# EDGAR Filing Document

**Accession Number:** 0001705012
**File Stem:** 0001628280-25-049545
**Filing Date:** 2025-11
**Character Count:** 41209
**Document Hash:** 55757b474ec087c1867901154a80581d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-25-049545.hdr.sgml**: 20251105

**ACCESSION NUMBER**: 0001628280-25-049545

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 27

**CONFORMED PERIOD OF REPORT**: 20251105

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

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251105

**DATE AS OF CHANGE**: 20251105

**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:** 251454013

**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-20251105

**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): November 5, 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** |

---

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 November 5, 2025, FAT Brands Inc. (the "Company") issued a press release announcing its financial results for the thirteen and thirty-nine week periods ended September 28, 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 November 5, 2025 in which the financial results were discussed. A replay is available until Wednesday, November 26, 2025 and can be accessed by dialing 1-844-512-2921 from the U.S. or 1-412-317-6671 internationally. The passcode is 13755607.

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

**Item 7.01 Regulation FD Disclosure.**

On November 5, 2025, the Company provided supplemental financial information to be used in its earnings presentation for the thirteen and thirty-nine week periods ended September 28, 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 November 5, 2025](a3q25earningsreleaseex991.htm)</u>  |
| **99.2** | <u>[Earnings Supplement Q](fatbrands-earningssupple.htm)[3](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: November 5, 2025 | */s/ Kenneth J. Kuick* |
| | Kenneth J. Kuick |
| | Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![image_0.jpg](image_0.jpg)

**FAT BRANDS INC. REPORTS THIRD QUARTER 2025 FINANCIAL RESULTS**

*Conference call and webcast today at 4:30 p.m. ET*

**LOS ANGELES (November 5, 2025) – FAT (Fresh. Authentic. Tasty.) Brands Inc.** (NASDAQ: FAT) ("FAT Brands" or the "Company") today reported financial results for the fiscal third quarter ended September 28, 2025.

Andy Wiederhorn, Chairman and CEO of FAT Brands, said, "We delivered strong results across multiple areas in the third quarter, marking our best performance of the year to date. Notably, our casual dining segment posted same-store sales growth of 3.9%, underscoring the strength of our operational execution."

Wiederhorn continued, "We have opened 60 new restaurants so far this year and remain focused on strategic expansion backed by approximately 900 committed locations, which are expected to contribute $50-$60 million in incremental EBITDA once fully operational. We are especially energized by our co-branding initiatives, as our first dual-branded Round Table Pizza and Fatburger location in California has more than doubled weekly sales and transactions compared to its prior standalone Round Table Pizza format, validating the opportunity of co-branding. With a pipeline of approximately 50 additional co-branded locations in development, we see significant potential for this format."

Wiederhorn concluded, "Additionally, our strategic partnership with Virtual Dining Concepts to make Great American Cookies available from Chuck E. Cheese locations nationwide represents a transformative step in our manufacturing growth strategy."

Ken Kuick, Chief Financial Officer of FAT Brands said: "We are implementing several strategic initiatives to strengthen our balance sheet. Our dividend pause remains in effect, preserving $35-$40 million in annual cash flow. We are actively negotiating a debt restructuring with our noteholders. Additionally, we are advancing plans for a $75-$100 million equity raise at Twin Hospitality Group Inc. to pay down debt and fund new unit development. These actions, together with our significant cost savings from settled legal issues, are expected to put us on track to generate positive cash flow in upcoming quarters while building financial resilience and lowering our overall debt."

