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Which winter hat is best? While you only lose 10% of your body heat through your head, you still want to cover up your noggin while temperatures are on the colder side. Even if you think you have all the winter hats you need, you might find something that piques your interest here. The beanie is the most popular type of winter hat, but there are several other styles to add to your winter wardrobe. For a classic that never goes out of style, the Carhartt Knit Cuffed Beanie is the top choice. What to know before you buy a winter hat Styles Here are the most popular styles of winter hats: Beanie: The beanie is a cold-weather staple. Unisex and simple, you can wear it with any casual outfit. It pulls close to your head, making it of the warmest options, especially if you invest in one made of wool or fleece. Bobble beanie: Bobble hats feature a ball of yarn or fur attached to the top, also known as a pom-pom. Some bobble hats feature a tassel. The bobble is decorative, and this casual style is popular with kids and adults alike. Flat caps : The flat cap is an outdoorsy but dressy hat that features a small, stiff bill. It is also called a newsboy or golf cap. It comes in traditional materials, such as wool tweed. Warm baseball hat: If you can’t part with your baseball cap in the winter, consider one made of materials that will trap heat, like tweed, flannel, corduroy or wool. These warmer materials elevate your look while still being sporty. Trapper or aviator hat: Possibly the warmest winter hat available, the trapper or aviator hat features earflaps that secure under your chin with straps. They’re typically lined with fur, sherpa or flannel for extra warmth. The shell can be made from a range of materials such as cotton, polyester, flannel, fur or leather. Material The biggest factor of warmth in a hat is the material used. Cotton is an inexpensive, lightweight and breathable material. However, it’s not insulating enough for freezing weather and doesn’t repel moisture. Acrylic is an affordable alternative to wool and is often used in beanies. The synthetic material is soft and easy to clean, but it’s not as warm as wool. Quilted nylon or polyester are more water-resistant than natural materials and are often used in the shells of winter hats. Wool is a naturally insulating, warm material that also has moisture-wicking and water-repellent properties. It’s not as easy to clean as cotton or acrylic hats. Felt is used in more fashionable styles of winter hats. You’ll typically find it in hats that have brims. Felt is made from pressed fibers, either wool or synthetic. Fur is used in traditional, trapper-style hats or cossack hats, which are all-fur hats without ear flaps. Real fur is warm, but it requires professional cleaning. You can find faux fur alternatives that are easier to clean and less expensive. Fleece is either made from wool or synthetic fibers and features a thick pile that’s soft and stretchy. Fleece is warm, retains body heat and is relatively easy to clean. What to look for in a quality winter hat Lining Lining serves as an extra layer that can provide added insulation to retain body heat. Depending on the material, a lining can also wick sweat away from the body. Plush, cozy lining, such as sherpa, provides extra comfort. Ear flaps Lined ear flaps are a feature found on all aviator and trapper-style hats. They provide warmth and protection from the elements. Most ear flaps flip up and attach to the hat when not in use, or you can fasten them under your chin to keep out the wind. Cuff Beanie-style hats can come with a cuff that folds up for extra warmth around your ears. They can also be uncuffed for a slouchier appearance. Some cuffed beanies are sewn in place and are less versatile. Texture Winter hats vary in texture from smooth felt to chunky knits. Beanies are often ribbed, though you can find cable-knit ones. Tweed and corduroy hats have distinct textures. Fur and faux fur hats are fluffy and soft. How much you can expect to spend on a winter hat Pricing entirely depends on the material, style and brand name. For example, an off-brand beanie will be cheaper than a name-brand fur cap. More affordable winter hats start at $7, but they can cost upwards of $70. Winter hat FAQ What kind