For the quarterly period ended September 28, 2025 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR (I.R.S. Employer Identification No.) 9720 Wilshire Blvd., Suite 500 Beverly Hills, CA 90212 (Address of principal executive offices, including zip code) o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission fil ...

Exhibit 99.1 FAT BRANDS INC. REPORTS THIRD QUARTER 2025 FINANCIAL RESULTS Conference call and webcast today at 4:30 p.m. ET LOS ANGELES (November 5, 2025) – FAT (Fresh. Authentic. Tasty.) Brands Inc. (NASDAQ: FAT) ("FAT Brands" or the "Company") today reported financial results for the fiscal third quarter ended September 28, 2025. Andy Wiederhorn, Chairman and CEO of FAT Brands, said, "We delivered strong results across multiple areas in the third quarter, marking our best performance of the year to date. ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 29, 2025 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 001-38250 FAT Brands Inc. (Exact name of registrant as specified in its charter) Delaware 82-1302696 (State or other jurisdiction of incorporation or ...

Exhibit 99.1 FAT BRANDS INC. REPORTS SECOND QUARTER 2025 FINANCIAL RESULTS Conference call and webcast today at 4:30 p.m. ET LOS ANGELES (July 30, 2025) – FAT (Fresh. Authentic. Tasty.) Brands Inc. (NASDAQ: FAT) ("FAT Brands" or the "Company") today reported financial results for the fiscal second quarter ended June 29, 2025. Andy Wiederhorn, Chairman of FAT Brands, said: "Backed by a robust pipeline of roughly 1,000 signed deals, we opened 18 new locations during the second quarter, including three co-bran ...

PART I. FINANCIAL INFORMATION (Unaudited) [Item 1. Condensed Consolidated Financial Statements](index=3&type=section&id=Item%201%2E%20Condensed%20Consolidated%20Financial%20Statements) Presents FAT Brands Inc.'s unaudited condensed consolidated financial statements and detailed notes for Q1 2025 and Q1 2024 [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Condensed Consolidated Balance Sheets (in thousands) | Item | March 30, 2025 | December 29, 2024 | | :-------------------------------- | :------------- | :---------------- | | **Assets** | | | | Total current assets | $83,081 | $88,034 | | Total assets | $1,273,539 | $1,289,178 | | **Liabilities and Stockholders' Deficit** | | | | Total current liabilities | $316,594 | $298,316 | | Long-term debt, net of current portion | $1,216,805 | $1,208,997 | | Total liabilities | $1,773,035 | $1,744,890 | | Total stockholders' deficit | $(499,496) | $(455,712) | | Total liabilities and stockholders' deficit | $1,273,539 | $1,289,178 | - Total assets decreased by **$15.6 million** (1.2%) from December 29, 2024, to March 30, 2025[9](index=9&type=chunk) - Total liabilities increased by **$28.1 million** (1.6%) from December 29, 2024, to March 30, 2025[9](index=9&type=chunk) - Stockholders' deficit increased by **$43.7 million** (9.6%) from December 29, 2024, to March 30, 2025[10](index=10&type=chunk) [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Condensed Consolidated Statements of Operations (in thousands, except per share data) | Item | Thirteen Weeks Ended March 30, 2025 | Thirteen Weeks Ended March 31, 2024 | | :-------------------------------- | :---------------------------------- | :---------------------------------- | | Total revenue | $142,019 | $151,967 | | Total costs and expenses | $150,585 | $153,349 | | Loss from operations | $(8,566) | $(1,382) | | Total other expense, net | $(35,976) | $(33,410) | | Net loss | $(46,311) | $(38,316) | | Net loss attributable to FAT Brands Inc. | $(45,969) | $(38,316) | | Basic and diluted loss per common share | $(2.73) | $(2.37) | - Total revenue decreased by **$9.9 million** (6.5%) in Q1 2025 compared to Q1 2024[13](index=13&type=chunk) - Loss from operations increased significantly from **$(1.4) million** in Q1 2024 to **$(8.6) million** in Q1 2025[13](index=13&type=chunk) - Net loss attributable to FAT Brands Inc. increased by **$7.6 million** (19.9%) in Q1 2025 compared to Q1 2024[13](index=13&type=chunk) [Condensed Consolidated Statements of Changes in Stockholders' Deficit](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Stockholders%27%20Deficit) Changes in Stockholders' Deficit (in thousands) | Item | March 30, 2025 | March 31, 2024 | | :-------------------------------- | :------------- | :------------- | | Balance at beginning of period | $(455,712) | $(255,863) | | Net loss | $(45,969) | $(38,316) | | Issuance of common and preferred stock | $4,391 | $924 | | Share-based compensation | $367 | $745 | | Dividends paid on Series B preferred stock | $(2,231) | $(1,881) | | Dividend of Twin Hospitality Group Inc. Class A common stock | $5,218 | — | | Balance at end of period | $(499,496) | $(296,766) | - The accumulated deficit increased from **$(458.6) million** at December 29, 2024, to **$(499.4) million** at March 30, 2025[16](index=16&type=chunk) - A special dividend of Twin Hospitality Group Inc. Class A common stock resulted in a **$5.2 million** increase in stockholders' deficit attributable to FAT Brands Inc. in Q1 2025[16](index=16&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Condensed Consolidated Statements of Cash Flows (in thousands) | Cash Flow Activity | Thirteen Weeks Ended March 30, 2025 | Thirteen Weeks Ended March 31, 2024 | | :-------------------------------- | :---------------------------------- | :---------------------------------- | | Net cash used in operating activities | $(13,217) | $(28,401) | | Net cash used in investing activities | $(24) | $(8,046) | | Net cash provided by financing activities | $5,193 | $40,376 | | Net (decrease) increase in cash and restricted cash | $(8,048) | $3,929 | | Cash and restricted cash at end of period | $59,341 | $95,832 | - Net cash used in operating activities decreased by **$15.2 million** in Q1 2025 compared to Q1 2024, primarily due to changes in working capital[22](index=22&type=chunk)[147](index=147&type=chunk) - Net cash used in investing activities significantly decreased from **$8.0 million** in Q1 2024 to **$24 thousand** in Q1 2025, mainly due to decreased property and equipment purchases and the absence of acquisition purchase price payments[22](index=22&type=chunk)[148](index=148&type=chunk) - Net cash provided by financing activities decreased from **$40.4 million** in Q1 2024 to **$5.2 million** in Q1 2025, driven by lower proceeds from borrowings[22](index=22&type=chunk)[149](index=149&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) [NOTE 1. ORGANIZATION AND RELATIONSHIPS](index=10&type=section&id=NOTE%201%2E%20ORGANIZATION%20AND%20RELATIONSHIPS) - FAT