**Fiscal Third Quarter 2025 Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total revenue declined 2.3% to $140.0 million compared to $143.4 million in the fiscal third quarter of 2024

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ System-wide sales declined 5.5%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ System-wide same-store sales declined 3.5%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ 13 new store openings during the fiscal third quarter of 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net loss of $58.2 million, or $3.39 per diluted share, compared to $44.8 million, or $2.74 per diluted share, in the fiscal third quarter of 2024

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Negative EBITDA<sup>(1)</sup> of $7.7 million compared to EBITDA<sup>(1)</sup> of $1.7 million in the fiscal third quarter of 2024

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA<sup>(1)</sup> of $13.1 million compared to Adjusted EBITDA<sup>(1)</sup> of $14.1 million in the fiscal third quarter of 2024

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted net loss<sup>(1)</sup> of $45.4 million, or $2.67 per diluted share, compared to adjusted net loss<sup>(1)</sup> of $38.0 million, or $2.34 per diluted share, in the fiscal third 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 Third Quarter 2025 Financial Results**

Total revenue decreased $3.4 million, or 2.3%, in the third quarter of 2025 to $140.0 million compared to $143.4 million in the year-ago quarter, primarily driven by a decrease in restaurant revenue resulting from the closure of 11 underperforming Smokey Bones locations, the temporary closure of two Smokey Bones locations 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 $8.2 million, or 23.7%, in the third quarter of 2025 to $42.7 million compared to $34.5 million in the same period in the prior year, primarily due to $6.9 million in Smokey Bones store closure costs, a $1.4 million non-cash impairment of fixed assets related to the closure of underperforming Smokey Bones locations and higher non-cash share-based compensation related to Twin Hospitality Group Inc.

Cost of restaurant and factory revenues was related to the operations of the company-owned restaurant locations and dough factory and decreased $2.2 million, or 2.3%, in the third quarter of 2025 to $94.6 million compared to $96.8 million in the year-ago quarter, primarily due to the closure of underperforming Smokey Bones locations, the temporary closure of two Smokey Bones locations for conversion into Twin Peaks lodges and lower same-store sales.

Advertising expenses increased $2.1 million in the third quarter of 2025 to $12.2 million compared to $10.0 million in the same period in the prior year. These expenses vary in relation to advertising revenues.

Total other expense, net, for the third quarter of 2025 and 2024 was $41.0 million and $35.8 million, respectively, which is inclusive of interest expense of $41.5 million and $35.5 million, respectively.

Adjusted net loss<sup>(1)</sup> was $45.4 million, or $2.67 per diluted share, compared to adjusted net loss<sup>(1)</sup> of $38.0 million, or $2.34 per diluted share, in the fiscal third 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 third quarter 2025 financial results today at 4:30 PM ET. Hosting the conference call and webcast will be Andy Wiederhorn, President and Chief Executive Officer, and Ken Kuick, 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, November 26, 2025, and can be accessed by dialing

