The Steam Team Launches Emergency Response Program with One-Click App for Commercial Accounts
With a single tap, commercial clients can instantly notify The Steam Team of a fire, flood, mold issue, or other facility emergency — triggering a rapid deployment of certified technicians, project managers, and restoration crews, 24/7, 365 days a year.
'Time is everything in an emergency,' said David Marquardt, co-founder of The Steam Team. 'We've spent decades responding to disasters across Central Texas. This new app allows us to mobilize in minutes instead of hours, helping our commercial partners minimize downtime, damage, and disruption.'
Built for Business Continuity
The Emergency Response Program was created with property managers, building engineers, healthcare facilities, hotels, schools, and multi-site commercial clients in mind. The goal is simple: simplify the emergency process and provide immediate access to trusted professionals when it matters most.
Through the app, clients can:
This real-time connection ensures The Steam Team can dispatch the right crews — equipped with the right gear — to the right location faster than ever before.
Always On. Always Ready.
Emergencies don't wait for business hours, which is why The Steam Team's ERP App is backed by a 24/7 command center. Whether it's a burst pipe at midnight or smoke damage over a holiday weekend, certified restoration experts are always on call and ready to respond.
'It's peace of mind in your pocket,' said Kristen Wells, Director of Commercial Accounts. 'Our clients told us they wanted one number to call — or better yet, one button to push — when disaster strikes. We listened and built a solution that's proactive, easy to use, and instantly effective.'
App Features at a Glance
One-Click Emergency Notification – Instantly notify The Steam Team's emergency line with a single tap.
Photo & Video Uploads – Send real-time visuals to speed up assessment and mobilization.
GPS Location Sharing – Automatically share exact location to avoid delays or confusion.
Contact Directory – Keep your entire building response team connected in one place.
Service History & Documentation – Track every job, response time, and technician visit in one secure portal.
Custom Alerts & Notifications – Get real-time updates on job status, arrival times, and resolution reports.
A Trusted Partner for Commercial Property Owners
With decades of experience serving Texas businesses, The Steam Team has earned its reputation as the go-to emergency restoration service for companies that can't afford delays. Their team of certified technicians is trained in water extraction, fire and smoke restoration, mold remediation, air duct cleaning, biohazard cleanup, and more.
By enrolling in the ERP, commercial clients also receive:
'We're not just responders — we're partners,' said Marquardt. 'Our Emergency Response Program is about building relationships before the emergency happens, so we can act quickly, smartly, and in a way that protects your business and bottom line.'
Tailored to Your Industry
The ERP and app are fully customizable to serve clients across a wide range of industries:
Property Management – Ensure tenant safety and reduce vacancy downtime.
Healthcare – Maintain compliance and safety during emergency mitigation.
Hospitality – Keep your doors open and guest experience intact.
Retail – Minimize lost inventory and operational disruption.
Education – Provide safe, clean environments for students and staff.
Manufacturing/Warehousing – Protect assets, products, and supply chains.
Each account includes a pre-loss assessment and site walk-through, ensuring The Steam Team understands your property before an emergency ever occurs.
Designed & Developed in Texas
The ERP App was developed in partnership with a Texas-based software team, ensuring seamless performance on both iOS and Android platforms. It's free to download and available exclusively to commercial clients who enroll in the Emergency Response Program.
Clients who sign up by July 31, 2025, will receive a free facility risk assessment, along with a custom digital response plan uploaded directly into the app.
'We believe in technology that serves people,' said Wells. 'This app is not about replacing personal service — it's about enhancing it with tools that help us do what we do best: respond fast and solve problems. '
About The Steam Team
Founded in 1983 in Austin, Texas, The Steam Team has grown into one of the most trusted names in disaster recovery and cleaning services across Central Texas. From commercial restoration to fine rug cleaning, the company combines old-school reliability with new-school technology to deliver results that matter. Locally owned and operated, The Steam Team is built on integrity, service, and commitment to community.
Media Contact
Company Name: The Steam Team Inc.
Contact Person: David Marquardt
Email: Send Email
Phone: 5124518326
Address: 9901 Burnet Rd.
