FAT BRANDS INC. REPORTS THIRD QUARTER 2025 FINANCIAL RESULTS
FAT Brands (NASDAQ: FAT) reported third quarter fiscal 2025 results on November 5, 2025, with total revenue of $140.0M (down 2.3% YoY) and a net loss of $58.2M ($3.39 per diluted share). The company recorded negative EBITDA of $7.7M and adjusted net loss of $45.4M ($2.67 per diluted share).
Management highlighted 60 openings year-to-date, ~900 committed locations expected to contribute $50–$60M incremental EBITDA when fully ramped, and co-branding success after a Round Table Pizza–Fatburger dual location more than doubled weekly sales. The company paused its dividend, is negotiating debt restructuring, and plans a $75–$100M equity raise at Twin Hospitality Group to reduce leverage.
FAT Brands (NASDAQ: FAT) ha riportato i risultati del terzo trimestre fiscale 2025 il 5 novembre 2025, con fatturato totale di 140,0 milioni di dollari (in calo del 2,3% su base annua) e una perdita netta di 58,2 milioni di dollari (2,67 dollari per azione diluita). L'azienda ha registrato EBITDA negativo di 7,7 milioni e perdita netta rettificata di 45,4 milioni (2,67 dollari per azione diluita).
La direzione ha evidenziato 60 aperture da inizio anno, circa 900 location in pipeline previste a contribuire con 50–60 milioni di EBITDA addizionale una volta pienamente operative, e un successo di co-branding dopo la dual location Round Table Pizza–Fatburger ha visto più che raddoppiare le vendite settimanali. L'azienda ha sospeso il dividendo, sta negoziando una ristrutturazione del debito e prevede un aumento di capitale da 75–100 milioni di dollari presso Twin Hospitality Group per ridurre l'indebitamento.
FAT Brands (NASDAQ: FAT) informó los resultados del tercer trimestre fiscal de 2025 el 5 de noviembre de 2025, con ingresos totales de 140,0 millones de dólares (caída del 2,3% interanual) y una pérdida neta de 58,2 millones de dólares (3,39 dólares por acción diluida). La compañía registró EBITDA negativo de 7,7 millones y pérdida neta ajustada de 45,4 millones (3,39 por acción diluida).
La dirección destacó 60 aperturas en lo que va del año, ~900 ubicaciones comprometidas que se espera contribuyan con 50–60 millones de EBITDA incremental cuando estén plenamente operativas, y éxito de co-marca tras una ubicación doble Round Table Pizza–Fatburger que casi duplicó las ventas semanales. La compañía ha pausado su dividendo, está negociando una reestructuración de la deuda y planea una ampliación de capital de 75–100 millones de dólares en Twin Hospitality Group para reducir el apalancamiento.
FAT Brands (NASDAQ: FAT)는 2025년 11월 5일에 2025 회계연도 3분기 실적을 발표했고, 총매출 1억 4000만 달러로 YoY -2.3%이며 순손실 5820만 달러 (희석주당 3.39달러). 회사는 EBITDA 음수 770만 달러와 조정 순손실 4540만 달러 (희석주당 2.67달러)를 보고했다.
경영진은 연초 이후 60개 개점, 약 900개 약정 매장이 완전 가동될 때 50–60백만 달러의 추가 EBITDA를 기여할 것으로 예상하였고, Round Table Pizza–Fatburger 이중 매장으로 공동 브랜드 성공을 거두었으며 주간 매출이 두 배 이상 증가했다고 밝혔다. 회사는 배당금을 중단했고, 부채 구조조정을 협의 중이며, 부채 수준을 낮추기 위해 Twin Hospitality Group에 7,500만~1억 달러의 자본 조달을 계획하고 있다.
FAT Brands (NASDAQ: FAT) a publié les résultats du troisième trimestre fiscal 2025 le 5 novembre 2025, avec un chiffre d'affaires total de 140,0 millions de dollars (en baisse de 2,3% sur un an) et une perte nette de 58,2 millions de dollars (2,67 dollars par action diluée). L'entreprise a enregistré un EBITDA négatif de 7,7 millions et une perte nette ajustée de 45,4 millions (2,67 dollars par action diluée).
