# EDGAR Filing Document

**Accession Number:** 0001705012
**File Stem:** 0001628280-25-036715
**Filing Date:** 2025-7
**Character Count:** 40987
**Document Hash:** 45b4698e3dc6ad0491209e6737243b44
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-25-036715.hdr.sgml**: 20250730

**ACCESSION NUMBER**: 0001628280-25-036715

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 27

**CONFORMED PERIOD OF REPORT**: 20250730

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250730

**DATE AS OF CHANGE**: 20250730

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Fat Brands, Inc
- **CENTRAL INDEX KEY:** 0001705012
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-EATING PLACES [5812]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 821302696
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1228

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38250
- **FILM NUMBER:** 251167161

**BUSINESS ADDRESS:**
- **STREET 1:** 9720 WILSHIRE BLVD.,
- **STREET 2:** SUITE 500
- **CITY:** BEVERLY HILLS
- **STATE:** CA
- **ZIP:** 90212
- **BUSINESS PHONE:** 310-406-0600

**MAIL ADDRESS:**
- **STREET 1:** 9720 WILSHIRE BLVD.,
- **STREET 2:** SUITE 500
- **CITY:** BEVERLY HILLS
- **STATE:** CA
- **ZIP:** 90212

?xml version='1.0' encoding='ASCII'? fat-20250730

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): July 30, 2025**

**FAT Brands Inc.**

**(Exact name of Registrant as Specified in Its Charter)**

---

| | | | |
|:---|:---|:---|:---|
| **Delaware** | **001-38250** | **001-38250** | **82-1302696** |
| **(State or Other Jurisdiction**<br>**of Incorporation)** | **(Commission**<br>**File Number)** | **(Commission**<br>**File Number)** | **(IRS Employer**<br>**Identification No.)** |
| **9720 Wilshire Blvd., Suite 500**<br>**Beverly Hills, CA**<br>**(Address of Principal Executive Offices)** | **9720 Wilshire Blvd., Suite 500**<br>**Beverly Hills, CA**<br>**(Address of Principal Executive Offices)** | **90212**<br>**(Zip Code)** | **90212**<br>**(Zip Code)** |

---

**Registrant's Telephone Number, Including Area Code: (310) 319-1850**

**Not Applicable**

**(Former Name or Former Address, if Changed Since Last Report)**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):

□ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

□ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

□ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

□ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**Securities registered pursuant to Section 12(b) of the Act:**

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| **Class A Common Stock, par value $0.0001 per share** | **FAT** | **The Nasdaq Stock Market LLC** |
| **Class B Common Stock, par value $0.0001 per share** | **FATBB** | **The Nasdaq Stock Market LLC** |
| **Series B Cumulative Preferred Stock, par value $0.0001 per share** | **FATBP** | **The Nasdaq Stock Market LLC** |
| **Warrants to purchase Class A Common Stock** | **FATBW** | **The Nasdaq Stock Market LLC** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

------

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 2.02 Results of Operations and Financial Condition.**

On July 30, 2025, FAT Brands Inc. (the "Company") issued a press release announcing its financial results for the thirteen and twenty-six week periods ended June 29, 2025. A copy of the press release is furnished as Exhibit 99.1 hereto and incorporated herein by reference.

The Company also hosted a conference call on July 30, 2025 in which the financial results were discussed. A replay is available until Wednesday, August 20, 2025 and can be accessed by dialing 1-844-512-2921 from the U.S. or 1-412-317-6671 internationally. The passcode is 13754156.

The webcast is available at <u>www.fatbrands.com</u> under the "Investors" section.

**Item 7.01 Regulation FD Disclosure.**

On July 30, 2025, the Company provided supplemental financial information to be used in its earnings presentation for the thirteen and twenty-six week periods ended June 29, 2025 on its website at <u>https://ir.fatbrands.com/events-and-presentations/default.aspx</u>. A copy of the earning supplement is furnished as Exhibit 99.2 hereto and is incorporated herein by reference.

In accordance with General Instruction B.2 of Form 8-K, the information in this Item 2.02 and 7.01, including Exhibit 99.1 and Exhibit 99.2, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. Such information may be incorporated by reference in another filing under the Securities and Exchange Act of 1934 or the Securities Act of 1933 only if, and to the extent that, such subsequent filing specifically references such information.