City: Austin
State: TX
Country: United States
Website: www.thesteamteam.com
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Globe and Mail
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Zeo Energy Corp. Reports Second Quarter 2025 Financial Results
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The words 'anticipate,' 'intend,' 'plan,' 'goal,' 'seek,' 'believe,' 'project,' 'estimate,' 'expect,' 'strategy,' 'future,' 'likely,' 'may,' 'should,' 'will,' and similar references to future periods may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements may include, for example, statements about the future financial performance of the Company; the ability to effectively consolidate the assets of Lumio and produce the expected results; changes in the Company's strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, the ability to raise additional funds, and plans and objectives of management. These forward-looking statements are based on information available as of the date of this news release, and current expectations, forecasts, and assumptions, and involve a number of judgments, risks, and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing the Company's views as of any subsequent date, and the Company does not undertake any obligation to update such forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities laws. You should not place undue reliance on these forward-looking statements. As a result of a number of known and unknown risks and uncertainties, the Company's actual results or performance may be materially different from those expressed or implied by these forward-looking statements. Some factors that could cause actual results to differ include: (i) the outcome of any legal proceedings that may be instituted against the Company or others; (ii) the Company's success in retaining or recruiting, or changes required in, its officers, key employees, or directors; (iii) the Company's ability to maintain the listing of its common stock and warrants on Nasdaq; (iv) limited liquidity and trading of the Company's securities; (v) geopolitical risk and changes in applicable laws or regulations, including tariffs or trade restrictions; (vi) the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; (vii) operational risk; (viii) litigation and regulatory enforcement risks, including the diversion of management time and attention and the additional costs and demands on the Company's resources; (ix) the Company's ability to effectively consolidate the assets of Lumio and produce the expected results; and (x) other risks and uncertainties, including those included under the heading 'Risk Factors' in the Company's Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the 'SEC') for the year ended December 31, 2024 and in its subsequent periodic reports and other filings with the SEC. In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by the Company, its respective directors, officers or employees or any other person that the Company will achieve its objectives and plans in any specified time frame, or at all. The forward-looking statements in this news release represent the views of the Company as of the date of this news release. Subsequent events and developments may cause that view to change. However, while the Company may elect to update these forward-looking statements at some point in the future, there is no current intention to do so, except to the extent required by applicable law. You should, therefore, not rely on these forward-looking statements as representing the views of the Company as of any date subsequent to the date of this news release. Zeo Energy Corp. Contacts For Investors: Tom Colton and Greg Bradbury Gateway Group ZEO@ For Media: Zach Kadletz Gateway Group ZEO@ -Financial Tables to Follow- ZEO ENERGY CORP. CONDENSED CONSOLIDATED BALANCE SHEET (Unaudited) June 30, December 31, 2025 2024 ASSETS (Unaudited) Current Assets Cash and cash equivalents $ 68,691 $ 5,634,115 Accounts receivable, net 5,413,133 9,994,881 Accounts receivable – related parties 58,150 191,662 Inventories 917,735 872,470 Contract assets 73,379 64,202 Contract assets – related parties 2,705,295 - Prepaid expenses and other current assets 1,579,713 2,131,345 Total Current Assets 10,816,096 18,888,675 Other assets 1,081,132 314,426 Other assets – related parties 75,786 - Property and equipment, net 2,849,966 2,475,963 Operating lease right-of-use assets 1,018,136 1,268,139 Finance lease right-of-use assets 378,775 447,012 Related party note receivable 3,000,000 3,000,000 Intangibles, net - 7,571,156 Goodwill 27,010,745 27,010,745 TOTAL ASSETS $ 46,230,636 $ 60,976,116 LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS AND STOCKHOLDERS' DEFICIT Current Liabilities Accounts payable $ 5,050,372 $ 2,780,885 Accrued expenses and other current liabilities 4,116,182 5,181,087 Accrued expenses and other current liabilities – related parties 1,358,427 3,359,101 Contract liabilities 204,543 201,607 Contract liabilities – related parties - 2,000 Current portion of operating lease obligations 567,625 583,429 Current portion of finance lease obligations 136,942 130,464 Current portion of long-term debt 305,362 291,036 Convertible promissory note, net 2,470,000 2,440,000 Total Current Liabilities 14,209,453 14,969,609 Operating lease obligations, net of current portion 568,870 799,385 Finance lease obligations, net of current portion 278,678 348,807 Long-term debt, net of current portion 337,483 496,623 Warrant liabilities 881,820 1,449,000 TOTAL LIABILITIES 16,276,304 18,063,424 Redeemable Non-Controlling Interests Convertible preferred units, 1,500,000 units issued and outstanding as of June 30, 2025 and December 31, 2024 16,959,074 16,130,871 Class B Units 72,442,000 115,693,900 Stockholders' Deficit Class V common stock, $0.0001 