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BFI May 2021 15.000 call

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  • BurgerFi Names Henry Gonzalez as Chief Marketing Officer
    GlobeNewswire

    BurgerFi Names Henry Gonzalez as Chief Marketing Officer

    Gonzalez holds over 25 years of success in the food business; experience in branding, strategy & communications, franchisee relationships, product development, category management, and more BurgerFi Names Henry Gonzalez as Chief Marketing Officer Gonzalez holds over 25 years of success in the food business; experience in branding, strategy & communications, franchisee relationships, product development, category management, and more PALM BEACH, Fla., May 03, 2021 (GLOBE NEWSWIRE) -- BurgerFi International Inc. (Nasdaq: BFI, BFIIW), one of the nation’s fastest-growing premium fast-casual concepts, QSR’s 2020 Breakout Brand of the Year and recently voted USA Today’s 10Best Readers’ Choice Fast Casual Restaurant Top Better-Burger chain for 2021, has hired Henry Gonzalez as Chief Marketing Officer. Gonzalez holds over 25 years of experience with leading brands in marketing, account management, product development, category management, merchandising and promotions both domestically and internationally with B2C and B2B businesses. Gonzalez is another welcome addition to BurgerFi’s C-Suite and Executive Management Team, since the recent announcements of Chief Financial Officer, Michael Rabinovitch and Chief Operations Officer, Jim Esposito joining the company. “While Henry’s been successful across several industries and categories, his tenacity, efforts give a unique perspective into the food industry is undeniable,” said Ophir Sternberg, Executive Chairman of BurgerFi. “For over 25 years, his experience in sales and marketing for leading QSR chains, food manufacturers and ad agencies has effectively trained him to understand how to develop collaborative relationships that drive sales and profit growth. We welcome him to BurgerFi’s leadership team where we know he’ll be instrumental in redefining our brand and value proposition.” Gonzalez joins BurgerFi after serving as Founder of Bigger Slice Consulting, a marketing consulting practice focused on helping companies accelerate and sustain profitable growth by collaborating with them to define or refine their brand or value proposition, brand and product portfolio, strategic and tactical marketing plans, campaigns and communications. Prior to, he served as Chief Marketing Officer of Costa Farms, leading the marketing and category management teams developing new products, brands, merchandising and promotions to serve Walmart, Lowe’s, Home Depot, Ikea, Kroger and other top retailers. “Henry has a proven track record of working in fast-paced, competitive environments and masterfully integrating marketing and communications that not only moves the needle to drive short term business objectives but position brands for longer-term success. His extensive leadership experience in field and corporate marketing with Burger King collaborating with franchisee partners along with his agency, vendor partner and client experience make him uniquely qualified to collaborate with all stakeholders to help us unlock our brand’s potential to drive significant growth and profitability, said Julio Ramirez, CEO of BurgerFi. “He has been working with us as a contractor since the beginning of the year and has already made significant contributions. I am excited about the impact he’ll have leveraging his experience, passion and commitment to take our brand and our business to new heights as our CMO.” For nearly a decade, Gonzalez worked at Crispin Porter + Bogusky, the preeminent ad agency of its time where he leveraged his experience working at Burger King to help lead Burger King’s US business during their tenure as Ad Age Client of the Decade. His agency experience also included leading teams working with top brands like MetLife, McDonald’s, Aspen Dental, Infiniti, Sam’s Club and others. “I have been a huge fan of the brand as a consumer primarily because of the taste of the food and quality of the experience but also as a marketer because it’s so well positioned to capitalize on current trends. From a consumer standpoint, BurgerFi is the best kept secret in the fast casual space. I’m thrilled to collaborate with this talented team to bring a more consumer-focused and data driven approach to drive greater awareness, engagement, growth and profitability. We have a tremendous opportunity to highlight our points of differentiation and showcase how our brand is aligned with consumer expectations for fresh, all natural, great tasting food ordered and served conveniently across an array of platforms. Focusing on the consumer is how we’ll deliver on our mission to redeFine how the world eats burger by enriching lives through the best