Core Viewpoint - Fat Brands is facing a significant financial crisis due to a cash crunch and demands from lenders for immediate loan repayment, which may lead to a bankruptcy filing [2][3]. Group 1: Financial Issues - Fat Brands has received a notice of acceleration from UMB Bank regarding fixed rate secured notes, indicating that the outstanding principal amount of $158.9 million is now due [4][5]. - The company has acknowledged an "Event of Default" related to its subsidiary FB Resid, which is part of the ongoing financial troubles [5][6]. - A previous default notice was sent to four other subsidiaries of Fat Brands, highlighting a broader issue within the company's financial structure [6]. Group 2: Company Background - Fat Brands owns several restaurant brands, including Johnny Rockets, Hot Dog On a Stick, and Fatburger, among others [2]. - The company had previously issued a going concern report to the SEC, indicating serious doubts about its ability to continue operations without restructuring [2].

Core Insights - Great American Cookies is celebrating National Cookie Day by offering a free cookie to rewards members on December 4, 2025, at participating locations [1] - The company has introduced a new Winter White Sugar Cookie Cake, designed to be customizable for holiday celebrations [2][3] Company Overview - Great American Cookies was founded in 1977 and is known for its Original Cookie Cake and chocolate chip cookie recipe, along with other products like brownies and Double Doozies [3][6] - The company operates over 400 bakeries in the U.S. and internationally, including locations in Bahrain, Guam, and Saudi Arabia [6] Parent Company Information - FAT Brands Inc. is a global franchising company that owns 18 restaurant brands, including Great American Cookies, and operates over 2,300 units worldwide [5]

Core Insights - FAT Brands Inc. has opened its first Fatburger and Buffalo's Express location in Dallas, marking its eighth location in Texas, indicating a strong expansion strategy in a high-growth market [1][3]. Company Overview - FAT Brands Inc. is a global franchising company that owns and operates 18 restaurant brands, including Fatburger and Buffalo's Express, with over 2,300 units worldwide [4]. - Fatburger is recognized for its customizable, grilled-to-order burgers and has a legacy of over 70 years, appealing to a loyal customer base that includes celebrities [5]. - Buffalo's Express, founded in 1985, is known for its chicken wings and has co-branded with over 100 Fatburger locations, contributing to its growth [6]. Market Strategy - The Dallas opening reflects the strong demand for Fatburger and Buffalo's Express in Texas, showcasing the success of their fresh, made-to-order menu and inviting dining environment [3]. - A grand opening celebration is planned for November 22, where promotional offers will attract customers, highlighting the company's marketing strategy to drive foot traffic [3].

Core Insights - Round Table Pizza, a franchise under FAT Brands Inc., has launched a new catering program featuring four meal bundles designed for group gatherings, emphasizing quality and authenticity in their offerings [2][3]. Product Offerings - The catering bundles include: - The Noble Spread: One Large Specialty Pizza, Two Large One Topping Pizzas, 12 Twists (Garlic Parmesan or Churro), 12 Wings (Classic or Boneless), and two Family Garden Salads (64 oz.) - Wingdom of Flavor: One Large Specialty Pizza, Two Large One Topping Pizzas, and 24 Wings (Classic or Boneless) - A Tale of Twists: One Large Specialty Pizza, Two Large One Topping Pizzas, and 12 Twists (Garlic Parmesan or Churro) - The Royal Classic: One Large Specialty Pizza, Two Large One Topping Pizzas, and two Family Garden Salads (64 oz.) [3]. Company Background - Round Table Pizza has been recognized for over 65 years for its commitment to quality, using high-standard ingredients and hand-crafted pizzas [4][6]. - The company operates approximately 400 restaurants globally and has built a reputation as "Pizza Royalty" [6]. Parent Company Overview - FAT Brands is a global franchising company that owns 18 restaurant brands and operates over 2,300 units worldwide, focusing on fast casual and casual dining concepts [5].

