BurgerFi International, Inc. (BFI): history, ownership, mission, how it works & makes money

A Brief History of BurgerFi International, Inc. (BFI)

Founding and Early Years

BurgerFi International, Inc. was founded in 2011 in Lauderdale-by-the-Sea, Florida. The co-founders, Paul Griffin and Danielle M. De John, aimed to create a better burger experience using fresh, natural ingredients.

Growth and Expansion

By 2015, BurgerFi had expanded to over 100 locations across the United States, with revenues in the range of $30 million. In 2016, the company was recognized as one of the fastest-growing burger chains in the U.S., achieving a growth rate of 8.5% year-over-year.

Franchising Model

In 2017, BurgerFi launched a franchising model, which significantly accelerated its expansion. By the beginning of 2020, the company reported having more than 200 locations, with total system-wide sales reaching approximately $98 million.

Public Listing

BurgerFi International, Inc. went public on the New York Stock Exchange under the ticker symbol BFI on December 15, 2020, raising approximately $25 million during its IPO. The initial share price was set at $10, with market capitalization reaching around $100 million shortly after the listing.

Financial Performance

As of 2022, BurgerFi's total revenue was reported at $41.5 million, with a net loss of $3 million. The company had diversified its menu, increasing its gross profit margin to 20%.

Acquisitions

In early 2021, BurgerFi acquired the competitor, Anthony's Coal Fired Pizza, to enhance its market presence. The acquisition was valued at approximately $50 million and aimed to leverage cross-promotional opportunities.

Menu Innovations

BurgerFi is known for its commitment to using high-quality ingredients such as grass-fed beef and humanely raised proteins. In 2022, the company introduced new vegetarian and vegan options, resulting in a 15% increase in sales for that menu category.

Recent Developments

In 2023, BurgerFi announced plans to open 15 new locations in key markets, targeting a revenue increase of 25% by 2024. The company remains focused on sustainable practices and continues to enhance its digital ordering capabilities.

A Who Owns BurgerFi International, Inc. (BFI)

Corporate Structure

The ownership of BurgerFi International, Inc. (BFI) is characterized by a combination of public and private stakeholders. As of the latest data, BFI is publicly traded on the NASDAQ under the ticker symbol BFI.

Major Shareholders

As of the end of Q3 2023, here is a breakdown of major shareholders:

Executive Team

The executive team plays a pivotal role in the company’s strategic direction. Key figures include:

Market Performance

The market performance of BurgerFi International, Inc. reflects investor interest and company growth. As of Q3 2023:

• Stock Price: $9.75
• Market Capitalization: $150 million
• EPS (Earnings per Share): $0.45
• Revenue (Last Fiscal Year): $50 million

Investment Firms

Several investment firms have substantial stakes in BurgerFi. The following firms are notable shareholders:

Franchise Ownership

In addition to corporate ownership, BurgerFi operates through a franchise model, with numerous franchisees across the U.S. and internationally. The percentage of franchise-owned locations is:

• Franchise Locations: 65%
• Corporate Locations: 35%

Future Outlook

The future outlook for BurgerFi hinges on several factors, including expansion plans and ongoing market conditions. Financial projections for 2024 include:

• Projected Revenue Growth: 20%
• New Locations Planned: 25
• Projected Net Income: $10 million

BurgerFi International, Inc. (BFI) Mission Statement

Company Overview

BurgerFi International, Inc. (BFI) is a leading fast-casual restaurant chain based in the United States, focusing on high-quality, all-natural food offerings. As of 2023, BFI operates approximately 120 locations across the country, emphasizing sustainability and responsible sourcing in its operations.

Mission Statement

The mission of BurgerFi is to provide guests with a premium burger experience while ensuring sustainability and quality at every level of the company's supply chain. This commitment is reflected in their use of humanely raised beef, fresh-cut fries, and innovative menu offerings.

Financial Overview

As of the end of FY 2022, BurgerFi reported a revenue of approximately $53 million, with a year-over-year growth rate of about 15%. The company's net income for the same period was around $2.5 million.

Core Values

• Quality: Commitment to using the highest quality ingredients.
• Sustainability: Practices that focus on environmental responsibility.
• Community: Engaging and supporting local communities.
• Innovation: Continuous development of menu items and operational practices.
• Customer Experience: Providing exceptional service and dining experiences.

Menu Highlights

BurgerFi’s menu features a range of items, including grass-fed beef burgers, chicken sandwiches, and a variety of vegetarian options. In 2023, the company introduced a new plant-based burger, which has contributed to a 10% increase in vegan customer visits.

Sustainability Initiatives

BurgerFi has implemented various sustainability initiatives, such as:

• Recycling Programs: Aiming for 100% recycling of packaging.
• Sourcing: Partnering with farmers who practice humane animal treatment.
• Energy Efficiency: Investing in energy-efficient appliances in all locations.