**Item 9.01. Financial Statements and Exhibits.**

(d) Exhibits

---

| | |
|:---|:---|
| **Exhibit<br>Number** | **Description** |
| **99.1** | <u>[Press Release Dated](a2q25earningsreleaseex991.htm)[July](a2q25earningsreleaseex991.htm)[30](a2q25earningsreleaseex991.htm)[, 2025](a2q25earningsreleaseex991.htm)</u>  |
| **99.2** | <u>[Earnings Supplement Q](fatbrands-earningssupple.htm)[2](fatbrands-earningssupple.htm)[- 2025](fatbrands-earningssupple.htm)</u> |
| **104** | <u>Cover Page Interactive Data File (embedded within the Inline XBRL document)</u> |

---

&nbsp;&nbsp;&nbsp;&nbsp;

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
| | **FAT Brands Inc.** |
| Date: July 30, 2025 | */s/ Kenneth J. Kuick* |
| | Kenneth J. Kuick |
| | Co-Chief Executive Officer and Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![image_0.jpg](image_0.jpg)

**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-branded Marble Slab Creamery and Great American Cookies stores, and are well positioned to meet our goal of more than 100 restaurant openings this year. In Florida, we've signed a development deal to open 40 additional Fatburger locations over the next decade, growing our state presence to approximately 50 locations. Our diversified portfolio strategy is paying dividends, led by a strong performance in our snacks segment. We are also seeing meaningful impact from our digital initiatives. At Great American Cookies, digital sales now account for 25% of total revenue with loyalty-driven sales up 40% while Round Table Pizza is experiencing 21% loyalty-driven sales growth and 18% higher customer engagement."

Ken Kuick, Co-Chief Executive Officer and Chief Financial Officer of FAT Brands said: "We continue to take decisive steps to strengthen our financial position, including securing a bondholder agreement to convert amortizing bonds to interest-only, which will generate an additional $30 to $40 million in annual cash flow savings. Our indenture-related dividend pause remains in effect until we reach the $25 million principal reduction threshold, preserving $36 to $40 million annually. We have also implemented over $5 million in annual G&A reductions while actively working toward refinancing our three remaining securitization silos well ahead of their July 2026 maturity. These combined actions position us to achieve cash flow positive status in the coming quarters."

Taylor Wiederhorn, Co-Chief Executive Officer of FAT Brands, said: "A key strategic priority for us is expanding our manufacturing capacity. To support this, we are actively pursuing strategic partnerships that broaden our brand reach and strengthen our manufacturing capabilities, reinforcing our commitment to growing our market presence and delivering exceptional products to our customers."

**Fiscal Second Quarter 2025 Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total revenue declined 3.4% to $146.8 million compared to $152.0 million in the fiscal second quarter of 2024

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ System-wide sales declined 3.7%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ System-wide same-store sales declined 3.9%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ 18 new store openings during the fiscal second quarter of 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net loss of $54.2 million, or $3.17 per diluted share, compared to $39.4 million, or $2.43 per diluted share, in the fiscal second quarter of 2024

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Negative EBITDA<sup>(1)</sup> of $6.0 million compared to EBITDA<sup>(1)</sup> of $6.8 million in the fiscal second quarter of 2024

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA<sup>(1)</sup> of $15.7 million in the fiscal second quarter of 2025 and 2024

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted net loss<sup>(1)</sup> of $49.0 million, or $2.88 per diluted share, compared to adjusted net loss<sup>(1)</sup> of $30.9 million, or $1.93 per diluted share, in the fiscal second quarter of 2024

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>EBITDA, adjusted EBITDA and adjusted net loss are non-GAAP measures defined below, under "Non-GAAP Measures". Reconciliation of GAAP net loss to EBITDA, adjusted EBITDA and adjusted net loss are included in the accompanying financial tables.

**Summary of Fiscal Second Quarter 2025 Financial Results**

Total revenue decreased $5.2 million, or 3.4%, in the second quarter of 2025 to $146.8 million compared to $152.0 million in the year-ago quarter, primarily driven by a decrease in restaurant revenue resulting from the closure of five underperforming Smokey Bones locations, the temporary closure of one Smokey Bones location for conversion into a Twin Peaks lodge and lower same-store sales, partially offset by the opening of new Twin Peaks lodges.

General and administrative expense increased $14.8 million, or 50.3%, in the second quarter of 2025 to $44.4 million compared to $29.6 million in the same period in the prior year, primarily due to increased share-based compensation expense related to Twin Hospitality Group Inc. and the recognition of $2.1 million in Employee Retention Credits during the prior year quarter.

Cost of restaurant and factory revenues was related to the operations of the company-owned restaurant locations and dough factory and decreased $2.1 million, or 2.1%, in the second quarter of 2025 to $98.1 million compared to $100.1 million in the year-ago quarter, primarily due to the decreased costs at company-owned restaurants and factory revenue.

