# EDGAR Filing Document

**Accession Number:** 0001718224
**File Stem:** 0001477932-26-001979
**Filing Date:** 2026-4
**Character Count:** 15540
**Document Hash:** 054133f25b7fcbe95a0fdc60f6a1b416
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001477932-26-001979.hdr.sgml**: 20260403

**ACCESSION NUMBER**: 0001477932-26-001979

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20260330

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

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260403

**DATE AS OF CHANGE**: 20260402

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BT Brands, Inc.
- **CENTRAL INDEX KEY:** 0001718224
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-EATING PLACES [5812]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 911495764
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41061
- **FILM NUMBER:** 26836613

**BUSINESS ADDRESS:**
- **STREET 1:** 10501 WAYZATA BLVD SOUTH
- **STREET 2:** SUITE 102
- **CITY:** MINNETONKA
- **STATE:** MN
- **ZIP:** 55305
- **BUSINESS PHONE:** (307) 274-3055

**MAIL ADDRESS:**
- **STREET 1:** 10501 WAYZATA BLVD SOUTH
- **STREET 2:** SUITE 102
- **CITY:** MINNETONKA
- **STATE:** MN
- **ZIP:** 55305

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Burger Time, Inc.
- **DATE OF NAME CHANGE:** 20180815

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Burger Time,Inc.
- **DATE OF NAME CHANGE:** 20170928

?xml version='1.0' encoding='ASCII'? btbd_8k.htm

**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): **March 30, 2026**

![btbd_8kimg1.jpg](btbd_8kimg1.jpg)

---

| |
|:---|
| **BT BRANDS, INC.** |
| (Exact name of registrant as specified in its charter) |

---

---

| | | |
|:---|:---|:---|
| **Wyoming** | **000-56113** | **91-1495764** |
| (State or other jurisdiction<br>of incorporation) | (Commission<br>File Number) | (IRS Employer<br>Identification No.) |

---

---

| | |
|:---|:---|
| **10501 Wayzata Blvd South, Suite 102,** <br>**Minnetonka, MN** | **55305** |
| (Address of principal executive offices)  | (Zip Code) |

---

Registrant's telephone number, including area code: **<u>(307) 274-3055</u>**

(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:

☒ 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** |
| Common Stock | BTBD | NasdaqCapital Market |
| Warrants | BTBDW | Nasdaq Capital Market |

---

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. ☐

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

On March 30, 2026, BT Brands, Inc., a Wyoming corporation (the "Registrant" or the "Company"), announced its financial results for the fourth quarter and fiscal year ended December 28, 2025. The press release issued by the Registrant in connection with the announcement is attached to this report as Exhibit 99.1. The information in this Item 2.02 and Exhibits attached hereto are being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities and Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.

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

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| [99.1](btbd_ex991.htm) | [Press Release dated March 30, 2026](btbd_ex991.htm) |
| 104 | Cover Page Interactive Data File (Embedded within the Inline XBRL document and included in Exhibit) |

---

2<br>

**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.

---

| | | |
|:---|:---|:---|
|  | **BT BRANDS, INC.** | **BT BRANDS, INC.** |
| Dated: April 2, 2026 | By:  | */s/ Gary Copperud* |
|  |  | Gary Copperud |
|  |  | Chief Executive Officer |

---

3<br>

## Exhibit 99.1

**EXHIBIT 99.1**

**BT Brands Reports 2025 Results, Delivers 138% EBITDA Growth and Advances** 

**Transformational Aero Velocity Merger**

Company Executes Operating Turnaround While Positioning for Growth with Aerospace and AI Platform Transition

**CONTACT FOR FURTHER INFORMATION:**

Kenneth Brimmer 612-229-8811

MINNETONKA, Minn.--(BUSINESS WIRE)--March 30, 2026 — BT Brands, Inc. (Nasdaq: BTBD and BTBDW) ("BT Brands" or the "Company") today reported financial results for the 52 weeks ended December 28, 2025, highlighting an operating turnaround and continued progress toward its proposed transformational merger with Aero Velocity, Inc.

