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Here are 1-3 brief analogies for Kura Sushi USA (KRUS):

• The Chipotle of sushi: A fast-casual, efficient, and standardized chain focused on sushi.
• The Carvana of sushi: Emphasizes automated delivery via conveyor belts and a convenient, modern dining experience.
• Dave & Buster's for sushi: Combines casual dining with an interactive, gamified experience (like its Bikkura-Pon prize system).

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• Restaurant Dining Service (Conveyor Belt Sushi): Providing a unique, interactive dining experience where customers select freshly prepared sushi and Japanese dishes from a revolving conveyor belt.
• Food & Beverage Offerings: A diverse menu encompassing various types of sushi, nigiri, rolls, hot and cold Japanese appetizers, desserts, and a selection of alcoholic and non-alcoholic beverages.
• Off-Premise Dining (Takeout & Delivery): Enabling customers to conveniently order Kura Sushi's menu items for pickup or delivery to enjoy outside of the restaurant premises.

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Kura Sushi USA (KRUS) operates a chain of revolving sushi bar restaurants, primarily selling directly to individual consumers rather than other businesses. Therefore, its major customers are individuals, who can be categorized as follows:

• Families and Children: Kura Sushi's interactive "Bikkura Pon" prize system, where diners can win prizes after consuming a certain number of plates, and the novelty of the revolving sushi belt are highly attractive to families with children. This creates an entertaining and engaging dining experience for younger guests, making it a popular choice for family outings.
• Young Adults and Casual Diners: This segment includes millennials and Gen Z individuals who seek unique, affordable, and casual dining experiences. The interactive aspect of selecting plates directly from the belt or ordering via touch screen, coupled with a lively atmosphere and accessible price points, appeals to those looking for a fun meal with friends, a casual date night, or a quick, interesting bite.
• Sushi Enthusiasts and Value Seekers: Kura Sushi offers a diverse menu beyond just basic sushi, including various Japanese small plates and desserts. This variety, combined with a plate-based pricing model, attracts individuals who appreciate sushi and Japanese cuisine and are looking for a consistent dining experience with good perceived value. The ability to control spending by selecting individual plates also appeals to value-conscious diners.

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Hajime Uba, President and Chief Executive Officer

Mr. Uba has served as President and Chief Executive Officer of Kura Sushi USA since 2008, having been selected to establish and grow the company. He joined Kura Sushi, Inc. (parent company) in 2000. From 2004 to 2008, he headed operations for Kura Sushi, Inc., overseeing operations for Eastern and Western Japan, managing over 100 restaurants, and being responsible for the expansion of the Kura brand into Eastern Japan.

Jeff Uttz, Chief Financial Officer

Mr. Uttz previously served as Chief Financial Officer for Shake Shack Inc. for four years. During his time at Shake Shack, he was instrumental in preparing the company for its initial public offering in 2015 and was involved in opening 45 new restaurants.

Benjamin Porten, SVP Investor Relations & System Development

Mr. Porten serves as SVP Investor Relations & System Development for Kura Sushi USA. He was previously identified as Vice President-Business Development & Investor Relations.

Robert Kluger, Chief Development Officer

Mr. Kluger has served as Chief Development Officer of Kura Sushi USA since May 2020. Prior to joining Kura Sushi, he was the Executive Vice President of Development for Panda Restaurant Group, Inc., where he led growth and development efforts and played a key role in expanding the Panda Express brand by over 500 locations. He began his career in field operations and as a corporate capital planner and financial analyst at The Vons Companies Inc.

Arlene Estrada Petokas, Chief People Officer

As Kura Sushi's Chief People Officer, Ms. Estrada Petokas is responsible for developing and executing people strategies that support the company's operational goals. Her prior experience includes roles as Human Resources Director at Del Taco, LLC, and VP of Human Resources at BLD Brands, LLC, and CKE Restaurant Holdings Inc. Most recently, she was the Vice President and Chief People Officer for Farmer Boys®.

