"Despite repeated statements from the company to reporters that Sweetgreen had become profitable, initial public offering disclosures filed by the company this week point to ongoing annual losses dating back to 2014."
"Most recently, in the 12 months ending Dec. 27, 2020, the company reported a net loss of more than $141 million, after a net loss of $68 million in 2019."
Sweetgreen cofounder and CEO Jonathan Neman claimed the company was profitable in 2018, but IPO disclosures reveal ongoing losses since 2014. The salad chain experienced rapid growth, increasing net revenue from $42 million to $274 million by 2019 and opening over 140 stores. Despite attracting significant investment, Sweetgreen's financial statements indicate a net loss of over $141 million for the year ending December 2020, contradicting previous claims of profitability made by Neman to various publications.
Read at Fortune
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