of hat will keep me warm throughout in the winter? A. A wool or felt fedora hat can keep your head toasty in mild winter weather. Bucket hats made from sherpa or quilted nylon are a winter-friendly variation of the typically warm-weather style. Both these hats feature brims to keep the sun out of your eyes, too. Do winter hats come in different sizes? A. Typically, beanies come in one size for adults. Some winter hats are designed for men or women, and sizing may vary. It’s always best to check the measurements of a hat before purchasing. What’s the best winter hat to buy? Top winter hat Carhartt Knit Cuffed Beanie What you need to know: This cult favorite beanie is durable and attractive — and comes in a wide range of colors. What you’ll love: You can fold the extra-long length (around 12 inches) up into a thick cuff to keep your ears warm. The cotton material is thick, high quality and doesn’t make you itch. If you live in a particularly cold climate, you’re sure to stay warm all winter wearing this beanie. What you should consider: The hat is hand-wash only. Top winter hat for the money Brixton Heist Beanie What you need to know: A basic beanie that fits snuggly and is comfy. What you’ll love: The length is not too long, not too short: 8 inches when cuffed. The color options are attractive. The acrylic material is thick, quality and comfortable. What you should consider: The beanie runs small and may be more fitting for women. Worth checking out Mysuntown Unisex Winter Trooper Trapper Hat What you need to know: This trapper hat goes above and beyond with its windproof face mask. What you’ll love: The faux-fur lining keeps users warm in subzero weather. The face mask is removable and washable. The plus faux-fur lining feels very cozy and soft on your skin. What you should consider: The one-size-fits-all is too large for some. Prices listed reflect time and date of publication and are subject to change. Check out our Daily Deals for the best products at the best prices and sign up here to receive the BestReviews weekly newsletter full of shopping inspo and sales. BestReviews spends thousands of hours researching, analyzing and testing products to recommend the best picks for most consumers. BestReviews and its newspaper partners may earn a commission if you purchase a product through one of our links. 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7.5% Revenue growth year-over-year driven by new venue development Eighteen open venues with Walnut Creek open as of November 15, 2024 Significant progress on removal of $15 million of annualized cost Pinstripes Holdings, Inc. ("Pinstripes" or "the Company") PNST , a best-in-class experiential dining and entertainment brand combining bistro, bowling, bocce and private event space, today reported its financial results for the fiscal quarter ended October 13, 2024. Second Quarter Fiscal 2025 Highlights Total revenue increased 7.5% to $26.5 million, compared to the prior year fiscal quarter Food and beverage revenues increased 8.6% to $21.1 million Recreation revenues increased 3.6% to $5.4 million Operating loss was $7.9 million, including pre-opening expenses of $1.6 million, or (29.7)% of total revenue, compared to operating loss of $7.2 million, including pre-opening expenses of $3.0 million, or (29.3)% of total revenue, in the prior year period. Net loss was $9.3 million compared to a net loss of $7.3 million in the prior year period. Same store sales decreased (9.4)% over the prior year period Venue-Level EBITDA (1) was $1.3 million, a decrease of $0.3 million from the prior year period Venue-Level EBITDA margin was 5.0%, a decrease of 162 basis points from the prior year period due to the less efficient ramp up of our four new locations as they continue to mature. Venue-Level EBITDA margin for mature venues (2) was 8.3%, an increase of 51 basis points from the prior year period Adjusted EBITDA (1) was $(3.1) million compared to $(4.2) million in the prior year period. Dale Schwartz, Founder and CEO, stated, "We continue to make significant progress on rationalizing our cost structure by removing an annualized $15 million at the store and corporate level, and we have also initiated several local-store marketing campaigns that are driving awareness and sales at all venues. We believe these