0001857154-26-000049
SEC filingQ3营收降12.4%至$328.8M但净亏损收窄，系统销售增1.0%，公司上调全年营收指引。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Net revenue | $328.8M | $375.3M | (12.4)% |
| Net loss | $(13.3)M | $(20.1)M | 33.9% |
| Net loss attributable to KKI | $(13.4)M | $(19.4)M | 31.3% |
| Diluted loss per share | $(0.08) | $(0.11) | $0.03 |
| Adjusted EBITDA | $35.3M | $40.6M | (13.1)% |
| Adjusted EBITDA margin | 10.7% | 10.8% | (10) bps |
| Adjusted net income, diluted | $9.9M | $1.4M | 590.5% |
| Adjusted EPS | $0.06 | $0.01 | $0.05 |
| Organic revenue growth | (0.1)% | 0.6% | (70) bps |
| Systemwide sales | $490.2M | — | 1.0%（固定汇率） |
| 期间 | 指标 | 指引 | 口径 |
|---|---|---|---|
| FY2026 | Net revenue | $1.35 billion to $1.40 billion | N/A |
| FY2026 | Systemwide sales growth | up 2% to 4% year over year in constant currency | N/A |
| FY2026 | Adjusted EBITDA | $140 million to $150 million | Non-GAAP |
| FY2026 | Capital expenditures | $40 million to $45 million | N/A |
| FY2026 | Free cash flow | more than $15 million | Non-GAAP |
| FY2026 | Net leverage ratio | below 5.5x | Non-GAAP |
Q3净营收同比降12.4%至$328.8M，几乎全部来自再特许经营（western U.S.合资与Japan）的会计影响：剔除该影响后有机营收仅降0.1%，系统销售按固定汇率增1.0%至$490.2M，说明品牌终端需求基本企稳。盈利质量改善更明显——GAAP净亏损由$20.1M收窄至$13.3M，Adjusted EPS由$0.01升至$0.06；但Adjusted EBITDA同比降13.1%，主因去年同期含$9.3M网络安全保险赔付，剔除后Adjusted EBITDA增$4.0M、利润率由8.3%升至10.7%（+240bps），其中U.S.分部利润率提升320bps，反映外包U.S.物流与SG&A节省的成效。
分部动能分化：U.S.营收降25.6%至$160.9M但有机增0.9%，fresh delivery与digital回暖；International营收降12.0%、有机降5.4%（U.K.拖累，Canada部分抵消）；Market Development因再特许经营营收增135.3%至$44.4M、Adjusted EBITDA增54.0%，但区域结构变化使利润率降2,190bps至41.6%。管理层将全年营收指引上调并收窄至$1.35B–$1.40B、Adjusted EBITDA $140M–$150M，资本开支下调至$40M–$45M，并给出自由现金流>$15M、净杠杆率<5.5x；期末净杠杆率已降至5.5x（较2025年末降1.2x），可用流动性$250.5M，年初至今自由现金流($10)M同比改善$82M。主要风险在于再特许经营推进节奏、International（尤其U.K.）需求疲软及杠杆仍处高位。