par value, 100,000,000 authorized shares; 26,480,000 and 35,230,000 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively 2,648 3,523 Class A common stock, $0.0001 par value, 300,000,000 authorized shares; 22,096,464 and 13,252,964 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively 2,210 1,326 Additional paid-in capital 36,766,921 14,523,963 Accumulated deficit (96,218,521) (103,440,891) TOTAL STOCKHOLDERS' DEFICIT (59,446,742) (88,912,079) TOTAL LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS AND STOCKHOLDERS' DEFICIT $ 46,230,636 $ 60,976,116 Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Revenues Revenue, net $ 9,976,447 $ 7,798,646 $ 16,192,838 $ 19,128,033 Related party revenue, net 8,125,483 6,997,626 10,692,787 15,810,395 Total Revenues 18,101,930 14,796,272 26,885,625 34,938,428 Operating Expenses Cost of revenues 7,284,487 7,059,839 12,074,166 21,017,805 Depreciation and amortization 3,175,452 453,669 8,076,181 913,198 Sales and marketing 5,629,040 4,422,063 7,766,132 10,975,850 General and administrative 4,866,457 5,523,571 15,334,050 8,742,993 Total Operating Expenses 20,955,436 17,459,142 43,250,529 41,649,846 LOSS FROM OPERATIONS (2,853,506) (2,662,870) (16,364,904) (6,711,418) Other Income (Expense) Other income 53,328 50,821 135,691 50,821 Interest expense 29,989 (49,808) (288) (85,030) Gain (loss) on change in fair value of warrant liabilities (96,269) 828,000 567,180 690,000 Total Other Income (Expense) (12,952) 829,013 702,583 655,791 NET LOSS FROM OPERATIONS BEFORE INCOME TAXES (2,866,458) (1,833,857) (15,662,321) (6,055,627) Income tax provision 186,994 76,538 (336,506) 191,206 NET LOSS $ (2,679,464) $ (1,757,319) $ (15,998,827) $ (5,864,421) Less: net loss attributable to Sunergy Renewables LLC prior to the business combination - - - (523,681) NET LOSS SUBSEQUENT TO THE BUSINESS COMBINATION (2,679,464) (1,757,319) (15,998,827) (5,340,740) Less: Net loss attributable to redeemable non-controlling interests (263,638) (1,479,529) (7,221,726) (3,531,459) NET LOSS ATTRIBUTABLE TO CLASS A COMMON STOCKHOLDERS $ (2,415,836) $ (277,790) $ (8,777,101) $ (1,809,281) LOSS PER CLASS A COMMON SHARE – BASIC AND DILUTED $ (0.11) $ (0.06) $ (0.44) $ (0.60) WEIGHTED-AVERAGE CLASS A COMMON SHARES OUTSTANDING – BASIC AND DILUTED 22,096,464 5,026,964 19,983,013 3,010,654 Six Months Ended June 30, 2025 2024 CASH FLOWS FROM OPERATING ACTIVITIES Net loss $ (15,998,827) $ (5,864,421) Adjustment to reconcile net loss to cash used in operating activities Depreciation and amortization 8,076,181 913,198 Gain on change in fair value of warrant liabilities (567,180) (690,000) Stock-based compensation 3,271,831 5,598,689 Class A common stock issued to employees for services 63,509 - Provision for credit losses 3,270,881 250,000 Non-cash operating lease expense 318,763 307,221 Changes in operating assets and liabilities: Accounts receivable 1,310,867 (4,452,021) Accounts receivable – related parties 133,512 (422,724) Inventories (45,265) (86,506) Contract assets (9,177) 3,767,859 Contract assets – related parties (2,705,295) - Prepaids and other current assets 495,250 (922,679) Other assets (1,005,197) (201,381) Other assets – related parties (75,786) - Accounts payable 2,269,487 (2,459,688) Accrued expenses and other current liabilities (1,038,671) (1,347,027) Accrued expenses and other current liabilities – related parties (2,000,674) (1,631,439) Contract liabilities 2,936 (3,637,081) Contract liabilities – related parties (2,000) (1,150,948) Operating lease payments (315,079) (322,802) Net cash used in operating activities (4,549,934) (12,351,750) CASH FLOWS FROM INVESTING ACTIVITIES Purchases of property and equipment (807,025) (330,829) Net cash used in investing activities (807,025) (330,829) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from the issuance of convertible preferred stock, net of transaction costs - 10,277,275 Repayments of debt (144,814) (127,107) Repayments of finance lease liabilities (63,651) (57,775) Distributions to members - (90,000) Net cash (used in) provided by financing activities (208,465) 10,002,393 NET CHANGE IN CASH AND CASH EQUIVALENTS (5,565,424) (2,680,186) Cash and cash equivalents, beginning of period 5,364,115 8,022,306 Cash and cash equivalents, end of the period $ 68,691 $ 5,342,120 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION Cash paid for interest $ 49,672 $ 60,238 Cash paid for income taxes $ - $ - NON-CASH INVESTING AND FINANCING ACTIVITIES Net loss attributable to redeemable non-controlling interest $ 8,049,929 $ 12,139,938 OpCo class A preferred dividends $ 828,203 $ 8,608,479 Subsequent measurement of redeemable non-controlling interest $ 15,999,471 $ (58,542,890) Class A common stock issued upon vesting of restricted stock awards $ 5 $ - Class A common stock issued in exchange for class V common stock $ 875 $ - Fair value of class A common stock issued in exchange for OpCo class B units $ 19,202,500 $ - Reverse recapitalization related deferred taxes and adjustments $ 238,491 $ - Operating lease right-of-use asset and liability measurement $ 68,760 $ - Deferred equity issuance costs $ - $ 3,269,039 Issuance of class A common stock to vendors $ - $ 891,035 Issuance of class A common stock to backstop investors $ - $ 1,569,463
Globe and Mail
41 minutes ago
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European Wax Center, Inc. Reports Second Quarter Fiscal Year 2025 Results
