Core sales are slightly up.
P6 momentum is the stronger signal.
Cash conversion is the bottleneck.
On the corrected same-store view, P1–P6 sales are +1.1% YoY and P6 is +6.7%. The business is improving in current run-rate, even as the full year-to-date comp is flatter than originally shown. The bottleneck is not demand it is cash conversion from daily repayment structures and platform fees.
P1–P6 YoY Sales (Corrected)
Investor cut: SF, San Jose, San Mateo, Palo Alto, Oakland, UCSD/La Jolla, and Food Trucks combined. After correcting an undercount of UCSD 2025 sales, the systemwide P1–P6 comp is +1.1%, not +11.0%. Food Trucks and the core Bay Area mature units drive the positive contribution.
Net Sales 2025 vs 2026 (corrected)
Investor read: Core CUN is up $46K / +1.1% YOY through P6 after correcting UCSD.
Winners: Food Trucks +$139K, San Jose +$55K, San Francisco +$23K.
Drags: UCSD -$57K, Palo Alto -$55K, Oakland -$52K.
"Core CUN sales are slightly positive YOY at +1.1%, with growth from trucks, San Jose, and San Francisco offset by UCSD, Palo Alto, and Oakland softness. Khaki is presented separately."
P1–P6 YoY by Location (corrected)
Sorted by growthP6 Run-Rate Improvement
P6 is the most current operating proof point. Even after the UCSD correction, latest-period sales are +6.7% YoY the strongest near-term signal in the business.
P6 Sales Growth by Location
Sorted by $ growthP1–P5 Store-Level Financials
Core CUN entities are profitable in aggregate before Khaki. Valencia and UCSD are the clearest proof points; San Jose, San Mateo, and Trucks show improving operating performance.
Operating Improvements
Five concrete operating reads that explain the trajectory behind the headline numbers.
Valencia proves the mature model
~$973K P1–P5 income and $157K net income. This is the mature store economics investors should anchor on.
UCSD is profitable
$477K P1–P5 income, $61.8K net income. Demand is real and the unit is producing profit.
San Jose turned the corner
P4 and P5 were profitable. The Parafin / DoorDash advance is done cash conversion improves from here.
Trucks are now profitable
After P1–P2 drag, P3–P5 generated $222.8K income and $37.9K net income a 17.0% margin.
San Mateo is stabilizing
P5 positive and gross margin normalized. Cash drag remains heavy (Toast + Parafin).
The operating business is not structurally broken. Sales are growing, traffic is growing, and multiple units are profitable. The next unlock is cash conversion.
- San Francisco
- San Jose
- San Mateo
- Palo Alto
- Oakland
- UCSD / La Jolla
- Food Trucks combined
Food Trucks combines SF Food Truck 1 and SF Food Truck 2.