Ark Restaurants Corp. (NASDAQ:ARKR) today reported financial results for the fourth quarter and fiscal year ended September 27, 2025.

The Company’s fiscal year ends on the Saturday nearest September 30. The fiscal years ended September 27, 2025 and September 28, 2024 both included 52 weeks and the quarters ended September 27, 2025 and September 28, 2024 both included 13 weeks.

"The current quarter showed negative Earnings before Interest, Taxes, Depreciation and Amortization ("EBITDA"), as adjusted, of $1,071,000, down from positive EBITDA, as adjusted, of $503,000 in the prior year comparable quarter, due in large part to the expense of our ongoing litigation involving our Bryant Park operations which exceeded $400,000 in the quarter," said Michael Weinstein, Chairman and Chief Executive Officer. "Net loss attributable to Ark Restaurants Corp. for the current quarter was $(1,919,000) or $(0.53) per basic and diluted share compared to a net loss of $(4,457,000) or $(1.24) per basic and diluted share, in the prior year comparable quarter. Also, because the outcome and timing of the litigation cannot be predicted with certainty, our event business at theBryant Park Grill

Financial Results

As of September 27, 2025, the Company had cash and cash equivalents of $11,324,000 and total outstanding debt of $3,609,000.

Total revenues for the 13 weeks ended September 27, 2025 were $37,323,000 versus $43,406,000 for the 13 weeks ended September 28, 2024. No revenues forEl Rio GrandeTampa Food CourtEl Rio GrandeTampa Food CourtEl Rio GrandeTampa Food Court

Total revenues for the year ended September 27, 2025 were $165,751,000 versus $183,545,000 for the year ended September 28, 2024. No revenues forEl Rio GrandeTampa Food CourtEl Rio GrandeTampa Food CourtEl Rio GrandeTampa Food Court

Excluding revenues related toEl Rio GrandeTampa Food CourtBryant Park Grill

The Company's EBITDA, as adjusted, for the 13 weeks ended September 27, 2025 was $(1,071,000) versus $503,000 for the 13 weeks ended September 28, 2024. Net loss attributable to Ark Restaurants Corp. for the 13 weeks ended September 27, 2025 was $(1,919,000) or $(0.53) per basic and diluted share compared to a net loss of $(4,457,000) or $(1.24) per basic and diluted share, for the 13 weeks ended September 28, 2024.

The Company's EBITDA, as adjusted, for the 52 weeks ended September 27, 2025 was $1,407,000 versus $6,128,000 for the 52 weeks ended September 28, 2024. Net loss attributable to Ark Restaurants Corp. for the 52 weeks ended September 27, 2025, which includes a full valuation allowance related to our deferred tax assets in the amount of $4,799,000, was $(11,466,000) or $(3.18) per basic and diluted share compared to a net loss of $(3,896,000) or $(1.08) per basic and diluted share, for the 52 weeks ended September 28, 2024.

EBITDA is a Non-GAAP Financial Measure, accordingly, please see the table attached to this news release for the details of the adjustments made in arriving at EBITDA, as adjusted, for each period presented and "Non-GAAP Financial Information" at the end of this news release.

Other Matters

Bryant Park Grill & Cafe and The Porch at Bryant Park Leases

The Company's agreements with the Bryant Park Corporation (the “Landlord”) (a private non-profit corporation that operates and maintains Bryant Park under agreements with the City of New York Department of Parks & Recreation), for theBryant Park Grill & CaféThe Porch at Bryant Park

In July of 2023 (for theBryant Park Grill & CaféThe Porch at Bryant ParkBryant Park Grill & CaféThe Porch at Bryant Park

Management has been working with outside advisors to assist our efforts to ensure that the RFP awards process was both fair and transparent and to enforce the Company's right of first lease under our lease agreements, and otherwise to protect the Company’s rights with respect to these matters.

As of the date of this filing, we continue to operate the above properties and intend to do so until we are either awarded the lease extensions or ordered to vacate the premises. The underlying lawsuit filed by the Company to protect its rights continues, and we will pursue all available options to protect the Company's interests.

Management, after consultation with legal counsel, is unable to predict the outcome of this matter at this time. While the outcome of these proceedings cannot be predicted with certainty, theBryant Park Grill & CafeThe Porch at Bryant Park

The uncertainty related to this dispute has had a material adverse impact on our business, financial condition, and results of operations and will continue to do so while the dispute is litigated and if we are unable to prevail in the above actions and/or are unable to extend or renew these leases on favorable terms, if at all.

Investment in and Receivable From New Meadowlands Racetrack LLC

Since March 12, 2013, the Company has made investments in the New Meadowlands Racetrack LLC (“NMR”) through its purchase of membership interests in Meadowlands Newmark, LLC, an existing member of NMR. As of the date of this report, the Company has made a total investment of $5,256,000.