combined actions further position our brand for improved profitability as the macro environment improves. We are also excited about our most recent store opening in Walnut Creek, and continue our new location development efforts." Schwartz concluded, "We are equally focused on strengthening our balance sheet and raising additional capital to fund our operations and expansion plans, and we continue to believe that our high-quality, connection-oriented dining, entertainment and event venues attractively position us to drive long-term shareholder value." (1) Venue-Level EBITDA, Venue-Level EBITDA for mature venues and Adjusted EBITDA are non-GAAP measures. For reconciliations of these measures to the most directly comparable GAAP measure, see the accompanying financial tables. (2) Mature Venues are defined as venues open greater than 24 months. Development Update The Company did not open a new venue during the second quarter, with a total venue count of 17 as of October 13, 2024. Subsequent to the end of the quarter, the Company opened a location in Walnut Creek, CA on November 15, 2024. Review of Second Quarter Fiscal 2025 Financial Results Total revenues were $26.5 million compared to $24.6 million in the second quarter of fiscal 2024. Same store sales decreased (9.4)% for the second quarter of 2025 as compared to the second quarter of fiscal 2024. The increase in total revenue was primarily due to having four new stores open in the second quarter of fiscal 2025 for the full period compared to the second quarter of fiscal 2024, partially offset by modest decreases in volume at our 13 legacy locations. Food and beverage costs as a percentage of total revenues were 17.5% for the second quarter of fiscal 2025 compared to 17.4% in the second quarter of fiscal 2024. As a percentage of revenue, the food and beverage costs for the second quarter of fiscal 2025 compared to the second quarter of fiscal 2024 were relatively flat as cost efficiencies offset changes in product mix. Store labor and benefits costs as a percentage of total sales were 38.9% for the second quarter of fiscal 2025 compared to 37.9% in the second quarter of fiscal 2024. As a percentage of revenue, the increase in store labor and benefits expenses was primarily due to the addition of four new stores open for the entire second quarter of fiscal 2025, which contributed to higher store labor and benefits costs. Excluding the addition of four new stores, store labor and benefits costs were down approximately 30 basis points. Store occupancy costs, excluding depreciation, as a percentage of total revenues were 18.6% for the second quarter of fiscal 2025 compared to 18.6% in the second quarter of fiscal 2024. As a percentage of revenue, the decrease in store occupancy costs, excluding depreciation, including as a percentage of revenue, for the second quarter of fiscal 2025 compared to the second quarter of fiscal 2024, was primarily due to four new locations open for the entire second quarter of fiscal 2025 compared to the second quarter of fiscal 2024. Other store operating costs, excluding depreciation, as a percentage of sales were 19.9% for the second quarter of fiscal 2025 compared to 20.9% in the second quarter of fiscal 2024. As a percentage of revenue, the decrease in other store operating expenses, excluding depreciation, was primarily due to decreases in repairs and maintenance activities, credit card fees and technology, offset by an increase in insurance costs and janitorial costs in the second quarter of fiscal 2025 compared to the second quarter of fiscal 2024. General and administrative expenses were $5.1 million for the second quarter of fiscal 2025 compared to $3.8 million in the second quarter of fiscal 2024. As a percentage of sales, general and administrative expenses were 19.2% for the second quarter of fiscal 2025 compared to 15.3% in the second quarter of fiscal 2024. The increase in general and administrative expenses, including as a percentage of total revenue, was primarily due to increases in public company readiness initiatives, including additional headcount, consulting fees and increased marketing, as well as an increase in stock-based compensation expense. Operating loss was $7.9 million for the second quarter of fiscal 2025 compared to $7.2 million in the second