Monday, May 12, 2025
FAT Brands (NASDAQ: FAT) is a leading global franchising company that strategically acquires, markets, and develops fast casual, quick-service, casual dining, and polished casual dining concepts around the world. The Company currently owns 17 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli’s, Twin Peaks, Great American Cookies, Hot Dog on a Stick, Buffalo’s Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses, and franchises and owns over 2,300 units worldwide. For more information on FAT Brands, please visit www.fatbrands.com.
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Progressing. In spite of the uncertain economy, FAT Brands continued to make progress during 1Q25. A total of 23 locations were opened in 1Q25, up 37% from 1Q24. YTD, the Company has signed agreements for an additional 100-plus locations, adding to the over 1,000 location pipeline. The initial Twin Hospitality distribution was accomplished and one of the whole business securitizations was amended.
1Q25 Results. Revenue was $142 million, down from $152 million in the year ago period, impacted by a 3.4% system-wide same store sale decline and lower revenues due to the closure of one Smokey Bones location during its conversion to a Twin Peaks lodge, partially offset by revenues generated by new Twin Peaks lodges. Reported loss was $46 million, or $2.73/sh, compared to a net loss of $38.3 million, or $2.37/sh, in 1Q24.
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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.