For several years, New York State has been conducting a bidding process to award up to three downstate casino licenses and on December 1, 2025, the New York State Gaming Facility Location Board approved three applications for casino gaming licenses. The New York State Gaming Commission is expected to issue licenses for the three approved applications by December 31, 2025. Concurrent with the New York process, NMR has been actively pursuing a full casino license to supplement its existing horse racing and sports betting operations. Any gaming license in the state of New Jersey outside of Atlantic City, including at the Meadowlands Racetrack, requires ratification of an amendment to the State of New Jersey constitution, followed by issuance of a license by the New Jersey Casino Control Commission. In May 2025, a Senate Concurrent Resolution was introduced proposing a ballot referendum to authorize casinos at both the Monmouth Park and Meadowlands Racetracks. It requires a three-fifths vote in both legislative chambers to reach the ballot in November 2026. If the referendum passes, NMR aims for a temporary facility potentially opening in 2027 and a permanent one by 2028. In conjunction with such referendum, NMR will need to raise substantial capital to fund a marketing campaign to support the passage of the referendum. To the extent the Company does not contribute to this effort, or if NMR raises outside capital, our interests will be diluted.

There can be no assurances that above referendum will be included in the November 2026 election ballot or that it will pass if it is included. If either of these do not occur, the Company’s investment in NMR will be evaluated based on the existing horse racing and sports betting operations and may be subject to substantial impairment.

Loss on the Closure of El Rio Grande

In October 2024, the Company advised the landlord ofEl Rio Grande

Gain on Termination of Tampa Food Court Lease

On November 26, 2024, the Company agreed to terminate its lease for the food court at The Hard Rock Hotel and Casino in Tampa, FL and, accordingly, vacated the premises on December 15, 2024. In connection with this, Ark Hollywood/Tampa Investment LLC, a subsidiary of the Company, (in which we own a 65% interest) received a termination payment in the amount of $5,500,000, all obligations under the lease ceased and we recorded a gain, net of expenses, in the amount of $5,235,000 during the year ended September 27, 2025.

Impairment Losses on Right-of-Use and Long-lived Assets

During the year ended September 28, 2024, impairment indicators were identified at ourSequoiaSequoia'sSequoia'sSequoiaSequoia's

Goodwill Impairment

Goodwill is the excess of cost over fair market value of tangible and intangible net assets acquired. Goodwill is not presently amortized but tested for impairment annually or when the facts or circumstances indicate a possible impairment of goodwill as a result of a continual decline in performance or as a result of fundamental changes in a market.

In accordance with ASU 350-20,Intangibles—Goodwill and OtherBryant Park Grill & CafeThe Porch at Bryant Park

As of September 28, 2024, the Company performed a qualitative assessment of it's goodwill whereby the fair value of the equity was determined using the income approach. Given the relatively low volume of shares traded as of September 28, 2024, the Company determined the income approach provided the best approximation of fair value. In the income approach, we utilized a discounted cash flow analysis, which involved estimating the expected future after-tax cash flows generated and then discounting those cash flows to present value, reflecting the relevant risks associated with the achievement of projected cash flows, the possibility that theBryant Park Grill & CafeThe Porch at Bryant Park

Conference Call and Webcast Information

Ark Restaurants will host a conference call on December 16, 2025 at 11:00 a.m. Eastern Time to review these results and discuss other topics.

The call can be accessed by dialing toll-free 1-877-407-4018 (Toll/International: 1-201-689-8471).

The dial-in numbers to participate in the conference call are the following:

Toll-Free: 1-877-407-4018

Toll/International: 1-201-689-8471

A participant webcast of the call will be available by copying and pasting the following URL into your browser:https://callme.viavid.com/viavid/?callme=true&passcode=13716421&h=true&info=company&r=true&B=6

A live listen-only webcast of the call will be available by copying and pasting the following URL into your browser:https://viavid.webcasts.com/starthere.jsp?ei=1745758&tp_key=64a6eab6d1

About Ark Restaurants Corp.

Ark Restaurants owns and operates 16 restaurants and bars, 12 fast food concepts and catering operations primarily in New York City, Florida, Washington, DC, Las Vegas, Nevada and the gulf coast of Alabama. Two restaurants are located in New York City, one is located in Washington, DC, five are located in Las Vegas, Nevada, one is located in Atlantic City, New Jersey, four are located on the east coast of Florida and two are located on the Gulf Coast of Alabama. The Las Vegas operations include four restaurants within the New York-New York Hotel & Casino Resort and operation of the hotel's room service, banquet facilities, employee dining room and six food court concepts and one restaurant within the Planet Hollywood Resort and Casino. In Atlantic City, New Jersey, the Company operates a restaurant in the Tropicana Hotel and Casino. The Florida operations include theRustic InnShuckersJB’s on the BeachThe Blue Moon Fish Company

