# EDGAR Filing Document

**Accession Number:** 0000825324
**File Stem:** 0001214659-26-001241
**Filing Date:** 2026-2
**Character Count:** 26996
**Document Hash:** b5f0ea1c0b8fcf67f83fa32a527a83da
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001214659-26-001241.hdr.sgml**: 20260205

**ACCESSION NUMBER**: 0001214659-26-001241

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20260205

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

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260205

**DATE AS OF CHANGE**: 20260205

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Good Times Restaurants Inc.
- **CENTRAL INDEX KEY:** 0000825324
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-EATING PLACES [5812]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 841133368
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 0929

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-18590
- **FILM NUMBER:** 26602883

**BUSINESS ADDRESS:**
- **STREET 1:** 651 CORPORATE CIRCLE
- **STREET 2:** SUITE 200
- **CITY:** GOLDEN
- **STATE:** CO
- **ZIP:** 80401
- **BUSINESS PHONE:** 303-384-1440

**MAIL ADDRESS:**
- **STREET 1:** 651 CORPORATE CIRCLE
- **STREET 2:** SUITE 200
- **CITY:** GOLDEN
- **STATE:** CO
- **ZIP:** 80401

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GOOD TIMES RESTAURANTS INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PARAMOUNT VENTURES INC
- **DATE OF NAME CHANGE:** 19900205

?xml version='1.0' encoding='ASCII'?

---

| |
|:---|
| **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) |
| February 5, 2026 |
| ![](gtim_thinlogo.jpg) |
| Good Times Restaurants Inc.<br> (Exact name of registrant as specified in its charter) |

---

<u>Nevada</u> <u>000-18590</u> <u>84-1133368</u> <br> (State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.)

---

| |
|:---|
| 651 Corporate Circle, Suite 200, Golden, CO 80401 |
| (Address of principal executive offices including zip code) |
| Registrant's telephone number, including area code: (303) 384-1400 |
| 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 Instruction A.2.):

☐ 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 <br>Symbol(s)** | **Name of each exchange<br> on which registered** |
| Common Stock, $0.001 par value | GTIM | 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 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

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 February 5, 2026, Good Times Restaurants Inc. issued a press release announcing earnings and other financial results for the fiscal 2026 first quarter ended December 30, 2025, and that management would review these results in a conference call on February 5, 2026, at 5:00 p.m. ET.

**Item 9.01 Financial Statements and Exhibits.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits. The following exhibits are filed as part of this report.

---

| | |
|:---|:---|
| Exhibit Number | Description |
| 99.1 | [Press Release dated February 5, 2026](ex99_1.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

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.

---

| | | | |
|:---|:---|:---|:---|
|  |  | GOOD TIMES RESTAURANTS INC. | GOOD TIMES RESTAURANTS INC. |
| Date: | February 5, 2026 | By: | ![](rzink_sig.jpg) |
|  |  |  | Ryan M. Zink |
|  |  |  | Chief Executive Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

<u>FOR IMMEDIATE RELEASE</u>

February 5, 2026 Nasdaq Capital Markets - GTIM

**GOOD TIMES RESTAURANTS REPORTS RESULTS FOR<br> THE 2026 FIRST FISCAL QUARTER ENDED DECEMBER 30, 2025**

(DENVER, CO) Good Times Restaurants Inc. (Nasdaq: GTIM), operator of the Bad Daddy's Burger Bar and Good Times Burgers & Frozen Custard restaurant brands, today reported financial results for the 2026 first fiscal quarter.

**Key highlights of the Company's financial results include:**

&nbsp;&nbsp;&nbsp;&nbsp;· Total Revenues for the quarter were $32.7 million

&nbsp;&nbsp;&nbsp;&nbsp;· Same Store Sales<sup>1</sup> for company-owned Bad Daddy's restaurants decreased 1.2% for the quarter
compared to the first quarter of fiscal 2025 and for Good Times restaurants decreased 3.1% for the quarter compared to the first quarter
of fiscal 2025

&nbsp;&nbsp;&nbsp;&nbsp;· Net Income Attributable to Common Shareholders was $0.2 million ($0.02 per share) for the quarter

&nbsp;&nbsp;&nbsp;&nbsp;· Adjusted EBITDA<sup>2</sup> (a non-GAAP measure) was $1.3 million for the quarter