Brands Inc. is a multi-brand restaurant company with eighteen brands and approximately 2,300 locations globally as of March 30, 2025, with about **92% franchised**[24](index=24&type=chunk) - The company's growth strategy focuses on expanding existing brands and acquiring new ones through a centralized management organization[26](index=26&type=chunk) - The company reported an operating loss of **$8.6 million** in Q1 2025 and negative cash flow from operations of **$13.2 million**, with an accumulated deficit of **$499.4 million** and negative working capital of **$233.5 million**[27](index=27&type=chunk) - Management plans to use cash flows from operations, cash on hand, and proceeds from issued/repurchased secured notes to cover working capital for the next twelve months, but acknowledges potential need for additional financing[27](index=27&type=chunk) [NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES](index=10&type=section&id=NOTE%202%2E%20SUMMARY%20OF%20SIGNIFICANT%20ACCOUNTING%20POLICIES) - The financial statements are unaudited and prepared in accordance with GAAP, with all intercompany accounts and transactions eliminated[28](index=28&type=chunk)[30](index=30&type=chunk) - The company operates on a 52-week fiscal year, with fiscal years 2025 and 2024 both being 52-week years[31](index=31&type=chunk) - Significant estimates include fair values of goodwill and other intangible assets, allowances for receivables, and valuation allowance for deferred tax assets[32](index=32&type=chunk) - The company is evaluating the impact of new FASB ASUs on expense disaggregation disclosures (effective 2026/2027) and income tax disclosures (effective 2025)[33](index=33&type=chunk)[34](index=34&type=chunk) [NOTE 3. REFRANCHISING](index=11&type=section&id=NOTE%203%2E%20REFRANCHISING) - The company refranchises operating restaurants to convert them to franchise locations or acquires existing franchised locations for resale[35](index=35&type=chunk) Assets Classified as Held-for-Sale (in millions) | Item | March 30, 2025 | December 29, 2024 | | :-------------------------- | :------------- | :---------------- | | Operating lease right-of-use assets | $0.4 | $0.4 | | Total | $0.4 | $0.4 | Refranchising Operating Results (in millions) | Item | Thirteen Weeks Ended March 30, 2025 | Thirteen Weeks Ended March 31, 2024 | | :-------------------------- | :---------------------------------- | :---------------------------------- | | Refranchising loss | $0.0 | $1.5 | [NOTE 4. PROPERTY AND EQUIPMENT, NET](index=12&type=section&id=NOTE%204%2E%20PROPERTY%20AND%20EQUIPMENT%2C%20NET) Property and Equipment, Net (in millions) | Item | March 30, 2025 | December 29, 2024 | | :-------------------------- | :------------- | :---------------- | | Real estate | $90.2 | $89.6 | | Equipment | $56.7 | $57.3 | | Accumulated depreciation | $(55.4) | $(49.5) | | Property and equipment, net | $91.5 | $97.4 | - Depreciation expense was **$6.0 million** for Q1 2025, up from **$5.8 million** in Q1 2024[38](index=38&type=chunk) - Loss on disposals of property and equipment was **$0.1 million** in Q1 2025, compared to **$0** in Q1 2024[39](index=39&type=chunk) [NOTE 5. GOODWILL AND OTHER INTANGIBLE ASSETS, NET](index=12&type=section&id=NOTE%205%2E%20GOODWILL%20AND%20OTHER%20INTANGIBLE%20ASSETS%2C%20NET) Goodwill and Other Intangible Assets, Net (in millions) | Item | March 30, 2025 | December 29, 2024 | | :-------------------------------- | :------------- | :---------------- | | Amortizing intangible assets (net) | $138.1 | $142.0 | | Goodwill | $285.3 | $285.3 | | Trademarks (non-amortizing) | $453.7 | $453.7 | | Total amortizing and non-amortizing intangible assets, net | $591.8 | $595.7 | - Amortization expense for the thirteen weeks ended March 30, 2025, and March 31, 2024, was **$3.9 million**[43](index=43&type=chunk) Expected Future Amortization of Definite-Life Intangible Assets (in millions) | Fiscal Year | Amount | | :---------- | :----- | | Remainder of 2025 | $11.7 | | 2026 | $15.6 | | 2027 | $15.6 | | 2028 | $15.9 | | 2029 | $15.0 | | Thereafter | $64.3 | | Total | $138.1 | [NOTE 6. INCOME TAXES](index=13&type=section&id=NOTE%206%2E%20INCOME%20TAXES) Provision for Income Taxes (in millions) | Item | Thirteen Weeks Ended March 30, 2025 | Thirteen Weeks Ended March 31, 2024 | | :-------------------------- | :---------------------------------- | :---------------------------------- | | Provision for income taxes | $(1.8) | $(3.5) | | Effective tax rate | 4.0 % | 10.1 % | - The effective tax rate decreased from **10.1%** in Q1 2024 to **4.0%** in Q1 2025, primarily due to increases in valuation allowance, nondeductible expenses, and state income taxes[44](index=44&type=chunk)[45](index=45&type=chunk) [NOTE 7. LEASES](index=13&type=section&id=NOTE%207%2E%20LEASES) - Lease expense was **$7.7 million** for Q1 2025, down from **$8.2 million** in Q1 2024[46](index=46&type=chunk) Operating Lease Right-of-Use Assets and Liabilities (in millions) | Item | March 30, 2025 | December 29, 2024 | | :-------------------------------- | :------------- | :---------------- | | Total right-of-use assets | $198.7 | $198.5 | | Total operating lease liabilities | $217.9 | $216.8 | Contractual Future Maturities of Operating Lease Liabilities as of March 30, 2025 (in millions) | Fiscal Year | Amount | | :---------- | :----- | | Remainder of 2025 | $31.0 | | 2026 | $28.9 | | 2027 | $28.4 | | 2028 | $26.1 | | 2029 | $25.2 | | Thereafter | $309.5 | | Total lease payments | $449.1 | | Less: imputed interest | $(231.6) | | Total | $217.5 | [NOTE 8. DEBT](index=15&type=section&id=NOTE%208%2E%20DEBT) Long-term Debt (in millions) | Debt Type | March 30, 2025 Book Value | December 29, 2024 Book Value | | :-------------------------------- | :-------------------------- | :-------------------------- | | Total Securitized Debt | $1,250.8 | $1,242.0 | | Elevation Note | $1.8 | $2.0 | | Twin Peaks Equipment Notes | $4.4 | $4.7 | | Twin Peaks Construction Loan | $0.0 | $3.2 | | Promissory Note | $8.3 | $6.3 | | Total Debt | $1,265.3 | $1,258.2 | | Current portion of long-term debt | $(48.5) | $(49.2) | | Long-term Debt | $1,216.8 | $1,209.0 | - The company was in compliance with all financial covenants for its Securitization Notes as of March 30, 2025[65](index=65&type=chunk)[78](index=78&type=chunk) - The Fazoli's/Native Securitization's Anticipated Call Date was extended from July 2023 to October 2025, and certain financial covenants were relaxed or deferred to 2026[69](index=69&type=chunk) - In Q1 2025, the company repurchased **$15.8 million** and sold **$25.0 