Company: BTBDW
Filing Date: 2025-11-17
Form Type: 10-Q
Source: 0001477932-25-008407
Chunk: 52

Company: BT Brands, Inc.
Filing Date: 2025-11-17
Form: 10-Q
Item: Part I, Item 2
Chunk 52
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) of sales, down from 11.1% ($1,284,871) in 2024. The decrease reflects the cost reductions net of additional consulting costs charged to corporate expenses.

Operating Income (Loss)

Operating income improved to $367,725, from a loss of $894,383 in 2024. The improvement reflects a $242,231 net gain from asset sales, as well as continued cost-cutting and operational efficiencies despite lower sales.

Other Income and Expenses

 -Unrealized gains on marketable securities were $500,124 compared $163,014 in 2024. -Realized investment gains were $312,954 versus $29,219 in 2024. -Interest expense was $57,489, lower than $72,591 in 2024. -Interest, dividends, and other income were $112,833, compared to $186,892 in 2024. -Equity in affiliate loss was $304,439 versus $291,282 in the prior year. -No income tax expense was recorded for the period, compared to a benefit of $144,000 in the same period last year.

Net Income (Loss)

Net income for the thirty-nine weeks ended September 28, 2025, was $640,157 (5.9% of sales) compared to a net loss of $735,131 (6.3% of sales) in 2024. Non-operating income, combined with significant expense reductions, disciplined cost management, and operational efficiencies, drove profitability in the period.

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Restaurant-Level EBITDA

To supplement the consolidated financial statements, which are prepared and presented in accordance with GAAP, we use restaurant-level EBITDA (earnings before interest, taxes, depreciation, and amortization), which is not a measure defined by GAAP. This non-GAAP operating measure is useful to both management and investors because it represents one means of gauging the overall profitability of our recurring and controllable core restaurant operations. However, this measure is not indicative of our overall results, nor does the restaurant-level profit accrue directly to the benefit of stockholders, primarily due to the exclusion of corporate-level expenses. Depreciation and amortization are excluded. Restaurant-level EBITDA for the thirteen weeks ending September 28, 2025, was $822,760 (21.3% of revenues), compared to $472,172 (10.9% of revenues)