Revenue: As of FY2025 Q2, the actual value is USD 146.84 M.

EPS: As of FY2025 Q2, the actual value is USD -3.17.

EBIT: As of FY2025 Q2, the actual value is USD -5.98 M.

Segment Revenue

• Total Revenue: $146.8 million, a decrease of 3.4% from $152.0 million in the fiscal second quarter of 2024.
• Royalties: $22.2 million, down from $23.3 million in the previous year.
• Restaurant Sales: $102.4 million, compared to $107.4 million in the prior year.
• Advertising Fees: $9.7 million, a decrease from $10.1 million in the previous year.
• Factory Revenues: $10.3 million, up from $9.6 million in the prior year.
• Franchise Fees: $1.1 million, slightly up from $1.1 million in the previous year.
• Other Revenue: $1.2 million, compared to $0.5 million in the prior year.

Operational Metrics

• Net Loss: $54.2 million, or $3.17 per diluted share, compared to $39.4 million, or $2.43 per diluted share, in the fiscal second quarter of 2024.
• Negative EBITDA: - $6.0 million compared to EBITDA of $6.8 million in the fiscal second quarter of 2024.
• Adjusted EBITDA: $15.7 million, consistent with the previous year.
• Adjusted Net Loss: $49.0 million, or $2.88 per diluted share, compared to $30.9 million, or $1.93 per diluted share, in the fiscal second quarter of 2024.
• Loss from Operations: -$15.6 million in Q2 2025, compared to -$2.7 million in Q2 2024.

Cash Flow

• Interest Expense: $39.4 million, up from $34.0 million in the previous year.

Unique Metrics

• General and Administrative Expense: Increased by 50.3% to $44.4 million, primarily due to increased share-based compensation expense.
• Cost of Restaurant and Factory Revenues: Decreased by 2.1% to $98.1 million.
• Advertising Expenses: Decreased by $3.1 million to $11.5 million.
• System-Wide Sales: $592.2 million in Q2 2025, down from $614.7 million in Q2 2024.
• Same-Store Sales Decline: -3.9% system-wide in Q2 2025.

Outlook / Guidance

• FAT Brands is focused on expanding its manufacturing capacity and pursuing strategic partnerships to broaden brand reach and strengthen manufacturing capabilities.
• The company aims to achieve cash flow positive status in the coming quarters through various financial strategies, including bondholder agreements and refinancing efforts.
• A development deal in Florida is set to open 40 additional Fatburger locations over the next decade.
• The company plans to accelerate the build-out of a 1,000+ unit new store pipeline and drive adjusted EBITDA growth by approximately $10 million from new stores and $5 million from factory operations.
• FAT Brands aims to maintain strong liquidity and continue building net asset value for future liquidity events, such as debt reduction.
• The company intends to grow factory production to utilize approximately 60% excess capacity through expanded organic channels and third-party dough and mix manufacturing.