million** of Retained Notes, holding **$149.2 million** of Retained Notes as of March 30, 2025[76](index=76&type=chunk) [NOTE 9. REDEEMABLE PREFERRED STOCK](index=21&type=section&id=NOTE%209%2E%20REDEEMABLE%20PREFERRED%20STOCK) - As of March 30, 2025, the carrying value of GFG Preferred Stock Consideration was **$67.5 million**, with interest accruing at **5%** or **10%** per annum due to unfulfilled put options[87](index=87&type=chunk)[88](index=88&type=chunk)[89](index=89&type=chunk) - The carrying value of Twin Peaks Preferred Stock Consideration was **$24.3 million** as of March 30, 2025, with **$0.6 million** in interest expense recognized in Q1 2025[90](index=90&type=chunk)[93](index=93&type=chunk) - The company has **$91.8 million** in liabilities related to exercised put options on Series B Cumulative Preferred Stock[27](index=27&type=chunk)[143](index=143&type=chunk) [NOTE 10. SHARE-BASED COMPENSATION](index=22&type=section&id=NOTE%2010%2E%20SHARE-BASED%20COMPENSATION) - The 2017 Omnibus Equity Incentive Plan has a maximum of **5,000,000 shares** available for grant[94](index=94&type=chunk) - As of March 30, 2025, there were **3,357,303 stock options** outstanding with a weighted average exercise price of **$6.33**[96](index=96&type=chunk) - In Q1 2025, **232,544 stock options** were granted with a fair value of **$0.1 million**, compared to no grants in Q1 2024[97](index=97&type=chunk) - Share-based compensation expense was **$0.4 million** in Q1 2025, down from **$0.7 million** in Q1 2024, with **$0.9 million** remaining to be recognized over approximately **3.0 years**[98](index=98&type=chunk) [NOTE 11. WARRANTS](index=22&type=section&id=NOTE%2011%2E%20WARRANTS) Warrant Activity (Thirteen Weeks Ended March 30, 2025) | Item | Number of Shares | Weighted Average Exercise Price | | :-------------------------------- | :--------------- | :------------------------------ | | Warrants exercisable at December 29, 2024 | 745,904 | $2.53 | | Exercised | (567,119) | $0.94 | | Warrants outstanding and exercisable at March 30, 2025 | 178,785 | — | - **567,119 warrants** were exercised in Q1 2025, generating **$0.5 million** in net proceeds for the company[99](index=99&type=chunk) [NOTE 12. COMMON STOCK](index=22&type=section&id=NOTE%2012%2E%20COMMON%20STOCK) - In Q1 2025, the company sold and issued **391,599 shares** of 8.25% Series B Cumulative Preferred Stock through an Equity Distribution Agreement, receiving net proceeds of **$3.8 million**[100](index=100&type=chunk) [NOTE 13. COMMITMENTS AND CONTINGENCIES](index=23&type=section&id=NOTE%2013%2E%20COMMITMENTS%20AND%20CONTINGENCIES) - The DOJ indicted the company in May 2024 for two Sarbanes-Oxley Act violations related to extending credit to former CEO Andrew Wiederhorn in 2019 and 2020, totaling **$2.65 million**[102](index=102&type=chunk) - The SEC filed a complaint against the company alleging violations of securities acts for failing to disclose related party transactions, executive compensation, and making false statements regarding liquidity from 2017-2020[103](index=103&type=chunk) - Two derivative lawsuits (Harris I and Harris II) alleging breach of fiduciary duty related to the 2020 merger and 2021 recapitalization are in settlement discussions, subject to court and U.S. non-objection[105](index=105&type=chunk)[106](index=106&type=chunk) - A class action lawsuit (Mitchell Kates v. FAT Brands, Inc.) was filed in June 2024, alleging false and misleading statements related to government investigations and the company's handling of these matters[108](index=108&type=chunk) - As of March 30, 2025, the company accrued **$5.1 million** for specific litigation matters and claims involving franchisees[113](index=113&type=chunk) [NOTE 14. GEOGRAPHIC INFORMATION](index=25&type=section&id=NOTE%2014%2E%20GEOGRAPHIC%20INFORMATION) Revenue by Geographic Area (in millions) | Region | Thirteen Weeks Ended March 30, 2025 | Thirteen Weeks Ended March 31, 2024 | | :----------- | :---------------------------------- | :---------------------------------- | | United States | $139.5 | $149.7 | | Other countries | $2.5 | $2.3 | | Total revenue | $142.0 | $152.0 | - All company assets are located in the United States[114](index=114&type=chunk) - No individual franchisee accounted for more than **10%** of the company's revenue in Q1 2025 or Q1 2024[115](index=115&type=chunk) [NOTE 15. SEGMENT INFORMATION](index=26&type=section&id=NOTE%2015%2E%20SEGMENT%20INFORMATION) - The company manages its business activities on a consolidated basis and operates as a single reporting segment, deriving revenue primarily from franchised and company-owned restaurants in the United States[116](index=116&type=chunk) - The Chief Operating Decision Maker (CODMs), comprised of Co-Chief Executive Officers, reviews consolidated net loss to evaluate performance and allocate resources[117](index=117&type=chunk) [NOTE 16. NON-CONTROLLING INTEREST](index=26&type=section&id=NOTE%2016%2E%20NON-CONTROLLING%20INTEREST) - On January 29, 2025, the company completed the Spin-Off of Twin Hospitality Group Inc. (Twin Peaks and Smokey Bones brands) as an independent, publicly traded company (TWNP)[119](index=119&type=chunk)[120](index=120&type=chunk) - FAT Brands Inc. retains approximately **98.6%** controlling ownership of Twin Hospitality's voting power, continuing to consolidate **100%** of Twin Hospitality into its financial statements[122](index=122&type=chunk) - A **$5.2 million** non-controlling interest was recognized on the condensed consolidated balance sheets and statements of changes in stockholders' deficit due to the Spin-Off[121](index=121&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=26&type=section&id=Item%202%2E%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial performance, condition, and liquidity for Q1 2025 compared to Q1 2024 [Executive Overview](index=27&type=section&id=Executive%20Overview) - FAT Brands Inc. is a multi-brand restaurant franchising company with **18 brands** and approximately **2,300 locations**, **92%** of which are franchised, as of March 30, 2025[125](index=125&type=chunk) - The company's asset-light franchisor model aims for strong profit margins and attractive free cash flow by minimizing restaurant operating risks[126](index=126&type=chunk) - Growth strategy includes acquiring new brands and expanding existing ones, leveraging a scalable management platform for corporate overhead synergies[126](index=126&type=chunk) [Results of Operations](index=27&type=section&id=Results%20of%20Operations) Key Components of Condensed Consolidated Results of Operations (in thousands) | Item | Thirteen Weeks Ended March 30, 2025 | Thirteen Weeks Ended March 31, 2024 | Change ($) | Change (%) | | :-------------------------------- | :---------------------------------- | :---------------------------------- | :--------- | :--------- | | Total revenue | $142,019 | $151,967 | $(9,948) | (6.5%) | | Total costs and expenses | $150,585 | $153,349 | $(2,764) | (1.8%) | | Loss from operations | $(8,566) | $(1,382) | $(7,184) | 520.0% | | Net loss attributable to FAT Brands Inc. | $(45,969) | $(38,316) | $(7,653) | 19.9% | - Total revenue decreased by **$9.9 million**, or **6.5%**, primarily due to a decrease in restaurant revenue from planned restaurant conversions[131](index=131&type=chunk) - General and administrative expense increased by **$3.0 million**, or **10.1%**, mainly due to increased professional fees related to pending litigation[133](index=133&type=chunk) - Refranchising activity shifted from a **$1.5 million** net loss in Q1 2024 to a **$22 thousand** net gain in Q1 2025[136](index=136&type=chunk) [Liquidity and Capital Resources](index=29&type=section&id=Liquidity%20and%20Capital%20Resources) - Primary liquidity sources in Q1 2025 included cash on hand and **$25.0 million** from the sale of secured debt[140](index=140&type=chunk) - The company faces significant liquidity requirements for worldwide franchise expansion and potential acquisitions, which may necessitate additional debt or equity financing[141](index=141&type=chunk)[142](index=142&type=chunk) - The company has **$91.8 million** in liabilities from exercised put options on Series B Cumulative Preferred Stock, with contractual options to extend repayment via incremental interest payments[143](index=143&type=chunk) - Cash and restricted cash decreased from **$67.4 million** at December 29, 2024, to **$59.3 million** at March 30, 2025[144](index=144&type=chunk) - Cash dividends on Series B Cumulative Preferred Stock were **$2.2 million** in Q1 2025; no dividends were paid on common stock. Payments on preferred stock dividends are paused starting May 2025, but will accrue[150](index=150&type=chunk) [Critical Accounting Policies and Estimates](index=31&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) - The company's critical accounting estimates, which involve significant management judgment and assumptions, are detailed in its Annual Report on Form 10-K for the fiscal year ended December 29, 2024[152](index=152&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=31&type=section&id=Item%203%2E%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Quantitative and qualitative disclosures about market risk are not required for the company - Quantitative and qualitative disclosures about market risk are not required for FAT Brands Inc[153](index=153&type=chunk) [Item 4. Controls and Procedures](index=31&type=section&id=Item%204%2E%20Controls%20and%20Procedures) Evaluates disclosure controls and procedures, confirming effectiveness and no material changes in internal control - The company's principal executive and financial officers concluded that disclosure controls and procedures were effective as of March 30, 2025[154](index=154&type=chunk) - There were no material changes in internal control over financial reporting during the thirteen weeks ended March 30, 2025[155](index=155&type=chunk) - The company acknowledges the inherent limitations of internal controls, which cannot prevent all errors or fraud[156](index=156&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=30&type=section&id=Item%201%2E%20Legal%20Proceedings) Incorporates material pending legal proceedings by reference from Note 13 of the financial statements - Material pending legal proceedings are described in Note 13, Commitments and Contingencies, of the condensed consolidated financial statements[157](index=157&type=chunk) [Item 1A. Risk Factors](index=31&type=section&id=Item%201A%2E%20Risk%20Factors) Advises considering risk factors from the Annual Report on Form 10-K, with no material changes noted - No material changes have occurred in the risk factors discussed in the Annual Report on Form 10-K filed on February 28, 2025[158](index=158&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=32&type=section&id=Item%202%2E%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No unregistered sales of equity securities or use of proceeds to report during the period - There were no unregistered sales of equity securities or use of proceeds to report[159](index=159&type=chunk) [Item 3. Defaults Upon Senior Securities](index=32&type=section&id=Item%203%2E%20Defaults%20Upon%20Senior%20Securities) No defaults upon senior securities occurred during the reporting period - There were no defaults upon senior securities[160](index=160&type=chunk) [Item 4. Mine Safety Disclosures](index=32&type=section&id=Item%204%2E%20Mine%20Safety%20Disclosures) Mine safety disclosures are not applicable to the company - Mine safety disclosures are not applicable to FAT Brands Inc[161](index=161&type=chunk) [Item 5. Other Information](index=32&type=section&id=Item%205%2E%20Other%20Information) No director or officer adopted or terminated a Rule 10b5-1 trading arrangement during the fiscal quarter - No director or officer adopted or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement during the fiscal quarter ended March 30, 2025[162](index=162&type=chunk) [Item 6. Exhibits](index=32&type=section&id=Item%206%2E%20Exhibits) Lists exhibits filed as part of the Form 10-Q, including agreements, certifications, and XBRL documents - Exhibits include the Master Separation and Distribution Agreement, Tax Matters Agreement, Omnibus Amendment No. 1, various certifications (Section 302, Section 906), and Inline XBRL documents[164](index=164&type=chunk) SIGNATURE - The report was signed on May 9, 2025, by Kenneth J. Kuick, Co-Chief Executive Officer and Chief Financial Officer[168](index=168&type=chunk)