Advertising expenses decreased $3.1 million in the second quarter of 2025 to $11.5 million compared to $14.7 million in the same period in the prior year. These expenses vary in relation to advertising revenues.

Total other expense, net, for the second quarter of 2025 and 2024 was $39.4 million and $34.8 million, respectively, which is inclusive of interest expense of $39.4 million and $34.0 million, respectively.

Adjusted net loss<sup>(1)</sup> was $49.0 million, or $2.88 per diluted share, compared to adjusted net loss<sup>(1)</sup> of $30.9 million, or $1.93 per diluted share, in the fiscal second quarter of 2024.

**Key Financial Definitions**

*New store openings -* The number of new store openings reflects the number of stores opened during a particular reporting period. The total number of new stores per reporting period and the timing of store openings has, and will continue to have, an impact on our results.

*Same-store sales growth -* Same-store sales growth reflects the change in year-over-year sales for the comparable store base, which we define as the number of stores open and in the FAT Brands system for at least one full fiscal year. For stores that were temporarily closed, sales in the current and prior period are adjusted accordingly. Given our focused marketing efforts and public excitement surrounding each opening, new stores often experience an initial start-up period with considerably higher than average sales volumes, which subsequently decrease to stabilized levels after three to six months. Additionally, when we acquire a brand, it may take several months to integrate fully each location of said brand into the FAT Brands platform. Thus, we do not include stores in the comparable base until they have been open and in the FAT Brands system for at least one full fiscal year.

*System-wide sales growth* - System-wide sales growth reflects the percentage change in sales in any given fiscal period compared to the prior fiscal period for all stores in that brand only when the brand is owned by FAT Brands. Because of acquisitions, new store openings and store closures, the stores open throughout both fiscal periods being compared may be different from period to period.

**Conference Call and Webcast**

FAT Brands will host a conference call and webcast to discuss its fiscal second quarter 2025 financial results today at 4:30 PM ET. Hosting the conference call and webcast will be Andy Wiederhorn, Chairman of the Board, and Ken Kuick, Co-Chief Executive Officer and Chief Financial Officer.

The conference call can be accessed live over the phone by dialing 1-877-704-4453 from the U.S. or 1-201-389-0920 internationally. A replay will be available after the call until Wednesday, August 20, 2025, and can be accessed by dialing 1-844-512-2921 from the U.S. or 1-412-317-6671 internationally. The passcode is 13754156. The webcast will be available at <u>www.fatbrands.com</u> under the "Investors" section and will be archived on the site shortly after the call has concluded.

------

**About FAT (Fresh. Authentic. Tasty.) Brands**

FAT Brands (NASDAQ: FAT) is a leading global franchising company that strategically acquires, markets, and develops fast casual, quick-service, casual dining, and polished casual dining concepts around the world. The Company currently owns 18 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli's, Twin Peaks, Smokey Bones, Great American Cookies, Hot Dog on a Stick, Buffalo's Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses and franchises and owns approximately 2,300 units worldwide. For more information, please visit www.fatbrands.com.

**<u>Forward-Looking Statements</u>**

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the future financial and operating results of the Company, the timing and performance of new store openings, our ability to conduct future accretive acquisitions and our pipeline of new store locations. Forward-looking statements generally use words such as "expect," "foresee," "anticipate," "believe," "project," "should," "estimate," "will," "plans," "forecast," and similar expressions, and reflect our expectations concerning the future. Forward-looking statements are subject to significant business, economic and competitive risks, uncertainties and contingencies, many of which are difficult to predict and beyond our control, which could cause our actual results to differ materially from the results expressed or implied in such forward-looking statements. We refer you to the documents that we file from time to time with the Securities and Exchange Commission, such as our reports on Form 10-K, Form 10-Q and Form 8-K, for a discussion of these and other risks and uncertainties that could cause our actual results to differ materially from our current expectations and from the forward-looking statements contained in this press release. We undertake no obligation to update any forward-looking statements to reflect events or circumstances occurring after the date of this press release.

**<u>Non-GAAP Measures (Unaudited)</u>**

This press release includes the non-GAAP financial measures of EBITDA, adjusted EBITDA and adjusted net loss.

EBITDA is defined as earnings before interest, taxes, and depreciation and amortization. We use the term EBITDA, as opposed to loss from operations, as it is widely used by analysts, investors, and other interested parties to evaluate companies in our industry. We believe that EBITDA is an appropriate measure of operating performance because it eliminates the impact of expenses that do not relate to business performance. EBITDA is not a measure of our financial performance or liquidity that is determined in accordance with generally accepted accounting principles ("GAAP"), and should not be considered as an alternative to net loss as a measure of financial performance or cash flows from operations as measures of liquidity, or any other performance measure derived in accordance with GAAP.

