BT Brands, Inc.

Listed Company

BTBDCIK 0001718224NasdaqNon-AcceleratedSmaller ReportingRetail-Eating PlacesFY ends Dec 31

Period

FY 2025

Revenue

$13.49M

Net Income

$-687.8K

Total Assets

$10.75M

Equity

$6.42M

Shares Out

6.15M

Op. Cash Flow

$284.9K

Business

BT Brands, Inc. owns and operates a portfolio of quick‑service, fast‑casual, and casual dining restaurants across the eastern two‑thirds of the United States. Its main offerings include Burger Time quick‑serve burgers and sides, a minority investment in Bagger Dave’s casual restaurants, Keegan’s Seafood Grille, Pie In The Sky coffee and bakery, and Schnitzel Haus (Village Bier Garten has closed). The company organizes operations through a shared central management platform covering company‑owned Burger Time units, its equity investment in BDVB, and standalone acquired concepts. Distribution channels include drive‑thru and takeout at Burger Time, and in‑restaurant dining, online ordering, curbside pickup, and third‑party delivery across markets in Minnesota, North Dakota, South Dakota, Michigan, Ohio, Indiana, Florida, and Massachusetts.

Summary from filing dated 2025-03-31

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
SALES	13	15	14	13	8
Food and paper costs	4	6	—	—	—
Labor costs	5	6	5	4	2
Occupancy costs	1	1	1	1	—
Other operating expenses	878,125	962,287	841,894	780,564	469,822
Depreciation and amortization expenses	648,704	742,860	598,540	449,038	234,027
Impairment of restaurant and right-of-use assets	215,000	371,872	0	—	—
General and administrative expenses	1	2	2	2	416,791
Gain on sale of assets	−242,231	−250,000	−310,182	0	—
Total costs and expenses	14	17	15	13	7
Loss from operations	−364,585	−2	−1	−391,164	980,712
UNREALIZED GAIN (LOSS) ON MARKETABLE SECURITIES	128,822	−93,458	80,139	−86,422	0
REALIZED GAIN ON MARKETABLE SECURITIES	380,764	143,340	23,058	—	—
INTEREST AND DIVIDEND INCOME	148,666	178,279	300,923	125,529	0
INTEREST EXPENSE	−81,621	−99,608	−97,608	−114,766	−172,861
OTHER INCOME (EXPENSE)	−74,728	13,930	80,790	−80,649	0
IMPAIRMENT OF RELATED PARTY INVESTMENT AND RECEIVABLES	−520,718	0	—	—	—
EQUITY IN LOSS OF UNCONSOLIDATED AFFILIATE	−304,439	−415,085	—	—	—
LOSS BEFORE TAXES	−687,839	−2	−1	−742,285	807,851
INCOME TAX EXPENSE	0	206,000	145,000	180,000	−200,000
NET LOSS	−687,839	−2	−887,368	−562,285	607,851
NET LOSS PER COMMON SHARE - Basic and Diluted	−0.11	−0.37	—	—	—
WEIGHTED AVERAGE SHARES USED IN COMPUTING PER COMMON SHARE AMOUNTS - Basic and Diluted	6	6	—	—	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	846,167	2	5	2	12
Marketable securities	4	2	1	6	0
Receivables	54,506	69,459	28,737	76,948	72,251
Inventory	230,443	272,603	201,333	158,351	79,510
Inventory - bottled water held for resale, net	574,000	0	—	—	—
Prepaid expenses and other current assets	22,152	117,621	47,246	37,397	27,186
Deferred transaction costs	150,450	10,000	—	—	—
Assets held for sale	424,123	258,751	258,751	446,524	0
Total current assets	6	5	7	9	13
PROPERTY, EQUIPMENT AND LEASEHOLD IMPROVEMENTS, NET	2	3	3	3	2
OPERATING LEASE RIGHT-OF-USE ASSETS	1	2	2	2	0
EQUITY METHOD INVESTMENT IN UNCONSOLIDATED AFFILIATE	0	304,439	—	—	—
INVESTMENT IN EQUITY AND NOTES RECEIVABLE FROM RELATED COMPANY	0	424,000	304,000	1	75,000
GOODWILL	796,220	796,220	671,220	671,220	0
INTANGIBLE ASSETS, NET	305,270	367,799	395,113	—	—
OTHER ASSETS, NET	21,171	37,543	—	—	—
Total assets	11	12	15	17	15
Accounts payable	245,226	612,059	555,247	448,605	291,973
Current maturities of long-term debt	191,531	185,009	183,329	167,616	169,908
Current operating lease obligations	358,939	274,511	215,326	193,430	0
Accrued expenses	421,867	371,356	480,289	532,520	254,341
Total current liabilities	1	1	2	2	925,310
LONG-TERM DEBT, LESS CURRENT PORTION	2	2	2	3	3
NONCURRENT OPERATING LEASE OBLIGATIONS	1	1	2	2	0
Total liabilities	4	5	5	7	4
Preferred stock, $0.001 par value, 2,000,000 shares authorized, no shares outstanding at December 28, 2025 and December 29, 2024	0	0	0	0	0
Common stock, $0.002 par value, 50,000,000 authorized, 6,461,118 issued and 6,154,724 outstanding at December 28, 2025 and at December 29, 2024	12,309	12,309	12,492	12,792	12,895
Less cost of 306,394 common shares held in Treasury at December 28, 2025 and December 29, 2024	−499,718	−499,718	−357,107	−106,882	—
Additional paid-in capital	12	12	12	11	11
Accumulated deficit	−5	−4	−2	−1	−600,238
Total shareholders' equity	6	7	9	10	11
Total liabilities and shareholders' equity	11	12	15	17	15

