- **Revenue Momentum**: 3.2% same-store sales growth, 8 new shops opened, and 54 franchise commitments drive accelerated growth.
- **Digital Dominance**: 41% of sales via digital channels, with 140 basis point year-over-year expansion.
- **Franchise Expansion**: 2025 guidance raised to 38+ openings, with 364 signed deals in pipeline.
- **Profitability**: Adjusted EBITDA up 13% to $9.6 million, shop-level margin at 16.7%.
- **Innovation**: Prime Rib Steak sandwich and digital platform upgrades fuel customer engagement.


**【Management Opening Remarks】**
- Adiya Dixon emphasized forward-looking statements and non-GAAP measures, setting the stage for the financial and operational updates.

**【CEO Summary Section】**
- **Revenue Growth**: Same-store sales increased 3.2% year-over-year, driven by 1.1% transaction growth and a 2.1% average check increase. Digital sales represented 41% of total shop sales, up 140 basis points year-over-year.
- **Shop Expansion**: 8 new shops opened in Q2 (ahead of expectations), with plans for at least 38 openings in 2025. Franchise commitments reached 54 new shops, bringing total open and committed shops to 816.
- **Menu Innovation**: Launched Prime Rib Steak sandwich and Hot Pepper potato chips, with additional menu tests in progress. Digital platform upgrades (e.g., one-click ordering) improved customer experience.
- **Franchise Strategy**: Accelerated franchise growth through incentives for early openings, with 8-year maximum development timelines for area agreements.
- **Community Impact**: Highlighted Potbelly's Summer of Service initiative, including partnerships with food banks and community events.

**【CFO Financial Commentary】**
- **Financial Performance**: Q2 2025 system-wide sales of $154.2 million (+6.7% YoY), total revenue $123.7 million (+3.4% YoY). Adjusted EBITDA of $9.6 million (+13% YoY), driven by 100 basis point shop-level margin expansion to 16.7%.
- **Expense Management**: Food/beverage costs improved 80 basis points, occupancy costs down 30 basis points. General & administrative expenses rose 50 basis points due to bonus accruals and consulting costs.
- **Guidance Update**: Raised 2025 same-store sales growth to 2.0%-3.0% (from 1.5%-2.5%), unit growth to at least 38 openings, and adjusted EBITDA to $34.0-$35.0 million (from $33.0-$34.0 million).

**【Q&A Highlights】**
- **Franchise Pipeline**: 364 signed deals in pipeline, with 50+ openings visible for 2026. Corporate openings (10-20/year) focused on high-margin, low-construction-cost markets.
- **Menu Pricing**: 2.7% gross price increase offset by 0.6% mix decline, with no immediate plans for further price hikes.
- **Remodels & Technology**: 5 remodels completed, testing PDCX (POS/kitchen display) systems. Digital sales growth driven by app/web enhancements and loyalty program engagement.
- **Competition & Consumer Trends**: Digital customers spend 10%-15% more than counter orders. Low-income consumer pressure minimal due to $8-$9 meal pricing sweet spot.


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