Adjusted EBITDA is defined as EBITDA (as defined above), excluding expenses related to acquisitions, refranchising (gain) loss, impairment charges, and certain non-recurring or non-cash items that the Company does not believe directly reflect its core operations and may not be indicative of the Company's recurring business operations.

Adjusted net loss is a supplemental measure of financial performance that is not required by or presented in accordance with GAAP. Adjusted net loss is defined as net loss plus the impact of adjustments and the tax effects of such adjustments. Adjusted net loss is presented because we believe it helps convey supplemental information to investors regarding our performance, excluding the impact of special items that affect the comparability of results in past quarters to expected results in future quarters. Adjusted net loss as presented may not be comparable to other similarly titled measures of other companies, and our presentation of adjusted net loss should not be construed as an inference that our future results will be unaffected by excluded or unusual items. Our management uses this non-GAAP financial measure to analyze changes in our underlying business from quarter to quarter based on comparable financial results.

Reconciliations of net loss presented in accordance with GAAP to EBITDA, adjusted EBITDA and adjusted net loss are set forth in the tables below.

**Investor Relations:**

ICR

Michelle Michalski

<u>ir-fatbrands@icrinc.com</u>

------

**Media Relations:**

Erin Mandzik

<u>emandzik@fatbrands.com</u>

860-212-6509

------

**FAT Brands Inc. Consolidated Statements of Operations**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Thirteen Weeks Ended | Thirteen Weeks Ended | Twenty-Six Weeks Ended | Twenty-Six Weeks Ended |
| (In thousands, except share and per share data) | June 29, 2025 | June 30, 2024 | June 29, 2025 | June 30, 2024 |
| Revenue |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Royalties | $22169 | $23318 | $43942 | $45265 |
| &nbsp;&nbsp;&nbsp;Restaurant sales | 102388 | 107410 | 201803 | 213348 |
| &nbsp;&nbsp;&nbsp;Advertising fees | 9667 | 10065 | 19431 | 19861 |
| &nbsp;&nbsp;&nbsp;Factory revenues | 10250 | 9636 | 19061 | 19110 |
| &nbsp;&nbsp;&nbsp;Franchise fees | 1124 | 1113 | 2314 | 2594 |
| &nbsp;&nbsp;&nbsp;Other revenue | 1238 | 498 | 2304 | 3829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue | 146836 | 152040 | 288855 | 304007 |
| Costs and expenses |  |  |  |  |
| &nbsp;&nbsp;&nbsp;General and administrative expense | 44415 | 29558 | 77458 | 59563 |
| &nbsp;&nbsp;&nbsp;Cost of restaurant and factory revenues | 98050 | 100113 | 194147 | 199163 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 8382 | 10246 | 18773 | 20440 |
| &nbsp;&nbsp;&nbsp;Refranchising (gain) loss | (9) | 175 | (31) | 1683 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advertising fees | 11548 | 14651 | 22624 | 27243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total costs and expenses | 162386 | 154743 | 312971 | 308092 |
| Loss from operations | (15550) | (2703) | (24116) | (4085) |
| Other (expense) income, net |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense | (34952) | (29586) | (66396) | (59209) |
| &nbsp;&nbsp;&nbsp;Interest expense related to preferred shares | (4417) | (4417) | (8835) | (8835) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net (loss) gain on extinguishment of debt |  |  | (151) | 427 |
| &nbsp;&nbsp;&nbsp;Other income (loss), net | 7 | (752) | 44 | (548) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other expense, net | (39362) | (34755) | (75338) | (68165) |
| Loss before income tax provision | (54912) | (37458) | (99454) | (72250) |
| Income tax provision | (457) | (1901) | (2226) | (5425) |
| Net loss | (55369) | (39359) | (101680) | (77675) |
| Less: Net loss attributable to non-controlling interest | (1181) |  | (1523) |  |
| Net loss attributable to FAT Brands Inc. | $(54188) | $(39359) | $(1523) | $(77675) |
| Net loss attributable to FAT Brands Inc. | $(54188) | $(39359) | $(100157) | $(77675) |
| Dividends on preferred shares | (2310) | (1920) | (4541) | (3801) |
|  | $(56498) | $(41279) | $(104698) | $(81476) |
| Basic and diluted loss per common share | $(3.17) | $(2.43) | $(5.91) | $(4.80) |
| Basic and diluted weighted average shares outstanding | 17821815 | 17007352 | 17702122 | 16977376 |
| Cash dividends declared per common share | $— | $0.14 | $— | $0.28 |

