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Here are 1-3 brief analogies to describe Sweetgreen (SG):

• Sweetgreen is like the Chipotle for salads and healthy bowls.
• Sweetgreen is like the Shake Shack for healthy, customizable bowls.

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• Salads: Customizable salads made-to-order with fresh, seasonal ingredients.
• Warm Bowls: Pre-designed or build-your-own bowls featuring grains, vegetables, and proteins, served warm.
• Sides & Drinks: Complementary items such as focaccia bread, chips, and a variety of beverages.

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Sweetgreen (SG) Major Customer Categories

• Urban and Suburban Professionals: These customers are typically working professionals located in city centers and affluent suburban areas. They seek convenient, healthy, and quick meal options during their lunch breaks or for dinner after work, valuing Sweetgreen's fresh ingredients and fast-casual service model.

• Health-Conscious Consumers: This category includes individuals who prioritize wholesome, nutritious, and often customizable meals. They are drawn to Sweetgreen's emphasis on fresh, locally sourced (where possible) ingredients, and its ability to accommodate various dietary preferences such as vegetarian, vegan, gluten-free, or specific calorie/macronutrient goals.

• Convenience-Oriented Diners: These customers value the ease and efficiency of ordering and receiving their meals. They often utilize Sweetgreen's digital ordering platforms for pickup or delivery, appreciating the seamless experience and the ability to customize their orders quickly without sacrificing quality or health.

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Jonathan Neman, Co-Founder & Chief Executive Officer

Jonathan Neman co-founded Sweetgreen in November 2006 with Nicolas Jammet and Nathaniel Ru, opening their first store in Washington, D.C., in August 2007, three months after graduating from Georgetown University. They started Sweetgreen to address the lack of healthy, affordable food options. Neman has been recognized as a key innovator in food and business. Sweetgreen received investments from venture capital funds such as Revolution Growth in its early stages.

Jamie McConnell, Chief Financial Officer

Jamie McConnell is set to become the Chief Financial Officer of Sweetgreen, effective September 22, 2025. She brings over 20 years of financial leadership experience in the restaurant, retail, and e-commerce industries. Prior to joining Sweetgreen, McConnell served as Chief Accounting and Administrative Officer at Chipotle Mexican Grill for over seven years. Her career also includes senior finance and accounting roles at Aviation Capital Group, Rent-A-Center, Allergan, and Deloitte. McConnell holds a B.S. in Accounting from the University of Southern California.

Nicolas Jammet, Co-Founder & Chief Concept Officer

Nicolas Jammet co-founded Sweetgreen in November 2006 with Jonathan Neman and Nathaniel Ru. They launched their first restaurant in Georgetown, D.C., in 2007, directly after graduating from college, motivated by a desire for healthier food choices.

Nathaniel Ru, Co-Founder & Chief Brand Officer

Nathaniel Ru is a co-founder of Sweetgreen, established in 2006 alongside Jonathan Neman and Nicolas Jammet. They developed the concept for Sweetgreen while students at Georgetown University, aiming to create a fast-casual option with fresh, healthy food.

Jason Cochran, Chief Operating Officer

Jason Cochran was appointed Chief Operating Officer of Sweetgreen, effective May 5, 2025. He has more than two decades of executive leadership experience in the restaurant and consumer retail sectors. Before joining Sweetgreen, Cochran served as CEO and a board member of American West Restaurant Group, which is the third-largest Pizza Hut franchisee in the U.S. He also held the position of Vice President of Operations Services at Chipotle Mexican Grill and spent 14 years at GameStop, where he was ultimately Senior Vice President of U.S. Stores.

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Consumer Price Sensitivity and Value Perception

Inability to Achieve Profitability and Ongoing Financial Losses

Intense Competition in the Fast-Casual Sector

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The accelerating expansion of direct fast-casual competitors, such as Cava, which share Sweetgreen's focus on customizable, healthy bowls and salads and are aggressively growing their footprint and market share. Concurrently, the continuous enhancement and expansion of high-quality, fresh, and convenient prepared meal offerings by major grocery chains and increasingly convenient meal kit services (including fully prepared options) pose an emerging threat by providing increasingly attractive and often more cost-effective alternatives to Sweetgreen's target demographic.

