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Illustration: Sarah Grillo/Axios

Restaurant chain Sweetgreen on Monday filed to go public, and revealed that it lost money in each year since 2014.

Why it matters: The company lied when it repeatedly told reporters it was profitable.

  • In a 2018 podcast with Recode's Kara Swisher, Sweetgreen co-founder and CEO Jonathan Neman replied "We are," when asked if the company was profitable.
  • Sweetgreen was referred to as profitable in 2018 and 2019 profiles by Forbes, Inc. and Eater. In its IPO filing, Sweetgreen reports losses of $31 million for 2018 and $68 million for 2019.

Inside the numbers: Some companies use a massaged earnings calculation called "adjusted EBITDA" to justify profitability claims, but Sweetgreen's adjusted EBITDA is also negative each year of the 2014-2020 period.

  • The company also told the NY Times last year that its 2019 revenue "topped $300 million," even though it was actually $274 million.

A Sweetgreen spokesperson declined to comment, citing regulatory restrictions.

Go deeper

Sweetgreen stock soars after its IPO, valued at $5.5 billion

Illustration: Sarah Grillo/Axios

Salad restaurant chain Sweetgreen was valued at $5.5 billion when it began trading as a public company on Thursday.

By the numbers: The Los Angeles-based company priced its IPO shares at $28, which was above its proposed $23-$25 offering range, for a $2.98 billion market value. It then didn't begin trading until after 1:30pm, opening at $52 per share.

Movie theaters go out of style

Illustration: Sarah Grillo/Axios

Vaccination rates are going up, people are going out to restaurants again — although the new COVID variant may get in the way — but they still aren't rushing back to the movies.

By the numbers: Some 49% of pre-pandemic moviegoers are no longer hitting theaters, according to a study from the film research company The Quorum, as reported by the New York Times.

13 mins ago - Health

Vaccine mandates lose steam in the U.S. while Europe doubles down

Illustration: Sarah Grillo/Axios

European countries are doubling down on pressure campaigns to get people vaccinated just as Republicans continue to wage war — often successfully — against vaccine mandates in the U.S.

Why it matters: The starkly different approaches create a sharp contrast between the regions' approaches to vaccination, even as the Omicron variant rapidly spreads around the world.