---

------

**FAT Brands Inc. Consolidated EBITDA and Adjusted EBITDA Reconciliation**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Thirteen Weeks Ended | Thirteen Weeks Ended | Twenty-Six Weeks Ended | Twenty-Six Weeks Ended |
| (In thousands) | June 29, 2025 | June 30, 2024 | June 29, 2025 | June 30, 2024 |
| Net loss attributable to FAT Brands Inc. | $(54188) | $(39359) | $(100157) | $(77675) |
| &nbsp;&nbsp;&nbsp;Interest expense, net | 39369 | 34003 | 75231 | 68044 |
| &nbsp;&nbsp;&nbsp;Income tax provision | 457 | 1901 | 2226 | 5425 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 8382 | 10246 | 18773 | 20440 |
| EBITDA | (5980) | 6791 | (3927) | 16234 |
| &nbsp;&nbsp;&nbsp;Bad debt expense (recovery) | 971 | (1729) | 1201 | (1561) |
| &nbsp;&nbsp;&nbsp;Share-based compensation expenses | 12765 | 677 | 13131 | 1422 |
| &nbsp;&nbsp;&nbsp;Non-cash lease expenses | 395 | 758 | 735 | 1388 |
| &nbsp;&nbsp;&nbsp;Refranchising (gain) loss | (9) | 175 | (31) | 1683 |
| &nbsp;&nbsp;&nbsp;Litigation costs | 5198 | 7852 | 12062 | 11660 |
| &nbsp;&nbsp;&nbsp;Severance |  | 19 |  | 41 |
| &nbsp;&nbsp;&nbsp;Net loss related to advertising fund deficit | 2178 | 1140 | 2747 | 3422 |
| &nbsp;&nbsp;&nbsp;Net loss (gain) on extinguishment of debt |  |  | 151 | (427) |
| &nbsp;&nbsp;&nbsp;Pre-opening expenses | 177 | 63 | 695 | 91 |
| Adjusted EBITDA | $15695 | $15747 | $26764 | $33953 |

---

------

**FAT Brands Inc. Adjusted Net Loss Reconciliation**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Thirteen Weeks Ended | Thirteen Weeks Ended | Twenty-Six Weeks Ended | Twenty-Six Weeks Ended |
| (In thousands, except share and per share data) | June 29, 2025 | June 30, 2024 | June 29, 2025 | June 30, 2024 |
| Net loss attributable to FAT Brands Inc. | $(54188) | $(39359) | $(100157) | $(77675) |
| &nbsp;&nbsp;&nbsp;Refranchising (gain) loss | (9) | 175 | (31) | 1683 |
| &nbsp;&nbsp;&nbsp;Net loss (gain) on extinguishment of debt |  |  | 151 | (427) |
| &nbsp;&nbsp;&nbsp;Litigation costs | 5198 | 7852 | 12062 | 11660 |
| &nbsp;&nbsp;&nbsp;Severance |  | 19 |  | 41 |
| &nbsp;&nbsp;&nbsp;Tax adjustments, net <sup>(1)</sup> | 43 | 408 | 273 | 973 |
| Adjusted net loss | $(48956) | $(30905) | $(87702) | $(63745) |
| Net loss | $(54188) | $(39359) | $(100157) | $(77675) |
| Dividends on preferred shares | (2310) | (1920) | (4541) | (3801) |
|  | $(56498) | $(41279) | $(104698) | $(81476) |
| Adjusted net loss | $(48956) | $(30904) | $(87702) | $(63745) |
| Dividends on preferred shares | (2310) | (1920) | (4541) | (3801) |
|  | $(51266) | $(32824) | $(92243) | $(67546) |
| Loss per basic and diluted share | $(3.17) | $(2.43) | $(5.91) | $(4.80) |
| Adjusted net loss per basic and diluted share | $(2.88) | $(1.93) | $(5.21) | $(3.98) |
| Weighted average basic and diluted shares outstanding | 17821815 | 17007352 | 17702122 | 16977376 |

---

(1) Reflects the tax impact of the adjustments using the effective tax rate for the respective periods.

