TWIN HOSPITALITY GROUP INC. REPORTS FISCAL THIRD QUARTER 2025 FINANCIAL RESULTS
Twin Hospitality Group (NASDAQ: TWNP) reported fiscal Q3 2025 results for the period ended September 28, 2025. Total revenue was $82.3 million, down 1.6% year‑over‑year. The company reported a net loss of $24.5 million and a loss from operations of $13.4 million. Restaurant contribution margin was 9.6% (Twin Peaks 17.0%, Smokey Bones -0.3%). Adjusted EBITDA was $3.0 million versus $2.3 million a year earlier. Management closed 11 underperforming Smokey Bones locations and incurred related closure and impairment charges that materially raised G&A to $19.5 million. A conference call and webcast is scheduled today at 5:15 PM ET.
Twin Hospitality Group (NASDAQ: TWNP) ha riportato i risultati fiscali del terzo trimestre 2025 per il periodo terminato il 28 settembre 2025. Il fatturato totale è stato di 82,3 milioni di dollari, in diminuzione dell'1,6% anno su anno. L'azienda ha riportato una perdita netta di 24,5 milioni di dollari e una perdita operativa di 13,4 milioni di dollari. Il margine di contribuzione dei ristoranti è stato 9,6% (Twin Peaks 17,0%, Smokey Bones -0,3%). EBITDA rettificato è stato di 3,0 milioni di dollari rispetto ai 2,3 milioni di dollari dell'anno precedente. La direzione ha chiuso 11 sedi Smokey Bones con performance insufficiente e ha sostenuto costi di chiusura e impairment che hanno aumentato significativamente i costi generali e amministrativi a 19,5 milioni di dollari. Una conference call e una webcast è prevista oggi alle 17:15 ora ET.
Twin Hospitality Group (NASDAQ: TWNP) informó los resultados del tercer trimestre fiscal de 2025 para el periodo que terminó el 28 de septiembre de 2025. Los ingresos totales fueron de 82,3 millones de dólares, una caída interanual del 1,6%. La compañía reportó una pérdida neta de 24,5 millones de dólares y una pérdida operativa de 13,4 millones de dólares. El margen de contribución de restaurantes fue del 9,6% (Twin Peaks 17,0%, Smokey Bones -0,3%). EBITDA ajustado fue de 3,0 millones de dólares frente a 2,3 millones de dólares del año anterior. La dirección cerró 11 locales Smokey Bones con bajo rendimiento y asumió costos de cierre y deterioro que incrementaron sustancialmente los gastos generales y administrativos a 19,5 millones de dólares. Una llamada de conferencia y webcast está programada para hoy a las 5:15 PM ET.
Twin Hospitality Group (NASDAQ: TWNP) 는 2025년 9월 28일로 끝난 2025 회계연도 3분기 실적을 발표했다. 총매출은 8,230만 달러로 전년 동기 대비 1.6% 감소했다. 회사는 순손실 2,450만 달러와 영업손실 1,340만 달러를 보고했다. 레스토랑 기여마진은 9.6%였으며(Twin Peaks 17.0%, Smokey Bones -0.3%). 조정 EBITDA는 300만 달러로 전년 동기 230만 달러 대비 증가했다. 경영진은 수익 저조 Smokey Bones 매장 11개를 폐점했고 이로 인한 폐점 및 평가손실 비용이 일반관리비를 1950만 달러로 대폭 상승시켰다. 오늘 동부시간 5:15 PM에 컨퍼런스 콜과 웹캐스트가 예정되어 있다.
Twin Hospitality Group (NASDAQ: TWNP) a publié les résultats du troisième trimestre fiscal 2025 pour la période se terminant le 28 septembre 2025. Le chiffre d'affaires total s'est élevé à 82,3 millions de dollars, en baisse de 1,6 % d'une année sur l'autre. La société a enregistré une perte nette de 24,5 millions de dollars et une perte opérationnelle de 13,4 millions de dollars. La marge de contribution des restaurants était de 9,6% (Twin Peaks 17,0 %, Smokey Bones -0,3 %). EBITDA ajusté était de 3,0 millions de dollars contre 2,3 millions de dollars l'année précédente. La direction a fermé 11 établissements Smokey Bones sous-performants et a engagé des charges liées à la fermeture et à l'amortissement qui ont sensiblement augmenté les frais généraux et administratifs à 19,5 millions de dollars. Une conférence téléphonique et une webcast est prévue aujourd'hui à 17h15, heure de l'Est.