La direction a mis en évidence 60 ouvertures en année en cours, environ 900 emplacements engagés prévus pour contribuer 50–60 millions d'EBITDA additionnel lorsqu'ils seront pleinement opérationnels, et un succès de co-branding après une localisation double Round Table Pizza–Fatburger qui a plus que doublé les ventes hebdomadaires. L'entreprise a mis en pause son dividende, négocie une restructuration de la dette et prévoit une levée de capitaux de 75–100 millions de dollars chez Twin Hospitality Group pour réduire l'endettement.
FAT Brands (NASDAQ: FAT) berichtete am 5. November 2025 über die Ergebnisse des dritten Quartals des Geschäftsjahres 2025, mit Gesamtumsatz von 140,0 Mio. USD (YoY -2,3%) und einem Nettogewinn von -58,2 Mio. USD (3,39 USD je verwässerter Aktie). Das Unternehmen verzeichnete negatives EBITDA von -7,7 Mio. USD und angepasster Nettobetriebsverlust von -45,4 Mio. USD (2,67 USD je verwässerter Aktie).
Management hob bis dato 60 Eröffnungen hervor, ca. 900 vertraglich festgelegte Standorte, von denen erwartet wird, dass sie 50–60 Mio. USD zusätzliches EBITDA beitragen, wenn sie vollständig hochgefahren sind, und Erfolg des Co-Brandings nach einer Round Table Pizza–Fatburger-Doppelstandort, der den wöchentlichen Umsatz mehr als verdoppelte. Das Unternehmen hat seine Dividende ausgesetzt, verhandelt eine Schuldenrestrukturierung und plant eine Eigenkapitalerhöhung von 75–100 Mio. USD bei Twin Hospitality Group, um die Verschuldung zu senken.
FAT Brands (ناسداك: FAT) أعلنت عن نتائج الربع الثالث من السنة المالية 2025 في 5 نوفمبر 2025، مع إجمالي الإيرادات 140.0 مليون دولار (بانخفاض 2.3% على أساس سنوي) و خسارة صافية قدرها 58.2 مليون دولار (3.39 دولار للسهم المخفف). سجلت الشركة EBITDA سلبي قدره 7.7 مليون دولار و خسارة صافية معدلة قدرها 45.4 مليون دولار (2.67 دولار للسهم المخفف).
سلطت الإدارة الضوء على 60 افتتاحاً حتى تاريخه، نحو 900 موقع مبدئي من المتوقع أن تسهم في 50–60 مليون دولار من EBITDA الإضافي عند تشغيلها بالكامل، و نجاح في علامة التشارك بعد موقع Round Table Pizza–Fatburger المزدوج الذي ضعّف تقريباً المبيعات الأسبوعية. أوقفت الشركة توزيع الأرباح، وتقوم بإجراء مفاوضات لإعادة هيكلة الدين، وتخطط لجمع رأسمال قدره 75–100 مليون دولار في Twin Hospitality Group لتخفيض الدين العام.
- Approximately 900 committed locations expected to add $50–$60M EBITDA
- Opened 60 new restaurants year-to-date
- Co-branded Round Table/Fatburger location more than doubled weekly sales
- Dividend pause preserves $35–$40M in annual cash flow
- Planned $75–$100M equity raise at Twin Hospitality Group
- Net loss widened to $58.2M in Q3 2025
- Reported negative EBITDA of $7.7M in Q3 2025
- Interest expense increased to $41.5M in Q3 2025
- Closed 11 underperforming Smokey Bones locations
Insights
Mixed quarter: operating traction in co-branding and openings, but larger GAAP losses and cash/debt pressures persist.
Revenue fell to
Balance-sheet actions drive near-term focus: a dividend pause preserving
Watch the progress of the debt restructuring and the Twin Hospitality equity raise over the next several quarters, the conversion rate and rollout speed of the ~50 co-branded locations, and quarterly changes in interest expense (currently embedded in total other expense/interest of
Conference call and webcast today at 4:30 p.m. ET
LOS ANGELES, Nov. 05, 2025 (GLOBE NEWSWIRE) -- FAT (Fresh. Authentic. Tasty.) Brands Inc. (NASDAQ: FAT) (“FAT Brands” or the “Company”) today reported financial results for the fiscal third quarter ended September 28, 2025.