------

1-844-512-2921 from the U.S. or 1-412-317-6671 internationally. The passcode is 13755607. 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 terms of a debt restructuring, our ability to achieve positive cash flow, the timing and performance of new store openings 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 loss (gain), 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 | Thirty-Nine Weeks Ended | Thirty-Nine Weeks Ended |
| (In thousands, except share and per share data) | September 28, 2025 | September 29, 2024 | September 28, 2025 | September 29, 2024 |
| Revenue |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Royalties | $21582 | $22353 | $65524 | $67618 |
| &nbsp;&nbsp;&nbsp;Restaurant sales | 96643 | 99238 | 298446 | 312587 |
| &nbsp;&nbsp;&nbsp;Advertising fees | 9143 | 9708 | 28573 | 29569 |
| &nbsp;&nbsp;&nbsp;Factory revenues | 9649 | 9490 | 28711 | 28599 |
| &nbsp;&nbsp;&nbsp;Franchise fees | 1503 | 2576 | 3817 | 5170 |
| &nbsp;&nbsp;&nbsp;Other revenue | 1489 |  | 3792 | 3829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue | 140009 | 143365 | 428863 | 447372 |
| Costs and expenses |  |  |  |  |
| &nbsp;&nbsp;&nbsp;General and administrative expense | 42665 | 34481 | 120125 | 94044 |
| &nbsp;&nbsp;&nbsp;Cost of restaurant and factory revenues | 94613 | 96792 | 288760 | 295955 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 7909 | 10736 | 26682 | 31176 |
| &nbsp;&nbsp;&nbsp;Refranchising loss (gain) | 24 | 157 | (7) | 1840 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advertising fees | 12164 | 10032 | 34787 | 37275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total costs and expenses | 157375 | 152198 | 470347 | 460290 |
| Loss from operations | (17366) | (8833) | (41484) | (12918) |
| Other (expense) income, net |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense | (37101) | (31109) | (103496) | (90318) |
| &nbsp;&nbsp;&nbsp;Interest expense related to preferred shares | (4418) | (4418) | (13253) | (13253) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net gain on extinguishment of debt | 357 |  | 206 | 427 |
| &nbsp;&nbsp;&nbsp;Other income (loss), net | 173 | (252) | 218 | (800) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other expense, net | (40989) | (35779) | (116325) | (103944) |
| Loss before income tax provision | (58355) | (44612) | (157809) | (116862) |
| Income tax provision | 1100 | 143 | 3326 | 5568 |
| Net loss | (59455) | (44755) | (161135) | (122430) |
| Less: Net loss attributable to non-controlling interest | 1236 |  | 2759 |  |
| Net loss attributable to FAT Brands Inc. | $(58219) | $(44755) | $(158376) | $(122430) |
| Net loss attributable to FAT Brands Inc. | $(58219) | $(44755) | $(158376) | $(122430) |
| Dividends on preferred shares | (2317) | (1935) | (6858) | (5736) |
|  | $(60536) | $(46690) | $(165234) | $(128166) |
| Basic and diluted loss per common share | $(3.39) | $(2.74) | $(9.30) | $(7.54) |
| Basic and diluted weighted average shares outstanding | 17872052 | 17052007 | 17758765 | 16999889 |
| Cash dividends declared per common share | $— | $0.14 | $— | $0.42 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Thirteen Weeks Ended | Thirteen Weeks Ended | Thirty-Nine Weeks Ended | Thirty-Nine Weeks Ended |
| (In thousands) | September 28, 2025 | September 29, 2024 | September 28, 2025 | September 29, 2024 |
| Net loss attributable to FAT Brands Inc. | $(58219) | $(44755) | $(158376) | $(122430) |
| &nbsp;&nbsp;&nbsp;Interest expense, net | 41519 | 35527 | 116749 | 103571 |
| &nbsp;&nbsp;&nbsp;Income tax provision | 1100 | 143 | 3326 | 5568 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 7909 | 10736 | 26682 | 31176 |
| EBITDA | (7691) | 1651 | (11619) | 17885 |
| &nbsp;&nbsp;&nbsp;Bad debt expense | 1784 | 2348 | 2986 | 787 |
| &nbsp;&nbsp;&nbsp;Share-based compensation expenses | 3541 | 539 | 16672 | 1961 |
| &nbsp;&nbsp;&nbsp;Non-cash lease expenses | (41) | 398 | 694 | 1786 |
| &nbsp;&nbsp;&nbsp;Refranchising loss (gain) | 24 | 157 | (7) | 1840 |
| &nbsp;&nbsp;&nbsp;Litigation costs | 4594 | 6175 | 16656 | 17835 |
| &nbsp;&nbsp;&nbsp;Severance |  | 384 |  | 425 |
| &nbsp;&nbsp;&nbsp;Net loss related to advertising fund deficit | 2971 | 1563 | 5718 | 4985 |
| &nbsp;&nbsp;&nbsp;Net gain on extinguishment of debt | (357) |  | (206) | (427) |
| &nbsp;&nbsp;&nbsp;Pre-opening expenses | 7 | 844 | 702 | 935 |
| &nbsp;&nbsp;&nbsp;Store closure expense | 8285 |  | 8285 |  |
| Adjusted EBITDA | $13117 | $14059 | $39881 | $48012 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Thirteen Weeks Ended | Thirteen Weeks Ended | Thirty-Nine Weeks Ended | Thirty-Nine Weeks Ended |
| (In thousands, except share and per share data) | September 28, 2025 | September 29, 2024 | September 28, 2025 | September 29, 2024 |
| Net loss attributable to FAT Brands Inc. | $(58219) | $(44755) | $(158376) | $(122430) |
| &nbsp;&nbsp;&nbsp;Refranchising loss (gain) | 24 | 157 | (7) | 1840 |
| &nbsp;&nbsp;&nbsp;Net gain on extinguishment of debt | (357) |  | (206) | (427) |
| &nbsp;&nbsp;&nbsp;Litigation costs | 4594 | 6175 | 16656 | 17835 |
| &nbsp;&nbsp;&nbsp;Severance |  | 384 |  | 425 |
| &nbsp;&nbsp;&nbsp;Store closure expense | 8285 |  | 8285 |  |
| &nbsp;&nbsp;&nbsp;Tax adjustments, net <sup>(1)</sup> | 236 | 22 | 521 | 937 |
| Adjusted net loss | $(45437) | $(38017) | $(133127) | $(101820) |
| Net loss | $(58219) | $(44755) | $(158376) | $(122430) |
| Dividends on preferred shares | (2317) | (1935) | (6858) | (5736) |
|  | $(60536) | $(46690) | $(165234) | $(128166) |
| Adjusted net loss | $(45437) | $(38017) | $(133127) | $(101820) |
| Dividends on preferred shares | (2317) | (1935) | (6858) | (5736) |
|  | $(47754) | $(39952) | $(139985) | $(107556) |
| Loss per basic and diluted share | $(3.39) | $(2.74) | $(9.30) | $(7.54) |
| Adjusted net loss per basic and diluted share | $(2.67) | $(2.34) | $(7.88) | $(6.33) |
| Weighted average basic and diluted shares outstanding | 17872052 | 17052007 | 17758765 | 16999889 |

