Here are the 10-K annual reports from BT Brands, Inc. Warrant (BTBDW) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow BTBDW and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full BTBDW filings page.
BT Brands, Inc. files its annual report describing a small multi‑brand restaurant operator that is pursuing a transformative merger with unmanned‑aerial‑vehicle company Aero Velocity Inc. As of December 28, 2025, the company owned and operated nine restaurants across the Midwest, Florida, and Massachusetts and held a 40.7% equity stake in Bagger Dave’s Burger Tavern, Inc.
The Aero transaction would merge Aero into a BT subsidiary and spin off the restaurant operations into a new company, BT Group, Inc. Aero holders would receive Series A‑1 and A‑2 preferred stock with a stated value of $101.1 million, representing about 89% of the merged company on an as‑converted basis, leaving current BT Brands stockholders and its advisor with roughly 11% and a significant loss of voting control.
The spin‑off of BT Group is not expected to be tax‑free for U.S. federal income tax purposes, so stockholders may incur taxable income on receiving BT Group shares. The filing also outlines operating risks in the restaurant business, including competition, labor costs, food safety, seasonality, cybersecurity, litigation, and the impact of economic conditions.