Shares of bowling centers operator Bowlero Corp. (BOWL) are down more than 8% Thursday morning following first-quarter results.
The company reported a loss of $33.53 million for the first quarter, compared with profit of $15.56 million a year ago.
The latest quarter included a non-cash expense of $40.76 million related to the revaluation of the earnouts from the successful de-SPAC transaction.
Excluding one-time items, the company registered a profit of $7.23 million.
Revenue in the first quarter increased 27.2%, year-over-year to $230.26 million.
BOWL, currently at $12.64, has been trading in the range of $6.96-$15.28 in the last 52 weeks.
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