FAT Brands Q3 revenue up 31% to $143M; net loss expands to $44.8M, adjusted EBITDA drops

Fat Brands, Inc

2024-Q3 EPS reported -$7.54 revenue$447,372,000

Revenue of $143.4M, up 31.1% YoY; net loss of $44.8M ($2.74/share) vs $24.7M loss a year ago.
Adjusted EBITDA fell to $14.1M from $21.9M; adjusted net loss per share $2.34 vs $1.14.
YTD same-store sales down 2.7%; opened 22 new units in Q3, 71 YTD, pipeline ~1,000 locations.
Signed 225 development deals YTD vs 226 in all 2023; Twin Peaks IPO or alternative transaction under consideration.
Interest expense rose to $35.5M from $29.7M; Twin Peaks securitization refinancing planned before any IPO.

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