better burger experience.” Gonzalez has a Bachelor of Science degree in Business Administration from the University of Florida. He believes in community service and actively supports organizations like Big Brothers Big Sisters as a Board Member, St. Hugh Grove Outreach Food Bank and Mission 22. About BurgerFi International (Nasdaq: BFI, BFIIW) Established in 2011, BurgerFi is among the nation's fastest-growing better burger concepts with approximately 120 BurgerFi restaurants domestically and internationally. The concept is chef-founded and is committed to serving fresh food of transparent quality. BurgerFi uses 100% American angus beef with no steroids, antibiotics, growth hormones, chemicals or additives. BurgerFi's menu also includes high quality wagyu beef, antibiotic and cage-free chicken offerings, fresh, hand-cut sides and custard shakes and concretes. BurgerFi was voted the Top Better Burger chain in Fast Casual Restaurants in USA Today’s 10Best Readers’ Choice for 2021, named QSR Magazine's Breakout Brand of the Year for 2020, placed as the Top Better Burger Chain in Fast Casual's Top 100 Movers & Shakers list in 2021, was named "Best Burger Joint" by Consumer Reports and fellow public interest organizations in the 2019 Chain Reaction Study, listed as a "Top Restaurant Brand to Watch" by Nation's Restaurant News in 2019, included in Inc. Magazine's Fastest Growing Private Companies List, and ranked on Entrepreneur's 2017 Franchise 500. To learn more about BurgerFi or to find a full list of locations, please visit www.burgerfi.com. Download the BurgerFi App on iOS or Android devices for rewards and 'Like' BurgerFi on Facebook or follow @BurgerFi on Instagram and Twitter. BurgerFi® is a Registered Trademark of BurgerFi IP, LLC, a wholly-owned subsidiary of BurgerFi. Forward-Looking Statements This press release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), including BurgerFi's estimates of its future business outlook, prospects or financial results. Statements regarding BurgerFi's objectives, expectations, intentions, beliefs or strategies, or statements containing words such as "believe," "estimate," "project," "expect," "intend," "may," "anticipate," "plans," "seeks," "implies," or similar expressions are intended to identify such forward-looking statements. It is important to note that BurgerFi's actual results could differ materially from those in such forward-looking statements, and undue reliance should not be placed on such statements. Statements about the effects of the COVID-19 pandemic on our business, operations, financial performance and prospects may constitute forward-looking statements and are subject to the risk that the actual impacts may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond our control, including the scope and duration of the pandemic, actions taken by governmental authorities in response to the pandemic, and the direct and indirect impact of the pandemic. Among the important factors that could cause such actual results to differ materially are (i) the impact of any economic recessions in the U.S. and other parts of the world, (ii) fluctuations in the global economy, (iii) BurgerFi's ability of maintaining its margins, (iv) changes in applicable accounting principles or interpretations of such principles, (v) delays in BurgerFi's ability to develop new products and services and market acceptance of new products and services, (vi) rapid technological change, (vii) BurgerFi's ability to attract and retain key management personnel, (viii) the existence of substantial competition, and (ix) other risk factors listed from time to time in BurgerFi's Exchange Act reports and other filings with the Securities and Exchange Commission. All forward-looking statements included in this press release are made as of the date hereof, and BurgerFi undertakes no obligation to update any such forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. Investor Relations Contact: Gateway Investor Relations Cody Slach or Cody Cree(949) 574-3860 BFI@GatewayIR.com Company Contact: BurgerFi International Inc. Ashley Spitz, IR@burgerfi.com Media Relations Contact: Quinn PR Laura Neroulias, LNeroulias@quinn.pr A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ebfb7bd9-2f5d-4891-86c4-ca03ac8acadc

  • BurgerFi Regains Full Compliance with Nasdaq Listing Standards
    GlobeNewswire

    BurgerFi Regains Full Compliance with Nasdaq Listing Standards