Twin Hospitality Group (NASDAQ: TWNP) hat die Ergebnisse des dritten Quartals 2025 für den Zeitraum zum 28. September 2025 gemeldet. Gesamtumsatz betrug 82,3 Mio. $, gegenüber dem Vorjahr ein Rückgang von 1,6 %. Das Unternehmen meldete einen Nettoverlust von 24,5 Mio. $ und eine Betriebsverlust von 13,4 Mio. $. Die Beitragsspanne der Restaurants betrug 9,6% (Twin Peaks 17,0%, Smokey Bones -0,3%). Bereinigtes EBITDA betrug 3,0 Mio. $ gegenüber 2,3 Mio. $ im Vorjahr. Die Geschäftsführung schloss 11 unterdurchschnittliche Smokey Bones Standorte und verzeichnete damit verbundene Schließungs- und Wertminderungsaufwendungen, die die allgemeinen Verwaltungskosten auf 19,5 Mio. $ deutlich erhöhten. Eine Telefonkonferenz und ein Webcast ist heute um 17:15 Uhr ET geplant.
Twin Hospitality Group (NASDAQ: TWNP) أعلنت عن نتائج الربع الثالث من عام 2025 للفترة المنتهية في 28 سبتمبر 2025. الإيرادات الإجمالية بلغت 82.3 مليون دولار، بانخفاض قدره 1.6% على أساس سنوي. أعلنت الشركة خسارة صافية قدرها 24.5 مليون دولار وخسارة تشغيلية قدرها 13.4 مليون دولار. هامش مساهمة المطاعم كان 9.6% (Twin Peaks 17.0%، Smokey Bones -0.3%). EBITDA المعدل كان 3.0 مليون دولار مقابل 2.3 مليون دولار في العام السابق. أدارت الإدارة إغلاق 11 موقع Smokey Bones منخفضة الأداء وتحمّلت مصروفات الإغلاق والانخفاض في القيمة المرتبطة، ما رفع بشكل ملحوظ المصروفات العامة والإدارية إلى 19.5 مليون دولار. من المقرر إجراء مكالمة مؤتمريّة وبث عبر الويب اليوم في الساعة 5:15 مساءً بتوقيت شرق الولايات المتحدة.
- Adjusted EBITDA increased to $3.0M from $2.3M (+30%)
- Net loss widened to $24.5M from $16.2M
- Loss from operations increased to $13.4M from $3.6M
- G&A expense rose $12.3M to $19.5M, driven by $6.9M closure costs and $1.4M impairment
- Closed 11 Smokey Bones locations, reducing scale and revenue
Insights
Twin Hospitality shows mixed results: stronger restaurant margins but wider net losses and revenue decline from closures.
Revenue fell to
Performance depends heavily on the conversion plan and closures: management closed 11 underperforming Smokey Bones and temporarily closed two for conversion, which reduced revenue but lowered food and labor costs. Risks include the large increase in G&A driven by
Watch execution milestones through
Hosting conference call and webcast today at 5:15 PM ET
DALLAS, Nov. 05, 2025 (GLOBE NEWSWIRE) -- Twin Hospitality Group Inc. (NASDAQ: TWNP) (“Twin Peaks” or the “Company”) today reported financial results for the fiscal third quarter ended September 28, 2025.
“We are encouraged by the early momentum related to the initiatives launched in May 2025. In the third quarter, Twin Peaks delivered a solid performance, expanding restaurant-level contribution margin to
“Our conversion strategy continues to yield outstanding results, with Twin Peaks locations consistently outperforming their former Smokey Bones operations by a significant margin. Looking ahead, we have a clear pipeline for 2026 that includes both franchised and company-owned opportunities. With the closure of 11 underperforming Smokey Bones locations and new management focusing on our strategic plan, we are targeting Smokey Bones to achieve improved restaurant-level profitability beginning in early 2026,” said Ken Kuick, Chief Financial Officer of Twin Hospitality Group Inc.
