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FAT Brands (FAT) investor relations material

FAT Brands Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary5 Nov, 2025

Executive summary

  • Q3 2025 revenue was $140 million, down 2.3% year-over-year, with 13 new store openings and a focus on organic expansion, targeted acquisitions, and manufacturing scale-up.

  • CEO Andy Wiederhorn returned, Ken Kuick focused on CFO duties, and Taylor Wiederhorn became Chief Development Officer.

  • Legal matters resolved: DOJ dismissed all charges, Delaware derivative cases settled with no admission of liability, resulting in a $10 million insurance payment and share contribution.

  • Co-branding and partnerships, such as with Virtual Dining Concepts and Chuck E. Cheese, are driving sales and expansion.

  • System-wide sales declined 5.5% and same-store sales dropped 3.5%, but the casual dining segment posted 3.9% growth.

Financial highlights

  • Q3 2025 total revenues were $140 million, down from $143.4 million in Q3 2024.

  • Adjusted EBITDA was $13.1 million, compared to $14.1 million in the prior year quarter.

  • Net loss attributable to the company was $58.2 million ($3.39 per diluted share), compared to $44.8 million ($2.74 per share) last year.

  • Adjusted net loss was $45.4 million ($2.67 per share), versus $38 million ($2.34 per share) last year.

  • System-wide sales for Q3 2025 were $567.5 million, down from $600.7 million in Q3 2024.

Outlook and guidance

  • Strategic focus on organic expansion, targeted acquisitions, and manufacturing scale-up, with a pipeline of 900 committed locations expected to add $50–$60 million in incremental EBITDA when operational.

  • Plans for a $75–$100 million equity raise at Twin Peaks to pay down debt and fund new development.

  • Dividend pause continues, preserving $35–$40 million in annual cash flow.

  • Cost-saving initiatives, including $10 million in SG&A reductions, are ongoing.

  • Targeting 80 new openings in 2025, revised down from 100 due to franchisee delays.

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Frequently asked questions

FAT Brands Inc. is a global franchising company specializing in the acquisition, marketing, and development of fast-casual and casual dining restaurant brands. The company's portfolio includes well-known names in the restaurant industry, with locations operating things such as burgers, wings, and sandwiches. FAT Brands supports its franchisees with operational resources, marketing programs, and supply chain management. The company is headquartered in Beverly Hills, California, and its shares are listed on the NASDAQ.

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