    PALM BEACH, Fla., April 29, 2021 (GLOBE NEWSWIRE) -- BurgerFi International Inc. (Nasdaq: BFI, BFIIW), one of the nation’s fastest-growing premium fast-casual concepts, QSR’s 2020 Breakout Brand of the Year and the top better burger chain in USA Today’s 10Best Readers’ Choice for 2021, has regained compliance with The Nasdaq Stock Market’s (“Nasdaq”) applicable continued listing requirements. In a letter dated April 29, 2021, Nasdaq indicated that BurgerFi has regained compliance with its applicable continued listing requirements as a result of the filing of the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. As such, BurgerFi’s common stock and warrants will continue to be listed and trading on Nasdaq under the symbols “BFI” and “BFIIW,” respectively, and Nasdaq considers the matter closed. “We are pleased to have regained compliance with Nasdaq listing requirements,” said Julio Ramirez, CEO of BurgerFi. “With this behind us, we look forward to continue executing our growth strategy in 2021 and providing customers with a better burger experience that is consistently recognized as best-in-class.” About BurgerFi International (Nasdaq: BFI, BFIIW)Established in 2011, BurgerFi is among the nation's fastest-growing better burger concepts with approximately 119 BurgerFi restaurants domestically and internationally. The concept is chef-founded and is committed to serving fresh food of transparent quality. BurgerFi uses 100% American angus beef with no steroids, antibiotics, growth hormones, chemicals or additives. BurgerFi's menu also includes high quality wagyu beef, antibiotic and cage-free chicken offerings, fresh, hand-cut sides and custard shakes and concretes. BurgerFi was named QSR Magazine's Breakout Brand of 2020, placed in the top 10 on Fast Casual's Top 100 Movers & Shakers list in 2020, was named "Best Burger Joint" by Consumer Reports and fellow public interest organizations in the 2019 Chain Reaction Study, listed as a "Top Restaurant Brand to Watch" by Nation's Restaurant News in 2019, included in Inc. Magazine's Fastest Growing Private Companies List, and ranked on Entrepreneur's 2017 Franchise 500. To learn more about BurgerFi or to find a full list of locations, please visit www.burgerfi.com. Download the BurgerFi App on iOS or Android devices for rewards and 'Like' BurgerFi on Facebook or follow @BurgerFi on Instagram and Twitter.BurgerFi® is a Registered Trademark of BurgerFi IP, LLC, a wholly-owned subsidiary of BurgerFi. Forward-Looking StatementsThis press release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Statements containing words such as "believe," "estimate," "project," "expect," "intend," "may," "anticipate," "plans," "seeks," "implies," or similar expressions are intended to identify such forward-looking statements. It is important to note that BurgerFi's actual results could differ materially from those in such forward-looking statements, and undue reliance should not be placed on such statements. Statements about the effects of the COVID-19 pandemic on our business, operations, financial performance and prospects may constitute forward-looking statements and are subject to the risk that the actual impacts may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond our control, including the scope and duration of the pandemic, actions taken by governmental authorities in response to the pandemic, and the direct and indirect impact of the pandemic. Among the important factors that could cause such actual results to differ materially are (i) the impact of any economic recessions in the U.S. and other parts of the world, (ii) fluctuations in the global economy, (iii) BurgerFi's ability of maintaining its margins, (iv) changes in applicable accounting principles or interpretations of such principles, (v) delays in BurgerFi's ability to develop new products and services and market acceptance of new products and services, (vi) rapid technological change, (vii) BurgerFi's ability to attract and retain key management personnel, (viii) the existence of substantial competition, and (ix) other risk factors listed from time to time in BurgerFi's Exchange Act reports and other filings with the Securities and Exchange Commission. All forward-looking statements included in this press release are made as of the date hereof, and BurgerFi undertakes no obligation to update any such forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. Investor Relations Contact:Gateway Investor RelationsCody Slach or Cody Cree(949) 574-3860BFI@GatewayIR.com Company Contact:BurgerFi International Inc.Ashley Spitz, IR@burgerfi.com Media Relations Contact:Quinn PRLaura Neroulias, LNeroulias@quinn.pr

  • BurgerFi Reports Fourth Quarter and Full Year 2020 Results
    GlobeNewswire

    BurgerFi Reports Fourth Quarter and Full Year 2020 Results