quarter of fiscal 2024. The increase in operating loss was primarily due to higher depreciation and operating expenses of four new locations open for the entire second quarter of fiscal 2025 compared to the second quarter of fiscal 2024, and expenses related to being a public company. Net loss was $9.3 million for the second quarter of fiscal 2025 compared to $7.3 million in the second quarter of fiscal 2024. Liquidity and Capital Resources To date, we have funded our operations through proceeds received from previous common stock and preferred stock issuances, through borrowings under various lending commitments and through cash flow from operations. As of October 13, 2024 and April 28, 2024, we had $3.2 million and $13.2 million in cash and cash equivalents, respectively. We anticipate significant positive cash flow in the fiscal third quarter as holiday sales volumes increase substantially. We continue to implement sales and cost-savings measures to increase profitability, and will also evaluate and seek to raise additional capital from outside sources as well as additional funds from our existing lenders to address our future liquidity needs. Conference Call A conference call and webcast to discuss Pinstripes' financial results is scheduled for 5:00 p.m. ET today. Hosting the conference call and webcast will be Dale Schwartz, Founder and Chief Executive Officer, and Tony Querciagrossa, Chief Financial Officer. Interested parties may listen to the conference call via telephone by dialing 201-389-0920. A telephone replay will be available shortly after the call has concluded and can be accessed by dialing 412-317-6671; the passcode is 13749807. The webcast will be available at investor.pinstripes.com under the events & presentations section and will be archived on the site shortly after the call has concluded. About Pinstripes Holdings, Inc. Born in the Midwest, Pinstripes' best-in-class venues offer a combination of made-from-scratch dining, bowling and bocce and flexible private event space. From its full-service Italian-American food and beverage menu to its gaming array of bowling and bocce, Pinstripes offers multi-generational activities seven days a week. Its elegant and spacious 25,000-38,000 square foot venues can accommodate groups of 20 to 1,500 for private events, parties, and celebrations. For more information on Pinstripes, led by Founder and CEO Dale Schwartz, please visit www.pinstripes.com . Forward-Looking Statements Certain statements in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for the forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements other than statements of historical facts contained in this press release may be forward-looking statements. Such forward-looking statements are often identified by words such as "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "should," "would," "plan," "predict," "forecasted," "projected," "potential," "seem," "future," "outlook," and similar expressions that predict or indicate future events or trends or otherwise indicate statements that are not of historical matters, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements and factors that may cause actual results to differ materially from current expectations include, but are not limited to: the ability of Pinstripes to recognize the anticipated benefits of Pinstripes' recently completed business combination transaction, which may be affected by, among other things, competition, the ability of Pinstripes to grow and manage growth profitably, maintain key relationships and retain its management and key employees; risks related to the uncertainty of the projected financial information with respect to Pinstripes; risks related to Pinstripes' current growth strategy; Pinstripes' ability to successfully open and integrate new locations on a timely basis; risks related to the substantial indebtedness of Pinstripes; risks related to Pinstripes' ability to continue as a going concern and raise additional capital; risks related to the capital intensive nature of Pinstripes' business; the ability of Pinstripes' to attract new customers and retain existing customers; the impact of labor shortage and inflation on Pinstripes; and other economic, business and/or competitive factors. The foregoing list of factors is not