Second Quarter Fiscal 2025 versus 2024 1,059 total centers in 44 states was flat System-wide sales of $257.6 million decreased 1.0% Total revenue of $55.9 million decreased 6.6% Same-store sales increased 0.3% GAAP net income of $5.4 million decreased 9.0% Adjusted Net Income of $11.8 million increased 5.6% Adjusted EBITDA of $21.6 million increased 4.7% PLANO, Texas, Aug. 13, 2025 (GLOBE NEWSWIRE) -- Today, European Wax Center, Inc. (NASDAQ: EWCZ), the leading franchisor and operator of out-of-home waxing services in the United States, reports financial results for the 13 and 26 weeks ended July 5, 2025. Chris Morris, Chairman and CEO of European Wax Center, Inc., stated: 'In the second quarter, we began to see encouraging early signs that our strategies are taking hold, reinforcing the stability of our core business and the resilience of the European Wax Center brand. This is a transitional year in which we are strengthening the foundation of the business through data-driven decision making, disciplined execution, and a clear focus on our three strategic priorities: driving traffic and sales growth, improving four-wall profitability for franchisees, and pursuing thoughtful, profitable expansion.' Mr. Morris continued, 'We have assembled a leadership team with the operational and development expertise to accelerate these efforts, deepen our franchisee partnerships, and work to consistently deliver exceptional guest experiences. While we recognize we are still early in this journey, recent trends in same-store sales, guest frequency, and marketing efficiency underscores our belief in the fundamentals of our model and long-term growth potential. The progress we've made in recent months, combined with the engagement and alignment across our system, gives us confidence that we are on the right path toward sustainable growth and a stronger brand in the years to come.' Franchisees opened 2 and closed 5 centers. We ended the quarter with 1,059 centers, flat year over year. System-wide sales of $257.6 million decreased 1.0% from $260.2 million in the prior year period, primarily driven by a decrease in same day services and retail sales, partially offset by an increase in cash collected from wax pass sales. Total revenue of $55.9 million decreased 6.6% from $59.9 million in the prior year period. Same-store sales increased 0.3%. Selling, general and administrative expenses ('SG&A') of $14.5 million increased 13.2% from $12.9 million in the prior year period. SG&A as a percent of total revenue increased 430 basis points to 25.9% from 21.6% primarily driven by the decrease in revenue, an increase in payroll and benefits expense and a non-recurring gain from legal judgment proceeds received in the prior year period. Interest expense, net of $6.6 million increased from $6.4 million in the prior year period. Income tax expense increased to $2.1 million from $1.7 million in the prior year period. The effective tax rate increased to 27.6% from 22.5% in the prior year period, primarily due to the impact of nondeductible officer compensation in the current year. Net income of $5.4 million decreased 9.0% from $5.9 million, and Adjusted Net Income of $11.8 million increased 5.6% from $11.1 million in the prior year period. Net income margin decreased 30 basis points to 9.6% from 9.9%. Adjusted EBITDA of $21.6 million increased 4.7% from $20.6 million in the prior year period. Adjusted EBITDA Margin increased 420 basis points to 38.7% from 34.5%. Year-to-Date Results through the Second Quarter of Fiscal 2025 versus Fiscal 2024 Franchisees opened 7 and closed 15 centers in the first half of fiscal 2025. System-wide sales of $483.5 million increased 0.4% from $481.5 million in the prior year-to-date period, primarily driven by an increase in cash collected from wax pass sales, partially offset by a decrease in same day services. Total revenue of $107.3 million decreased 3.9% from $4.4 million in the prior year-to-date period. Same-store sales increased 0.5%. Selling, general and administrative expenses ('SG&A') of $29.8 million increased 13.2% from $26.4 million in the prior year-to-date period. SG&A as a percent of total revenue increased 420 basis points to 27.8% from 23.6% primarily driven by the decrease in revenue, an increase in payroll and benefits expense, executive severance and a non-recurring gain from legal judgment proceeds received in the prior year period. Interest expense, net of $13.2 million increased from $12.7 million in the prior year-to-date period. Income tax expense increased to $3.4 million from $2.9 million in the prior year-to-date period. The effective tax rate increased to 30.2% from 23.4% in the prior year-to-date period, primarily due to the impact of nondeductible officer compensation in the current year. Net income of $8.0 million decreased 16.9% from $9.6 million, and Adjusted Net Income of $21.3 million increased 7.9% from $19.7 million in the prior year-to-date period. Net income margin decreased 120 basis points to 7.4% from 8.6%. Adjusted EBITDA of $40.4 million increased 5.9% from $38.1 million in the prior year-to-date period. Adjusted EBITDA Margin increased 350 basis points to 37.6% from 34.1%. The Company repurchased approximately 0.2 million shares of its Class A Common Stock during the period for $1.1 million, bringing cumulative repurchases under the Company's current $50 million authorization to $41.2 million. Balance Sheet and Cash Flow The Company ended the second quarter with $63.9 million in cash and cash equivalents, $6.4 million in restricted cash, $388.0 million in borrowings outstanding under its senior secured notes and no outstanding borrowings under its revolving credit facility. Net cash provided by operating activities totaled $15.2 million during the quarter. Fiscal 2025 Financial Outlook The Company updates its previous fiscal 2025 financial outlook for the following metrics: Fiscal 2025 Outlook (Current) Fiscal 2025 Outlook (Previous) System-Wide Sales $940 million to $950 million $940 million to $960 million Total Revenue $205 million to $209 million $210 million to $214 million Same-Store Sales 0.0% to 1.0% 0.0% to 2.0% The Company reiterates its previous fiscal 2025 