    - Total revenue increased 12% in the Fourth Quarter - - BurgerFi Opens 11 New Locations in 2020 with Plans to Open Approximately 30 Locations in 2021 - - Delivery & Digital Sales Increase More Than 80% Year-Over-Year in the Fourth Quarter - PALM BEACH, Fla., April 29, 2021 (GLOBE NEWSWIRE) -- BurgerFi International Inc. (Nasdaq: BFI, BFIIW), one of the nation’s fastest-growing premium fast-casual concepts, QSR’s 2020 Breakout Brand of the Year and the top better burger chain in USA Today’s 10Best Readers’ Choice for 2021, is reporting financial results for the fourth quarter and full year ended December 31, 2020. Fourth Quarter 2020 Financial Summary vs. Same Year-Ago Quarter Total revenue increased 12% to $9.8 million compared to $8.7 millionSame store sales at company owned restaurants decreased 5%Systemwide sales decreased 7% to $34.6 million compared to $37.3 millionNet income attributable to controlling interests and common shareholders increased to $6.0 million compared to $0.9 million; the current quarter included non-cash gain on change in value of warrant liability of $5.6 millionAdjusted EBITDA increased 19% to $1.2 million compared to $1.0 million (see reconciliation of GAAP to Non-GAAP measures below) Full Year 2020 Financial Summary vs. 2019 Total revenue increased 2% to $34.3 million compared to $33.6 millionSame store sales at company owned restaurants decreased 15%Systemwide sales decreased 11% to $129.3 million compared to $145.8 millionNet income attributable to controlling interests and common shareholders increased to $6.0 million compared to $2.9 million; the current year included non-cash gain on change in value of warrant liability of $5.6 millionAdjusted EBITDA was $2.2 million compared to $4.1 million (see reconciliation of GAAP to Non-GAAP Measures Delivery + BurgerFi App Systemwide Sales Full Year 2020 1,610,000+ orders $38.9 million systemwide sales +41% in order volume +64% in sales volume Management Commentary“2020 was a transformative year for BurgerFi,” said Julio Ramirez, CEO of BurgerFi. “We made progress expanding our footprint with 11 new restaurants, including our first drive-thru location in Kentucky. Additionally, we opened nine delivery-only ghost kitchens with REEF Technology and Epic Kitchens to test out specific markets and build brand recognition. BurgerFi also launched curbside service via digital channels integrated through our website for contactless service. As customer habits shifted during the pandemic, I am incredibly proud of our team’s adaptability and the strategic investments we made in our digital platforms to provide a better omnichannel customer experience. These investments allowed us to recover same store sales sequentially since the start of the pandemic, while also growing our systemwide delivery and digital sales by over 64% for the year. “As we move forward in 2021, we are eager to continue executing our growth strategy with a significant capital infusion from the closing of the business combination in December 2020. We have already opened four new locations including an additional drive-thru location in Nevada in March and we have eight more restaurants currently under construction. We are excited to bring the best ‘better burger’ experience to a broader customer base with plans to open approximately 30 locations in existing and new markets primarily throughout the Southeast and Mid-Atlantic regions in 2021. We are also continuing to grow internationally with plans to open our first location in Saudi Arabia during the fourth quarter as part of our multi-unit agreement with Food Supplies Co. We are confident in our financial position and ability to capitalize on the growth opportunities in the future.” Commenting on the results, Ophir Sternberg, Executive Chairman of BurgerFi, stated: “I commend the entire organization’s ability to not only adapt to the unprecedented challenges experienced this year in the food industry, but also the work being done to lay the foundation for growth as we embark into the new year. As I look at the number of BurgerFi’s under development, the recent investments in digital capabilities, the unique expansion opportunities ahead and the bolstered management team and board, I believe that we are just beginning to tap into our true growth potential. We look forward to introducing consumers around the globe to our best-in-class menu.” Fourth Quarter 2020 Financial ResultsRevenue in the fourth quarter of 2020 improved 12% to $9.8 million compared to $8.7 million in the year-ago quarter. The increase was primarily a result of four new company owned stores and higher terminated franchise fees. These increases were partially offset by a 5% decline in company owned same store sales and a decrease in royalties due to a 7% decline in systemwide sales, both as a result of the continued effects of pandemic-related impact on demand and restaurant closures. Increased delivery and digital sales continued to support sequential improvement of same store sales in the fourth quarter. Systemwide sales in the fourth quarter of 2020 were $34.6 million compared to $37.3 million in the year ago period. Restaurant-level operating expenses for the fourth quarter were $5.8 million compared to $5.4 million in the year-ago quarter. Restaurant-level operating margin improved 540 basis points to 15.1% compared to 9.7% in the fourth quarter of 2019, driven