**2025 Highlights and recent developments include:**

· Restaurant-level EBITDA increased 138% to $1.7 million from $723,828 in 2024.

· Operating loss improved approximately 80% to $(364,585) from $(1.8) million in 2024.

· Net loss improved to $(687,839), or $(0.11) per share, compared to $(2.3) million, or $(0.37) per share, in 2024.

· The Company ended the year with approximately $4.4 million in cash and marketable securities.

· The Company recorded a $216,248 charge to reduce NGI bottled water inventory to estimated net realizable value.

· BT Brands continues to advance its proposed merger with Aero Velocity, Inc.

During 2025, the Company improved performance through the closure of underperforming locations, tighter labor and food cost controls, and continued focus on operating efficiency with notable success at Burger Time and Pie In The Sky. These actions resulted in overall improved restaurant-level margins and a substantially lower operating loss despite lower revenue.

**Transformational Upside: Aero Velocity Merger**

BT Brands continues to advance its previously announced definitive merger agreement with Aero Velocity, Inc., which is expected to reposition the Company into a high-growth technology and infrastructure platform focused on AI-driven analytics and drone-based inspection services. Following the closing, all restaurant assets and related liabilities will be distributed to BT Brands' pre-merger shareholders. The post-merger company is expected to operate as Aero Velocity Inc. and remain listed on Nasdaq, subject to stockholder approvals, regulatory approval, and customary closing conditions.

**Gary Copperud, the Company's Chief Executive Officer, said:**

"The year marked a turning point for BT Brands. We significantly improved our operating performance through disciplined execution and cost control. At the same time, we are advancing toward completing our proposed merger with Aero Velocity, an emerging leader in the fast-growing drone and services market."

**Kenneth Brimmer, Chief Financial Officer, added:**

"Our focus on improving profitability, strengthening our balance sheet, and taking a disciplined approach to capital allocation drove meaningful improvement in 2025. With the Aero Velocity opportunity ahead, we believe the Company is well positioned for its next phase of growth."

**Outlook**

BT Brands enters 2026 with an improved operating base, positive EBITDA, and a transformational strategic opportunity. Management remains focused on improving restaurant profitability and cash flow, advancing the Aero Velocity transaction, and enhancing shareholder value. The Company is not providing formal financial guidance at this time.

**Financial Results Follow:**

**BT BRANDS, INC. AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

*(52 Weeks Ended)*

---

| | | |
|:---|:---|:---|
|  | **52 Weeks** <br> **Ended,**<br>**December 28,** <br> **2025** | **52 Weeks** <br> **Ended,**<br>**December 29,** <br> **2024** |
| **SALES** | $13486629 | $14823472 |
| **COSTS AND EXPENSES** |  |  |
| Food and paper costs | 4494449 | 5605579 |
| Labor costs | 5111097 | 6128574 |
| Occupancy costs | 1282049 | 1403204 |
| Other operating expenses | 878125 | 962287 |
| Depreciation and amortization | 648704 | 742860 |
| Impairment of restaurant and right-of-use assets | 215000 | 371872 |
| General and administrative | 1464021 | 1691404 |
| Gain on sale of assets | (242231) | (250000) |
| Total costs and expenses | 13851214 | 16655780 |
| Loss from operations | (364585) | (1832308) |
| Unrealized gain (loss) on marketable securities | 128822 | (93458) |
| Realized gain on marketable securities | 380764 | 143340 |
| Interest and dividend income | 148666 | 178279 |
| Interest expense | (81621) | (99608) |
| Related party impairments and other charges | (520718) |  |
| Other income | (74728) | 13930 |
| Equity in loss of unconsolidated affiliate | (304439) | (415085) |
| Income tax expense | - | 206000 |
| **Net loss** | $**(687839)** | $**(2311208)** |
| Net loss per common share - Basic and Diluted | $(0.11) | $(0.37) |
| Weighted average shares used in computing per common share amounts | 6154724 | 6194842 |