financial outlook for the following metrics: _______________________ (1) Adjusted Net Income outlook assumes an effective tax rate of approximately 23% for fiscal 2025 computed by applying our estimated blended statutory tax rate and incorporating the effect of nondeductible and other rate impacting adjustments. See Disclosure Regarding Non-GAAP Financial Measures for additional information regarding the change in definition for Adjusted Net Income. Fiscal 2025 Net New Center Outlook The Company continues to estimate that franchisees will open 10 to 12 new centers and close 40 to 60 centers, translating to 28 to 50 net center closings in fiscal 2025. The Company expects 15 to 16 net center closings during the third quarter. As of August 12, 2025, 0 centers have opened and 3 have closed in the third quarter. See 'Disclosure Regarding Non-GAAP Financial Measures' and the reconciliation tables that accompany this release for a discussion and reconciliation of certain non-GAAP financial measures included in this release. Webcast and Conference Call Information European Wax Center, Inc. will host a conference call to discuss second quarter fiscal 2025 results today, August 13, 2025, at 8:00 a.m. ET/7:00 a.m. CT. To access the conference call dial-in information, analysts should click here to register online at least 15 minutes before the start of the call. All other participants are asked to access the earnings webcast via A replay of the webcast will be available two hours after the call and archived on the same web page for one year. About European Wax Center, Inc. European Wax Center, Inc. (NASDAQ: EWCZ) is the leading franchisor and operator of out-of-home waxing services in the United States. European Wax Center locations perform more than 23 million services per year, providing guests with an unparalleled, professional personal care experience administered by highly trained wax specialists within the privacy of clean, individual waxing suites. The Company continues to revolutionize the waxing industry with its innovative Comfort Wax® formulated with the highest quality ingredients to make waxing a more efficient and relatively painless experience, along with its collection of proprietary products to help enhance and extend waxing results. By leading with its values – We Care About Each Other, We Do the Right Thing, We Delight Our Guests, and We Have Fun While Being Awesome – the Company is proud to be Certified™ by Great Place to Work®. European Wax Center, Inc. was founded in 2004 and is headquartered in Plano, Texas. Its network, which includes more than 1,000 centers in 44 states, generated sales of $951 million in fiscal 2024. For more information, including how to receive your first wax free, please visit: Forward-Looking Statements This press release includes 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release include but are not limited to European Wax Center, Inc.'s strategy, outlook and growth prospects, its operational and financial outlook for fiscal 2025, expected center openings and closures, its capital allocation strategy, including the share repurchase program and its long-term targets and algorithm, including but not limited to statements under the headings 'Fiscal 2025 Financial Outlook' and 'Fiscal 2025 Net New Center Outlook' and statements by European Wax Center's chief executive officer. Words including 'anticipate,' 'believe,' 'continue,' 'could,' 'estimate,' 'expect,' 'likely,' 'intend,' 'may,' 'might,' 'plan,' 'potential,' 'predict,' 'project,' 'seek,' 'should,' 'will,' or 'would,' or, in each case, the negative thereof or other variations thereon or comparable terminology are intended to identify forward-looking statements. In addition, any statements or information that refer to expectations, beliefs, plans, projections, objectives, performance or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking. These forward-looking statements are based on current expectations and beliefs. These statements are neither promises nor guarantees, and involve known and unknown risks, uncertainties and other important factors that may cause the Company's actual results, performance or achievements to be materially different than the results, performance or achievements expressed or implied by the forward-looking statements. Some of the key factors that could cause actual results to differ from the Company's expectations include, but are not limited to, the following risks related to its business: the operational and financial results of franchisees; the ability of its franchisees to enter new markets, select appropriate sites for new centers or open new centers; the effectiveness of the Company's marketing and advertising programs and the active participation of franchisees in enhancing the value of its brand; the failure of its franchisees to participate in and comply with its agreements, business model and policies; the Company's and its franchisees' ability to attract and retain guests; the effect of social media on the Company's reputation; the Company's ability to compete with other industry participants and respond to market trends and changes in consumer preferences; the effect of the Company's planned growth on its management, employees, information systems and internal controls; the Company's ability to retain and effectively respond to a loss of key executives; recruitment efforts; a significant failure, interruptions or security breach of the Company's computer systems or information technology; the Company and its franchisees' ability to attract, train, and retain talented wax specialists and managers; changes in the availability or cost of labor; the Company's ability to retain its franchisees and to maintain the quality of existing franchisees; failure of the Company's franchisees to implement business