FAT Brands(US:FAT) Globenewswireยท2025-05-08 20:05Core Insights - FAT Brands reported a total revenue of $142.0 million for the fiscal first quarter of 2025, a decrease of $9.9 million or 6.5% compared to $152.0 million in the same quarter last year, primarily due to lower same-store sales and the closure of one Smokey Bones location [5][7] - The company opened 23 new locations in the first quarter, representing a 37% increase from the previous year, and is on track to open over 100 new restaurants in 2025 [2][7] - The net loss for the first quarter was $46.0 million, or $2.73 per diluted share, compared to a net loss of $38.3 million, or $2.37 per diluted share, in the same quarter of 2024 [7][9] Financial Performance - System-wide sales declined by 1.8%, and same-store sales decreased by 3.4% in the first quarter of 2025 [7] - EBITDA for the quarter was $2.1 million, down from $9.4 million in the fiscal first quarter of 2024, while adjusted EBITDA was $11.1 million compared to $18.2 million in the prior year [7][26] - General and administrative expenses increased by $3.0 million, or 10.1%, to $33.0 million, primarily due to increased professional fees related to pending litigation [8] Strategic Developments - The successful spin-off of Twin Hospitality Group Inc. resulted in a $50 million dividend to shareholders, while the company retains ownership of remaining shares [2] - The company is advancing its strategy to return to a nearly 100% franchised model, with plans to refranchise 57 company-operated Fazoli's restaurants [2] - FAT Brands is expanding internationally, having secured agreements to open 40 locations in France, including Fatburger and Buffalo's Cafe concepts [2]