2023 was a mixed bag— er, box —for Krispy Kreme.

On the one hand, the doughnut maker’s organic revenue climbed 12.2% over 2022, to $1.7 billion. Its adjusted EBITDA rose 11% YoY.

The growth in sales can be credited partly to the fact that the company expanded its “global points of access,” or places where you can buy its doughnuts, by 19.5% in 2023, to more than 14,000. The company opened stores in seven new countries last year (you can now get Krispy Kreme in Kazakhstan), expanding its global footprint to 39 nations. Seasonal offerings and tie-ins, like the Elf movie donuts released around Christmastime, also boosted sales, and brought the company more than 40 billion media impressions.

But Krispy Kreme also reported a net loss for the year of $36.6 million, quadrupling 2022’s net loss of $8.8 million. Its adjusted diluted earnings per share for 2023 were $0.27, a decline of 2 cents from 2022. CFO Jeremiah Ashukian pointed to high interest rates and “higher than expected depreciation and amortization” as reasons why.

Krispy Kreme projects net revenue growth of 5%–7% and 6%–8% organic revenue growth in 2024, noting that it plans to enter three to five more countries and continue its partnership with McDonald’s. It also intends to further modernize its production and delivery capacities (gifting us with the delightful phrase “upskilling our doughnut transportation”). But it faces headwinds, including higher labor costs, especially due to California’s minimum wage hike for fast food workers, and inflation of around 20% on sugar and double digits on cartons.