---

**BT BRANDS, INC. AND SUBSIDIARIES**

**CONSOLIDATED BALANCE SHEETS** 

---

| | | |
|:---|:---|:---|
| **ASSETS** | **December 28,** <br> **2025** | **December 29,** <br> **2024** |
| Cash and cash equivalents | $846167 | $1951415 |
| Marketable securities | 3596133 | 2319555 |
| Receivables | 54506 | 69459 |
| Inventory | 230443 | 272603 |
| Inventory – bottled water held for resale, net | 574000 |  |
| Prepaid expenses and other current assets | 22152 | 117621 |
| Deferred transaction costs | 150450 | 10000 |
| Assets held for sale | 424123 | 258751 |
| Total current assets | 5897973 | 4999404 |
| Property, equipment and leasehold improvements, net | 2456718 | 3343340 |
| Operating lease right-of-use assets | 1267699 | 1724052 |
| Equity method investment in unconsolidated affiliate |  | 304439 |
| Investment in equity and notes receivable from related company |  | 424000 |
| Goodwill | 796220 | 796220 |
| Intangible assets, net | 305270 | 367799 |
| Other assets, net | 21171 | 37543 |
| Total assets | $**10740052** | $**11996797** |

---

---

| | | |
|:---|:---|:---|
| **LIABILITIES AND SHAREHOLDERS' EQUITY** | **December 28,** <br> **2025** | **December 29,** <br> **2024** |
| Accounts payable | $245226 | $612059 |
| Current maturities of long-term debt | 191531 | 185009 |
| Current operating lease obligations | 358939 | 274511 |
| Accrued expenses | 421867 | 371356 |
| Total current liabilities | 1217563 | 1442935 |
| Long-term debt, less current portion | 1899592 | 2091335 |
| Noncurrent operating lease obligations | 1209509 | 1497300 |
| Total liabilities | 4326664 | 5031570 |
| Total shareholders' equity | 6418388 | 6965227 |
| Total liabilities and shareholders' equity | $**10740052** | $**11996797** |

---

3<br>

**Restaurant-level EBITDA** 

To supplement the consolidated financial statements, which are prepared and presented in accordance with GAAP, the Company uses 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 management and, the Company believes, investors because it provides a means to gauge the overall profitability of recurring, controllable core restaurant operations. Restaurant-level EBITDA should not be considered a substitute for or superior to operating income, which is calculated in accordance with GAAP.

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Revenues | $13486629 | $14823472 |
| Loss from operations | (364585) | (1832308) |
| Depreciation and amortization | 648704 | 742860 |
| Gain on sale of assets | (242231) | (250000) |
| Restaurant impairment and related charges | 215000 | 371872 |
| General and administrative, corporate-level expenses | 1464029 | 1691404 |
| Restaurant-level EBITDA | $1720909 | $723828 |
| **Restaurant-level EBITDA margin** | **12.4%** | **4.9%** |

---

**Forward-Looking Statements**

This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements regarding the benefits of the proposed transaction with Aero Velocity, the anticipated timing of the transaction, the products and services offered by Aero Velocity and the markets in which it operates.

Forward-looking statements are based on management's current expectations and assumptions. They are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied, including risks related to the completion of the proposed transaction, failure to obtain stockholder approvals, failure to satisfy other closing conditions, changes in market conditions, integration risks, and the risks described in BT Brands' SEC filings available at www.sec.gov.

These statements speak only as of the date hereof, and the companies disclaim any obligation to update them except as required by law.

**Additional Information and Where to Find It**

In connection with the proposed transaction, BT Brands has filed a registration statement on Form S-4, subject to amendment, with the Securities and Exchange Commission ("SEC"), Investors and security holders are urged to read the registration statement, proxy statement/prospectus and other relevant documents filed or to be filed with the SEC when they become available because they will contain important information about BT Brands, Aero Velocity and the proposed transaction. Investors and security holders may obtain free copies of these documents, when available, through the SEC's website at www.sec.gov.

**Participants in the Solicitation**

BT Brands, Inc. and Aero Velocity Inc. and their respective directors and executive officers may be deemed participants in the solicitation of proxies from stockholders in connection with the proposed transaction. Additional information regarding these persons and their interests in the proposed transaction is included in the Form S-4 and other relevant documents filed with the SEC.

**No Offer or Solicitation**

This communication is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

**###**