Ark Restaurants Corp. reported first‑quarter 2026 results that included a net income of $896,000, or $0.25 per share, and revenue of $40.749 million for the 13‑week period ending December 27, 2025. Adjusted EBITDA rose to $1.529 million from $1.378 million a year earlier, while the company’s cash balance stood at $9.139 million against $2.987 million of debt.
Revenue fell 9.5% year‑over‑year, largely because the company’s flagship Bryant Park Grill & Café, which contributed about 19.5% of total revenue, has been affected by an unresolved lease dispute. The Tampa Food Court, which closed on December 19, 2024 and had generated $998,000 in the prior‑year quarter, was excluded from the comparison, further weighing on top‑line growth.
Net income dropped 71% from the prior year, a decline that is partly attributable to the absence of the one‑time termination gain Ark Restaurants received when it ended the Tampa Food Court lease. Despite this, adjusted EBITDA grew 10.9% year‑over‑year, driven by disciplined cost controls and the remaining lease‑related gain.
Operations at the New York‑New York Hotel & Casino in Las Vegas continued to generate strong cash flow, offsetting lower traffic on the Strip. Management highlighted the resilience of this segment as a key contributor to the company’s cash‑generating capacity.
Liquidity remains solid, with $9.139 million in cash and $2.987 million in debt as of December 27, 2025. The company reiterated that the Bryant Park lease dispute is a material risk; the outcome of ongoing litigation could materially affect future financial results.
CEO Michael Weinstein noted that uncertainty at Bryant Park has created confusion among visitors and residents, but emphasized the company’s commitment to the location. He also praised the strong performance of other portfolio restaurants, particularly in Las Vegas, and underscored the balance sheet’s strength as a foundation for future growth.
Ark Restaurants also holds an investment in New Meadowlands Racetrack LLC, which faces potential impairment if the New Jersey casino referendum does not advance. The company’s exposure to this risk could impact future earnings if the referendum fails.
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