primarily by lower labor costs, partially offset by higher third-party delivery fees. Net income attributable to controlling interests and common shareholders in the fourth quarter increased to $6.0 million compared to $0.9 million in the year-ago quarter. The increase was driven by a non-cash gain on change in value of warrant liability of $5.6 million. Without this item, the decline of $0.5 million was primarily attributable to the amortization of intangible assets recorded as part of the business combination in December and share-based compensation, partially offset by the additional operating income from higher sales and improved operating margins. Adjusted EBITDA in the fourth quarter of 2020 increased 19% to $1.2 million compared to $1.0 million in the year-ago quarter. The increase was primarily a result of the improvement in sales and improved store operating margins during the period. See reconciliation of GAAP to Non-GAAP measures below. Full Year 2020 Financial ResultsRevenue in 2020 increased slightly to $34.3 million compared to $33.6 million in the prior year period. The increase was primarily due to increased revenue from company owned stores of $2 million offset by lower royalty fees of $1.2 million as a result of systemwide sales declines of 11%. The increase in company owned stores revenue was primarily due to five new stores offset by comparable store sales decreases of 15% resulting from the impact of COVID-19 related impact on demand and restaurant closures. These decreases were partially mitigated by higher delivery and app sales sequentially throughout the year, particularly during the fourth quarter. Systemwide restaurant sales for 2020 were $129.3 million compared to $145.8 million in the prior year. Restaurant-level operating expenses for the year were $22.6 million compared to $20.9 million in the prior year. The slightly higher expenses were primarily due to the increase in variable restaurant-level expenses and costs associated with the delivery business. Restaurant-level operating margin improved 90 basis points to 10.7% compared to 9.8% in 2019 primarily as a result of improved labor costs, partially offset by the increase in delivery sales. Net income attributable to controlling interests and common shareholders in 2020 increased to $6.0 million compared to $2.9 million in 2019. The increase was driven by a non-cash gain on change in value of warrant liability of $5.6 million. Without this item, the decrease of $2.5 million is driven by the increase in restaurant level operating expenses, brand development costs, depreciation and amortization and non-cash stock compensation expense. Adjusted EBITDA for the full year was $2.2 million compared to $4.1 million in the prior year. The decline is primarily attributable to the increase in restaurant level operating expenses and brand development costs during the year. See reconciliation of GAAP to Non-GAAP measures below. LiquidityAt December 31, 2020, the Company had $36.7 million in unrestricted cash, compared to $1.7 million at December 31, 2019. This increase is attributable to the raising of capital from the Company’s business combination with OPES Acquisition Corp. on December 16, 2020. The Company had $3.0 million outstanding on its revolving credit line at December 31, 2020, compared to $2.3 million at the end of 2019, which was subsequently repaid in January. 2021 OutlookBurgerFi is optimistic about its long-term prospects. However, due to COVID-related volatility that is impacting its ability to deliver updated financial projections, the company is suspending its financial outlook for 2021. BurgerFi still plans on opening approximately 30 company and franchise operated restaurants in 2021. Additionally, BurgerFi continues to be focused on bolstering the customer experience and providing optimal order pickup options across all formats. This includes continuing to invest in digital capabilities and introducing more drive-thru locations in 2021 after the recent successful openings of the drive-thru format in Kentucky and Nevada, along with consistently innovating its menu with limited-time offerings that customers crave. Conference Call Given the proximity to when BurgerFi expects to report its first quarter financial results, the Company will hold a combined conference call to discuss both its fourth quarter and full year 2020 financial results, along with its first quarter 2021 financial results. BurgerFi expects to hold this combined conference call in conjunction with releasing its first quarter 2021 financial results, which is anticipated in May. About BurgerFi International (Nasdaq: BFI, BFIIW)Established in 2011, BurgerFi is among the nation's fastest-growing better burger concepts with approximately 119 BurgerFi restaurants domestically and internationally. The concept is chef-founded and is committed to serving fresh food of transparent