Andy Wiederhorn, Chairman and CEO of FAT Brands, said, "We delivered strong results across multiple areas in the third quarter, marking our best performance of the year to date. Notably, our casual dining segment posted same-store sales growth of
Wiederhorn continued, "We have opened 60 new restaurants so far this year and remain focused on strategic expansion backed by approximately 900 committed locations, which are expected to contribute
Wiederhorn concluded, "Additionally, our strategic partnership with Virtual Dining Concepts to make Great American Cookies available from Chuck E. Cheese locations nationwide represents a transformative step in our manufacturing growth strategy."
Ken Kuick, Chief Financial Officer of FAT Brands said: "We are implementing several strategic initiatives to strengthen our balance sheet. Our dividend pause remains in effect, preserving
Fiscal Third Quarter 2025 Highlights
- Total revenue declined
2.3% to$140.0 million compared to$143.4 million in the fiscal third quarter of 2024- System-wide sales declined
5.5% - System-wide same-store sales declined
3.5% - 13 new store openings during the fiscal third quarter of 2025
- System-wide sales declined
- Net loss of
$58.2 million , or$3.39 per diluted share, compared to$44.8 million , or$2.74 per diluted share, in the fiscal third quarter of 2024 - Negative EBITDA(1) of
$7.7 million compared to EBITDA(1) of$1.7 million in the fiscal third quarter of 2024 - Adjusted EBITDA(1) of
$13.1 million compared to Adjusted EBITDA(1) of$14.1 million in the fiscal third quarter of 2024 - Adjusted net loss(1) of
$45.4 million , or$2.67 per diluted share, compared to adjusted net loss(1) of$38.0 million , or$2.34 per diluted share, in the fiscal third quarter of 2024
(1) EBITDA, adjusted EBITDA and adjusted net loss are non-GAAP measures defined below, under “Non-GAAP Measures”. Reconciliation of GAAP net loss to EBITDA, adjusted EBITDA and adjusted net loss are included in the accompanying financial tables.
Summary of Fiscal Third Quarter 2025 Financial Results
Total revenue decreased
General and administrative expense increased
Cost of restaurant and factory revenues was related to the operations of the company-owned restaurant locations and dough factory and decreased
Advertising expenses increased
Total other expense, net, for the third quarter of 2025 and 2024 was
Adjusted net loss(1) was
Key Financial Definitions
New store openings - The number of new store openings reflects the number of stores opened during a particular reporting period. The total number of new stores per reporting period and the timing of store openings has, and will continue to have, an impact on our results.
Same-store sales growth - Same-store sales growth reflects the change in year-over-year sales for the comparable store base, which we define as the number of stores open and in the FAT Brands system for at least one full fiscal year. For stores that were temporarily closed, sales in the current and prior period are adjusted accordingly. Given our focused marketing efforts and public excitement surrounding each opening, new stores often experience an initial start-up period with considerably higher than average sales volumes, which subsequently decrease to stabilized levels after three to six months. Additionally, when we acquire a brand, it may take several months to integrate fully each location of said brand into the FAT Brands platform. Thus, we do not include stores in the comparable base until they have been open and in the FAT Brands system for at least one full fiscal year.
System-wide sales growth - System-wide sales growth reflects the percentage change in sales in any given fiscal period compared to the prior fiscal period for all stores in that brand only when the brand is owned by FAT Brands. Because of acquisitions, new store openings and store closures, the stores open throughout both fiscal periods being compared may be different from period to period.
Conference Call and Webcast
FAT Brands will host a conference call and webcast to discuss its fiscal third quarter 2025 financial results today at 4:30 PM ET. Hosting the conference call and webcast will be Andy Wiederhorn, President and Chief Executive Officer, and Ken Kuick, Chief Financial Officer.
The conference call can be accessed live over the phone by dialing 1-877-704-4453 from the U.S. or 1-201-389-0920 internationally. A replay will be available after the call until Wednesday, November 26, 2025, and can be accessed by dialing 1-844-512-2921 from the U.S. or 1-412-317-6671 internationally. The passcode is 13755607. The webcast will be available at www.fatbrands.com under the “Investors” section and will be archived on the site shortly after the call has concluded.
