Krispy Kreme, Inc. (NASDAQ: DNUT) reported its financial results for the second quarter of 2025, ending on June 29. The company recorded net revenue of $379.8 million, marking a decline of approximately 13.5% compared to the same period in 2024. This decrease was primarily attributed to a $64.2 million reduction following the sale of a majority stake in Insomnia Cookies Holdings, LLC in the third quarter of fiscal 2024, with the remaining ownership stake sold during the second quarter of fiscal 2025. Organic revenue saw a slight decline of 0.8%, or $2.9 million. Krispy Kreme also reported a GAAP net loss of $441.1 million, which included non-cash goodwill and other asset impairment charges totaling $406.9 million. Adjusted EBITDA was $20.1 million, and cash used for operating activities amounted to $32.5 million. The company's Global Points of Access increased by 2,260, or 14.3%, to 18,113, although approximately 2,400 McDonald's doors were closed subsequent to the second quarter due to the termination of the agreement with McDonald's. Krispy Kreme outlined a turnaround plan focused on deleveraging the balance sheet and driving sustainable, profitable growth, emphasizing the need to maximize U.S. expansion and the adoption of a capital-light international franchise model.