[Management Commentary & Strategic Outlook](index=1&type=section&id=Management%20Commentary%20%26%20Strategic%20Outlook) Management emphasizes strong new store openings, strategic refranchising, international expansion, and a $50 million dividend from the Twin Hospitality Group spin-off - Opened **23 new locations** in Q1 2025, a **37% increase YoY**, and on track to open **over 100 new restaurants in 2025**[5](index=5&type=chunk) - Development pipeline includes approximately **1,000 signed agreements** for future restaurant openings[5](index=5&type=chunk) - Secured new agreements to open **40 locations in France**, featuring Fatburger and Buffalo's Cafe concepts[5](index=5&type=chunk) - The spin-off of Twin Hospitality Group resulted in a **$50 million dividend** to shareholders through a stock distribution[5](index=5&type=chunk) - Strategy to return to a **nearly 100% franchised model** is advancing with the planned refranchising of **57 company-operated Fazoli's restaurants**[5](index=5&type=chunk) [Q1 2025 Financial Highlights](index=1&type=section&id=Fiscal%20First%20Quarter%202025%20Highlights) Q1 2025 financial performance declined, with total revenue down 6.5% to $142.0 million and a net loss of $46.0 million Q1 2025 Key Financial Metrics vs. Q1 2024 (in millions) | Metric | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Total Revenue | $142.0 million | $152.0 million | -6.5% | | System-wide Sales | - | - | -1.8% | | System-wide Same-Store Sales | - | - | -3.4% | | Net Loss | $46.0 million | $38.3 million | +20.1% | | Diluted Loss Per Share | $2.73 | $2.37 | +15.2% | | EBITDA | $2.1 million | $9.4 million | -77.7% | | Adjusted EBITDA | $11.1 million | $18.2 million | -39.0% | - The company opened **23 new stores** during the first quarter of 2025[6](index=6&type=chunk) [Detailed Financial Performance Analysis](index=2&type=section&id=Summary%20of%20Fiscal%20First%20Quarter%202025%20Financial%20Results) Q1 2025 total revenue decreased to $142.0 million, while general and administrative expenses increased to $33.0 million due to higher professional fees - Total revenue decreased by **6.5%** to **$142.0 million**, driven by lower same-store sales and the closure of one Smokey Bones location for conversion, partially offset by new Twin Peaks revenues[8](index=8&type=chunk) - Cost of restaurant and factory revenues decreased by **3.0%** to **$96.1 million**, mainly due to lower sales, but was partially offset by labor inflation and higher food ingredient prices[9](index=9&type=chunk) - General and administrative expenses increased by **10.1%** to **$33.0 million**, primarily due to higher professional fees related to pending litigation[10](index=10&type=chunk) - Total other expense, net, was **$36.0 million**, which included **$35.9 million** in interest expense[11](index=11&type=chunk) [Financial Statements](index=5&type=section&id=Financial%20Statements) This section presents the unaudited consolidated financial statements for Q1 2025, including the Statement of Operations and non-GAAP reconciliations [Consolidated Statements of Operations](index=5&type=section&id=FAT%20Brands%20Inc.%20Consolidated%20Statements%20of%20Operations) Q1 2025 total revenues were $142.0 million, with a widened loss from operations of $8.6 million and a net loss of $46.0 million Q1 2025 Statement of Operations Summary (in thousands) | Line Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Total Revenue | $142,019 | $151,967 | | Total Costs and Expenses | $150,585 | $153,349 | | Loss from Operations | $(8,566) | $(1,382) | | Total Other Expense, Net | $(35,976) | $(33,410) | | Net Loss Attributable to FAT Brands Inc. | $(45,969) | $(38,316) | | Basic and Diluted Loss Per Share | $(2.73) | $(2.37) | [Reconciliation of Non-GAAP Measures](index=6&type=section&id=Reconciliation%20of%20Non-GAAP%20Measures) Non-GAAP measures show a decline, with Q1 2025 Adjusted EBITDA at $11.1 million and Adjusted Net Loss at $38.7 million EBITDA and Adjusted EBITDA Reconciliation (in thousands) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net Loss Attributable to FAT Brands Inc. | $(45,969) | $(38,316) | | EBITDA | $2,053 | $9,443 | | Litigation Costs Adjustment | $6,864 | $3,807 | | **Adjusted EBITDA** | **$11,069** | **$18,207** | Adjusted Net Loss Reconciliation (in thousands, except per share data) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net Loss Attributable to FAT Brands Inc. | $(45,969) | $(38,316) | | **Adjusted Net Loss** | **$(38,698)** | **$(32,909)** | | Adjusted Net Loss Per Share | $(2.32) | $(2.05) | [About FAT Brands & Forward-Looking Statements](index=3&type=section&id=About%20FAT%20Brands%20%26%20Forward-Looking%20Statements) FAT Brands is a global franchising company with 18 brands and 2,300 units, and the report contains forward-looking statements subject to inherent risks - The company owns **18 restaurant brands** and franchises/owns approximately **2,300 units** worldwide[16](index=16&type=chunk) - The press release includes forward-looking statements subject to risks and uncertainties, and the company undertakes no obligation to update them[17](index=17&type=chunk)

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 29, 2024 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 001-38250 FAT Brands Inc. (Exact name of registrant as specified in its charter) Delaware 82-1302696 (State or other jurisdiction of incorporation or org ...

[Report Overview](index=1&type=section&id=Report%20Overview) FAT Brands Inc. announced its fiscal fourth quarter and full-year 2024 financial results, with management highlighting strategic growth and a shift towards a nearly 100% franchised model [Introduction](index=1&type=section&id=1.1%20Introduction) FAT Brands Inc. announced its fiscal fourth quarter and full-year 2024 financial results for the period ended December 29, 2024 - FAT Brands Inc. announced its fiscal fourth quarter and full-year 2024 financial results on February 27, 2025[2](index=2&type=chunk) [Management Commentary](index=1&type=section&id=1.2%20Management%20Commentary) Management highlighted 2024's success in store expansion and franchise agreements, projecting over 100 new restaurants in 2025, while completing the Twin Hospitality Group Inc. spin-off and focusing on synergy, cost reduction, and a nearly 100% franchised model - In 2024, the company successfully opened **92 new restaurants** and signed over **250 new franchise agreements**, increasing its development pipeline to **1,000 locations**[3](index=3&type=chunk) - Over **100 new restaurants** are projected to open in 2025[3](index=3&type=chunk) - The company completed the spin-off of Twin Hospitality Group Inc., aiming to create shareholder value and provide capital resources[3](index=3&type=chunk) - Strategic focus includes synergy and cost reduction, with plans to re-franchise **57 Fazoli's company-owned locations** and ultimately retain only **33 Hot Dog on a Stick company-owned locations**, achieving a nearly **100% franchised model**[3](index=3&type=chunk) [Financial Highlights](index=1&type=section&id=Financial%20Highlights) The company's financial performance in fiscal Q4 and full-year 2024 showed a decline in revenue and profitability, primarily impacted by a shorter operating period and decreased same-store sales [Fiscal Fourth Quarter 