Investors are accustomed to companies having initial public offerings (IPO) while burning massive amounts of cash. But if that's the norm, then recent restaurant IPO stock Cava Group (NYSE: CAVA) just served investors a tasty surprise. On Aug. 15, in its first quarterly financial report as a public company, the company revealed that record revenue had propelled the business to record profitability as well.

Here's what investors need to know now.

In the second quarter of 2023, Cava had net income of $6.5 million -- a quarterly record for a company that has historically lost money. For example, it lost $8.2 million in the prior-year quarter.

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Source Fool.com