private equity firms, including Freeman Spogli & Co. and Advent International, during much of his time in executive leadership, including through its IPO.

Mel Hope, Chief Financial Officer

Mel Hope joined First Watch in 2018, bringing decades of experience leading complex public organizations like Popeyes Louisiana Kitchen, Inc., as well as entrepreneurial start-ups. He leads the company's finance department, including long-term strategic financial planning, transactional negotiations, and financial reporting. Before First Watch, Mel was a partner in Genesis Real Estate Advisers LLC, where he served as Managing Director and Chief Operating Officer. He is a Certified Public Accountant (CPA).

Dan Jones, Chief Operations Officer

Dan Jones joined First Watch as Chief Operations Officer in October 2021. Before coming to First Watch, he served as Chief Operating Officer of CAVA from 2016, overseeing operations for both the CAVA and Zoës Kitchen brands. Prior to CAVA, Dan spent 14 years at Starbucks, where he held various roles, eventually becoming Director of Operations for New York City, responsible for approximately 90 stores.

Matt Eisenacher, Chief Brand Officer

Matt Eisenacher joined First Watch in 2019 as Senior Vice President of Brand Strategy and Innovation, and later became Chief Brand Officer in 2023. Previously, he was the Chief Concept Officer for Piada Italian Street Food, where he was responsible for the company's branding, marketing, IT, and business development efforts during its nationwide growth.

Laura Sorensen, Chief People Officer

Laura Sorensen joined the First Watch team in 2016, bringing two decades of experience in Human Resources for prominent brands. As Chief People Officer, she oversees all aspects of the employee experience, including staffing, people development, employee relations, and diversity in strategic planning. Most recently, she was the Senior Vice President of Human Resources for Darden's LongHorn Steakhouse, where she managed all Human Resources priorities and initiatives for nearly 500 restaurants and 30,000 employees.

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The key risks to First Watch Restaurant Group (FWRG) primarily stem from its susceptibility to economic fluctuations, ongoing cost pressures, and challenges associated with its growth strategy.

1. Economic Conditions and Consumer Discretionary Spending: As a restaurant company, First Watch's business is highly dependent on consumer discretionary spending. Negative changes in the economy, consumer tastes, or demographic trends can adversely affect traffic and sales, as dining out is often a discretionary expense that consumers may reduce during economic downturns.
2. Cost Pressures from Food and Labor: First Watch faces significant challenges from persistent cost inflation, particularly in commodity prices (such as eggs) and labor costs. These inflationary pressures can compress profit margins and negatively impact the company's profitability, despite efforts to mitigate them through modest menu price adjustments.
3. Challenges with Growth and Expansion Strategy: The company's growth strategy heavily relies on opening new restaurants in existing and new markets. This expansion requires substantial capital investment, and there is a risk that new units may not perform as expected, or that growth initiatives may face headwinds in a slowing economy, impacting returns on investment and overall revenue stability.

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The clear emerging threat for First Watch Restaurant Group (FWRG) is the rapid rise and increasing sophistication of **virtual restaurant brands and ghost kitchens** specifically targeting the breakfast and brunch delivery market.

This emerging business model leverages dedicated delivery-only kitchens or shared kitchen spaces to produce restaurant-quality meals without the significant overhead costs associated with traditional dine-in establishments like First Watch (e.g., real estate, extensive front-of-house staff, utilities for customer seating areas). These virtual brands can offer competitive menu options, often with lower price points or greater efficiency for delivery, directly challenging First Watch's growing delivery and takeout segments and potentially siphoning off demand from consumers who desire a restaurant-quality breakfast or brunch at home without the dine-in experience. While First Watch itself offers delivery, the emergence of highly optimized, delivery-centric virtual brands presents a new, more agile form of competition focused entirely on the off-premise market.

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First Watch Restaurant Group (FWRG) primarily operates within the United States and focuses on the "daytime dining" segment, offering breakfast, brunch, and lunch.

The addressable market size for their main products and services can be identified as follows:

• The market size of the Breakfast Restaurants & Diners industry in the United States is projected to be $15.6 billion in 2025.
• Another estimate for the Breakfast Restaurant Market Size in 2025 is USD 18.37 billion.

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First Watch Restaurant Group (FWRG) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. New Restaurant Openings and Unit Expansion: First Watch plans significant unit growth, projecting 63-64 new system-wide restaurants in 2025, comprising 55 new company-owned and 8-9 new franchise-owned locations. This aggressive expansion strategy is anticipated to contribute nearly 11% system-wide growth in 2025. The company also emphasizes the success of second-generation site conversions in its expansion efforts.
2. Same-Restaurant Sales Growth: The company anticipates same-restaurant sales growth of approximately 4% for 2025, with an estimated same-restaurant traffic increase of about 1%. This growth is supported by robust customer engagement and strategic, disciplined pricing initiatives.
3. Strategic Acquisitions: Acquisitions are expected to continue to fuel revenue growth. First Watch's Q3 2025 results highlighted the contribution of 19 acquired locations since Q2 2024, and completed acquisitions are projected to have a 400 basis point impact on total revenue growth for 2025.
4. Menu Innovation and Growing Customer Base: Analyst consensus points to menu innovation as a key factor in attracting and retaining a young, growing customer base. This focus on new offerings is expected to support above-average sales and market share gains for the company.
5. Expansion of Digital Ordering and Off-Premises Capabilities: Investments in digital ordering platforms and enhancing off-premises dining capabilities are poised to broaden First Watch's addressable market. This strategic move aims to capture revenue beyond traditional in-restaurant dining.

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Share Issuance

• First Watch Restaurant Group completed its initial public offering (IPO) in October 2021.
• In November 2025, funds managed by Advent International conducted a secondary offering of 5,289,784 shares of First Watch common stock. The company did not sell any shares and received no proceeds from this offering.
• As of March 3, 2023, 59,259,299 shares of common stock were outstanding, and the number of shares outstanding increased by 0.81% in one year to 61.03 million.

Inbound Investments

• Funds managed by Advent International, L.P. were significant investors in First Watch, indicated by their role as selling stockholders in a November 2025 secondary offering.

Capital Expenditures

• First Watch projects capital expenditures of approximately $150 million for fiscal year 2025.
• The primary focus of these capital expenditures is new restaurant projects and planned remodels.
• The typical cost to build out a new restaurant location is $1.75 million, with these new locations demonstrating an attractive internal rate of return.