Pinstripes : 4Q24 Earnings Presentation

Where magic strikes

Fiscal Fourth Quarter 2024

Earnings Presentation

-- June 27, 2024 --

Jacksonville, FL

CAUTIONARY STATEMENTS

Forward-Looking Statements

Certain statements in this presentation, including the statements contained in slides titled "New Venue Development," "Mature Store Performance," "New Store Performance" and "FY25 Guidance," constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform At of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements other than statements of historical facts contained in this presentation may be forward-looking statements. Such forward-looking statements are often identified by words such as "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "should," "would," "plan," "predict," "forecasted," "projected," "potential," "seem," "future," "outlook," and similar expressions that predict or indicate future events or trends or otherwise indicate statements that are not of historical matters, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements and factors that may cause actual results to differ materially from current expectations include, but are not limited to: the ability of Pinstripes to recognize the anticipated benefits of Pinstripes' recently completed business combination transaction, which may be affected by, among other things, competition, the ability of Pinstripes to grow and manage growth profitably, maintain key relationships and retain its management and key employees; risks related to the uncertainty of the projected financial information with respect to Pinstripes; risks related to Pinstripes' current growth strategy; Pinstripes' ability to successfully open and integrate new locations on a timely basis; risks related to the substantial indebtedness of Pinstripes; risks related to the capital intensive nature of Pinstripes' business; the ability of Pinstripes' to attract new customers and retain existing customers; he impact of the labor shortage and inflation resulting from the COVID-19 pandemic on Pinstripes; and other economic, business and/or competitive factors. The foregoing list of factors is not exhaustive.

Stockholders and prospective investors should carefully consider the foregoing factors and the other risks and uncertainties described in the "Risk Factors" section of the Annual Report on Form 10-K filed by Pinstripes on June 28, 2024, and other documents filed by Pinstripes from time to time with the SEC.

Stockholders and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which only speak as of the date made, are not a guarantee of future performance and are subject to a number of uncertainties, risks, assumptions and other factors, many of which are outside the control of Pinstripes. Except as expressly required by applicable securities laws, Pinstripes expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the expectations of Pinstripes with respect thereto or any change in events, conditions or circumstances on which any such statement is based.

Periods Presented

We have a 52- or 53- week fiscal year ending on the last Sunday of April. All references to fiscal 2024 and fiscal 2023 reflect the results of the 52-week fiscal year ended April 28, 2024 and the 53-week fiscal year ended April 30, 2023. The first, second and third quarters of fiscal 2024 reflect the results of the twelve-weeks ended on July 23, 2023, October 15, 2023 and January 7, 2024, respectively. Our first three fiscal quarters are comprised of twelve weeks each, and the fourth fiscal quarter is comprised of sixteen weeks, except for fiscal years consisting of 53 weeks for which the fourth fiscal quarter will consist of seventeen weeks, and end on the twelfth Sunday of each quarter (sixteenth Sunday of the fourth fiscal quarter, and, when applicable, the seventeenth Sunday of the fourth fiscal quarter).

2

A Letter From Our Founder and CEO

Well, it all started over 50 years ago in a small bowling alley in Cleveland. We always had fun bowling and eating together, and that feeling sparked a journey to re-create those nostalgic and fun connections with family and friends.

Though my career led me to the finance and pharmaceutical industries, the dream of opening a bowling alley always resonated with me, and in 2007 that passion finally became a reality when we opened our flagship Pinstripes location in Northbrook, Illinois.

The Pinstripes vision was to create a novel dining and entertainment destination where guests could connect in an old-fashioned way, as I did as a child. To execute on this vision, we combine aesthetically beautiful venues, delicious Italian-American cuisine, best-in-class service, the timeless games of bowling and bocce, and banquet space for memorable private events. The winning result: extraordinary and magical celebrations for our guests.

As of today, our passionate team of PinMembers operates seventeen locations, with many more expected to come, and an immeasurable number of special and joyous connections yet to share.

Dale Schwartz

Founder and CEO

3

Cleveland, OH

EXECUTIVE SUMMARY

FISCAL FOURTH QUARTER RESULTS ENDING APRIL 28, 2024

REVENUE

$36.2 million	+0.4%
+6% y-y	Same Store Sales
		Growth
FOOD AND		RECREATION
BEVERAGE

$27.6 million	$8.6 million
+5% y-y	+10% y-y

VENUE-LEVEL EBITDA1

ALL STORES

$1.3 million	3.7% of Sales
	-460 bps y-y
MATURE STORES2
$3.6 million	11.3% of Sales
+11.4% y-y	+310 bps y-y

ADJUSTED EBITDA1

$(5.4) million

(15)% of Sales

1	Venue-Level EBITDA and Adjusted EBITDA, including in each case as a percentage of revenue are non-GAAP measures. Please refer to page 13 for a reconciliation to the most directly comparable GAAP measures.	5
2	Mature stores represent stores that have been open greater than 24 months, currently 13 of 17 open locations

RECENTLY OPENED VENUES

Paramus, NJ

February 2024

Garden State Plaza

Remodel Conversion

27k internal sq. ft.

8k external sq. ft.

Orlando, FL

April 2024

Vineland Point

New Mixed-Use Development

29k internal sq. ft.

12k external sq. ft.

NEW VENUE DEVELOPMENT

Walnut Creek, CA

Q2 F2025

3

Total Venues In

Development

8

Additional

LOI Signed or Under

Negotiation

Jacksonville, FL

Coral Gables, FL

Q2 F2025

20

Additional Sites

Under Consideration

CY2025

Bethesda, MD

FINANCIAL SUMMARY

Q4 FY24 FINANCIAL OVERVIEW

Revenue By Offering

1%

23%

54%

22%

Food Bar Games Other

Open/Event Revenue Mix

39%

61%

Private Event

Open Dining & Play

9

Note: Other (non-food/bar/games) revenue includes room rental fees, A/V rental fees, and podium rental fees.

MATURE STORE PERFORMANCE

Revenue

($MM)		+3.0%

$108.7		$112.1
23.3				24.7
	+5.4%

+0.4%

85.4 +2.4% 87.4

$31.6 $31.7

7.47.4

24.224.3

4Q'23

4Q'24

FY 23

FY 24

F&B Gaming

Venue-level EBITDA Margin1

20-22%

14.4%

12.7% 13.2%

FY22

FY23

FY24

FY25e

Note: Mature stores refers to the stores open at least 24 months

1) Venue-Level EBITDA, including as a percentage of revenue is a non-GAAP measure. Please refer to page 14 for a reconciliation to the most directly comparable GAAP measure.	10