Employee Engagement

BurgerFi places a strong emphasis on employee satisfaction and development. As of 2023, the company boasts an employee retention rate of 85%. Training and career advancement programs are available for all staff, with an annual investment in training exceeding $1.2 million.

Market Position

BurgerFi has a growing market presence in the fast-casual dining sector. They compete directly with other brands such as Shake Shack and Five Guys. In 2022, BurgerFi’s market share was estimated at 3% of the fast-casual burger segment.

Recent Developments

Strategic Future Goals

BurgerFi aims to expand its footprint in both domestic and international markets. Goals for the next three years include:

• Increasing the number of locations to 250 by 2025.
• Achieving a revenue target of $100 million by 2025.
• Launching an app for enhanced customer engagement and loyalty.

Conclusion

The mission statement of BurgerFi encapsulates the essence of the brand: providing premium quality food while ensuring responsible business practices. With a commitment to sustainability, community engagement, and continuous innovation, BFI sets a benchmark in the fast-casual sector.

How BurgerFi International, Inc. (BFI) Works

Overview of BurgerFi International, Inc.

BurgerFi International, Inc. operates in the fast-casual dining segment, specializing in serving high-quality, all-natural burgers and other related food products. The company is known for its commitment to sustainable practices and the use of premium ingredients.

Business Model

BurgerFi primarily utilizes a franchise-based model for expansion, allowing for rapid growth in various markets while maintaining operational standards through franchise agreements.

Franchise Operations

As of October 2023, BurgerFi has over 100 locations across the United States and internationally. The franchise model includes:

• Initial Franchise Fee: $37,500
• Ongoing Royalty Fee: 5% of gross sales
• Advertising Fund Contribution: 2% of gross sales

Menu Offerings

BurgerFi's menu is centered around its signature burgers, along with other offerings such as hot dogs, fries, and milkshakes. Notable items include:

• BurgerFi Cheeseburger
• Double Wagyu Cheeseburger
• VegeFi Burger
• Natural-cut fries

Financial Performance

In 2022, BurgerFi reported total revenue of approximately $28.8 million. The company’s financial highlights include:

• Q2 2023 Revenue: $7.4 million
• Net Income for FY 2022: $1.1 million
• EBITDA Margin: 15.2%

Key Financial Metrics

Sustainability Initiatives

BurgerFi emphasizes sustainability through initiatives such as:

• Use of grass-fed beef
• Recyclable packaging materials
• Commitment to hormone and antibiotic-free meat

Marketing Strategies

Marketing approaches employed by BurgerFi include:

• Social media advertising
• Collaborations with local influencers
• Loyalty programs for repeat customers

Challenges and Opportunities

BurgerFi faces challenges such as increased competition and rising ingredient costs, while opportunities lie in expanding its international footprint and enhancing its digital ordering capabilities.

Recent Developments

In 2023, BurgerFi announced plans to open additional locations, focusing on high-traffic urban centers. The anticipated growth is supported by a robust pipeline of prospective franchise operators.

How BurgerFi International, Inc. (BFI) Makes Money

Revenue Streams

BurgerFi International, Inc. primarily generates revenue through the following channels:

• Company-owned restaurants
• Franchise operations
• Launch of new products

Company-Owned Restaurants

As of December 31, 2022, BurgerFi operated 32 company-owned locations. The average unit volume for these locations was approximately $1.5 million per year. This translates to an estimated revenue of:

Franchise Operations

Franchise fees contribute significantly to BurgerFi's revenue. The initial franchise fee is $37,500, and there are ongoing royalty fees of 5% on gross sales. As of the end of 2022, BurgerFi had 103 franchise locations. Assuming an average franchise revenue of $1 million per year, the potential revenue from franchises is as follows:

Product Launches and Seasonal Promotions

BurgerFi's menu innovation plays a vital role in revenue generation. Recent successful product launches have included:

• Beyond Burger - launched in 2021
• Various limited-time offers that led to a 10% increase in traffic

Digital Sales and Delivery Services

With the rise of digital ordering, BurgerFi has optimized its online presence. In 2022, digital sales accounted for approximately 25% of total sales, highlighting the significance of:

• Mobile app downloads
• Partnerships with delivery services

Financial Performance Overview

In the financial year 2022, BurgerFi reported the following key metrics:

Marketing Strategies

BurgerFi invests in strategic marketing campaigns, allocating around 3% of sales towards advertising. This investment supports:

• Social media engagement
• Community events
• Influencer partnerships

Cost Structure

BurgerFi’s cost structure includes:

• Cost of Goods Sold (COGS) - approximately 30% of revenue
• Operating expenses - including salaries, rent, and utilities
• Marketing expenses

Long-Term Growth Strategy

Looking forward, BurgerFi aims to expand its footprint with plans to open 10-15 new locations annually while focusing on increasing franchisee support and enhancing menu offerings.