Core sales are slightly up.
Run-rate momentum is the stronger signal.
Cash conversion is the bottleneck.
On the same-store view, P1-P6 sales are +1.1% YoY and P7 2026 has closed across all seven units at ~$686K sales and $54.6K net income. The business is improving in current run-rate, even as the year-to-date comp is flatter. The bottleneck is not demand it is cash conversion from daily repayment structures and platform fees.
P1-P7 Sales
Investor cut: SF, San Jose, San Mateo, Palo Alto, Oakland, UCSD/La Jolla, and Food Trucks combined. Systemwide P1-P6 sales are +1.1% YoY and P7 2026 closed at ~$686K across all seven units. Food Trucks and the core Bay Area mature units drive the positive contribution.
Net Sales 2025 vs 2026
Investor read: Core CUN is up $46K / +1.1% YOY through P6. P7 2026 closed at ~$686K across all seven units.
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. P7 run-rate is the freshest demand signal. Khaki is presented separately."
P1-P7 2026 by Location
Sorted by P1-P6 growth · P7 2026 absoluteP6 Run-Rate Improvement
P6 is the most current operating proof point. Latest-period sales are +6.7% YoY, the strongest near-term signal in the business.
P6 Net Sales 2025 vs 2026
+6.7%Investor read: P6 closed at $930,565, up +$58.2K / +6.7% versus P6 2025. This is the strongest near-term demand signal in the business.
P1-P7 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 through P7.
Operating Improvements
Five concrete operating reads that explain the trajectory behind the headline numbers.
Valencia proves the mature model
$1.45M P1-P7 income and $268K net income at an 18.4% margin. This is the mature store economics investors should anchor on.
UCSD is profitable
$571K P1-P7 income, $42.8K net income. Demand is real and the unit is producing profit.
San Jose turned the corner
P4 through P7 were profitable. The Parafin / DoorDash advance is done cash conversion improves from here.
Trucks are now profitable
After P1-P2 drag, P3-P7 generated $444K income and $76K net income, a 17.1% margin.
San Mateo is stabilizing
Positive P4 through P7 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.