First Watch Restaurant Group, Inc. (NASDAQ: FWRG)

First Watch Restaurant Group, Inc. operates daytime dining restaurants that serve made‑to‑order breakfast, brunch and lunch using fresh ingredients. Founded in 1983, the company has built its brand around a single morning shift, a “You First” culture and a commitment to freshness through its “Follow the Sun” sourcing philosophy. As of December 28, 2025, First Watch operated 633 restaurants across 32 states, with 560 company‑owned locations and 73 franchise‑owned units, and it does not use microwave ovens, heat lamps or deep fryers in its kitchens.

The company derives revenue from food and beverage sales at its company‑owned restaurants and from royalties, initial fees and other payments associated with its franchise‑owned locations. Franchisees pay an initial fee of $35,000 to $40,000 per restaurant, ongoing royalties of 4.0% of sales and a contribution of 1.0% to 3.0% of sales to a system‑wide marketing fund. In 2025, the average unit volume reached $2.3 million per restaurant, and off‑premises sales accounted for 19.0% of total restaurant revenue.

First Watch holds a leading position in the U. S. daytime dining segment, distinguished by its “No Night Shifts Ever” schedule and a strong emphasis on fresh, made‑to‑order meals prepared without microwaves, heat lamps or deep fryers. The company competes with a fragmented landscape of independent breakfast and lunch spots, regional chains and larger national operators, yet it differentiates itself through consistent unit volumes, award‑winning workplace culture, a loyal guest base and a growth pipeline that targets more than 2,200 potential locations. Its focus on one shift also aids employee recruitment and retention, contributing to lower turnover than the industry average.

The company serves individual consumers and groups seeking breakfast, brunch and lunch, including families, professionals, seniors and remote workers who visit for dine‑in, takeout or delivery orders. Its menu attracts guests looking for fresh, seasonal items and health‑focused options such as juices and grain bowls. No specific customer names are disclosed in the filing.