&nbsp;&nbsp;&nbsp;&nbsp;· The Company ended the quarter with $3.3 million in cash and $1.8 million of long-term debt

Ryan M. Zink, the Company's Chief Executive Officer, said, "I am pleased with our Same Store Sales this quarter, which marks meaningful improvement over our prior quarter. The first fiscal quarter included a traditional thirteen weeks this year, one fewer than last year's fourteen weeks. I am proud of our ability to generate similar Net Income, in light of the eight percent reduction in restaurant operating weeks resulting from the calendar shift, compared to the prior fiscal quarter. Restaurant level controls, including both cost of sales and cost of labor, have been the result of a heightened sense of cost containment and more aggressive negotiations with our vendor partners which is translating into increased profitability."

Mr. Zink continued, "Increasing guest traffic at both brands continues to be our top priority. At Good Times, we recently completed the transition from cook-and-hold, to cook-to-order for all of our burgers, including a new cheese melting process which will deliver a significantly better product to our guests, without incurring any additional labor costs. At the same time, we improved our beef grind and have increased the size of our patty to deliver greater value to the guest. This burger style distances us from mainline QSR and improves our ability to compete with new market entrants into the front range communities. We will be messaging our improved burgers through a variety of digital media over the next quarter."

"At Bad Daddy's, we have seen marked improvement in traffic at our Colorado restaurants, which were notably soft in fiscal 2025 compared to the rest of the system. We will be shifting our quarterly multi-product LTO strategy to a single monthly food feature in March, which we expect to increase frequency among our loyal guests, and also provide us with a format in which to feature a broader range of burgers and sandwiches, while at the same time providing greater ability to operationalize overlapping short shelf life promotions. This approach facilitates promotional items that have broader guest appeal and at a greater variety of price points, enabling us to simultaneously deliver on value for the guest, strong item-level margin and cost metrics, and more frequent 'new news' to message to our guests. I am optimistic about our sales projections for both concepts and the resulting ability to meaningfully improve on profit measures during the fiscal year." Zink concluded.

_____________________________

<sup>1</sup> Same store sales are a metric used in evaluating the performance of established restaurants and is a commonly used metric in the restaurant industry. Same store sales for our brands are calculated using all units open for at least 18 full fiscal months and use the comparable operating weeks from the prior year to the current year quarter's operating weeks.

<sup>2</sup> For a reconciliation of Adjusted EBITDA to the most directly comparable financial measures presented in accordance with GAAP and a discussion of why the Company considers them useful, see the financial information schedules accompanying this release.

**Conference Call:** Management will host a conference call to discuss its fiscal 2026 first quarter financial results on Thursday, February 5, 2026 at 3:00 p.m. MT/5:00 p.m. ET. Hosting the call will be Ryan M. Zink, its Chief Executive Officer and Keri A. August, its Chief Accounting Officer.

The conference call can be accessed by registering online at Q1 2026 GTIM Earnings Call and you will be provided with dial in details. The live webcast will be accessible from the Company's investor relations website on the Events page. An archive of the webcast will be available at the same location on the corporate website shortly after the call has concluded.

**About Good Times Restaurants Inc.**: Good Times Restaurants Inc. owns, operates, and licenses 38 Bad Daddy's Burger Bar restaurants through its wholly owned subsidiaries. Bad Daddy's Burger Bar is a full-service "small box" restaurant concept featuring a chef-driven menu of gourmet signature burgers, chopped salads, appetizers and sandwiches with a full bar and a focus on a selection of craft beers in a high-energy atmosphere that appeals to a broad consumer base. Additionally, through its wholly owned subsidiaries, Good Times Restaurants Inc. owns, operates and franchises 30 Good Times Burgers & Frozen Custard restaurants primarily in Colorado. Good Times is a regional quick-service concept featuring all-natural burgers and chicken sandwiches, signature wild fries, green chili breakfast burritos and fresh frozen custard desserts.

