Here are the 10-Q quarterly 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-Q covers the quarterly report filed between annual reports, 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. (BTBD) reported operating results for the quarter and 26 weeks ended June 28, 2026. The company owned and operated nine restaurants across several states and held a 40.7% equity interest in Bagger Dave’s Burger Tavern, Inc., which operates five additional restaurants and is accounted for under the equity method.
For the 13 weeks ended June 28, 2026, sales were $3.55 million and net income was $576,433, compared with net income of $55,031 a year earlier. The improvement primarily reflected a large $829,976 unrealized gain on marketable securities; restaurant sales declined and results included a bottled-water inventory write-down of about $174,000. Restaurant-level EBITDA margin was 16.7%, slightly above the prior year.
For the 26 weeks ended June 28, 2026, sales were $6.39 million and the company recorded a net loss of $174,578, narrower than the $274,818 loss in the prior-year period. Cost controls reduced general and administrative expenses and food and paper costs as a percentage of sales, while overall restaurant operating costs remained high relative to revenue. Cash and cash equivalents plus marketable securities totaled about $4.43 million, with working capital of approximately $4.5 million and total assets of $10.48 million against total liabilities of $4.14 million.
The company terminated a previously announced merger agreement with Aero Velocity Inc. and an equity distribution agreement with Maxim Group LLC, and it continues to pursue restaurant-focused operations and evaluate other potential opportunities. Management disclosed that disclosure controls and procedures remained not effective due to a previously reported material weakness in internal control over financial reporting, while also noting ongoing consideration of using outside consultants.
BT Brands, Inc. reported first-quarter 2026 sales of $2.84M, down from $3.23M a year earlier, as Burger Time volumes softened and one unit closed in 2025. Net loss widened to $751,011 from $329,849, driven mainly by an unrealized loss of $435,615 and a realized loss of $79,395 on marketable securities.
Core restaurant operations improved modestly, with loss from operations narrowing to $232,811 and restaurant-level EBITDA at $267,665, or 9.4% of sales. Food and paper costs fell to 33.9% of sales, while labor and occupancy pressures lifted total restaurant operating costs to just over 90% of sales.
As of March 29, 2026, the company owned nine restaurants and held a 40.7% stake in Bagger Dave’s, which generated $218,248 of net income, contributing $9,558 of equity income. Cash and cash equivalents were $1.01M and marketable securities $2.63M, with total assets of $9.98M and shareholders’ equity of $5.68M. Management highlights ongoing Village Bier Garten lease litigation and a post-quarter dispute over the terminated Aero Velocity merger, and confirms disclosure controls remain ineffective due to a material weakness.