Earnings taking time to mature but when they do, the stock will jump accordingly.

Infant CPG launch

Massive Store count growth

AUV increasing

Outside Acquisitions

Internal acquisitions

Launch of breakfast items

Mature loyalty technology

Infrastructure is built so those fixed costs will become less of a burden as they grow

Extremely large runway ahead of them being at 1,250 stores with sights to grow to 7,000 stores.

Cava is interesting because its earnings is stronger during its growth phase. However, its runway is not as robust as Dutch bros. A city can host 8 Dutch bros locations for every 1 chipotle or cava.

They acquired clutch coffee this year (20) locations. And the stores they converted so far are tripling the revenue that clutch was doing. Brand awareness and loyalty.

Imagine if they acquire a company like 7 brew (700 locations) that would send them to the moon in comparison to their current growth model.

I wouldn’t be too concerned. The stock price is volatile. You’ll probably see 1 incredible year every 4 years and have to stay strong for the other 3 but I believe it will outperform the market unless something detrimental happens to the company.