Core Insights - FAT Brands Inc. reported a quarterly loss of $3.39 per share, which was worse than the Zacks Consensus Estimate of a loss of $2.43, marking an earnings surprise of -39.51% [1] - The company's revenues for the quarter ended September 2025 were $140.01 million, missing the Zacks Consensus Estimate by 3.94% and down from $143.37 million a year ago [2] - FAT Brands has not surpassed consensus EPS estimates over the last four quarters and has seen its shares decline approximately 71.4% year-to-date [3] Financial Performance - The quarterly loss of $3.39 per share compares to a loss of $2.74 per share a year ago, indicating a worsening financial situation [1] - The company has topped consensus revenue estimates only twice in the last four quarters, highlighting inconsistent revenue performance [2] Future Outlook - The earnings outlook for FAT Brands is currently unfavorable, with a Zacks Rank of 4 (Sell), suggesting expected underperformance in the near future [6] - The current consensus EPS estimate for the upcoming quarter is -$3.16 on revenues of $138.5 million, and for the current fiscal year, it is -$12.67 on revenues of $567.36 million [7] Industry Context - The Retail - Restaurants industry, to which FAT Brands belongs, is currently ranked in the bottom 13% of over 250 Zacks industries, indicating a challenging environment [8] - The performance of FAT Brands may be influenced by the overall industry outlook, as research shows that the top 50% of Zacks-ranked industries outperform the bottom 50% by more than 2 to 1 [8]

Financial Performance - Total revenue for the thirty-nine weeks ended September 28, 2025, decreased by $18.5 million, or 4.1%, to $428.9 million compared to $447.4 million in the same period of 2024[142]. - The company reported a net loss attributable to FAT Brands Inc. of $58.2 million for the thirteen weeks ended September 28, 2025, compared to a net loss of $44.8 million in the same period of 2024[141]. - The company recognized losses from operations of $41.5 million for the thirty-nine weeks ended September 28, 2025, compared to $12.9 million in the same period of 2024[157]. - General and administrative expenses increased by $26.1 million, or 27.7%, to $120.1 million for the first three quarters of 2025, primarily due to increased share-based compensation and store closure costs[143]. - Total other expense, net, for the first three quarters of 2025 was $116.3 million, which included interest expense of $116.7 million[146]. Cash Flow and Liquidity - The company had negative cash flows from operations of $54.7 million for the thirty-nine weeks ended September 28, 2025, compared to $45.8 million in the same period of 2024[157]. - As of September 28, 2025, the company's cash and restricted cash balance was $22.7 million, down from $67.4 million as of December 29, 2024[162]. - Net cash used in operating activities increased by $8.9 million to $54.7 million for the thirty-nine weeks ended September 28, 2025, compared to $45.8 million in the same period of fiscal 2024[164]. - Net cash used in investing activities decreased by $21.3 million to $4.7 million for the thirty-nine weeks ended September 28, 2025, from $26.0 million in the same period of fiscal 2024[165]. - Net cash provided by financing activities decreased by $31.9 million to $14.7 million for the thirty-nine weeks ended September 28, 2025, compared to $46.6 million in the same period of fiscal 2024[166]. Company Operations - The company operated approximately 2,300 locations, with about 92% being franchised as of September 28, 2025[135]. - The cost of restaurant and factory revenues decreased by $7.2 million, or 2.4%, to $288.8 million for the first three quarters of 2025, attributed to the closure of underperforming locations[144]. Dividends and Shareholder Returns - During the thirty-nine weeks ended September 28, 2025, the company declared and paid cash dividends totaling $2.9 million on its Series B Cumulative Preferred Stock[167]. - The company has paused the payment of cash dividends on its Series B Cumulative Preferred Stock beginning with the monthly dividend period for April 2025[167]. - The declaration and payment of future dividends are subject to the discretion of the Board of Directors and depend on various financial factors[168]. Financial Health and Concerns - As of September 28, 2025, the company had an accumulated deficit of $611.8 million[157]. - There is substantial doubt about the company's ability to continue as a going concern for the twelve-month period following the issuance of the financial statements[161]. - Without restructuring of debt or relief from noteholders, the company will not be able to meet cash obligations for the next twelve months[161]. - The effective income tax rate for the first three quarters of 2025 was (2.1)%, compared to (4.8)% for the same period in 2024[147]. - The company does not have any material commitments for capital expenditures as of September 28, 2025[169].

