Red Robin Gourmet Burgers, Inc. (RRGB) Balance Sheet

The deterioration in equity reflects accumulated losses, with retained earnings moving from negative $84.9M to negative $178.0M over the same window. This trajectory suggests the balance sheet has weakened structurally rather than through a single event, and investors should monitor whether operating recovery can reverse the drift. The gap between assets and liabilities warrants further investigation as a signal of limited cushion against adverse developments.

Debt has come down from $600.4M in 2024Q1, which may indicate active paydown, but it remains the dominant claim on the asset base. The low current ratio, which stayed below 0.75 in every quarter shown, suggests short-term obligations are not comfortably covered by current assets. Refinancing terms and maturity profile are not included in the supplied data, so the degree of refinancing risk cannot be fully assessed here.

The reduction in PP&E is consistent with restaurant closures, asset impairments, or sale-leaseback activity, though the supplied data does not isolate which. Total assets fell from $717.1M to $528.7M, indicating the asset-heavy restaurant model is being scaled down. Goodwill impairment risk appears limited given its small remaining balance, but the trend in tangible assets bears watching.

Cash has remained in a range of roughly $20M to $31M across the ten quarters, which is small relative to total liabilities of $634.3M. A current ratio of 0.71 implies the company depends on continued operating cash generation and access to financing to meet near-term commitments. The data does not disclose undrawn credit facilities, so the true liquidity position cannot be fully verified from these figures.