Pinstripes Holdings, Inc. Rings the NYSE Opening Bell Today and Reports Preliminary Unaudited Fiscal 2024 Third Quarter Sales Results

Pinstripes Holdings, Inc. (“Pinstripes” or “the Company”) (NYSE: PNST), a best-in-class experiential dining and entertainment brand combining bistro, bowling, bocce and private event space, today reported preliminary sales results for the fiscal third quarter ended January 7, 2024.

Preliminary Fiscal 2024 Third Quarter Sales Highlights, as Compared to Fiscal 2023 Third Quarter:

• Total revenue increased 14.1% to $32.2 million
  • Food and beverage revenues increased 14.2% to $24.9 million
  • Recreation revenues increased 13.9% to $7.3 million
• Comparable venue sales increased 6.9%

Development Update

During the fiscal third quarter of 2024, the Company opened one new venue, bringing the total venue count to 15 as of January 7, 2024.

• Aventura, FL opened December 2023

Management Commentary

Dale Schwartz, Founder and CEO, stated, “We're excited to begin calendar 2024 as a public company, and equally excited to deliver strong Q3 sales results across both food and beverage as well as recreation. Moreover, we opened two new locations to close out 2023 with Topanga, CA opening in September and Aventura, FL opening in December. By the end of May, we plan to open another four iconic locations in Paramus, NJ; Orlando, FL; Coral Gables, FL; and Walnut Creek, CA as we continue our expansion, with an estimated whitespace opportunity of up to 150 locations. We're appreciative of the continued efforts of our passionate team members, and also wish to welcome any recent Pinvestors as public stockholders.”

Caution Regarding Preliminary Financial Results

The third quarter sales results presented in this press release are preliminary, remain subject to the completion of normal quarter-end accounting procedures and adjustments and therefore are subject to change. Furthermore, the Company's independent registered public accounting firm has not reviewed or performed other procedures with respect to such preliminary sales results, and their review or other procedures could result in changes to the preliminary data presented. This preliminary financial data should not be viewed as a substitute for full financial statements prepared in accordance with GAAP and is not necessarily indicative of the results to be achieved for any future period. The Company expects to release final financial and operating results for its fiscal third quarter ended January 7, 2024 on February 21, 2024 and will then hold a conference call and webcast to discuss those results.