Highlights for Fiscal Third Quarter 2025
- Total revenue decreased
1.6% to$82.3 million compared to$83.7 million - Twin Peaks system-wide sales declined
1.4% - Twin Peaks same-store sales declined
4.1%
- Twin Peaks system-wide sales declined
- Loss from operations of
$13.4 million compared to$3.6 million - Net loss of
$24.5 million compared to$16.2 million - Restaurant contribution margin(1) of
9.6% (Twin Peaks17.0% and Smokey Bones (0.3)%) compared to8.7% (Twin Peaks16.3% and Smokey Bones0.3% ) - Adjusted EBITDA(1) of
$3.0 million compared to$2.3 million
(1) Restaurant contribution margin and Adjusted EBITDA are non-GAAP measures defined below, under “Non-GAAP Measures.” Reconciliations of operating income (loss) to restaurant contribution margin and net loss to adjusted EBITDA are included in the accompanying financial tables.
Summary of Third Quarter 2025 Financial Results
Total revenue decreased
Costs and Expenses
Food and beverage costs decreased
Labor and benefits cost decreased
General and administrative expense increased
Other Expense, Net
Other expense, net 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 stores 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 Twin Hospitality Group system for at least eighteen months. 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.
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.
Conference Call and Webcast
Twin Hospitality Group Inc. will host a conference call and webcast to discuss its fiscal third quarter 2025 financial results today at 5:15 PM ET. Hosting the conference call and webcast will be Kim Boerema, Chief Executive Officer and President, and Ken Kuick, Chief Financial Officer.
The conference call can be accessed live over the phone by dialing 1-877-407-0792 from the U.S. or 1-201-689-8263 internationally. A replay will be available after the call until Wednesday, November 19, 2025, and can be accessed by dialing 1-844-512-2921 from the U.S. or 1-412-317-6671 internationally. The passcode is 13755606. The webcast will be available at www.twinpeaksrestaurant.com under the “Investors” section and will be archived on the site shortly after the call has concluded.
About Twin Hospitality Group Inc.
Twin Hospitality Group Inc. (NASDAQ: TWNP) is a restaurant company that strategically develops and operates and franchises specialty casual dining restaurant concepts with a goal to redefine the casual dining category with its experiential driven brands, Twin Peaks and Smokey Bones. Twin Peaks, known as the ultimate sports lodge, is an award-winning restaurant and sports bar brand with 114 locations across 26 states and Mexico and is known for its made-from-scratch food, 29-degree draft beer, innovative cocktail program and sports on wall-to-wall televisions. Smokey Bones is a full-service, meat-centric restaurant brand and concept with 45 locations, across 15 states specializing in ribs and a variety of other slow-smoked, fire-grilled and seared meats, along with a full bar. For more information, please visit www.twinpeaksrestaurant.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 performance of new store openings, future reductions in expenses 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, Restaurant-Level Contribution and Restaurant-Level Contribution Margin.
EBITDA is defined as earnings before interest, taxes, and depreciation and amortization. We use the term EBITDA, as opposed to income (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 losses, 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.
Restaurant-Level Contribution represents company-owned restaurant sales less restaurant operating costs, which consist of food and beverage costs, labor and benefits costs and other operating costs. Restaurant-Level Contribution Margin represents Restaurant-Level Contribution as a percentage of company-owned restaurant sales. Restaurant-Level Contribution and Restaurant-Level Contribution Margin are neither required by, nor presented in accordance with GAAP. Restaurant-Level Contribution and Restaurant-Level Contribution Margin are not intended to be measures of free cash flow available for our management’s discretionary use, as these metrics do not consider certain cash requirements such as interest payments, tax payments and debt service requirements. Additionally, Restaurant-Level Contribution and Restaurant-Level Contribution Margin exclude general and administrative expenses, advertising expenses, pre-opening expenses and depreciation and amortization on restaurant property and equipment, which are essential to support the operations and development of our company-owned restaurants. The Company is presenting Restaurant-Level Contribution and Restaurant-Level Contribution Margin because it believes that they are important tools for investors and analysts because they are widely-used metrics within the restaurant industry to evaluate restaurant-level productivity, efficiency and performance.