**Forward Looking Statements**: This press release contains forward looking statements within the meaning of federal securities laws. The words "intend," "may," "believe," "will," "should," "anticipate," "expect," "seek", "plan" and similar expressions are intended to identify forward looking statements. These statements involve known and unknown risks, which may cause the Company's actual results to differ materially from results expressed or implied by the forward-looking statements. Such risks and uncertainties include, among other things, the market price of the Company's stock prevailing from time to time, the nature of other investment opportunities presented to the Company, the disruption to our business from pandemics and other public health emergencies, the impact and duration of staffing constraints at our restaurants, the impact of supply chain constraints and the current inflationary environment, the impact of tariffs, the uncertain nature of current restaurant development plans and the ability to implement those plans and integrate new restaurants, delays in developing and opening new restaurants because of weather, local permitting or other reasons, increased competition, cost increases or shortages in raw food products, other general economic and operating conditions, risks associated with our share repurchase program, risks associated with the acquisition of additional restaurants, the adequacy of cash flows and the cost and availability of capital or credit facility borrowings to provide liquidity, changes in federal, state, or local laws and regulations affecting the operation of our restaurants, including minimum wage and tip credit regulations, and other matters discussed under the Risk Factors section of Good Times' Annual Report on Form 10-K for the fiscal year ended September 30, 2025 filed with the SEC, and other filings with the SEC.

**Good Times Restaurants Inc.** **CONTACTS:**

Ryan M. Zink, Chief Executive Officer (303) 384-1432

Christi Pennington (303) 384-1440

Category: Financial

**Good Times Restaurants Inc.**

**Unaudited Supplemental Information**

*(In thousands, except per share amounts)*

---

| | | |
|:---|:---|:---|
|  | **Fiscal First Quarter** | **Fiscal First Quarter** |
|  | **2026** | **2025** |
| **Statement of Operations** | **(13 weeks)** | **(14 weeks)** |
| NET REVENUES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restaurant sales | $32373 | $35965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Franchise and other revenues | 333 | 368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net revenues | 32706 | 36333 |
| RESTAURANT OPERATING COSTS: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Food and packaging costs | 9841 | 11363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payroll and other employee benefit costs | 11210 | 12783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restaurant occupancy costs | 2509 | 2683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other restaurant operating costs | 4562 | 4741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preopening costs |  | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 940 | 1018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total restaurant operating costs | 29062 | 32596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative costs | 2055 | 2588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advertising costs | 1275 | 1129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss (gain) on restaurant asset disposals | 14 | (57) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total costs and expenses | 32406 | 36256 |
| INCOME FROM OPERATIONS | 300 | 77 |
| OTHER (EXPENSE) INCOME: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | (51) | (46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income | - | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other (expense) income | (51) | 94 |
| NET INCOME BEFORE INCOME TAXES | 249 | 171 |
| Provision for income taxes | (51) | 3 |
| NET INCOME | $198 | $174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income attributable to non-controlling interests | (17) | (10) |
| NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS | $181 | $164 |
| NET INCOME PER SHARE, ATTRIBUTABLE TO COMMON SHAREHOLDERS: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | $0.02 | $0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | $0.02 | $0.02 |
| WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | 10554117 | 10682632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | 10650117 | 10816596 |

---

**Good Times Restaurants Inc.**

**Unaudited Supplemental Information**

*(In thousands)*

---

| | | |
|:---|:---|:---|
| **Selected Balance Sheet Data** | **December 30, 2025** | **September 30, 2025** |
| Cash and cash equivalents | $3316 | $2605 |
| Current assets | $6730 | $5254 |
| Total assets | $82512 | $83807 |
| Current liabilities | $14977 | $14378 |
| Shareholders' equity | $33247 | $33058 |

---

**Supplemental Information for *Company-Owned* Restaurants (dollars in thousands):**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Bad Daddy's Burger Bar** | **Bad Daddy's Burger Bar** | **Good Times Burgers &<br> Frozen Custard** | **Good Times Burgers &<br> Frozen Custard** |
|  | ***Fiscal First Quarter*** | ***Fiscal First Quarter*** | ***Fiscal First Quarter*** | ***Fiscal First Quarter*** |
|  | **2026<br> (13 weeks)** | **2025<br> (14 weeks)** | **2026<br> (13 weeks)** | **2025<br> (14 weeks)** |
| Restaurant sales | $23202 | $26078 | $9171 | $9887 |
| Restaurants open at beginning of period | 38 | 39 | 27 | 25 |
| Restaurants opened or acquired during period |  |  |  | 2 |
| Restaurants closed during period | 1 |  |  |  |
| Restaurants open at period end | 37 | 39 | 27 | 27 |
| Restaurant operating weeks | 482.0 | 546.0 | 351.0 | 365.5 |
| Average weekly sales per restaurant | $48.1 | $47.8 | $26.1 | $27.1 |

