GRAND RAPIDS, Mich., May 08, 2026 (GLOBE NEWSWIRE) -- Meritage Hospitality Group Inc. (OTCQX:MHGU), one of the nation's premier franchise operators, today reported financial results for the first quarter ending March 29, 2026.

First Quarter Highlights:

Sales were $132.6 million compared to $154.5 million for the same period last year (current period included approximately 40 fewer restaurants as well as the reduction of hours during the morning daypart in certain restaurants).

Earnings (loss) from Operations were $(10.6) million compared to $(3.7) million for the same period last year (current period included one-time charges of $4.5 million associated with planned permanent restaurant closures and restructuring costs).

Net Earnings (loss) were $(9.6) million compared to $(4.3) million for the same period last year.

Consolidated EBITDA (a non-GAAP measure) was $(4.5) million compared to $2.2 million for the same period last year.

"Through our strategic partnership with Wendy's "Project Fresh" initiative, we made deliberate, high-conviction decisions to optimize our portfolio by closing almost 60 select locations to date and reducing hours during the morning daypart in certain locations ...