exhaustive. Stockholders and prospective investors should carefully consider the foregoing factors and the other risks and uncertainties described in the "Risk Factors" section of the Annual Report on Form 10-K filed by Pinstripes on June 28, 2024 and other documents filed by Pinstripes from time to time with the SEC. Stockholders and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which only speak as of the date made, are not a guarantee of future performance and are subject to a number of uncertainties, risks, assumptions and other factors, many of which are outside the control of Pinstripes. Except as expressly required by the federal securities laws, Pinstripes expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the expectations of Pinstripes with respect thereto or any change in events, conditions or circumstances on which any statement is based. Non-GAAP Measures We prepare our financial statements in accordance with Generally Accepted Accounting Principles ("GAAP"). Within this presentation, we make reference to Venue-Level EBITDA and Adjusted EBITDA, which are non-GAAP financial measures. The Company includes these non-GAAP financial measures because management believes they are useful to investors in that they provide for greater transparency with respect to supplemental information used by management in its financial and operational decision making. We define Adjusted EBITDA as net income (loss) as adjusted for the effects of: (i) depreciation and amortization; (ii) interest expense, net; (iii) income tax expense; (iv) costs associated with our recently completed business combination transaction and public company readiness and related expenses; (v) venue-level adjustments; (vi) gain on change in fair value of warrant liabilities; and (vii) non-cash stock compensation expense. We define Venue-Level EBITDA as income (loss) from operations as adjusted for the effects of: (i) depreciation expense; (ii) pre-opening expense; (iii) general and administrative expenses; and (iv) venue-level adjustments. We define Venue-Level EBITDA margin as Venue-Level EBITDA divided by revenue. We defined Venue-Level EBITDA margin for mature venues as Venue-Level EBITDA less income (loss) from operations for non-mature venues divided by revenue. Management uses Venue-Level EBITDA and Adjusted EBITDA to evaluate the Company's performance and in order to have comparable financial results to analyze changes in our underlying business from quarter to quarter. Adjusted EBITDA excludes the impact of certain non-cash charges and other items that affect the comparability of results in past quarters and which we do not believe are reflective of underlying business performance. Accordingly, the Company believes the presentation of these non-GAAP financial measures, when used in conjunction with GAAP financial measures, is a useful financial analysis tool that can assist investors in assessing the Company's operating performance and underlying prospects. This analysis should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. This analysis, as well as the other information in this press release, should be read in conjunction with the Company's financial statements and footnotes contained in the documents that the Company files with the U.S. Securities and Exchange Commission. The non-GAAP financial measures used by the Company in this presentation may be different from the methods used by other companies. The Company is not providing a quantitative reconciliation of the forward-looking non-GAAP financial measures presented under the heading Fiscal 2025 Guidance. In accordance with Item10(e)(1)(i)(B) of Regulation S-K, a quantitative reconciliation of a forward-looking non-GAAP financial measure is only required to the extent it is available without unreasonable efforts. The Company does not currently have sufficient data to accurately estimate the variables and individual adjustments for such reconciliation, or to quantify the probable significance of these items. The adjustments required for any such reconciliation of the Company's forward-looking non-GAAP financial measures cannot be accurately forecast by the Company, and therefore the reconciliation has been omitted. Pinstripes Holdings, Inc. Condensed Consolidated Balance Sheets (in thousands, except share and per