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1. Challenges in Maintaining Comparable Restaurant Sales and Traffic: Kura Sushi USA has experienced a slowdown and declines in comparable restaurant sales and traffic, indicating potential difficulties in attracting repeat customers and increasing average spending at existing locations. This is influenced by macroeconomic conditions and consumer spending behavior.
2. Rising Labor Costs and Availability: The company faces significant pressure from increasing minimum wage rates and mandated employee benefits, leading to higher labor costs that impact profitability and restaurant-level operating margins. Labor availability is also a concern as the company expands.
3. Fluctuations in Food and Supply Costs: Kura Sushi USA is susceptible to changes in food and supply costs, including the effects of inflation and tariffs, particularly due to its connections to Asian markets. These cost pressures can limit earnings growth and negatively affect margins.

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The addressable markets for Kura Sushi USA's (KRUS) main products and services are primarily within the United States, focusing on sushi, Japanese cuisine, and the broader fast-casual restaurant segment.

• The Sushi Restaurants industry in the United States is estimated to be $33.2 billion in 2025. Globally, the sushi restaurants market was valued at approximately $9.1 billion in 2024 and is projected to reach $13.7 billion by 2030. Another source valued the global sushi restaurants market at $7.7 billion in 2024, with a projection to reach $14.36 billion by 2031. The U.S. is expected to dominate the sushi restaurants market in North America.
• The Japanese Restaurants industry in the United States is estimated to have a revenue of $32.2 billion in 2025. Another estimate valued the U.S. Japanese Restaurant Market at $3.56 billion in 2024, with a projection to grow to $4.63 billion by 2032.
• The United States fast-casual restaurant market reached approximately $45.58 billion in 2024. This market is further projected to grow to $84.76 billion by 2034, with a compound annual growth rate (CAGR) of 6.40% between 2025 and 2034. Another report indicates that the U.S. fast-casual restaurants market size is valued to increase by $84.5 billion, at a CAGR of 13.7% from 2024 to 2029. The U.S. fast-casual restaurant market is also projected to hit $121.3 billion by 2032.

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Kura Sushi USA (KRUS) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. New Restaurant Expansion: Kura Sushi USA plans significant unit growth, with projections of opening 15 new restaurants in fiscal year 2025 and an additional 16 new units in fiscal year 2026. This expansion aims to maintain an annual unit growth rate exceeding 20%.
2. Menu Price Adjustments: The company has implemented and plans for further menu price increases. For instance, a 1% menu price increase was effective on June 1, 2025, with an expected effective price for the fourth quarter of 2025 at 3.5% and the first quarter of 2026 at 4.5%.
3. Product Innovation and Menu Diversification: Kura Sushi USA is focused on introducing new offerings, such as the "Light Rice" option, which management views as a "massive opportunity" for fiscal year 2026. The company consistently offers a broad menu of over 140 freshly prepared items.
4. Technology-Enabled Operational Enhancements: The ongoing rollout and optimization of a reservation system is contributing to seating efficiency. Furthermore, the introduction of robotic dishwashers and strategic updates to the rewards program are anticipated to enhance operational efficiency and boost customer engagement.
5. Intellectual Property (IP) Collaborations and Marketing: Kura Sushi USA leverages collaborations with popular IPs, such as Demon Slayer and One Piece, to attract customers and drive growth. Targeted marketing campaigns and promotions also play a role in maintaining and increasing customer traffic.

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Share Issuance

• In April 2023, Kura Sushi USA announced the pricing of a public offering of 1,100,000 shares of Class A common stock at $54.00 per share, expecting approximately $56.4 million in net proceeds.
• Underwriters for the April 2023 offering had a 30-day option to purchase an additional 165,000 shares, which could have increased the total net proceeds to about $64.9 million.
• In late 2024, the company completed an equity financing, raising approximately $65 million at $85 per share, primarily to fund its store count expansion.

Capital Expenditures

• In fiscal year 2025, Kura Sushi USA opened a record 15 new restaurants, with each new location incurring average net capital expenditures of approximately $2.5 million.
• For fiscal year 2026, the company plans to open 16 new restaurants, maintaining an annual unit growth rate above 20%, with average net capital expenditures per unit expected to remain around $2.5 million.
• Proceeds from public offerings in both 2023 and 2024 were intended for general corporate purposes, including capital expenditures and working capital, to support the company's expansion strategy.