---

 

**<u>Reconciliation of U.S. GAAP Results to Non-GAAP Measurements</u>**

**Reconciliation of Income from Operations to Non-GAAP Restaurant-Level Operating Profit *(in thousands)***

---

| | | |
|:---|:---|:---|
|  | **First Fiscal Quarter** | **First Fiscal Quarter** |
|  | **2026 (13 weeks)** | **2025 (14 weeks) <sup>1</sup>** |
| **Income from operations** | $**300** | $**77** |
| Less: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Franchise and other revenues | 333 | 368 |
| Add: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 2055 | 2588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 940 | 1018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advertising costs | 1275 | 1129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss (gain) on restaurant asset disposals | 14 | (57) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preopening costs | - | 8 |
| Restaurant-level operating profit | $4251 | $4395 |

---

<sup>1</sup> Certain prior year activity has been reclassified from Other restaurant operating costs to Advertising costs to conform to the current year's presentation. Such reclassification resulted in an increase to Advertising costs and Restaurant-level operating profit (a non-GAAP measure) for the first fiscal quarter 2025 of approximately $0.3 million.

The Company believes that restaurant-level operating profit is an important measure for management and investors because it is widely regarded in the restaurant industry as a useful metric by which to evaluate restaurant-level operating efficiency and performance. The Company defines restaurant-level operating profit to be restaurant revenues minus restaurant-level operating costs, excluding restaurant closures and impairment costs. The measure includes restaurant-level occupancy costs, which include fixed rents, percentage rents, common area maintenance charges, real estate and personal property taxes, general liability insurance and other property costs, but excludes depreciation. The measure excludes depreciation and amortization expense, substantially all of which is related to restaurant level assets, because such expenses represent historical sunk costs which do not reflect current cash outlay for the restaurants. The measure also excludes selling, general and administrative costs, and therefore excludes occupancy costs associated with selling, general and administrative functions, and preopening costs. The Company excludes restaurant closure costs as they do not represent a component of the efficiency of continuing operations. Restaurant impairment costs are excluded, because, like depreciation and amortization, they represent a non-cash charge for the Company's investment in its restaurants and not a component of the efficiency of restaurant operations. Restaurant-level operating profit is not a measurement determined in accordance with generally accepted accounting principles ("GAAP") and should not be considered in isolation, or as an alternative, to income from operations or net income as indicators of financial performance. Restaurant-level operating profit as presented may not be comparable to other similarly titled measures of other companies. The tables above set forth certain unaudited information for the current and prior year fiscal quarters for fiscal 2026 and fiscal 2025, expressed as a percentage of total revenues, except for the components of restaurant operating costs, which are expressed as a percentage of restaurant revenues.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Margin Analysis:** | **First Fiscal Quarter** | **First Fiscal Quarter** | **First Fiscal Quarter** | **First Fiscal Quarter** |
|  | **2026 (13 weeks)** | **2026 (13 weeks)** | **2025 (14 weeks) <sup>1</sup>** | **2025 (14 weeks) <sup>1</sup>** |
| **Bad Daddy's Burger Bar <sup>2</sup>:** |  |  |  |  |
| Restaurant sales | $23202 | 100.0% | $26078 | 100.0% |
| Restaurant operating costs (exclusive of depreciation and amortization and pre-opening costs): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Food and packaging costs | 7015 | 30.2% | 8214 | 31.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payroll and benefits costs | 8000 | 34.5% | 9156 | 35.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restaurant occupancy costs | 1615 | 7.0% | 1752 | 6.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other restaurant operating costs | 3385 | 14.6% | 3573 | 13.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restaurant-level operating profit | $3187 | 13.7% | $3383 | 13.0% |
| **Good Times Burgers & Frozen Custard:** |  |  |  |  |
| Restaurant sales | $9171 | 100.0% | $9887 | 100.0% |
| Restaurant operating costs (exclusive of depreciation and amortization and pre-opening costs): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Food and packaging costs | 2826 | 30.8% | 3149 | 31.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payroll and benefits costs | 3210 | 35.0% | 3627 | 36.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restaurant occupancy costs | 915 | 10.0% | 950 | 9.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other restaurant operating costs | 1278 | 13.9% | 1255 | 12.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restaurant-level operating profit | $942 | 10.3% | $906 | 9.2% |
| **Other <sup>2</sup>:** |  |  |  |  |
| Restaurant occupancy costs | $(21) |  | $(19) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other restaurant operating costs | (101) |  | (87) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restaurant-level operating profit | $122 |  | $106 |  |
| Total restaurant-level operating profit | $4251 | 13.1% | $4395 | 12.2% |

---

<sup>1</sup> Certain prior year activity has been reclassified from *Other restaurant operating costs* to *Advertising costs* to conform to the current year's presentation. Such reclassification resulted in an increase to Restaurant-level operating profit (a non-GAAP measure) for the first fiscal quarter 2025 of approximately $0.3 million.