2024 Highlights](index=1&type=section&id=2.1%20Fiscal%20Fourth%20Quarter%202024%20Highlights) In fiscal Q4 2024, total revenue decreased by **8.4%** to **$145.3 million**, primarily due to an extra operating week in the prior year, while system same-store sales declined by **1.6%**, net loss and adjusted net loss widened, and adjusted EBITDA decreased to **$14.4 million** Fiscal Fourth Quarter 2024 Financial Highlights (Year-over-Year) | Metric | Fiscal Q4 2024 | Fiscal Q4 2023 | Change | Notes | | :--- | :--- | :--- | :--- | :--- | | Total Revenue | $145.3 million | $158.6 million | -8.4% | 2023 included an extra operating week, contributing $11.3 million in revenue | | System-Wide Sales | Down 7.4% | - | - | 2023 included an extra operating week, contributing $44.8 million in sales | | System Same-Store Sales | -1.6% | - | - | | | New Store Openings | 30 | - | - | | | Operating Loss | $39.3 million | $3.1 million | Widened | | | Net Loss | $67.4 million | $26.2 million | Widened | | | Diluted Net Loss Per Share | $4.06 | $1.68 | Widened | | | Adjusted EBITDA | $14.4 million | $27.0 million | Decreased | 2023 included an extra operating week, contributing $1.9 million in Adjusted EBITDA | | Adjusted Net Loss | $29.9 million | $17.3 million | Widened | | | Diluted Adjusted Net Loss Per Share | $1.87 | $1.15 | Widened | | [Full Fiscal Year 2024 Highlights](index=2&type=section&id=2.2%20Full%20Fiscal%20Year%202024%20Highlights) For the full fiscal year 2024, total revenue increased by **23.4%** to **$592.7 million**, but system same-store sales declined by **2.5%**, operating results shifted from profit to loss, net loss and adjusted net loss significantly widened, and adjusted EBITDA decreased to **$62.4 million** Full Fiscal Year 2024 Financial Highlights (Year-over-Year) | Metric | Full Fiscal Year 2024 | Full Fiscal Year 2023 | Change | Notes | | :--- | :--- | :--- | :--- | :--- | | Total Revenue | $592.7 million | $480.5 million | +23.4% | 2023 included an extra operating week, contributing $11.3 million in revenue | | System-Wide Sales Growth | +3.1% | - | - | | | System Same-Store Sales | -2.5% | - | - | | | New Store Openings | 92 | - | - | | | Operating (Loss) Income | ($52.2) million | $22.3 million | Shifted from Profit to Loss | | | Net Loss | $189.8 million | $90.1 million | Widened | | | Diluted Net Loss Per Share | $11.60 | $5.85 | Widened | | | Adjusted EBITDA | $62.4 million | $91.2 million | Decreased | 2023 included an extra operating week, contributing $1.9 million in Adjusted EBITDA | | Adjusted Net Loss | $128.9 million | $56.5 million | Widened | | | Diluted Adjusted Net Loss Per Share | $8.02 | $3.83 | Widened | | [Detailed Financial Performance](index=2&type=section&id=Detailed%20Financial%20Performance) A detailed analysis of fiscal Q4 2024 performance reveals revenue decline due to various factors, alongside comprehensive consolidated statements and reconciliations for EBITDA and adjusted net loss [Fiscal Fourth Quarter 2024 Performance Analysis](index=2&type=section&id=3.1%20Fiscal%20Fourth%20Quarter%202024%20Performance%20Analysis) In fiscal Q4 2024, total revenue decreased by **8.4%** due to an extra operating week in the prior year, declining same-store sales, and Smokey Bones store closures, while general and administrative expenses rose from closure costs, restaurant and factory revenue costs decreased with lower company-owned sales, advertising expenses fell due to reduced Smokey Bones advertising, and other net expenses increased from interest and debt extinguishment losses [Revenue](index=2&type=section&id=3.1.1%20Revenue) - Total revenue for fiscal Q4 2024 decreased by **8.4%** to **$145.3 million**, primarily due to an extra operating week in the prior year (contributing **$11.3 million** in revenue), declining same-store sales, and the closure of two Smokey Bones locations[6](index=6&type=chunk) [General and Administrative Expense](index=2&type=section&id=3.1.2%20General%20and%20Administrative%20Expense) - General and administrative expenses increased by **$4.2 million (13.9%)** in fiscal Q4 2024, primarily due to **$5.0 million** in Smokey Bones store closure costs[7](index=7&type=chunk) [Cost of Restaurant and Factory Revenues](index=2&type=section&id=3.1.3%20Cost%20of%20Restaurant%20and%20Factory%20Revenues) - Cost of restaurant and factory revenues decreased by approximately **$8.0 million (7.6%)** to **$97.2 million** in fiscal Q4 2024, primarily due to lower company-owned restaurant sales[8](index=8&type=chunk) [Advertising Expenses](index=2&type=section&id=3.1.4%20Advertising%20Expenses) - Advertising expenses decreased by **$2.0 million** in fiscal Q4 2024 due to a slowdown in Smokey Bones advertising[9](index=9&type=chunk) [Total Other Expense, Net](index=2&type=section&id=3.1.5%20Total%20Other%20Expense%2C%20Net) - Total other expense, net, for fiscal Q4 2024 was **$36.4 million**, primarily comprising **$34.7 million** in net interest expense and **$2.2 million** in loss on extinguishment of debt[10](index=10&type=chunk) [Consolidated Statements of Operations](index=5&type=section&id=3.2%20Consolidated%20Statements%20of%20Operations) The consolidated statements of operations detail revenues, costs, expenses, and net loss for fiscal Q4 and full-year 2024 compared to 2023, showing a significant widening of net loss in both periods FAT Brands Inc. Consolidated Statements of Operations (Excerpt) | (Thousands of U.S. dollars, except per share data) | Thirteen Weeks Ended December 29, 2024 | Fourteen Weeks Ended December 31, 2023 | Fifty-Two Weeks Ended December 29, 2024 | Fifty-Three Weeks Ended December 31, 2023 | | :--- | :--- | :--- | :--- | :--- | | **Revenues** | | | | | | Royalty revenue | $22,416 | $24,869 | $90,035 | $94,036 | | Restaurant sales | 100,893 | 111,072 | 413,480 | 299,029 | | Advertising revenue | 9,903 | 10,510 | 39,473 | 39,490 | | Factory revenue | 9,351 | 9,810 | 37,949 | 37,983 | | Franchise fees | 1,317 | 937 | 6,487 | 4,979 | | Other revenue | 1,400 | 1,438 | 5,228 | 4,940 | | **Total revenues** | **145,280** | **158,636** | **592,652** | **480,457** | | **Costs and expenses** | | | | | | General and administrative expense | 34,521 | 30,298 | 128,564 | 93,117 | | Cost of restaurant and factory revenues | 97,176 | 105,130 | 393,131 | 282,887 | | Depreciation and amortization | 10,352 | 9,914 | 41,528 | 31,131 | | Impairment of goodwill and other intangible assets | 30,600 | 500 | 30,600 | 500 | | Loss on refranchising | 109 | 2,127 | 1,949 | 2,873 | | Advertising expense | 11,825 | 13,811 | 49,100 | 47,619 | | **Total costs and