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Core Insights - FAT Brands Inc. has opened its first Round Table Pizza in the Greater Austin area, specifically in Round Rock, TX, marking a significant expansion milestone for the brand [1][2] Company Overview - FAT Brands is a global franchising company that owns 18 restaurant brands, including Round Table Pizza, and operates over 2,300 units worldwide [5] - Round Table Pizza has been recognized for its high-quality ingredients and has a strong following in Texas, with five locations established to date [2][6] New Location Details - The new Round Rock location is situated at 200 University Blvd, Suite 640, and will operate Sunday through Thursday from 11 a.m. to 9 p.m., and Friday and Saturday from 11 a.m. to 11 p.m. [3] - To celebrate the grand opening on November 8, the first 100 guests will receive free pizza for a year, which includes one free medium pizza per week for 52 weeks [3][4]

Group 1 - The document does not contain any relevant information regarding company or industry insights [1]

Financial Data and Key Metrics Changes - Total revenues for Q3 2025 were $140 million, a 2.3% decrease from $143.4 million in the same quarter last year, primarily due to the closure of 11 underperforming Smokey Bones locations and lower same-store sales [16] - Adjusted EBITDA for the quarter was $13.1 million, compared to $14.1 million in the year-ago quarter [18] - Net loss attributable to FAT Brands was $58.2 million, or $3.39 per diluted share, compared to a net loss of $44.8 million, or $2.74 per diluted share in the prior year quarter [18] Business Line Data and Key Metrics Changes - Same-store sales performance improved, with a decline narrowed to 3.5% from 4.2% in the second quarter, marking the strongest quarterly performance this year [8] - The casual dining segment showed strong results with same-store sales growth of 3.9% [8] - The company opened 13 new locations during the third quarter and 60 locations year-to-date, with a target of 80 new openings for the year [8] Market Data and Key Metrics Changes - The restaurant industry continues to face headwinds, but the company is focused on strategic execution and enhancing shareholder value [7] - The company secured over 190 franchise development agreements year-to-date, contributing to approximately 900 committed locations scheduled to open over the next five to seven years [9] Company Strategy and Development Direction - The company is advancing plans for a $75-$100 million equity raise at Twin Peaks to pay down debt and fund new unit development [7] - The strategic pillars include organic expansion, targeted acquisitions, and manufacturing scale-up, particularly in cookie dough and dry mix production [8][9] - The company is focused on strengthening its financial position and capital structure while actively negotiating a debt restructuring with noteholders [7] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges in the restaurant industry, describing it as a "restaurant recessionary environment" but noted that the decline is manageable [23] - The company is optimistic about achieving positive cash flow in the coming quarters and reducing debt [7] - Management emphasized the importance of enhancing the guest experience in casual dining to justify pricing amidst rising labor and food costs [25][26] Other Important Information - The company has resolved various legal matters, including the dismissal of charges by the U.S. Department of Justice and the resolution of derivative cases, which are expected to save at least $30 million annually [5][7] - The FAT Brands Foundation has awarded 42 grants and provided over $170,000 in funding this year, promoting employee well-being and community support [14][15] Q&A Session Summary Question: Timing on debt restructuring negotiations - Management is hopeful for a resolution during the current quarter, pending government reopening [19] Question: Status of underperforming Smokey Bones closures - All planned closures have been completed, with some additional closures expected as part of a master lease review [20] Question: Update on Fazoli's refranchising efforts - Material progress has been made, with proposals under evaluation [21] Question: Target for new store openings - The target has been adjusted from 100 to 80 new stores due to slower franchisee openings [21] Question: Details on SG&A reduction - Reductions have come from staff and executive cuts, as well as consolidating operations [22] Question: Same-store sales growth in casual dining - Several brands, including Hurricane Grill & Wings and Ponderosa & Bonanza, are performing well in this category [25] Question: Future opening program for Twin Peaks - Active development is ongoing, with both corporate and franchise locations planned [27]