Cautionary Note Regarding Forward-Looking Statements

Certain statements in this press release may be considered “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements generally relate to future events or the Company’s future financial or operating performance and may be identified by words such as “may,” “should,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” or similar words. Such statements include, but are not limited to, statements about the Company’s future financial or operating performance, statements aboutwww.sec.govBryant Park Grill & CaféThe Porch at Bryant ParkBryant Park Grill & CaféThe Porch at Bryant Park

Non-GAAP Financial Information

This news release includes non-generally accepted accounting principles ("GAAP") performance measures. Although EBITDA is not a measure of performance or liquidity calculated in accordance with GAAP, the Company believes the use of this non-GAAP financial measure enhances an overall understanding of the Company's past financial performance as well as providing useful information to the investor because of its historical use by the Company as both a performance measure and measure of liquidity, and the use of EBITDA by virtually all companies in the restaurant sector as a measure of both performance and liquidity. However, investors should not consider this measure in isolation or as a substitute for net income (loss), operating income (loss), cash flows from operating activities or any other measure for determining the Company's operating performance or liquidity that is calculated in accordance with GAAP as it may not necessarily be comparable to similarly titled measure employed by other companies.

View source version on businesswire.com:https://www.businesswire.com/news/home/20251215676279/en/

ARK RESTAURANTS CORP.
Consolidated Statements of Operations
(In Thousands, Except per share amounts)
	2025			2024			2025			2024

TOTAL REVENUES	$	37,323		$	43,406		$	165,751		$	183,545
COSTS AND EXPENSES:
Food and beverage cost of sales		10,777			12,007			46,427			49,519
Payroll expenses		14,242			15,875			60,346			65,844
Occupancy expenses		5,399			6,254			22,527			24,622
Other operating costs and expenses		5,222			5,892			22,644			24,125
General and administrative expenses		2,709			3,112			12,001			12,263
Depreciation and amortization		696			909			3,138			4,090
(Gain) loss on closure of El Rio Grande		—			876			(173	)		876
Gain on termination of Tampa Food Court lease		—			—			(5,235	)		—
Impairment losses on right-of-use and long-lived assets		—			—			4,700			2,500
Goodwill impairment		—			4,000			3,440			4,000
Total costs and expenses		39,045			48,925			169,815			187,839
OPERATING LOSS		(1,722	)		(5,519	)		(4,064	)		(4,294	)
OTHER (INCOME) EXPENSE:
Interest expense, net		76			129			369			577
Other income		—			—			—			(26	)
Gain on sale of condominiums		(203	)		—			(594	)		—
Gain on forgiveness of PPP Loans		—			—			—			(285	)
Total other (income) expense, net		(127	)		129			(225	)		266
LOSS BEFORE BENEFIT FOR INCOME TAXES		(1,595	)		(5,648	)		(3,839	)		(4,560	)
Provision (benefit) for income taxes		305			(613	)		5,324			(815	)
CONSOLIDATED NET LOSS		(1,900	)		(5,035	)		(9,163	)		(3,745	)
Net (income) loss attributable to non-controlling interests		(19	)		578			(2,303	)		(151	)
NET LOSS ATTRIBUTABLE TO ARK RESTAURANTS CORP.	$	(1,919	)	$	(4,457	)	$	(11,466	)	$	(3,896	)

NET LOSS PER ARK RESTAURANTS CORP. COMMON SHARE:
Basic	$	(0.53	)	$	(1.24	)	$	(3.18	)	$	(1.08	)
Diluted	$	(0.53	)	$	(1.24	)	$	(3.18	)	$	(1.08	)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
Basic		3,605			3,604			3,605			3,604
Diluted		3,605			3,604			3,605			3,604

EBITDA Reconciliation:
Loss before benefit for income taxes	$	(1,595	)	$	(5,648	)	$	(3,839	)	$	(4,560	)
Depreciation and amortization		696			909			3,138			4,090
Interest expense, net		76			129			369			577
EBITDA (a)	$	(823	)	$	(4,610	)	$	(332	)	$	107
EBITDA, adjusted:
EBITDA (as defined) (a)	$	(823	)	$	(4,610	)	$	(332	)	$	107
Non-cash stock option activity		(26	)		(341	)		34			(919	)
(Gain) loss on closure of El Rio Grande		—			876			(173	)		876
Gain on termination of Tampa Food Court lease, net of non-controlling interests		—			—			(3,365	)		—
Impairment losses on right-of-use and long-lived assets		—			—			4,700			2,500
Goodwill impairment		—			4,000			3,440			4,000
Gain on sale of condominiums		(203	)		—			(594	)		—
Gain on forgiveness of PPP Loans		—			—			—			(285	)
Net (income) loss attributable to non-controlling interests		(19	)		578			(2,303	)		(151	)
EBITDA, as adjusted	$	(1,071	)	$	503		$	1,407		$	6,128

(a)

EBITDA is defined as earnings before interest, taxes, depreciation and amortization. A reconciliation of EBITDA to the most comparable GAAP financial measure, pre-tax income, is included above.