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net loss	−687,839	−2	—	—	—
Depreciation and amortization	648,704	742,860	598,540	449,038	234,027
Amortization of debt issuance costs included in interest expense	4,050	5,400	5,400	—	—
Deferred taxes	0	206,000	−145,000	−180,000	1,000
Stock-based compensation	141,000	230,500	174,000	118,700	—
Realized investment gain	−380,764	−143,340	—	—	—
Loss on equity method investment	304,439	415,085	346,380	194,813	0
Impairment of restaurant and right-to-use assets	215,000	371,872	—	—	—
Impairment of related party investment and water bottle inventory	520,718	0	—	—	—
Loss on disposal of assets	0	90,087	0	—	—
Non-cash operating lease expense	37,989	21,096	12,849	13,814	—
Receivables	14,953	−40,722	48,211	−4,697	−53,221
Restaurant inventory	42,160	−6,270	−42,982	−22,851	−18,934
Prepaid expenses and other current assets	95,489	−70,375	−9,849	−10,211	−21,838
Other asset	16,372	0	—	—	—
Accounts payable	−366,833	40,985	106,642	156,632	37,198
Accrued expenses	50,511	−108,933	129,108	237,569	−166,393
Net cash provided by (used in) operating activities	284,876	−713,505	−258,787	211,798	813,955
Acquisition of net assets of Schnitzel Haus	0	−943,000	0	−1	—
Proceeds from the sale of assets	550,231	250,000	—	—	—
Purchase of property and equipment	−172,925	−494,064	−488,388	−478,396	−207,920
Loans to a related company	−290,636	−120,000	—	—	—
Purchase of secured note due from related company	359,221	0	—	—	—
Purchase of marketable securities	−5	−2	−532,403	−26	0
Repayment of loans to related company	360,000	0	—	—	—
Proceeds from the sale of marketable securities	4	1	5	20	0
Purchase of water bottle inventory	−380,861	0	—	—	—
Net cash used in investing activities	−1	−2	5	−11	−207,920
Repayment of broker margin loan	0	−115,899	−675,471	—	—
Principal payment on long-term debt	−189,270	−182,156	−378,393	−168,529	−3
Payment of deferred transaction costs	−140,450	−10,000	—	—	—
Purchase of treasury shares	0	−142,794	—	—	—
Net cash used in financing activities	−329,720	−450,849	−1	590,695	10
CHANGE IN CASH AND CASH EQUIVALENTS	−1	−3	3	−10	11
Cash paid for interest	77,571	93,696	85,923	109,366	119,300
Acquisition of water bottle inventory through related party loan foreclosure	409,857	0	—	—	—
Purchase of property and equipment is included in accounts payable.	0	15,109	0	—	—

Filings

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