development plans; the ability of the Company's limited key suppliers, including international suppliers, and distribution centers to deliver their products; changes in supply costs and decreases in the Company's product sourcing revenue, including due to the imposition of tariffs; the Company's ability to adequately protect its intellectual property; the Company's substantial indebtedness; the impact of paying some of the Company's pre-IPO owners for certain tax benefits the Company may claim; changes in general economic and business conditions, including changes due to tariff policy and geopolitical tensions; the Company's and its franchisees' ability to comply with existing and future health, employment and other governmental regulations; complaints or litigation that may adversely affect the Company's business and reputation; the seasonality of the Company's business resulting in fluctuations in its results of operations; the impact of global crises on the Company's operations and financial performance; the impact of inflation and rising interest rates on the Company's business; the Company's access to sources of liquidity and capital to finance its continued operations and growth strategy and the other important factors discussed under the caption 'Risk Factors' under Item 1A in the Company's Annual Report on Form 10-K for the year ended January 4, 2025 filed with the Securities and Exchange Commission (the 'SEC'), as such factors may be updated from time to time in its other filings with the SEC, accessible on the SEC's website at and Investors Relations section of the Company's website at These and other important factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any forward-looking statement that the Company makes in this press release speaks only as of the date of such statement. Except as required by law, the Company does not have any obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements, whether as a result of new information, future events or otherwise. Disclosure Regarding Non-GAAP Financial Measures In addition to the financial measures presented in this release in accordance with U.S. Generally Accepted Accounting Principles ('GAAP'), the Company has included certain non-GAAP financial measures in this release, including Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income and Net Leverage Ratio. Management believes these non-GAAP financial measures are useful because they enable management, investors, and others to assess the operating performance of the Company. We define EBITDA as net income (loss) before interest, taxes, depreciation and amortization. We believe that EBITDA, which eliminates the impact of certain expenses that we do not believe reflect our underlying business performance, provides useful information to investors to assess the performance of our business. We define Adjusted EBITDA as net income (loss) before interest, taxes, depreciation and amortization, adjusted for the impact of certain additional non-cash and other items that we do not consider in our evaluation of ongoing performance of our core operations. These items include non-cash equity-based compensation expense, non-cash gains and losses on remeasurement of our tax receivable agreement liability, contractual cash interest on our tax receivable agreement liability, transaction costs, business transformation costs and other one-time expenses and/or gains. Business transformation costs primarily include expenses related to our business transformation and optimization efforts that do not qualify as capital expenditures under applicable accounting principles. We define Adjusted EBITDA Margin as Adjusted EBITDA divided by total revenue. We define Adjusted Net Income (Loss) as net income (loss) adjusted for the impact of certain additional non-cash and other items that we do not consider in our evaluation of ongoing performance of our core operations. These items include non-cash equity-based compensation expense, amortization of intangible assets, debt extinguishment costs, non-cash gains and losses on remeasurement of our tax receivable agreement liability, contractual cash interest on our tax receivable agreement liability, transaction costs, business transformation costs and other one-time expenses and/or gains. Prior to the first quarter of 2025, the Company did not include amortization of intangible assets in the calculation. However, the Company revised the definition in the first quarter of 2025 as a result of a change in the way management reviews Adjusted Net Income (Loss) in order to remove the impact of the non-cash amortization of intangible assets which management does not view as part of our core operations. Management believes excluding this enables investors to evaluate more clearly and consistently the Company's core operating performance in the same manner that management evaluates its core operating performance. The comparative period was also adjusted based on the revised definition. We define Net Leverage Ratio as the total principal balance of our outstanding debt ('total debt') less cash and cash equivalents, then divided by Adjusted EBITDA for the trailing twelve months. Please refer to the reconciliations of non-GAAP financial measures to their GAAP equivalents located at the end of this release. This release includes forward-looking guidance for certain non-GAAP financial measures, including Adjusted EBITDA and Adjusted Net Income. These measures will differ from net income (loss), determined in accordance with GAAP, in ways similar to those described in the reconciliations at the end of this release. We are not able to provide, without unreasonable effort, guidance for net income (loss), determined in accordance with GAAP, or a reconciliation of guidance for Adjusted EBITDA and Adjusted Net Income (Loss) to the most directly comparable GAAP measure because the Company is not able to predict with reasonable certainty the amount or nature of all items that will be included in net income (loss). Glossary of Terms for Our Key Business Metrics System-Wide Sales. System-wide sales represent sales from same day services, retail sales and cash collected from wax passes for all centers in our network, including both franchisee-owned and corporate-owned centers. While we do not record franchised center sales as revenue, our royalty revenue is calculated based on a percentage of franchised center sales, which are 6.0% of sales, net of retail product sales, as defined in the franchise agreement. This measure allows us to better assess changes in our royalty revenue, our overall center performance, the health of our brand and the strength of our market position relative to competitors. Our system-wide sales growth is driven by net new center openings as well as increases in same-store sales. Same-Store Sales. Same-store sales reflect the change in sales over a comparable 52-week period year over year from services performed and retail sales for the same-store base. We define the same-store base to include those centers open for at least 52 full weeks. If a center is closed for greater than six consecutive days, the center is deemed a closed center and is excluded from the calculation of same-store sales until it has been reopened for a continuous 52 full weeks. This measure highlights the performance of existing centers, while excluding the impact of new center openings and closures. We review same-store sales for corporate-owned centers as well as franchisee-owned centers. Same-store sales growth is driven by increases in the number of transactions and average transaction size. July 5, 2025 January 4, 2025 ASSETS Current assets: Cash and cash equivalents $ 63,891 $ 49,725 Restricted cash 6,439 6,469 Accounts receivable, net 8,662 7,283 Inventory, net 19,068 19,070 Prepaid expenses and other current assets 5,351 5,292 Total current assets 103,411 87,839 Property and equipment, net 8,293 2,313 Operating lease right-of-use assets 3,193 3,313 Intangible assets, net 422,493 432,160 Goodwill 39,112 39,112 Deferred income taxes 138,096 140,315 Other non-current assets 1,778 2,015 Total assets $ 716,376 $ 707,067 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable and accrued liabilities $ 18,455 $ 17,354 Long-term debt, current portion 4,000 4,000 Tax receivable agreement liability, current portion 2,809 9,353 Deferred revenue, current portion 4,128 4,149 Operating lease liabilities, current portion 1,160 1,255 Total current liabilities 30,552 36,111 Long-term debt, net 374,019 373,246 Tax receivable agreement liability, net of current portion 195,525 194,917 Deferred revenue, net of current portion 5,281 5,836 Operating lease liabilities, net of current portion 2,216 2,318 Deferred tax liability 738 738 Other long-term liabilities 2,183 2,309 Total liabilities 610,514 615,475 Commitments and contingencies Stockholders' equity: Preferred stock ($0.00001 par value, 100,000,000 shares authorized, none issued and outstanding as of July 5, 2025 and January 4, 2025, respectively) — — Class A common stock ($0.00001 par value, 600,000,000 shares authorized, 51,991,241 and 51,713,132 shares issued and 43,360,719 and 43,323,183 shares outstanding as of July 5, 2025 and January 4, 2025, respectively) — — Class B common stock ($0.00001 par value, 60,000,000 shares authorized, 11,860,546 and 12,005,172 shares issued and outstanding as of July 5, 2025 and January 4, 2025, respectively) — — Treasury stock, at cost 8,630,522 and 8,389,949 shares of Class A common stock as of July 5, 2025 and January 4, 2025, respectively (81,595) (80,148) Additional paid-in capital 253,045 244,611 Accumulated deficit (94,929) (100,416) Total stockholders' equity attributable to European Wax Center, Inc. 76,521 64,047 Noncontrolling interests 29,341 27,545 EUROPEAN WAX CENTER, INC. AND SUBSIDIARIES (Amounts in thousands) For the Thirteen Weeks Ended For the Twenty-Six Weeks Ended July 5, 2025 July 6, 2024 July 5, 2025 July 6, 2024 REVENUE Product sales $ 30,515 $ 33,923 $ 59,386 $ 63,421 Royalty fees 14,278 14,465 26,706 26,901 Marketing fees 8,108 8,142 15,311 15,238 Other revenue 3,010 3,341 5,935 6,185 Total revenue 55,911 59,871 107,338 111,745 OPERATING EXPENSES Cost of revenue 14,175 16,024 27,451 29,548 Selling, general and administrative 14,507 12,911 29,847 26,377 Advertising 8,157 11,576 15,405 20,264 Depreciation and amortization 5,003 5,079 9,984 10,174 Gain on sale of center — — — (81) Total operating expenses 41,842 45,590 82,687 86,282 Income from operations 14,069 14,281 24,651 25,463 Interest expense, net 6,594 6,367 13,227 12,703 Other expense 22 269 20 249 Income before income taxes 7,453 7,645 11,404 12,511 Income tax expense 2,060 1,721 3,441 2,933 NET INCOME $ 5,393 $ 5,924 $ 7,963 $ 9,578 Less: net income attributable to noncontrolling interests 1,641 1,675 2,476 2,564 NET INCOME ATTRIBUTABLE TO EUROPEAN WAX CENTER, INC. $ 3,752 $ 4,249 $ 5,487 $ 7,014 Net income per share Basic - Class A Common Stock $ 0.09 $ 0.09 $ 0.13 $ 0.15 Diluted - Class A Common Stock $ 0.09 $ 0.09 $ 0.13 $ 0.15 Weighted average shares outstanding Basic - Class A Common Stock 43,344,441 48,176,149 43,322,260 48,365,642 Diluted - Class A Common Stock 43,344,651 48,216,643 43,382,522 48,425,028 EUROPEAN WAX CENTER, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Amounts in thousands) For the Twenty-Six Weeks Ended July 5, 2025 July 6, 2024 Cash flows from operating activities: Net income $ 7,963 $ 9,578 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 9,984 10,174 Amortization of deferred financing costs 2,947 2,773 Provision for inventory obsolescence — (70) Provision