## Exhibit 99.2

![](fatbrands-earningssupple001.jpg)

Q2 2025 EARNINGS SUPPLEMENT JULY 30, 2025

------

![](fatbrands-earningssupple002.jpg)

LEGAL DISCLAIMER This earnings supplement contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the future financial and operating results of the Company, estimates of future EBITDA, the timing and performance of new store openings, future reductions in cost of capital and leverage ratio, our ability to conduct future accretive acquisitions and our pipeline of new store locations. Forward-looking statements generally use words such as "expect," "foresee," "anticipate," "believe," "project," "should," "estimate," "will," "plans," "forecast," and similar expressions, and reflect our expectations concerning the future. Forward-looking statements are subject to significant business, economic and competitive risks, uncertainties and contingencies, many of which are difficult to predict and beyond our control, which could cause our actual results to differ materially from the results expressed or implied in such forward-looking statements. We refer you to the documents that we file from time to time with the Securities and Exchange Commission, such as our reports on Form 10-K, Form 10-Q and Form 8-K, for a discussion of these and other risks and uncertainties that could cause our actual results to differ materially from our current expectations and from the forward-looking statements contained in this earnings supplement. We undertake no obligation to update any forward-looking statements to reflect events or circumstances occurring after the date of this earnings supplement. 2

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![](fatbrands-earningssupple003.jpg)

Q2 2025 HIGHLIGHTS 3 3.7% Sales Decline (1) System-Wide -3.9% SSS Decline (2) System-Wide 18 New Store Openings (3) Q2 2025 $146.8mm Total Revenue Q2 2025 $15.7mm Adj. EBITDA (4) Q2 2025 $592.2mm System-Wide Sales (1) System-wide sales growth reflects the percentage change in sales in any given fiscal period compared to the prior fiscal period for all stores in that brand only when the brand is owned by FAT Brands. Because of acquisitions, new store openings and store closures, the stores open throughout both fiscal periods being compared may be different from period to period.. (2) Same-store sales growth reflects the change in year-over-year sales for the comparable store base, which we define as the number of stores open and in the FAT Brands system for at least one full fiscal year. For stores that were temporarily closed, sales in the current and prior period are adjusted accordingly. Given our focused marketing efforts and public excitement surrounding each opening, new stores often experience an initial start-up period with considerably higher than average sales volumes, which subsequently decrease to stabilized levels after three to six months. Additionally, when we acquire a brand, it may take several months to integrate fully each location of said brand into the FAT Brands platform. Thus, we do not include stores in the comparable base until they have been open and in the FAT Brands system for at least one full fiscal year. (3) New store openings reflects the number of stores opened during a particular reporting period. The total number of new stores per reporting period and the timing of store openings has, and will continue to have, an impact on our results. (4) EBITDA is defined as earnings before interest, taxes, depreciation and amortization. We use the term EBITDA, as opposed to income from operations, as it is widely used by analysts, investors and other interested parties to evaluate companies in our industry. We believe that EBITDA is an appropriate measure of operating performance because it eliminates the impact of expenses that do not relate to business performance. EBITDA is not a measure of our financial performance or liquidity that is determined in accordance with generally accepted accounting principles ("GAAP"), and should not be considered as an alternative to net income (loss) as a measure of financial performance or cash flows from operations as measures of liquidity, or any other performance measure derived in accordance with GAAP. Adjusted EBITDA is defined as EBITDA (as defined above), excluding expenses related to acquisitions, refranchising gain or losses, impairment charges, and certain non-recurring or non-cash items that the Company does not believe directly reflect its core operations and may not be indicative of the Company's recurring business operations. A reconciliation of net income presented in accordance with GAAP to EBITDA and adjusted EBITDA is set forth in the Appendix.

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Q2 2025 RESULTS 4 (1) EBITDA is defined as earnings before interest, taxes, depreciation and amortization. We use the term EBITDA, as opposed to income from operations, as it is widely used by analysts, investors and other interested parties to evaluate companies in our industry. We believe that EBITDA is an appropriate measure of operating performance because it eliminates the impact of expenses that do not relate to business performance. EBITDA is not a measure of our financial performance or liquidity that is determined in accordance with generally accepted accounting principles ("GAAP"), and should not be considered as an alternative to net income (loss) as a measure of financial performance or cash flows from operations as measures of liquidity, or any other performance measure derived in accordance with GAAP. Adjusted EBITDA is defined as EBITDA (as defined above), excluding expenses related to acquisitions, refranchising gain or losses, impairment charges, and certain non-recurring or non-cash items that the Company does not believe directly reflect its core operations and may not be indicative of the Company's recurring business operations. A reconciliation of net income presented in accordance with GAAP to EBITDA and adjusted EBITDA is set forth in the Appendix. Royalties $23.3mm $22.2mm Q2 2024 Q2 2025 Systemwide Sales Revenue $152.0mm $146.8mm Q2 2024 Q2 2025 Adj. EBITDA (1) $15.7mm $15.7mm Q2 2024 Q2 2025 $614.7mm $592.2mm Q2 2024 Q2 2025

