Company: BTBDW
Filing Date: 2025-11-17
Form Type: 10-Q
Source: 0001477932-25-008407
Chunk: 43

Company: BT Brands, Inc.
Filing Date: 2025-11-17
Form: 10-Q
Item: Part I, Item 2
Chunk 43
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The following discussion of the financial condition, results of operations, liquidity, and capital resources of BT Brands, Inc. and its wholly-owned subsidiaries (together, “BT Brands” “we,” “our,” or the “Company”) should be read in conjunction with the Company’s condensed consolidated financial statements and accompanying notes included under Part I, Item 1 of this Quarterly Report on Form 10-Q, as well as with the audited consolidated financial statements and accompanying notes and Management’s Discussion and Analysis of Financial Condition and Results of Operations included in the Company’s Annual Report on Form 10-K for the year ended December 29, 2024.

Introduction

As of September 28, 2025, including our partially owned Bagger Dave’s business, we own and operate the following sixteen restaurants:

 ·Six Burger Time fast-food restaurants (“BTND”); ·Keegan’s Seafood Grille in Indian Rocks Beach, Florida (“Keegan’s”); ·Pie In The Sky Coffee and Bakery in Woods Hole, Massachusetts (“PIE”); ·Schnitzel Haus in Stuart, Florida (“Schnitzel”); ·Unconsolidated affiliate, Bagger Dave’s Burger Tavern, Inc., 40.7% owned, operates six Bagger Dave’s restaurants in Michigan, Ohio, and Indiana (“BD”).

Burger Time opened its first restaurant in Fargo, North Dakota, in 1987. Burger Time restaurants offer grilled hamburgers and other affordable menu items, including chicken sandwiches, pulled pork sandwiches, sides, and soft drinks. Burger Time’s operating principles include (i) offering bigger burgers and more value for the money; (ii) offering a limited menu to permit attention to quality and speed of preparation; (iii) providing fast service by way of single and double drive-thru designs and a point-of-sale system that expedites the ordering and preparation process, and (iv) great tasting and quality food made fresh to order at a fair price. Our primary strategy is to serve the drive-thru and take-out segment of the quick-service restaurant industry.

Management estimates that over the 39 weeks of 2025, the average customer transaction at our Burger Time restaurants  was approximately $17.90. We have implemented new initiatives for Burger Time in third-party delivery, which generally result in a higher check average. We anticipate that these initiatives will contribute to future sales growth. Many factors influence our sales trends. Our business environment is challenging, as competition is intense.

We operate