Company: BTBDW
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001477932-25-006037
Chunk: 45

Company: BT Brands, Inc.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part I, Item 2
Chunk 45
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-GAAP metric reflects a significant improvement in controllable restaurant-level profitability, driven by better labor and cost controls, selective menu price increases, and efficiency improvements across operating units.

 23Table of Contents

  26 Weeks Ended,  13 Weeks Ended,   June 29, 2025  June 30, 2024  June 29, 2025  June 30, 2024 Revenues $7,010,763  $7,300,786  $3,779,690  $4,110,639 Reconciliation:                Loss from operations  (367,317)  (819,372)  (75,121)  (188,543)Depreciation and amortization  301,120   331,893   144,725   171,351 General and administrative, corporate-level expenses  982,091   909,420   531,057   454,805 Restaurant-level EBITDA  $915,894  $421,941  $600,661  $437,613 Restaurant-level EBITDA margin   13.1%  5.8%  15.9%  10.6%

Restaurant-level EBITDA for both the 13-week and the 26-week periods ended June 29, 2025, showed significant improvement over the prior year. This non-GAAP metric reflects stronger operational performance and improved cost controls, demonstrating continued progress in the Company’s core restaurant operations. Restaurant-level EBITDA for the 26 weeks ended June 29, 2025, was $915,894. 

Summary

During the first half of fiscal 2025, the Company has made significant strides in reducing operating losses through effective cost management and operational efficiencies. Although sales declined due to the closure of underperforming locations, profitability metrics have improved markedly. Continued cost discipline and sales initiatives will remain a focus for the remainder of the year. Our focus on operational efficiencies, disciplined expense management, and strategic closures of underperforming locations has resulted in significantly improved Store EBITDA margins. Continued cost management and leveraging seasonal strengths will be a central focus of management in future quarters.

Liquidity and Capital Resources

On June 29, 2025, we had $3.5 million in cash, cash equivalents and marketable securities and net working capital of $4