First Watch opens restaurant in 31st state

Daytime dining company First Watch launched its first location in Idaho this week. The restaurant opened for business near Meridian, Idaho, near Boise on May 6 and is now in 31 states.

“At First Watch, regardless of the season or the economic cycle, we are about growth,” First Watch President and CEO Chris Tomasso says, kicking off a May 7 first-quarter earnings call.

In the first three months of the year, the company opened 13 restaurants in 10 states. Among them was the January opening of a restaurant in Hanover, Massachusetts, marking the entry for the brand into that state and New England. 

“In only its first few months, this restaurant is performing well above our expectations, and is often on a wait even on weekdays,” Tomasso says. “Hanover’s success is yet another proof point that supports the fact that the First Watch brand is highly portable, and that our total addressable market of at least 2,200 locations in the continental United States is not only realistic, but highly attainable.”

At the end of the first quarter, First Watch had 584 restaurants systemwide, including 498 company-owned and 86 franchise-owned restaurants. The company plans to grow by 10% a year until it reaches 2,200 restaurants.

This year the East Manatee County-based company plans to open about 60 restaurants, with its development pipeline weighted in the second half of the year. Tomasso says First Watch recently signed a lease in Nashua, New Hampshire, which will put the company in 32 states.

“The continuing success from our new restaurant openings serves as a significant long-term value creator,” Tomasso says. “Despite the uncertainty present in the coming macroeconomic environment, both the 2024 and 2025 [new restaurant opening] classes continue to exceed expectations, and our development pipeline for the remainder of the year and beyond remains robust."

This year First Watch, which posted nearly $1.02 billion in revenue in 2024, expects to have total revenue growth of about 20%, according to its first-quarter report. In the first quarter, total revenues increased 16.4% to $282.2 million, up from $242.4 million in 2024.