About FAT (Fresh. Authentic. Tasty.) Brands
FAT Brands (NASDAQ: FAT) is a leading global franchising company that strategically acquires, markets, and develops fast casual, quick-service, casual dining, and polished casual dining concepts around the world. The Company currently owns 18 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli’s, Twin Peaks, Smokey Bones, Great American Cookies, Hot Dog on a Stick, Buffalo’s Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses and franchises and owns approximately 2,300 units worldwide. For more information, please visit www.fatbrands.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the future financial and operating results of the Company, the timing and terms of a debt restructuring, our ability to achieve positive cash flow, the timing and performance of new store openings and our pipeline of new store locations. Forward-looking statements generally use words such as “expect,” “foresee,” “anticipate,” “believe,” “project,” “should,” “estimate,” “will,” “plans,” “forecast,” and similar expressions, and reflect our expectations concerning the future. Forward-looking statements are subject to significant business, economic and competitive risks, uncertainties and contingencies, many of which are difficult to predict and beyond our control, which could cause our actual results to differ materially from the results expressed or implied in such forward-looking statements. We refer you to the documents that we file from time to time with the Securities and Exchange Commission, such as our reports on Form 10-K, Form 10-Q and Form 8-K, for a discussion of these and other risks and uncertainties that could cause our actual results to differ materially from our current expectations and from the forward-looking statements contained in this press release. We undertake no obligation to update any forward-looking statements to reflect events or circumstances occurring after the date of this press release.
Non-GAAP Measures (Unaudited)
This press release includes the non-GAAP financial measures of EBITDA, adjusted EBITDA and adjusted net loss.
EBITDA is defined as earnings before interest, taxes, and depreciation and amortization. We use the term EBITDA, as opposed to loss from operations, as it is widely used by analysts, investors, and other interested parties to evaluate companies in our industry. We believe that EBITDA is an appropriate measure of operating performance because it eliminates the impact of expenses that do not relate to business performance. EBITDA is not a measure of our financial performance or liquidity that is determined in accordance with generally accepted accounting principles (“GAAP”), and should not be considered as an alternative to net loss as a measure of financial performance or cash flows from operations as measures of liquidity, or any other performance measure derived in accordance with GAAP.
Adjusted EBITDA is defined as EBITDA (as defined above), excluding expenses related to acquisitions, refranchising loss (gain), impairment charges, and certain non-recurring or non-cash items that the Company does not believe directly reflect its core operations and may not be indicative of the Company’s recurring business operations.
Adjusted net loss is a supplemental measure of financial performance that is not required by or presented in accordance with GAAP. Adjusted net loss is defined as net loss plus the impact of adjustments and the tax effects of such adjustments. Adjusted net loss is presented because we believe it helps convey supplemental information to investors regarding our performance, excluding the impact of special items that affect the comparability of results in past quarters to expected results in future quarters. Adjusted net loss as presented may not be comparable to other similarly titled measures of other companies, and our presentation of adjusted net loss should not be construed as an inference that our future results will be unaffected by excluded or unusual items. Our management uses this non-GAAP financial measure to analyze changes in our underlying business from quarter to quarter based on comparable financial results.
Reconciliations of net loss presented in accordance with GAAP to EBITDA, adjusted EBITDA and adjusted net loss are set forth in the tables below.