 

<sup>2</sup> Prior to fourth quarter 2025, certain general and administrative activity now included in Other was combined and reported with the Bad Daddy's segment. In order to better align with our internal reporting and provide a better representation of restaurant-level operations, beginning with fourth quarter 2025, this activity has been removed from the Bad Daddy's segment. First quarter fiscal 2025 figures have been recast for comparability.

*Certain percentage amounts in the table above do not total due to rounding.*

**Reconciliation of Net Income to Non-GAAP Adjusted EBITDA (*in thousands):***

 ****

---

| | | |
|:---|:---|:---|
|  | **Quarter Ended** | **Quarter Ended** |
|  | **December 30, 2025<br> (13 Weeks)** | **December 31, 2024<br> (14 Weeks)** |
| &nbsp;&nbsp;**Net income attributable to common shareholders, as reported** | $**181** | $**164** |
| &nbsp;&nbsp;Depreciation and amortization | 966 | 1042 |
| &nbsp;&nbsp;Depreciation and amortization attributable to non-controlling interest | (26) | (26) |
| &nbsp;&nbsp;Provision for income taxes | 51 | (3) |
| &nbsp;&nbsp;Interest expense, net | 51 | 46 |
| &nbsp;&nbsp;EBITDA | 1223 | 1223 |
| &nbsp;&nbsp;Preopening expense <sup>1</sup> |  | 8 |
| &nbsp;&nbsp;Non-cash stock-based compensation <sup>2</sup> | 23 | 35 |
| &nbsp;&nbsp;Non-cash loss (gain) on restaurant asset disposals <sup>3</sup> | 15 | (4) |
| &nbsp;&nbsp;Adjusted EBITDA | $1261 | $1262 |

---

<sup>1</sup> Represents expenses directly associated with the opening of new restaurants, including preopening rent.

<sup>2</sup> Represents non-cash stock-based compensation as described in Note 13 to the Consolidated Financial Statements.

<sup>3</sup> Primarily represents losses (gains) from asset disposals as well as deferred gains on previous sale-leaseback transactions on two Good Times restaurants.

Adjusted EBITDA is a supplemental measure of operating performance that does not represent and should not be considered as an alternative to net income or cash flow from operations, as determined by GAAP, and our calculation thereof may not be comparable to that reported by other companies. This measure is presented because we believe that investors' understanding of our performance is enhanced by including this non-GAAP financial measure as a reasonable basis for evaluating our ongoing results of operations.

Adjusted EBITDA is calculated as net income before interest expense, provision for income taxes and depreciation and amortization and further adjustments to reflect the additions and eliminations presented in the table above.

Adjusted EBITDA is presented because: (i) we believe it is a useful measure for investors to assess the operating performance of our business without the effect of non-cash charges such as depreciation and amortization expenses and asset disposals, closure costs and restaurant impairments, and (ii) we use Adjusted EBITDA internally as a benchmark for certain of our cash incentive plans and to evaluate our operating performance or compare our performance to that of our competitors. The use of Adjusted EBITDA as a performance measure permits a comparative assessment of our operating performance relative to our performance based on our GAAP results, while isolating the effects of some items that vary from period to period without any correlation to core operating performance or that vary widely among similar companies. Companies within our industry exhibit significant variations with respect to capital structures and cost of capital (which affect interest expense and income tax rates) and differences in book depreciation of property, plant and equipment (which affect relative depreciation expense), including significant differences in the depreciable lives of similar assets among various companies. Our management believes that Adjusted EBITDA facilitates company-to-company comparisons within our industry by eliminating some of these foregoing variations. Adjusted EBITDA, as presented, may not be comparable to other similarly titled measures of other companies, and our presentation of Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by excluded or unusual items.