FAT Brands Q2 revenue up 42% to $152.0M but net loss widens to $39.4M ($2.43/sh); adj. net loss $30.9M

Fat Brands, Inc

2024-Q2 EPS reported -$4.80 revenue$304,007,000

Total revenue $152.0M, +42.4% YoY from $106.8M, driven by Smokey Bones acquisition and new openings.
Net loss $39.4M ($2.43 diluted EPS) vs net loss $7.1M ($0.53) in Q2 2023; adjusted net loss $30.9M ($1.93) vs adj. net income $3.0M ($0.08).
Adjusted EBITDA $15.7M vs $23.1M in prior-year quarter; interest expense rose to $34.0M from $24.3M.
Opened 24 new restaurants in Q2 (45 YTD); signed over 180 development deals YTD vs 226 in all of 2023.
System-wide same-store sales declined 1.6% YTD; Twin Peaks plans 12-15 new lodges in H2 2024.

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