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- Material Weakness (new) — Company disclosed five material weaknesses in internal controls rendering disclosure controls ineffective, a reversal from prior effective conclusion.
revenue $484.4M, net income $54.8M. Driven Brands discloses material control weaknesses, completes ICW sale to pay down debt
Filed June 11, 2026 · Period ending March 28, 2026 · Compared to 10-Q May 8, 2025 · ~2 min read
Key Changes
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Management reversed prior conclusion on internal controls, now deeming disclosure controls ineffective due to five unremediated material weaknesses including insufficient accounting staff, deficient account reconciliations, and inadequate manual journal entry reviews.
Controls & Procedures verify on EDGAR → -
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Completed sale of International Car Wash business for ~$490M in January 2026, using proceeds to repay $472M in debt across three facilities, reducing interest expense by $13M (35%) year-over-year.
MD&A: ICW Divestiture verify on EDGAR → -
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Net income from continuing operations rose 71% to $24M ($0.14/share) driven by same-store sales growth of 2.1% and lower interest costs, partially offset by $9M in one-time restatement remediation fees.
MD&A: Financial Performance verify on EDGAR →
2 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jun 11, 2026 · How we verify