BT Brands, Inc.

Listed Company

BTBDWCIK 0001718224NasdaqNon-AcceleratedSmaller ReportingRetail-Eating PlacesWyomingFY ends Dec 31

Period

FY 2025

Revenue

$13.49M

Net Income

$-687.8K

Total Assets

$10.75M

Equity

$6.42M

Shares Out

6.18M

Op. Cash Flow

$284.9K

BTBDW$0.11+352.40% · past 9 monthsDBEQ Basic

Daily closing prices

Business

BT Brands, Inc. owns and operates nine restaurants across the Midwest, Massachusetts, and Florida, plus holds a significant equity-method investment in Bagger Dave's Burger Tavern operating five additional locations. The company operates Burger Time (fast-food burger drive-thru restaurants), Keegan's Seafood Grille (casual seafood in Florida), Pie In The Sky Coffee (coffee shop and bakery in Massachusetts), and Schnitzel Haus (German fine-dining in Florida). The company uses a centralized management structure to drive operational efficiencies and cost reduction across its restaurant portfolio and pursues acquisitions of restaurant properties at attractive valuations to diversify concepts and geographies.

Summary from 10-K filed 2026-03-30

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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Frequently asked questions

What is BT Brands, Inc.'s CIK number?

BT Brands, Inc.'s SEC CIK number is 0001718224 (1718224). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.

Where can I find BT Brands, Inc.'s SEC filings?

All of BT Brands, Inc.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.

When did BT Brands, Inc. last report earnings?

BT Brands, Inc. (BTBDW) most recently filed an earnings 8-K with the SEC on Apr 3, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001477932-26-001979). This is BT Brands, Inc.'s most recent earnings filing of record — not a forecast of its next earnings date.

What is BT Brands, Inc.'s most recent earnings 8-K?

BT Brands, Inc.'s latest earnings 8-K (Item 2.02) was filed Apr 3, 2026 under accession 0001477932-26-001979. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.

View BT Brands, Inc.'s latest earnings 8-K →
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