---

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

## Exhibit 99.2

![](fatbrands-earningssupple001.jpg)

Q3 2025 EARNINGS SUPPLEMENT NOVEMBER 5, 2025

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![](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)

Q3 2025 HIGHLIGHTS 3 -5.5% Sales Decline (1) System-Wide -3.5% SSS Decline (2) System-Wide 13 New Store Openings (3) Q3 2025 $140.0mm Total Revenue Q3 2025 $13.1mm Adj. EBITDA (4) Q3 2025 $567.5mm 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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Q3 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 $22.4mm $21.6mm Q3 2024 Q3 2025 Systemwide Sales Revenue $143.4mm $140.0mm Q3 2024 Q3 2025 Adj. EBITDA (1) $14.1mm $13.1mm Q3 2024 Q3 2025 $600.7mm $567.5mm Q3 2024 Q3 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 ~55% 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 Thirty-Nine Weeks Ended (In thousands, except share and per share data) September 28, 2025 September 29, 2024 September 28, 2025 September 29, 2024 Revenue Royalties $21,582 $22,353 $65,524 $67,618 Restaurant sales 96,643 99,238 298,446 312,587 Advertising fees 9,143 9,708 28,573 29,569 Factory revenues 9,649 9,490 28,711 28,599 Franchise fees 1,503 2,576 3,817 5,170 Other revenue 1,489 — 3,792 3,829 Total revenue 140,009 143,365 428,863 447,372 Costs and expenses General and administrative expense 42,665 34,481 120,125 94,044 Cost of restaurant and factory revenues 94,613 96,792 288,760 295,955 Depreciation and amortization 7,909 10,736 26,682 31,176 Refranchising loss (gain) 24 157 (7) 1,840 Advertising fees 12,164 10,032 34,787 37,275 Total costs and expenses 157,375 152,198 470,347 460,290 Loss from operations (17,366) (8,833) (41,484) (12,918) Other (expense) income, net Interest expense (37,101) (31,109) (103,496) (90,318) Interest expense related to preferred shares (4,418) (4,418) (13,253) (13,253) Net gain on extinguishment of debt 357 — 206 427 Other income (loss), net 173 (252) 218 (800) Total other expense, net (40,989) (35,779) (116,325) (103,944) Loss before income tax provision (58,355) (44,612) (157,809) (116,862) Income tax provision 1,100 143 3,326 5,568 Net loss (59,455) (44,755) (161,135) (122,430) Less: Net loss attributable to non-controlling interest 1,236 — 2,759 — Net loss attributable to FAT Brands Inc. $(58,219) $(44,755) $(158,376) $(122,430) Net loss attributable to FAT Brands Inc. $(58,219) $(44,755) $(158,376) $(122,430) Dividends on preferred shares (2,317) (1,935) (6,858) (5,736) $(60,536) $(46,690) $(165,234) $(128,166) Basic and diluted loss per common share $(3.39) $(2.74) $(9.30) $(7.54) Basic and diluted weighted average shares outstanding 17,872,052 17,052,007 17,758,765 16,999,889 Cash dividends declared per common share $— $0.14 $— $0.42

