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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.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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