When comparing the 2011 to 2012 full year financials - it is worth noting that during 2011 SPoT did not open any new cafes, where as during 2012 there were 3 new cafes opened with a 4th under construction. With that in mind it is quite difficult to do an accurate year by year assessment, you lack the full year benefit of revenues, while getting hit with the full cost of opening a new location.
While dilution is a concern, it is necessary to fund expansion. Borrowing every dollar to achieve expansion is not a great idea either, so a mix between equity (private placements) and debt continues to make sense.
Raising sufficient capital to achieve expansion plans is obviously quite important at this point.