Twin Hospitality Group (TWNP) Q4 2025 earnings summary

Executive summary

• Completed spinoff from FAT Brands, now trading independently on NASDAQ as Twin Hospitality Group.

• Operates 115 Twin Peaks restaurants across 27 states and Mexico, focusing on guest experience and high-margin beverage sales.

• Opened nine new Twin Peaks lodges in 2024 and completed two Smokey Bones conversions, with more planned for 2025.

• Signed four area development agreements, expanding the development pipeline to over 100 lodges.

• Management team remains in place, emphasizing operational continuity and value creation.

Financial highlights

• Q4 2024 system-wide sales were $184 million, down 4% year-over-year due to an extra week in the prior year.

• Total Q4 revenue was $86.5 million, an 8.2% decrease from $94.2 million in Q4 2023.

• Q4 net loss was $12 million, compared to $8.8 million in the prior year; full-year net loss was $48.2 million.

• Full-year 2024 revenue rose 53.2% to $353.8 million; system-wide sales up 25.3%.

• Adjusted EBITDA for Q4 was $4.1 million (vs. $6.5 million); full-year Adjusted EBITDA $20.7 million (vs. $28.3 million).

Outlook and guidance

• Plans to open 9–11 new Twin Peaks units in 2025, including 2 in Mexico, with 6–7 franchised.

• Anticipates 10–15 new lodges in both 2026 and 2027, including Smokey Bones conversions.

• Targeting a 75–80% franchise-based system and a long-term goal of 650 domestic and 250 international lodges.

• No EBITDA forecast for 2025 yet; guidance expected by Q2 as conversion plans solidify.

• Plans to complete two additional Smokey Bones conversions in 2025.