Sweetgreen, Inc. expanded to 281 restaurants across 24 states by the end of 2025, leveraging a differentiated menu and supply chain optimized for healthy fast-casual dining. Despite growth momentum, operating and net losses deepened significantly in fiscal 2025, reflecting cost pressures and investments outpacing revenue gains. Management’s Sweet Growth Transformation Plan targets operational excellence and personalized digital engagement to improve financial durability but faces headwinds from supply chain complexity, regulatory risks, and competition from delivery platforms and traditional incumbents. Key near-term catalysts include the pending Spyce sale completion and evidence of margin improvement at the restaurant level.