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2025 STRATEGIC FOCUS 5 Accelerate Build-Out of 1,000+ Unit New Store Pipeline Drive Adj. EBITDA Growth ~$10mm from New Stores ~$5mm from Factory Maintain Strong Liquidity Continue to Build Net Asset Value for Future Liquidity (Debt Reduction) Event Grow Factory Production to Utilize ~60% Excess Capacity via Expanded Organic Channels & 3rd Party Dough & Mix Manufacturing Re-franchise Fazoli's 57 Company-Owned Restaurants

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APPENDIX

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DEFINITIONS "EBITDA," a non-GAAP measure, defined as earnings before interest, taxes, depreciation and amortization. We use the term EBITDA, as opposed to income from operations, as it is widely used by analysts, investors and other interested parties to evaluate companies in our industry. We believe that EBITDA is an appropriate measure of operating performance because it eliminates the impact of expenses that do not relate to business performance. EBITDA is not a measure of our financial performance or liquidity that is determined in accordance with generally accepted accounting principles ("GAAP") and should not be considered as an alternative to net income (loss) as a measure of financial performance or cash flows from operations as measures of liquidity, or any other performance measure derived in accordance with GAAP. A reconciliation of net income presented in accordance with GAAP to EBITDA and adjusted EBITDA is set forth in the Appendix. "Adjusted EBITDA," a non-GAAP measure, defined as EBITDA (as defined above), excluding expenses related to acquisitions, refranchising gain or losses, impairment charges, and certain non-recurring or non-cash items that the Company does not believe directly reflect its core operations and may not be indicative of the Company's recurring business operations. A reconciliation of net income presented in accordance with GAAP to EBITDA and adjusted EBITDA is set forth in the Appendix. "Adjusted net loss," a non-GAAP measure, defined as net loss plus the impact of adjustments and the tax effects of such adjustments. Adjusted net loss is presented because we believe it helps convey supplemental information to investors regarding our performance, excluding the impact of special items that affect the comparability of results in past quarters to expected results in future quarters. Adjusted net loss as presented may not be comparable to other similarly titled measures of other companies, and our presentation of adjusted net loss should not be construed as an inference that our future results will be unaffected by excluded or unusual items. Our management uses this non- GAAP financial measure to analyze changes in our underlying business from quarter to quarter based on comparable financial results. Reconciliations of net loss attributable to FAT Brands Inc. presented in accordance with GAAP to EBITDA, adjusted EBITDA and adjusted net loss are set forth in the Appendix. "Same-store sales growth" or "SSS" a non-GAAP measure, reflects the change in year-over-year sales for the comparable store base, which we define as the number of stores open and in the FAT Brands system for at least one full fiscal year. For stores that were temporarily closed, sales in the current and prior period are adjusted accordingly. Given our focused marketing efforts and public excitement surrounding each opening, new stores often experience an initial start-up period with considerably higher than average sales volumes, which subsequently decrease to stabilized levels after three to six months. Additionally, when we acquire a brand, it may take several months to integrate fully each location of said brand into the FAT Brands platform. Thus, we do not include stores in the comparable base until they have been open and in the FAT Brands system for at least one full fiscal year. "System-wide sales growth," a non-GAAP measure, reflects the percentage change in sales in any given fiscal period compared to the prior fiscal period for all stores in that brand only when the brand is owned by FAT Brands. Because of acquisitions, new store openings and store closures, the stores open throughout both fiscal periods being compared may be different from period to period. I