share amounts) (Unaudited) October 13, 2024 April 28, 2024 Assets Current Assets Cash and cash equivalents $ 3,244 $ 13,171 Accounts receivable 1,339 1,137 Inventories 860 949 Prepaid expenses and other current assets 1,396 2,101 Total current assets 6,839 17,358 Property and equipment, net 77,265 80,015 Operating lease right-of-use assets 74,672 66,362 Other long-term assets 2,659 3,586 Total assets $ 161,435 $ 167,321 Liabilities, Redeemable Convertible Preferred Stock, and Stockholders' Deficit Current Liabilities Accounts payable $ 23,014 $ 22,706 Amounts due to customers 9,482 8,633 Current portion of long-term notes payable 6,659 4,818 Accrued occupancy costs 8,365 6,508 Other accrued liabilities 9,015 6,546 Current portion of operating lease liabilities 15,243 15,259 Warrant liabilities 766 5,411 Total current liabilities 72,544 69,881 Long-term notes payable 77,447 70,677 Long-term accrued occupancy costs 158 277 Operating lease liabilities 96,972 94,256 Other long-term liabilities 3,168 1,386 Total liabilities 250,289 236,477 Commitments and contingencies Stockholders' deficit Common stock (par value: $0.0001; authorized: 430,000,000 shares; issued and outstanding: 40,087,785 shares at October 13, 2024 and 40,087,785 shares at April 28, 2024) 4 4 Additional paid-in capital 56,244 56,623 Accumulated deficit (145,102 ) (125,783 ) Total stockholders' deficit (88,854 ) (69,156 ) Total liabilities, redeemable convertible preferred stock, and stockholders' deficit $ 161,435 $ 167,321 Pinstripes Holdings, Inc. Unaudited Condensed Consolidated Statements of Operations (in thousands, except share and per share amounts) Twelve Weeks Ended Twenty-Four Weeks Ended October 13, 2024 October 15, 2023 October 13, 2024 October 15, 2023 Food and beverage revenues $ 21,108 $ 19,435 $ 44,927 $ 39,952 Recreation revenues 5,374 5,188 12,150 10,412 Total revenue 26,482 24,623 57,077 50,364 Cost of food and beverage 4,638 4,278 10,173 8,715 Store labor and benefits 10,308 9,337 21,966 18,634 Store occupancy costs, excluding depreciation 4,932 4,583 11,487 5,590 Other store operating expenses, excluding depreciation 5,283 5,134 10,714 9,556 General and administrative expenses 5,080 3,774 10,584 7,302 Depreciation expense 2,547 1,697 5,065 3,341 Pre-opening expenses 1,568 3,026 2,574 5,304 Operating loss (7,874 ) (7,206 ) (15,486 ) (8,078 ) Interest expense, net (4,898 ) (1,908 ) (9,892 ) (3,601 ) Gain on change in fair value of warrant liabilities and other 3,573 1,759 6,248 1,350 Other expense (48 ) — (48 ) — Loss before income taxes (9,247 ) (7,355 ) (19,178 ) (10,329 ) Income tax expense (benefit) 63 (72 ) 138 — Net loss (9,310 ) (7,283 ) (19,316 ) (10,329 ) Less: Cumulative unpaid dividends and change in redemption amount of redeemable convertible preferred stock — (394 ) — (1,951 ) Net loss attributable to common stockholders $ (9,310 ) $ (7,677 ) $ (19,316 ) $ (12,280 ) Basic loss per share $ (0.22 ) $ (0.64 ) $ (0.45 ) $ (1.02 ) Diluted loss per share $ (0.22 ) $ (0.64 ) $ (0.45 ) $ (1.02 ) Weighted average shares outstanding, basic 43,099,877 12,066,454 42,905,215 12,094,424 Weighted average shares outstanding, diluted 43,099,877 12,066,454 42,905,215 12,094,424 Pinstripes Holdings, Inc. Unaudited Condensed Consolidated Statements of Cash Flows (in thousands) Twenty-Four Weeks Ended October 13, 2024 October 15, 2023 Cash flows from operating activities Net loss $ (19,316 ) $ (10,329 ) Adjustments to reconcile net loss to net cash used in operating activities Gain on modification of operating leases — (3,281 ) Depreciation expense 5,065 3,341 Non-cash operating lease expense 3,136 2,646 Paid-in-kind interest 4,942 — Operating lease tenant allowances (863 ) 1,272 Stock-based compensation 1,065 361 Gain on change in fair value of warrant liabilities and other (6,248 ) (1,350 ) Warrant expense 28 — Interest on finance lease obligation 24 — Amortization of debt issuance costs 1,199 897 (Increase) decrease in operating assets Accounts receivable (202 ) 188 Inventories 89 (28 ) Prepaid expenses and other current assets 705 (85 ) Operating right-of-use asset (3,602 ) — Other long-term assets 927 (5,005 ) (Decrease) increase in operating liabilities Accounts payable 2,052 3,258 Amounts due to customers 849 809 Accrued occupancy costs 1,738 (4,210 ) Other accrued