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@twinpeaksrestaurant.com
Media Relations:
Erin Mandzik
emandzik@fatbrands.com
860-212-6509
Twin Hospitality Group Inc. Consolidated Statements of Operations
| Thirteen Weeks Ended | Thirty-nine Weeks Ended | |||||||||||||||||||||||||||||||
| September 28, 2025 | September 29, 2024 | September 28, 2025 | September 29, 2024 | |||||||||||||||||||||||||||||
| (in thousands) | ||||||||||||||||||||||||||||||||
| Revenues | ||||||||||||||||||||||||||||||||
| Restaurant sales | $ | 74,358 | 90.3 | % | $ | 75,599 | 90.4 | % | $ | 232,386 | 90.3 | % | $ | 242,594 | 90.8 | % | ||||||||||||||||
| Franchise revenue | 7,958 | 9.7 | % | 8,066 | 9.6 | % | 24,881 | 9.7 | % | 24,726 | 9.2 | % | ||||||||||||||||||||
| Total revenue | 82,316 | 100.0 | % | 83,665 | 100.0 | % | 257,267 | 100.0 | % | 267,320 | 100.0 | % | ||||||||||||||||||||
| Costs and expenses | ||||||||||||||||||||||||||||||||
| Restaurant operating costs | ||||||||||||||||||||||||||||||||
| Food and beverage costs (1) | 20,348 | 27.4 | % | 20,826 | 27.5 | % | 63,126 | 27.2 | % | 66,167 | 27.3 | % | ||||||||||||||||||||
| Labor and benefits cost (1) | 23,902 | 32.1 | % | 24,778 | 32.8 | % | 74,509 | 32.1 | % | 77,798 | 32.1 | % | ||||||||||||||||||||
| Other operating costs (1) | 17,005 | 22.9 | % | 16,761 | 22.2 | % | 51,021 | 22.0 | % | 50,073 | 20.6 | % | ||||||||||||||||||||
| Occupancy costs (1) | 5,983 | 8.0 | % | 6,639 | 8.8 | % | 18,651 | 8.0 | % | 19,872 | 8.2 | % | ||||||||||||||||||||
| Advertising expense | 5,342 | 6.5 | % | 4,328 | 5.2 | % | 15,477 | 6.0 | % | 15,080 | 5.6 | % | ||||||||||||||||||||
| Pre-opening expense | 7 | — | % | 843 | 1.0 | % | 702 | 0.3 | % | 935 | 0.3 | % | ||||||||||||||||||||
| General and administrative expense | 19,502 | 23.7 | % | 7,167 | 8.6 | % | 46,033 | 17.9 | % | 21,160 | 7.9 | % | ||||||||||||||||||||
| Depreciation and amortization | 3,592 | 4.4 | % | 5,913 | 7.1 | % | 13,758 | 5.3 | % | 17,500 | 6.5 | % | ||||||||||||||||||||
| Total costs and expenses | 95,681 | 116.2 | % | 87,255 | 104.3 | % | 283,277 | 110.1 | % | 268,585 | 100.5 | % | ||||||||||||||||||||
| Income (loss) from operations | (13,365 | ) | (16.2 | )% | (3,590 | ) | (4.3 | )% | (26,010 | ) | (10.1 | )% | (1,265 | ) | (0.5 | )% | ||||||||||||||||
| Other (expense) income, net | ||||||||||||||||||||||||||||||||
| Interest expense | (12,093 | ) | (14.7 | )% | (12,617 | ) | (15.1 | )% | (34,371 | ) | (13.4 | )% | (35,029 | ) | (13.1 | )% | ||||||||||||||||
| Other (expense) income, net | 239 | 0.3 | % | — | — | % | 412 | 0.2 | % | 114 | — | % | ||||||||||||||||||||
| Total other expense, net | (11,854 | ) | (14.4 | )% | (12,617 | ) | (15.1 | )% | (33,959 | ) | (13.2 | )% | (34,915 | ) | (13.1 | )% | ||||||||||||||||