quality. BurgerFi uses 100% American angus beef with no steroids, antibiotics, growth hormones, chemicals or additives. BurgerFi's menu also includes high quality wagyu beef, antibiotic and cage-free chicken offerings, fresh, hand-cut sides and custard shakes and concretes. BurgerFi was named QSR Magazine's Breakout Brand of 2020, placed in the top 10 on Fast Casual's Top 100 Movers & Shakers list in 2020, was named "Best Burger Joint" by Consumer Reports and fellow public interest organizations in the 2019 Chain Reaction Study, listed as a "Top Restaurant Brand to Watch" by Nation's Restaurant News in 2019, included in Inc. Magazine's Fastest Growing Private Companies List, and ranked on Entrepreneur's 2017 Franchise 500. To learn more about BurgerFi or to find a full list of locations, please visit www.burgerfi.com. Download the BurgerFi App on iOS or Android devices for rewards and 'Like' BurgerFi on Facebook or follow @BurgerFi on Instagram and Twitter. BurgerFi® is a Registered Trademark of BurgerFi IP, LLC, a wholly-owned subsidiary of BurgerFi. About Non-GAAP Financial MeasuresTo supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use the measure Adjusted EBITDA. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. We use this non-GAAP financial measure for financial and operational decision-making and as a means to evaluate period-to-period comparisons. We believe that this non-GAAP financial measure provides meaningful supplemental information regarding our performance and liquidity by excluding certain items that may not be indicative of our recurring core business operating results. We believe that both management and investors benefit from referring to this non-GAAP financial measure in assessing our performance and when planning, forecasting, and analyzing future periods. This non-GAAP financial measure also facilitates management’s internal comparisons to our historical performance and liquidity as well as comparisons to our competitors’ operating results. We believe this non-GAAP financial measure is useful to investors both because (1) it allows for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (2) it is used by our institutional investors and the analyst community to help them analyze the health of our business. There are a number of limitations related to the use of non-GAAP financial measures. We compensate for these limitations by providing specific information regarding the GAAP amounts excluded from this non-GAAP financial measure and evaluating this non-GAAP financial measure together with its relevant financial measures in accordance with GAAP. For more information on this non-GAAP financial measures, please see the tables captioned Reconciliation of Net Income (Loss) to Adjusted EBITDA included at the end of this release. Forward-Looking StatementsThis press release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), including BurgerFi's estimates of its future business outlook, prospects or financial results. Statements regarding BurgerFi's objectives, store opening plans, expectations, intentions, beliefs or strategies, or statements containing words such as "believe," "estimate," "project," "expect," "intend," "may," "anticipate," "plans," "seeks," "implies," or similar expressions are intended to identify such forward-looking statements. It is important to note that BurgerFi's actual results could differ materially from those in such forward-looking statements, and undue reliance should not be placed on such statements. Statements about the effects of the COVID-19 pandemic on our business, operations, financial performance and prospects may constitute forward-looking statements and are subject to the risk that the actual impacts may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond our control, including the scope and duration of the pandemic, actions taken by governmental authorities in response to the pandemic, and the direct and indirect impact of the pandemic. Among the important factors that could cause such actual results to differ materially are (i) the impact of any economic recessions in the U.S. and other parts of the world, (ii) fluctuations in the global economy, (iii) BurgerFi's ability of maintaining its margins, (iv) changes in applicable accounting principles or interpretations of such principles, (v) delays in BurgerFi's ability to develop new products and services and market acceptance of new products and services, (vi) rapid technological change, (vii) BurgerFi's ability to attract and retain key management personnel, (viii) the existence of substantial competition, and (ix) other risk factors listed from time to time in BurgerFi's Exchange Act reports and other filings with the Securities and Exchange Commission. All forward-looking statements included in this press release are made as of the date hereof, and BurgerFi undertakes no obligation to