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CONSOLIDATED EBITDA & ADJ. EBITDA RECONCILIATION III FAT Brands Inc. Consolidated EBITDA and Adjusted EBITDA Reconciliation Thirteen Weeks Ended Thirty-Nine Weeks Ended (In thousands) September 28, 2025 September 29, 2024 September 28, 2025 September 29, 2024 Net loss attributable to FAT Brands Inc. $(58,219) $(44,755) $(158,376) $(122,430) Interest expense, net 41,519 35,527 116,749 103,571 Income tax provision 1,100 143 3,326 5,568 Depreciation and amortization 7,909 10,736 26,682 31,176 EBITDA (7,691) 1,651 (11,619) 17,885 Bad debt expense 1,784 2,348 2,986 787 Share-based compensation expenses 3,541 539 16,672 1,961 Non-cash lease expenses (41) 398 694 1,786 Refranchising loss (gain) 24 157 (7) 1,840 Litigation costs 4,594 6,175 16,656 17,835 Severance — 384 — 425 Net loss related to advertising fund deficit 2,971 1,563 5,718 4,985 Net gain on extinguishment of debt (357) — (206) (427) Pre-opening expenses 7 844 702 935 Store closure expense 8,285 — 8,285 — Adjusted EBITDA $13,117 $14,059 $39,881 $48,012

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ADJUSTED NET LOSS RECONCILIATION IV FAT Brands Inc. Adjusted Net Loss Reconciliation Thirteen Weeks Ended Thirty-Nine Weeks Ended (In thousands, except share and per share data) September 28, 2025 September 29, 2024 September 28, 2025 September 29, 2024 Net loss attributable to FAT Brands Inc. $(58,219) $(44,755) $(158,376) $(122,430) Refranchising loss (gain) 24 157 (7) 1,840 Net gain on extinguishment of debt (357) — (206) (427) Litigation costs 4,594 6,175 16,656 17,835 Severance — 384 — 425 Store closure expense 8,285 — 8,285 — Tax adjustments, net (1) 236 22 521 937 Adjusted net loss $(45,437) $(38,017) $(133,127) $(101,820) Net loss $(58,219) $(44,755) $(158,376) $(122,430) Dividends on preferred shares (2,317) (1,935) (6,858) (5,736) $(60,536) $(46,690) $(165,234) $(128,166) Adjusted net loss $(45,437) $(38,017) $(133,127) $(101,820) Dividends on preferred shares (2,317) (1,935) (6,858) (5,736) $(47,754) $(39,952) $(139,985) $(107,556) Loss per basic and diluted share $(3.39) $(2.74) $(9.30) $(7.54) Adjusted net loss per basic and diluted share $(2.67) $(2.34) $(7.88) $(6.33) Weighted average basic and diluted shares outstanding 17,872,052 17,052,007 17,758,765 16,999,889 (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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