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CONSOLIDATED STATEMENT OF OPERATIONS II FAT Brands Inc. Consolidated Statements of Operations Thirteen Weeks Ended Twenty-Six Weeks Ended (In thousands, except share and per share data) June 29, 2025 June 30, 2024 June 29, 2025 June 30, 2024 Revenue Royalties $22,169 $23,318 $43,942 $45,265 Restaurant sales 102,388 107,410 201,803 213,348 Advertising fees 9,667 10,065 19,431 19,861 Factory revenues 10,250 9,636 19,061 19,110 Franchise fees 1,124 1,113 2,314 2,594 Other revenue 1,238 498 2,304 3,829 Total revenue 146,836 152,040 288,855 304,007 Costs and expenses General and administrative expense 44,415 29,558 77,458 59,563 Cost of restaurant and factory revenues 98,050 100,113 194,147 199,163 Depreciation and amortization 8,382 10,246 18,773 20,440 Refranchising (gain) loss (9) 175 (31) 1,683 Advertising fees 11,548 14,651 22,624 27,243 Total costs and expenses 162,386 154,743 312,971 308,092 Loss from operations (15,550) (2,703) (24,116) (4,085) Other (expense) income, net Interest expense (34,952) (29,586) (66,396) (59,209) Interest expense related to preferred shares (4,417) (4,417) (8,835) (8,835) Net (loss) gain on extinguishment of debt — — (151) 427 Other income (loss), net 7 (752) 44 (548) Total other expense, net (39,362) (34,755) (75,338) (68,165) Loss before income tax provision (54,912) (37,458) (99,454) (72,250) Income tax provision (457) (1,901) (2,226) (5,425) Net loss (55,369) (39,359) (101,680) (77,675) Less: Net loss attributable to non-controlling interest (1,181) — (1,523) — Net loss attributable to FAT Brands Inc. $(54,188) $(39,359) $(1,523) $(77,675) Net loss attributable to FAT Brands Inc. $(54,188) $(39,359) $(100,157) $(77,675) Dividends on preferred shares (2,310) (1,920) (4,541) (3,801) $(56,498) $(41,279) $(104,698) $(81,476) Basic and diluted loss per common share $(3.17) $(2.43) $(5.91) $(4.80) Basic and diluted weighted average shares outstanding 17,821,815 17,007,352 17,702,122 16,977,376 Cash dividends declared per common share $— $0.14 $— $0.28

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CONSOLIDATED EBITDA & ADJ. EBITDA RECONCILIATION III FAT Brands Inc. Consolidated EBITDA and Adjusted EBITDA Reconciliation Thirteen Weeks Ended Twenty-Six Weeks Ended (In thousands) June 29, 2025 June 30, 2024 June 29, 2025 June 30, 2024 Net loss attributable to FAT Brands Inc. $(54,188) $(39,359) $(100,157) $(77,675) Interest expense, net 39,369 34,003 75,231 68,044 Income tax provision 457 1,901 2,226 5,425 Depreciation and amortization 8,382 10,246 18,773 20,440 EBITDA (5,980) 6,791 (3,927) 16,234 Bad debt expense (recovery) 971 (1,729) 1,201 (1,561) Share-based compensation expenses 12,765 677 13,131 1,422 Non-cash lease expenses 395 758 735 1,388 Refranchising (gain) loss (9) 175 (31) 1,683 Litigation costs 5,198 7,852 12,062 11,660 Severance — 19 — 41 Net loss related to advertising fund deficit 2,178 1,140 2,747 3,422 Net loss (gain) on extinguishment of debt — — 151 (427) Pre-opening expenses 177 63 695 91 Adjusted EBITDA $15,695 $15,747 $26,764 $33,953

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ADJUSTED NET LOSS RECONCILIATION IV FAT Brands Inc. Adjusted Net Loss Reconciliation Thirteen Weeks Ended Twenty-Six Weeks Ended (In thousands, except share and per share data) June 29, 2025 June 30, 2024 June 29, 2025 June 30, 2024 Net loss attributable to FAT Brands Inc. $(54,188) $(39,359) $(100,157) $(77,675) Refranchising (gain) loss (9) 175 (31) 1,683 Net loss (gain) on extinguishment of debt — — 151 (427) Litigation costs 5,198 7,852 12,062 11,660 Severance — 19 — 41 Tax adjustments, net (1) 43 408 273 973 Adjusted net loss $(48,956) $(30,905) $(87,702) $(63,745) Net loss $(54,188) $(39,359) $(100,157) $(77,675) Dividends on preferred shares (2,310) (1,920) (4,541) (3,801) $(56,498) $(41,279) $(104,698) $(81,476) Adjusted net loss $(48,956) $(30,904) $(87,702) $(63,745) Dividends on preferred shares (2,310) (1,920) (4,541) (3,801) $(51,266) $(32,824) $(92,243) $(67,546) Loss per basic and diluted share $(3.17) $(2.43) $(5.91) $(4.80) Adjusted net loss per basic and diluted share $(2.88) $(1.93) $(5.21) $(3.98) Weighted average basic and diluted shares outstanding 17,821,815 17,007,352 17,702,122 16,977,376 (1) Reflects the tax impact of the adjustments using the effective tax rate for the respective periods.

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CONTACT INVESTOR RELATIONS: MEDIA RELATIONS: ICR MICHELLE MICHALSKI IR-FATBRANDS@ICRINC.COM 646-277-1224 FAT BRANDS ERIN MANDZIK EMANDZIK@FATBRANDS.COM 860-212-6509

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