liabilities 3,416 289 Operating lease liabilities (5,144 ) (4,697 ) Net cash (used in) operating activities (10,140 ) (15,924 ) Cash flows from investing activities Purchase of property and equipment (2,810 ) (9,793 ) Net cash (used in) investing activities (2,810 ) (9,793 ) Cash flows from financing activities Proceeds from issuance of redeemable convertible preferred stock, net — 19,843 Payment of transaction costs incurred in connection with the registration statements (10 ) (1,540 ) Principal payments on finance lease obligation (73 ) — Principal payments on long-term notes payable (1,858 ) (283 ) Proceeds from warrant issuances 67 — Debt issuance costs 76 (247 ) Proceeds from long-term notes payable, net 4,821 7,499 Net cash provided by financing activities 3,023 25,272 Net change in cash and cash equivalents (9,927 ) (445 ) Cash and cash equivalents, beginning of period 13,171 8,436 Cash and cash equivalents, end of period $ 3,244 $ 7,991 Supplemental disclosures of cash flow information Cash paid for interest $ 3,197 $ 2,287 Cash paid for income taxes $ 61 $ — Supplemental disclosures of non-cash operating, investing and financing activities Transaction costs incurred in connection with the registration statements but not yet paid $ 66 $ — Operating lease rent abatement $ — $ 3,214 Right-of-use assets obtained in exchange for lease liabilities $ 7,844 $ (560 ) Non-cash finance obligation $ 360 $ 665 Issuance of contingently issuable warrants $ 401 $ — Reclassification of liability-classified warrants $ 1,864 $ — Reclassification of Oaktree Tranche 2 Written Option from short-term to long-term $ 1,012 $ — Non-cash capital expenditures included in accounts payable $ 1,719 $ 2,798 Change in the redemption amount of the redeemable convertible preferred stock $ — $ 1,423 Accretion of cumulative dividends on Series I redeemable convertible preferred stock $ — $ 528 Pinstripes Holdings, Inc. Reconciliation of Net Loss to Non-GAAP Adjusted EBITDA (in thousands) Twelve Weeks Ended October 13, 2024 October 15, 2023 Net Loss $ (9,310 ) $ (7,283 ) Depreciation expense 2,547 1,697 Interest expense, net 4,898 1,908 Income tax expense (benefit) 63 (72 ) Reported EBITDA $ (1,802 ) $ (3,750 ) Public company readiness, financing, and other extraordinary expenses 1 1,745 868 Venue-level adjustments 2 — 337 Gain on change in fair value of warrant liabilities and other (3,573 ) (1,759 ) Stock-based compensation 519 141 Adjusted EBITDA $ (3,111 ) $ (4,163 ) Adjusted EBITDA Margin (11.7 )% (16.9 )% 1 Primarily represents legal and audit-related costs associated with pursuing becoming a public entity, amending financing agreements, and other related or extraordinary expenses 2 Represents adjustment to reflect non-cash gains or losses on modifications of venue leases and other related venue expenses Pinstripes Holdings, Inc. Reconciliation of Loss from Operations to Non-GAAP Venue-Level EBITDA (in thousands) Twelve Weeks Ended October 13, 2024 October 15, 2023 Loss from Operations $ (7,874 ) $ (7,206 ) Loss from Operating Margin (29.7 )% (29.3 )% Depreciation expense 2,547 1,697 Pre-opening expenses 1,568 3,026 General and administrative expenses 5,080 3,774 Venue-Level adjustments 1 — 337 Venue-Level EBITDA $ 1,321 $ 1,628 Venue-Level EBITDA Margin 5.0 % 6.6 % 1 Represents adjustment to reflect non-cash gains or losses on restructure of venue leases, impairment loss, other related venue expenses Pinstripes Holdings, Inc. Reconciliation of Loss from Operations to Non-GAAP Venue-Level EBITDA Mature Venues (in thousands) Twelve Weeks ended October 13, 2024 October 15, 2023 Loss from Operations $ (7,874 ) $ (7,206 ) Loss from Operating Margin (29.7 )% (29.3 )% Depreciation expense 2,547 1,697 Pre-opening expenses 1,568 3,026 General and administrative expenses 5,080 3,774 Venue-Level adjustments 1 — 337 Non-Mature Loss 521 280 Venue-Level EBITDA Mature Venues $ 1,842 $ 1,908 Venue-Level EBITDA Margin Mature Venues 8.3 % 7.8 % 1 Represents adjustment to reflect non-cash gains or losses on restructure of venue leases, impairment loss, other related venue expenses View source version on businesswire.com: https://www.businesswire.com/news/home/20241126232080/en/ © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.China’s Xi to lead Macau handover anniversary celebrations