Investor Relations:
ICR
Michelle Michalski
ir-fatbrands@icrinc.com
Media Relations:
Erin Mandzik
emandzik@fatbrands.com
860-212-6509
FAT Brands Inc. Consolidated Statements of Operations
| Thirteen Weeks Ended | Thirty-Nine Weeks Ended | |||||||||||||||
| (In thousands, except share and per share data) | September 28, 2025 | September 29, 2024 | September 28, 2025 | September 29, 2024 | ||||||||||||
| Revenue | ||||||||||||||||
| Royalties | $ | 21,582 | $ | 22,353 | $ | 65,524 | $ | 67,618 | ||||||||
| Restaurant sales | 96,643 | 99,238 | 298,446 | 312,587 | ||||||||||||
| Advertising fees | 9,143 | 9,708 | 28,573 | 29,569 | ||||||||||||
| Factory revenues | 9,649 | 9,490 | 28,711 | 28,599 | ||||||||||||
| Franchise fees | 1,503 | 2,576 | 3,817 | 5,170 | ||||||||||||
| Other revenue | 1,489 | — | 3,792 | 3,829 | ||||||||||||
| Total revenue | 140,009 | 143,365 | 428,863 | 447,372 | ||||||||||||
| Costs and expenses | ||||||||||||||||
| General and administrative expense | 42,665 | 34,481 | 120,125 | 94,044 | ||||||||||||
| Cost of restaurant and factory revenues | 94,613 | 96,792 | 288,760 | 295,955 | ||||||||||||
| Depreciation and amortization | 7,909 | 10,736 | 26,682 | 31,176 | ||||||||||||
| Refranchising loss (gain) | 24 | 157 | (7 | ) | 1,840 | |||||||||||
| Advertising fees | 12,164 | 10,032 | 34,787 | 37,275 | ||||||||||||
| Total costs and expenses | 157,375 | 152,198 | 470,347 | 460,290 | ||||||||||||
| Loss from operations | (17,366 | ) | (8,833 | ) | (41,484 | ) | (12,918 | ) | ||||||||
| Other (expense) income, net | ||||||||||||||||
| Interest expense | (37,101 | ) | (31,109 | ) | (103,496 | ) | (90,318 | ) | ||||||||
| Interest expense related to preferred shares | (4,418 | ) | (4,418 | ) | (13,253 | ) | (13,253 | ) | ||||||||
| Net gain on extinguishment of debt | 357 | — | 206 | 427 | ||||||||||||
| Other income (loss), net | 173 | (252 | ) | 218 | (800 | ) | ||||||||||
| Total other expense, net | (40,989 | ) | (35,779 | ) | (116,325 | ) | (103,944 | ) | ||||||||
| Loss before income tax provision | (58,355 | ) | (44,612 | ) | (157,809 | ) | (116,862 | ) | ||||||||
| Income tax provision | 1,100 | 143 | 3,326 | 5,568 | ||||||||||||
| Net loss | (59,455 | ) | (44,755 | ) | (161,135 | ) | (122,430 | ) | ||||||||
| Less: Net loss attributable to non-controlling interest | 1,236 | — | 2,759 | — | ||||||||||||
| Net loss attributable to FAT Brands Inc. | $ | (58,219 | ) | $ | (44,755 | ) | $ | (158,376 | ) | $ | (122,430 | ) | ||||
| Net loss attributable to FAT Brands Inc. | $ | (58,219 | ) | $ | (44,755 | ) | $ | (158,376 | ) | $ | (122,430 | ) | ||||
| Dividends on preferred shares | (2,317 | ) | (1,935 | ) | (6,858 | ) | (5,736 | ) | ||||||||
| $ | (60,536 | ) | $ | (46,690 | ) | $ | (165,234 | ) | $ | (128,166 | ) | |||||
| Basic and diluted loss per common share | $ | (3.39 | ) | $ | (2.74 | ) | $ | (9.30 | ) | $ | (7.54 | ) | ||||
| Basic and diluted weighted average shares outstanding | 17,872,052 | 17,052,007 | 17,758,765 | 16,999,889 | ||||||||||||
| Cash dividends declared per common share | $ | — | $ | 0.14 | $ | — | $ | 0.42 | ||||||||
FAT Brands Inc. Consolidated EBITDA and Adjusted EBITDA Reconciliation
| Thirteen Weeks Ended | Thirty-Nine Weeks Ended | |||||||||||||||
| (In thousands) | September 28, 2025 | September 29, 2024 | September 28, 2025 | September 29, 2024 | ||||||||||||
| Net loss attributable to FAT Brands Inc. | $ | (58,219 | ) | $ | (44,755 | ) | $ | (158,376 | ) | $ | (122,430 | ) | ||||