update any such forward-looking statements, whether as a result of new information, future events, or otherwise Investor Relations Contact:Gateway Investor RelationsCody Slach or Cody Cree(949) 574-3860BFI@GatewayIR.com Company Contact:BurgerFi International Inc.Ashley Spitz, IR@burgerfi.com Media Relations Contact:Quinn PRLaura Neroulias, LNeroulias@quinn.pr BurgerFi International Inc., and SubsidiariesConsolidated Balance Sheets (in thousands, except for per share data) December 31,2020 December 31,2019 ASSETS CURRENT ASSETS Cash, including Variable interest entities of $0 and $3,respectively $ 36,720 $ 1,690 Cash - restricted 3,663 727 Accounts receivable, net 718 517 Inventory 268 249 Deferred income taxes 713 — Asset held for sale 732 — Other current assets 1607 416 TOTAL CURRENT ASSETS 44,421 3,599 PROPERTY & EQUIPMENT, net – including variable interest entities of $0 and $853, respectively 8,004 6,301 DUE FROM RELATED COMPANIES 74 3,611 GOODWILL – including variable interest entities of $0 and $398, respectively 119,542 398 INTANGIBLE ASSETS 116,824 235 OTHER ASSETS 251 238 TOTAL ASSETS $ 289,116 $ 14,382 LIABILITIES AND STOCKHOLDERS'/MEMBERS’ EQUITY CURRENT LIABILITIES Accounts payable - trade $ 1,678 $ 1,265 Accrued expense 1,203 545 Gift card liability 430 586 Revolving line of credit 3,012 2,317 Notes payable - current – variable interest entities – no recourse to general credit of the Company — 1,207 Notes payable - current 1,438 — Current portion deferred initial franchise fees 490 438 Other deposit 907 — TOTAL CURRENT LIABILITIES 9,158 6,358 NON-CURRENT LIABILITIES Deferred initial franchise fees, net of current portion 2,816 4,250 Due to related companies — 271 Deferred rent 29 996 Derivative warrant liability 16,516 —Notes payable 1,522 — TOTAL LIABILITIES 30,041 11,875 COMMITMENTS AND CONTINGENCIES Stockholders'/Members' equity MEMBERS’ EQUITY - Before non-controlling interest, including variable interest entities of $47 as of December 31, 2019 — 2,492 MEMBERS’ EQUITY - Non-controlling interest — 15 Common stock, $0.0001 par value, 100,000,000 shares authorized, 17,541,838 shares issued and outstanding as of December 31, 2020 2 — Additional paid-in capital 261,298 — Retained deficit (2,225) — TOTAL STOCKHOLDERS' EQUITY 259,075 2,507 TOTAL LIABILITIES AND STOCKHOLDERS'/MEMBERS’ EQUITY $ 289,116 $ 14,382 BurgerFi International Inc., and SubsidiariesConsolidated Statements of Operations As Opes Acquisition Corp.’s historical financial information is excluded from the Predecessor financial information, the business, and thus financial results, of the Successor and Predecessor entities, are expected to be largely consistent, excluding the impact on certain financial statement line items that were impacted by the Business Combination. Management believes reviewing our operating results for the three-months and year ended December 31, 2020 by combining the results of the Predecessor and Successor periods (“S/P Combined”) is more useful in discussing our overall operating performance when compared to the same periods in the prior year. Accordingly, in addition to presenting our results of operations as reported in our consolidated financial statements in accordance with GAAP, certain of the tables below present the non-GAAP combined results for those periods. Successor Predecessor S/P Combined (non-GAAP) (Unaudited) Predecessor(in thousands) December 16, 2020 through December 31, 2020 January 1, 2020 through December 15, 2020 Year Ended December 31, 2020 Year Ended December 31, 2019REVENUE Restaurant sales $ 1,350 $ 23,966 $ 25,316 $ 23,183 Royalty and other fees 255 6,116 6,371 7,369 Terminated franchise fees — 693 693 825 Royalty - brand development and co-op 74 1,441 1,515 1,720 Initial franchise fees 25 362 387 458 TOTAL REVENUE 1,704 32,578 34,282 33,555 Restaurant level operating expenses: Food, beverage and paper costs 370 6,567 6,937 6,316 Labor and related expenses 321 6,269 6,590 7,167 Other operating expenses 323 6,007 6,330 5,271 Occupancy and related expenses 33 2,707 2,740 2,149 General and administrative expenses 857 6,925 7,782 7,230 Share-based compensation expense 818 — 818 — Depreciation and amortization expense 348 1,062 1,410 825 Brand development and co-op advertising expense 34 2,283 2,317 1,732 Gain on disposal of property and equipment — (2) (2) (184)TOTAL OPERATING EXPENSES 3,104 31,818 34,922 30,506 OPERATING (LOSS) INCOME (1,400) 760 (640) 3,049 Gain on extinguishment of debt 791 — 791 — Gain on change in value of warrant liability 5,597 — 5,597 — Interest expense (6) (125) (131) (79) Income before income taxes 4,982 635 5,617 2,970 Income tax benefit 366 — 366 — Net Income 5,348 635 5,983 2,970 Net Income Attributable to Non-Controlling Interests (predecessor) — 20 20 35 Net Income Attributable to Common Shareholders (successor) and Controlling Interests (predecessor) $ 5,348 $ 