expenses** | **184,583** | **161,779** | **644,872** | **458,127** | | **Operating (loss) income** | **(39,303)** | **(3,144)** | **(52,220)** | **22,330** | | **Other (expense) income, net** | | | | | | Interest expense | (30,262) | (28,925) | (120,580) | (99,342) | | Interest expense related to preferred stock | (4,416) | (4,417) | (17,670) | (18,189) | | Net (loss) gain on extinguishment of debt | (2,226) | 325 | (1,798) | (2,397) | | Other (expense) income, net | 468 | 1,096 | (332) | 1,233 | | **Total other expense, net** | **(36,436)** | **(31,921)** | **(140,380)** | **(118,695)** | | **Loss before income taxes** | **(75,739)** | **(35,065)** | **(192,600)** | **(96,365)** | | Income tax benefit | (8,321) | (8,827) | (2,753) | (6,255) | | **Net loss** | **($67,418)** | **($26,238)** | **($189,847)** | **($90,110)** | | Preferred stock dividends | (2,043) | (1,832) | (7,779) | (7,007) | | **Basic and diluted loss per common share** | **($4.06)** | **($1.68)** | **($11.60)** | **($5.85)** | | Basic and diluted weighted-average common shares outstanding | 17,113,424 | 16,675,096 | 17,041,888 | 16,599,015 | | Cash dividends declared per common share | $0.14 | $0.14 | $0.56 | $0.56 | [Consolidated EBITDA and Adjusted EBITDA Reconciliation](index=6&type=section&id=3.3%20Consolidated%20EBITDA%20and%20Adjusted%20EBITDA%20Reconciliation) This reconciliation table illustrates the calculation from net loss to EBITDA and Adjusted EBITDA, showing a significant decline in both EBITDA and Adjusted EBITDA for fiscal Q4 and full-year 2024 compared to 2023, reflecting deteriorating operating performance FAT Brands Inc. Consolidated EBITDA and Adjusted EBITDA Reconciliation (Excerpt) | (Thousands of U.S. dollars) | Thirteen Weeks Ended December 29, 2024 | Fourteen Weeks Ended December 31, 2023 | Fifty-Two Weeks Ended December 29, 2024 | Fifty-Three Weeks Ended December 31, 2023 | | :--- | :--- | :--- | :--- | :--- | | Net loss | ($67,418) | ($26,238) | ($189,847) | ($90,110) | | Interest expense, net | 34,678 | 33,342 | 138,250 | 117,531 | | Income tax benefit | (8,321) | (8,827) | (2,753) | (6,255) | | Depreciation and amortization | 10,352 | 9,914 | 41,528 | 31,131 | | **EBITDA** | **($30,709)** | **$8,191** | **($12,822)** | **$52,297** | | Bad debt expense (recovery) | 242 | 2,868 | 1,029 | (9,827) | | Stock-based compensation expense | 369 | 947 | 2,330 | 3,615 | | Non-cash lease expense | (130) | 535 | 1,656 | 1,766 | | Store closure costs | 5,010 | — | 5,010 | — | | Loss on refranchising | 109 | 2,127 | 1,949 | 2,873 | | Litigation expenses | 4,184 | 8,832 | 22,018 | 28,280 | | Severance costs | — | 341 | 425 | 1,377 | | Net loss related to advertising fund deficit | 1,762 | 1,946 | 6,747 | 6,310 | | Net (loss) gain on extinguishment of debt | 2,224 | (325) | 1,798 | 2,397 | | Impairment loss | 30,600 | 1,006 | 30,600 | 1,006 | | Pre-opening expenses | 697 | 564 | 1,632 | 1,136 | | **Adjusted EBITDA** | **$14,358** | **$27,032** | **$62,372** | **$91,230** | [Adjusted Net Loss Reconciliation](index=7&type=section&id=3.4%20Adjusted%20Net%20Loss%20Reconciliation) This reconciliation table provides a detailed calculation from GAAP net loss to adjusted net loss, excluding the impact of special items, showing a significant widening of adjusted net loss for both fiscal Q4 and full-year 2024 compared to 2023 FAT Brands Inc. Adjusted Net Loss Reconciliation (Excerpt) | (Thousands of U.S. dollars, except per share data) | Thirteen Weeks Ended December 29, 2024 | Fourteen Weeks Ended December 31, 2023 | Fifty-Two Weeks Ended December 29, 2024 | Fifty-Three Weeks Ended December 31, 2023 | | :--- | :--- | :--- | :--- | :--- | | Net loss | ($67,418) | ($26,238) | ($189,847) | ($90,110) | | Loss on refranchising | 109 | 2,127 | 1,949 | 2,873 | | Store closure costs | 5,010 | — | 5,010 | — | | Net (loss) gain on extinguishment of debt | 2,224 | (325) | 1,798 | 2,397 | | Impairment loss | 30,600 | 1,006 | 30,600 | 1,006 | | Litigation expenses | 4,184 | 8,832 | 22,018 | 28,280 | | Severance costs | — | 341 | 425 | 1,377 | | Tax adjustments, net (1) | (4,628) | (3,016) | (883) | (2,332) | | **Adjusted Net Loss** | **($29,919)** | **($17,273)** | **($128,930)** | **($56,509)** | | Preferred stock dividends | (2,043) | (1,832) | (7,779) | (7,007) | | **Adjusted basic and diluted loss per share** | **($1.87)** | **($1.15)** | **($8.02)** | **($3.83)** | | Weighted-average basic and diluted common shares outstanding | 17,113,424 | 16,675,096 | 17,041,888 | 16,599,015 | | (1) Reflects the tax impact of adjustments using the effective tax rate for the respective periods | | | | | [Key Financial Definitions](index=2&type=section&id=Key%20Financial%20Definitions) This section defines key financial metrics such as new store openings, same-store sales growth, and system-wide sales growth, crucial for understanding the company's operational performance [New Store Openings](index=2&type=section&id=4.1%20New%20Store%20Openings) New store openings reflect the number of stores opened within a specific reporting period, with their timing and quantity directly impacting company performance - New store openings reflect the number of stores opened within a specific reporting period, with their timing and quantity directly impacting company performance[11](index=11&type=chunk) [Same-Store Sales Growth](index=2&type=section&id=4.2%20Same-Store%20Sales%20Growth) Same-store sales growth measures year-over-year sales changes on a comparable store basis, defined as stores operating within the FAT Brands system for at least one full fiscal year, with new stores typically stabilizing after 3-6 months - Same-store sales growth reflects year-over-year sales changes on a comparable store basis, defined as stores operating within the FAT Brands system for at least one full fiscal year[12](index=12&type=chunk) - New stores typically have higher initial sales and stabilize after **3-6 months**[12](index=12&type=chunk) [System-Wide Sales Growth](index=3&type=section&id=4.3%20System-Wide%20Sales%20Growth) System-wide sales growth reflects the percentage change in sales for all brand locations (FAT Brands-owned brands only) in a specific fiscal period compared to the prior period, irrespective of store count changes from acquisitions, new openings, or closures - System-wide sales growth reflects the percentage change in sales for all brand locations (FAT Brands-owned brands only) in a specific fiscal period compared to the prior period[14](index=14&type=chunk) - This metric does not account for differences in store count due to acquisitions, new openings, or closures[14](index=14&type=chunk) [Non-GAAP