| Loss before income tax provision | (25,219 | ) | (30.6 | )% | (16,207 | ) | (19.4 | )% | (59,969 | ) | (23.3 | )% | (36,180 | ) | (13.5 | )% | ||||||||||||||||
| Income tax (benefit) provision | (738 | ) | (0.9 | )% | 10 | — | % | (2,592 | ) | (1.0 | )% | (10 | ) | — | % | |||||||||||||||||
| Net loss | $ | (24,481 | ) | (29.7 | )% | $ | (16,217 | ) | (19.4 | )% | $ | (57,377 | ) | (22.3 | )% | $ | (36,170 | ) | (13.5 | )% | ||||||||||||
(1) As a percentage of company-owned restaurant sales
Twin Hospitality Group 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 | $ | (24,481 | ) | $ | (16,217 | ) | $ | (57,377 | ) | $ | (36,170 | ) | ||||
| Interest expense, net | 12,093 | 12,617 | 34,371 | 35,029 | ||||||||||||
| Income tax (benefit) provision | (738 | ) | 10 | (2,592 | ) | (10 | ) | |||||||||
| Depreciation and amortization | 3,592 | 5,913 | 13,758 | 17,500 | ||||||||||||
| EBITDA | (9,534 | ) | 2,323 | (11,840 | ) | 16,349 | ||||||||||
| Equity based compensation | 3,359 | — | 15,911 | 211 | ||||||||||||
| Store closure expense | 8,285 | — | 8,285 | — | ||||||||||||
| Litigation cost | 850 | — | 850 | — | ||||||||||||
| Adjusted EBITDA | $ | 2,960 | $ | 2,323 | $ | 13,206 | $ | 16,560 | ||||||||
Twin Hospitality Group Inc. Restaurant-Level Contribution and Restaurant-Level Contribution Margin Reconciliation
| Thirteen Weeks Ended | Thirty-nine Weeks Ended | |||||||||||||||
| (in thousands) | September 28, 2025 | September 29, 2024 | September 28, 2025 | September 29, 2024 | ||||||||||||
| Income (loss) from operations | $ | (13,365 | ) | $ | (3,590 | ) | $ | (26,010 | ) | $ | (1,265 | ) | ||||
| Less: | ||||||||||||||||
| Royalties and franchise fees | (4,865 | ) | (5,102 | ) | (15,381 | ) | (15,308 | ) | ||||||||
| Plus: | ||||||||||||||||
| General and administrative expense | 19,502 | 7,167 | 46,033 | 21,160 | ||||||||||||
| Company-owned restaurant advertising expense | 2,241 | 1,363 | 5,969 | 5,662 | ||||||||||||
| Depreciation and amortization | 3,592 | 5,913 | 13,758 | 17,500 | ||||||||||||
| Pre-opening expense | 7 | 843 | 702 | 935 | ||||||||||||
| Restaurant-level contribution | $ | 7,112 | $ | 6,594 | $ | 25,071 | $ | 28,684 | ||||||||
| Company-owned restaurant sales | $ | 74,358 | $ | 75,599 | $ | 232,386 | $ | 242,594 | ||||||||
| Restaurant-Level Contribution Margin | 9.6 | % | 8.7 | % | 10.8 | % | 11.8 | % | ||||||||
FAQ
What were Twin Hospitality (TWNP) fiscal Q3 2025 total revenues and net loss?
How did Twin Peaks and Smokey Bones perform in TWNP Q3 2025 restaurant margins?
Why did Twin Hospitality (TWNP) G&A jump in Q3 2025?
How many Smokey Bones locations did TWNP close and how did that affect revenue?
When is Twin Hospitality (TWNP) hosting the Q3 2025 earnings call and where can investors listen?