| Interest expense, net | 41,519 | 35,527 | 116,749 | 103,571 | ||||||||||||
| Income tax provision | 1,100 | 143 | 3,326 | 5,568 | ||||||||||||
| Depreciation and amortization | 7,909 | 10,736 | 26,682 | 31,176 | ||||||||||||
| EBITDA | (7,691 | ) | 1,651 | (11,619 | ) | 17,885 | ||||||||||
| Bad debt expense | 1,784 | 2,348 | 2,986 | 787 | ||||||||||||
| Share-based compensation expenses | 3,541 | 539 | 16,672 | 1,961 | ||||||||||||
| Non-cash lease expenses | (41 | ) | 398 | 694 | 1,786 | |||||||||||
| Refranchising loss (gain) | 24 | 157 | (7 | ) | 1,840 | |||||||||||
| Litigation costs | 4,594 | 6,175 | 16,656 | 17,835 | ||||||||||||
| Severance | — | 384 | — | 425 | ||||||||||||
| Net loss related to advertising fund deficit | 2,971 | 1,563 | 5,718 | 4,985 | ||||||||||||
| Net gain on extinguishment of debt | (357 | ) | — | (206 | ) | (427 | ) | |||||||||
| Pre-opening expenses | 7 | 844 | 702 | 935 | ||||||||||||
| Store closure expense | 8,285 | — | 8,285 | — | ||||||||||||
| Adjusted EBITDA | $ | 13,117 | $ | 14,059 | $ | 39,881 | $ | 48,012 | ||||||||
FAT Brands Inc. Adjusted Net Loss Reconciliation
| Thirteen Weeks Ended | Thirty-Nine Weeks Ended | |||||||||||||||
| (In thousands, except share and per share data) | September 28, 2025 | September 29, 2024 | September 28, 2025 | September 29, 2024 | ||||||||||||
| Net loss attributable to FAT Brands Inc. | $ | (58,219 | ) | $ | (44,755 | ) | $ | (158,376 | ) | $ | (122,430 | ) | ||||
| Refranchising loss (gain) | 24 | 157 | (7 | ) | 1,840 | |||||||||||
| Net gain on extinguishment of debt | (357 | ) | — | (206 | ) | (427 | ) | |||||||||
| Litigation costs | 4,594 | 6,175 | 16,656 | 17,835 | ||||||||||||
| Severance | — | 384 | — | 425 | ||||||||||||
| Store closure expense | 8,285 | — | 8,285 | — | ||||||||||||
| Tax adjustments, net (1) | 236 | 22 | 521 | 937 | ||||||||||||
| Adjusted net loss | $ | (45,437 | ) | $ | (38,017 | ) | $ | (133,127 | ) | $ | (101,820 | ) | ||||
| Net loss | $ | (58,219 | ) | $ | (44,755 | ) | $ | (158,376 | ) | $ | (122,430 | ) | ||||
| Dividends on preferred shares | (2,317 | ) | (1,935 | ) | (6,858 | ) | (5,736 | ) | ||||||||
| $ | (60,536 | ) | $ | (46,690 | ) | $ | (165,234 | ) | $ | (128,166 | ) | |||||
| Adjusted net loss | $ | (45,437 | ) | $ | (38,017 | ) | $ | (133,127 | ) | $ | (101,820 | ) | ||||
| Dividends on preferred shares | (2,317 | ) | (1,935 | ) | (6,858 | ) | (5,736 | ) | ||||||||
| $ | (47,754 | ) | $ | (39,952 | ) | $ | (139,985 | ) | $ | (107,556 | ) | |||||
| Loss per basic and diluted share | $ | (3.39 | ) | $ | (2.74 | ) | $ | (9.30 | ) | $ | (7.54 | ) | ||||
| Adjusted net loss per basic and diluted share | $ | (2.67 | ) | $ | (2.34 | ) | $ | (7.88 | ) | $ | (6.33 | ) | ||||
| Weighted average basic and diluted shares outstanding | 17,872,052 | 17,052,007 | 17,758,765 | 16,999,889 | ||||||||||||
(1) Reflects the tax impact of the adjustments using the effective tax rate for the respective periods.
FAQ
What were FAT Brands (FAT) third quarter 2025 revenue and net loss figures?
How did FAT Brands say the Round Table Pizza–Fatburger co-branded test performed?
What cash-preservation and financing actions did FAT Brands announce on November 5, 2025?
How many new restaurants has FAT Brands opened in 2025 and what pipeline did management cite?
What operating impacts did Smokey Bones closures have on FAT Brands’ Q3 2025 results?
When is FAT Brands’ Q3 2025 conference call replay available and where?