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The addressable market for Sweetgreen's main products and services, primarily salads and warm bowls offered through a fast-casual restaurant model, can be contextualized within the broader U.S. food service industry.

In 2019, the total U.S. food system was an estimated $1.8 trillion market. Of this, the "food away from home" market constituted approximately $980 billion. Sweetgreen operates within the "limited-service restaurants" category, which includes fast-food and fast-casual establishments. This segment was the fastest-growing in the "food away from home" market, experiencing a 7% compound annual growth rate (CAGR) from 2014 to 2019.

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Sweetgreen (SG) anticipates several key drivers to fuel its revenue growth over the next 2-3 years, focusing on expansion, menu innovation, and technological advancements.

1. New Restaurant Openings and Market Expansion: Sweetgreen plans to expand its physical footprint significantly. The company expects to open 37 net new restaurants by the end of 2025, with a further 15 to 20 net new locations planned for 2026. This expansion includes entering new markets such as Sacramento, Cincinnati, Northwest Arkansas, and Salt Lake City, thereby reaching new customer bases.

2. Menu Innovation and New Product Launches: Continuous menu innovation is a core strategy for Sweetgreen to attract and retain customers. The company is consistently introducing new seasonal ingredients, developing innovative salads and bowls, and expanding plant-based options to cater to evolving consumer preferences. Recent and planned initiatives include the introduction of protein-focused offerings, a handheld product, and a new macros calculator, which are expected to drive customer traffic.

3. Expansion of Infinite Kitchen Technology: Sweetgreen considers its Infinite Kitchen technology central to its future growth. This automation aims to enhance customer experience through faster throughput, improved accuracy, and consistent food quality. The company plans for approximately half of its new restaurant openings in 2025 and 2026 to feature this technology, which is also expected to contribute to operational efficiency.

4. Enhanced Loyalty Program and Digital Engagement: Sweetgreen is investing in strategic initiatives such as a revamped loyalty program and personalized digital experiences to strengthen transactions and improve customer engagement. Digital channels already account for a significant portion of Sweetgreen's revenue, and ongoing investments in marketing and technology are intended to further drive future revenue.

5. Operational Excellence and Customer Experience Improvements: Under its "Sweet Growth Transformation Plan," Sweetgreen is focusing on enhancing operational excellence to improve overall restaurant performance. This includes initiatives like "Project One Best Way" to standardize operating procedures and improve throughput, ultimately leading to a better and more consistent customer experience, which can contribute to customer retention and increased traffic.

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Share Repurchases

Sweetgreen has not reported any share repurchases or authorized future share repurchase programs over the last 3-5 years.

Share Issuance

Sweetgreen completed its Initial Public Offering (IPO) in November 2021, and its Class A common stock began trading on the New York Stock Exchange under the symbol "SG".

Outbound Investments

• In November 2025, Sweetgreen announced the strategic sale of its Spyce automation business to Wonder for a total of $186.4 million.
• The consideration for the Spyce sale included $100 million in cash and Series C Preferred Stock of Wonder with an implied value of $86.4 million.
• Sweetgreen had initially acquired Spyce in 2021 for approximately $70 million, including post-acquisition true-up and milestone payments.

Capital Expenditures

• Sweetgreen's capital expenditures averaged $80.735 million from fiscal years ending December 2020 to 2024.
• Capital expenditures were $48.146 million in 2020, peaked at $96.889 million in 2022, and were $84.457 million in 2024.
• For the fiscal year 2025, expected capital expenditures are projected to be $105.5 million, with a primary focus on opening at least 40 new restaurants, of which 20 will feature the Infinite Kitchen technology.