for bad debts 75 113 Deferred income taxes 3,200 2,751 Remeasurement of tax receivable agreement liability 20 249 Gain on sale of center — (81) Loss on disposal of property and equipment — 3 Equity compensation 4,943 3,323 Changes in assets and liabilities: Accounts receivable (1,455) (964) Inventory, net 2 (1,246) Prepaid expenses and other assets 570 948 Accounts payable and accrued liabilities 887 (835) Deferred revenue (576) (1,044) Other long-term liabilities (656) (541) Net cash provided by operating activities 27,904 25,131 Cash flows from investing activities: Purchases of property and equipment (1,363) (215) Cash received for sale of center — 135 Net cash used in investing activities (1,363) (80) Cash flows from financing activities: Principal payments on long-term debt (2,000) (2,000) Distributions to EWC Ventures LLC members (2,243) (2,515) Repurchase of Class A common stock (1,447) (10,001) Taxes on vested restricted stock units paid by withholding shares (161) (393) Dividend equivalents to holders of EWC Ventures units (10) (725) Payments pursuant to tax receivable agreement (6,544) (6,496) Net cash used in financing activities (12,405) (22,130) Net increase in cash, cash equivalents and restricted cash 14,136 2,921 Cash, cash equivalents and restricted cash, beginning of period 56,194 59,228 Cash, cash equivalents and restricted cash, end of period $ 70,330 $ 62,149 Supplemental cash flow information: Cash paid for interest $ 10,863 $ 10,976 Cash paid for income taxes $ 440 $ 444 Non-cash investing activities: Property purchases included in accounts payable and accrued liabilities $ 112 $ 21 Property purchases included in additional paid-in capital $ 4,822 $ — Right-of-use assets obtained in exchange for operating lease obligations $ 446 $ 592 Reconciliation of Net Income to Adjusted Net Income: For the Thirteen Weeks Ended For the Twenty-Six Weeks Ended July 5, 2025 July 6, 2024 July 5, 2025 July 6, 2024 (in thousands) Net income $ 5,393 $ 5,924 $ 7,963 $ 9,578 Share-based compensation (1) 2,379 1,941 4,943 3,323 Remeasurement of tax receivable agreement liability (2) 22 269 20 249 Gain on sale of center (3) — — — (81) Gain from legal judgment proceeds (4) — (659) — (739) Executive severance (5) — — 465 — Reorganization costs (6) 55 — 215 — Business transformation costs (7) 107 — 149 — Tax effect of adjustments to net income (8) (75) (209) (234) (327) Adjusted Net Income, as previously defined $ 7,881 $ 7,266 $ 13,521 $ 12,003 Amortization of intangible assets (9) 4,834 4,834 9,667 9,667 Tax effect of adjustments to net income (8) (942) (954) (1,904) (1,938) Adjusted Net Income $ 11,773 $ 11,146 $ 21,284 $ 19,732 (1) Represents non-cash equity-based compensation expense. (2) Represents non-cash adjustments related to the remeasurement of our tax receivable agreement liability. (3) Represents gain on the sale of a corporate-owned center. (4) Represents the collection of cash proceeds from a legal judgment. (5) Represents cash severance paid or payable to our former chief financial officer. (6) Represents costs associated with the Company's return-to-office mandate. (7) Represents costs related to our business transformation and optimization efforts that do not qualify as capital expenditures under applicable accounting principles. (8) Represents the estimated income tax impact of non-GAAP adjustments computed by applying our estimated blended statutory tax rate to our share of the identified items and incorporating the effect of nondeductible and other rate impacting adjustments. (9) Represents the amortization of franchisee relationships and reacquired rights. Reconciliation of Net Income to EBITDA and Adjusted EBITDA: For the Thirteen Weeks Ended For the Twenty-Six Weeks Ended Trailing Twelve Months Ended July 5, 2025 July 6, 2024 July 5, 2025 July 6, 2024 July 5, 2025 (in thousands) Net income $ 5,393 $ 5,924 $ 7,963 $ 9,578 $ 13,066 Interest expense, net 6,594 6,367 13,227 12,703 26,016 Income tax expense 2,060 1,721 3,441 2,933 2,698 Depreciation and amortization 5,003 5,079 9,984 10,174 20,090 EBITDA $ 19,050 $ 19,091 $ 34,615 $ 35,388 $ 61,870 Share-based compensation (1) 2,379 1,941 4,943 3,323 6,770 Remeasurement of tax receivable agreement liability (2) 22 269 20 249 5,169 Gain on sale of center (3) — — — (81) — Gain from legal judgment proceeds (4) — (659) — (739) 15 Executive severance (5) — — 465 — 2,013 Reorganization costs (6) 55 — 215 — 845 Business transformation costs (7) 107 — 149 — 149 Terminated debt offering costs (8) — — — — 941 Adjusted EBITDA $ 21,613 $ 20,642 $ 40,407 $ 38,140 $ 77,772 Total revenue $ 55,911 $ 59,871 $ 107,338 $ 111,745 $ 212,509 Net income margin 9.6 % 9.9 % 7.4 % 8.6 % 6.1 % Adjusted EBITDA Margin 38.7 % 34.5 % 37.6 % 34.1 % 36.6 % (1) Represents non-cash equity-based compensation expense. (2) Represents non-cash adjustments related to the remeasurement of our tax receivable agreement liability. (3) Represents gain on the sale of a corporate-owned center. (4) Represents the collection of cash proceeds from a legal judgment. (5) Represents cash severance paid or payable to our former chief financial officer. (6) Represents costs associated with the Company's return-to-office mandate. (7) Represents costs related to our marketing transformation and optimization efforts that do not qualify as capital expenditures under applicable accounting principles. (8) Represents costs related to a debt offering the Company was previously evaluating and subsequently decided to terminate. Trailing Twelve Months July 5, 2025 (in thousands) Total debt $ 388,000 Less: Cash and cash equivalents (63,891) Net Debt $ 324,109 Adjusted EBITDA 77,772 Net Leverage Ratio 4.2 x Investor Contact Edelman Smithfield for European Wax Center, Inc. EWCIR@ Media Contact Zeno Group Sophia Tortorella 312-752-6851