615 $ 5,963 $ 2,935 BurgerFi International Inc., and SubsidiariesConsolidated Statements of Operations (Unaudited)Three Months Ended December 31, 2020(S/P Combined) (Non-GAAP) (Unaudited)Three Months Ended December 31, 2019(Predecessor)(in thousands) REVENUE Restaurant sales $ 6,865 $ 6,019 Royalty and other fees 1,684 1,996 Terminated franchise fees 650 132 Royalty - brand development and co-op 463 434 Initial franchise fees 121 116 TOTAL REVENUE 9,783 8,697 Restaurant level operating expenses: Food, beverage and paper costs 1,890 1,647 Labor and related expenses 1,517 1,860 Other operating expenses 1,787 1,356 Occupancy and related expenses 632 575 General and administrative expenses 2,797 1,980 Share-based compensation expense 818 — Depreciation expense 263 235 Amortization expense 335 — Brand development and co-op advertising expense 496 334 Gain on disposal of property and equipment (2) (184)TOTAL OPERATING EXPENSES 10,533 7,803 OPERATING (LOSS) INCOME (750) 894 Gain on extinguishment of debt 791 — Gain on change in value of warrant liability 5,597 — Interest expense (33) (17)Income before income taxes 5,605 877 Income tax benefit 366 — Net Income 5,971 877 Net Income Attributable to Non-Controlling Interests (predecessor) — (2)Net Income Attributable to Common Shareholders (successor) and Controlling Interests (predecessor) $ 5,971 $ 879 BurgerFi International Inc., and SubsidiariesConsolidated Statement of Cash Flows Successor Predecessor (in thousands) December 16, 2020 through December 31, 2020 January 1, 2020 through December 15, 2020 Year Ended December 31, 2019 CASH FLOWS PROVIDED BY OPERATING ACTIVITIES Net income $ 5,348 $ 635 $ 2,970 Adjustments to reconcile net income to net cash provided by (used in) - Operating activities Provision for bad debts — 133 87 Depreciation and amortization 348 1,062 825 Deferred income taxes (370) — — Share-based compensation 818 — — Forfeited franchise deposits — (693) (825)Gain on extinguishment of debt (791) — — Gain on sale of franchise/corporate-owned store — — (184)Gain on change in value of warrant liability (5,597) — — Changes in operating assets and liabilities, net of acquisitions Accounts receivable (339) 6 (128)Inventory (8) (10) (127)Other assets (552) 121 (191)Accounts payable – trade (275) 751 (380)Accrued expenses and gift card liability 284 218 (155)Deferred franchise fees 253 51 376 Other liabilities (57 ) 422 260 NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES (938) 2,696 2,528 NET CASH FLOWS FROM INVESTING ACTIVITIES Purchase of restaurant from franchisee — (385) — Deposit on sale — 907 — Proceeds from deposit on potential sale of franchise/corporate owned store — — 938 Purchase of property and equipment (265) (3,244) (2,437)Acquisition of net assets, net of cash acquired (27,210) — — Advances to related companies (74) (7,863) (10,601)Repayments from related companies — 11,205 11,575 NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES (27,549) 620 (525)NET CASH FLOWS FROM FINANCING ACTIVITIES Proceeds on revolving line of credit — 2,987 2,317 Payments on line of credit — (2,290) — Note payable proceeds — 2,406 — Payments on notes payable — (39) (86)Members’ distributions — (6,007) (4,663)Members’ contributions — — 594 NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES — (2,943) (1,838)NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (28,487) 373 165 CASH AND CASH EQUIVALENTS, beginning of period 68,870 2,417 2,252 CASH AND CASH EQUIVALENTS, end of period $ 40,383 $ 2,790 $ 2,417 BurgerFi International Inc., and SubsidiariesReconciliation of Net Income to Adjusted EBITDA(Non-GAAP) (Unaudited) S/P Combined (non-GAAP) PredecessorReconciliation of GAAP to non-GAAP Items (in thousands) Year Ended December 31, 2020 Year Ended December 31, 2019Net Income Attributable to Common Shareholders (successor) and Controlling Interests (predecessor) $ 5,963 $ 2,935 Adjustments: Depreciation and amortization 1,410 825 Merger and acquisition related costs 428 — Preopening costs 214 425 Interest 131 79 Share-based compensation expense 818 — Gain on disposal of property and equipment and extinguishment of debt (793) (184)Gain on change in value of warrant liability (5,597) — Income tax benefit (366) — Adjusted EBITDA $ 2,208 $ 4,080 Reconciliation of GAAP to non-GAAP Items (in thousands) (Unaudited)Three Months Ended December 31, 2020 (Unaudited)Three Months Ended December 31, 2019Net Income Attributable to Common Shareholders (successor) and Controlling Interests (predecessor) $ 5,971 $ 879 Adjustments: Depreciation and amortization 598 235 Merger and acquisition related costs 428 — Preopening costs 82 43 Interest 33 17 Share-based compensation expense 818 — Gain on disposal of property and equipment and extinguishment of debt (793 ) (184)Gain on change in value of warrant liability (5,597 ) — Income tax benefit (366) — Adjusted EBITDA $ 1,174 $ 990