Financial Measures](index=3&type=section&id=Non-GAAP%20Financial%20Measures) This section provides definitions for non-GAAP financial measures, including EBITDA, Adjusted EBITDA, and Adjusted Net Loss, explaining their purpose and limitations in financial analysis [Definition of EBITDA](index=3&type=section&id=5.1%20Definition%20of%20EBITDA) EBITDA is defined as earnings before interest, taxes, depreciation, and amortization, widely used to assess operating performance by removing non-direct business expenses, but it is not a GAAP measure and should not replace net loss or operating cash flow - EBITDA is defined as earnings before interest, taxes, depreciation, and amortization[20](index=20&type=chunk) - EBITDA is widely used to assess a company's operating performance within its industry, as it eliminates the impact of expenses not directly related to business performance[20](index=20&type=chunk) - EBITDA is not a GAAP measure and should not be considered an alternative to net loss or operating cash flow[20](index=20&type=chunk) [Definition of Adjusted EBITDA](index=3&type=section&id=5.2%20Definition%20of%20Adjusted%20EBITDA) Adjusted EBITDA builds upon EBITDA by further excluding non-recurring or non-cash items such as acquisition-related expenses, refranchising losses, impairment charges, and other items deemed not reflective of core operations or ongoing business by the company - Adjusted EBITDA is calculated by excluding from EBITDA items such as acquisition-related expenses, refranchising losses, impairment charges, and other non-recurring or non-cash items that the company believes do not directly reflect its core operations or are not indicative of ongoing business[21](index=21&type=chunk) [Definition of Adjusted Net Loss](index=4&type=section&id=5.3%20Definition%20of%20Adjusted%20Net%20Loss) Adjusted net loss is a supplemental non-GAAP financial performance measure calculated by adding back adjustments and their tax impact to net loss, aiming to help investors understand company performance excluding special items for improved comparability across periods - Adjusted net loss is a supplemental non-GAAP financial performance measure calculated by adding back adjustments and their tax impact to net loss[22](index=22&type=chunk) - It aims to help investors understand company performance by excluding the impact of special items, thereby enhancing comparability of results across periods[22](index=22&type=chunk) [Company Information & Disclosures](index=3&type=section&id=Company%20Information%20%26%20Disclosures) This section provides essential company information, including a profile of FAT Brands, details on the earnings conference call, forward-looking statements, and investor and media contact information [About FAT Brands](index=3&type=section&id=6.1%20About%20FAT%20Brands) FAT Brands is a leading global franchisor that strategically acquires, markets, and develops quick-service, fast-casual, casual dining, and polished casual dining concepts worldwide, currently owning 18 restaurant brands with approximately 2,300 units globally - FAT Brands is a leading global franchisor that strategically acquires, markets, and develops quick-service, fast-casual, casual dining, and polished casual dining concepts[17](index=17&type=chunk) - The company currently owns **18 restaurant brands** with approximately **2,300 units** globally[17](index=17&type=chunk) [Conference Call and Webcast](index=3&type=section&id=6.2%20Conference%20Call%20and%20Webcast) FAT Brands held a conference call and webcast on February 27, 2025, at 4:30 PM ET, to discuss fiscal Q4 2024 financial results, hosted by Chairman Andy Wiederhorn and Co-CEO & CFO Ken Kuick, with replay and webcast archives available on the company's website - FAT Brands held a conference call and webcast on **February 27, 2025, at 4:30 PM ET**, to discuss its fiscal Q4 2024 financial results[15](index=15&type=chunk) - The call was hosted by Chairman Andy Wiederhorn and Co-CEO & CFO Ken Kuick[15](index=15&type=chunk) - A replay and webcast archive are available on the company's website, www.fatbrands.com, under the "Investors" section[16](index=16&type=chunk) [Forward-Looking Statements](index=3&type=section&id=6.3%20Forward-Looking%20Statements) This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995, concerning future financial and operating performance, EBITDA estimates, new store opening timelines, future reductions in capital costs and leverage, ability to make accretive acquisitions, and new store pipeline, which are subject to business, economic, and competitive risks, uncertainties, and contingencies that could cause actual results to differ materially from expectations - This press release contains forward-looking statements, as defined by the Private Securities Litigation Reform Act of 1995, regarding the company's future financial and operating performance, EBITDA estimates, timing of new store openings, future reductions in capital costs and leverage, ability to make accretive acquisitions, and new store pipeline[18](index=18&type=chunk) - Forward-looking statements are subject to business, economic, and competitive risks, uncertainties, and contingencies that could cause actual results to differ materially from expectations[18](index=18&type=chunk) [Investor and Media Relations](index=4&type=section&id=6.4%20Investor%20and%20Media%20Relations) Investor relations contact is Michelle Michalski of ICR, and media relations contact is Erin Mandzik - Investor Relations contact is Michelle Michalski of ICR (ir-fatbrands@icrinc.com, 646-277-1224)[24](index=24&type=chunk) - Media Relations contact is Erin Mandzik (emandzik@fatbrands.com, 860-212-6509)[24](index=24&type=chunk)

NEW YORK, Aug. 01, 2024 (GLOBE NEWSWIRE) -- WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of FAT Brands Inc. (NASDAQ: FAT, FATBB, FATBP, FATBW) between March 24, 2022 and May 10, 2024, both dates inclusive (the "Class Period"), of the important August 6, 2024 lead plaintiff deadline in the securities class action first filed by the Firm. SO WHAT: If you purchased FAT Brands securities during the Class Period you may be entitled to compensation without payment of an ...

An investor class action lawsuit has been filed against FAT Brands Inc. (FAT, FATBB, FATBP, FATBW), alleging that the company made misleading statements and failed to disclose crucial information. The lawsuit centers around the actions of Andrew A. Wiederhorn, the current Chairman and former CEO of FAT Brands. About Hagens Berman Hagens Berman is a global plaintiffs' rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as ...