FAT Brands Q4 net loss $67.4M; plans refranchise Fazoli's, spin-out Twin Hospitality

Fat Brands, Inc

2024-FY EPS reported -$11.60 revenue$592,652,000

Total revenue Q4 down 8.4% to $145.3M; net loss $67.4M ($4.06 diluted EPS) vs $26.2M loss in prior-year quarter.
Full-year FY2024 revenue up 23.4% to $592.7M; net loss $189.8M ($11.60 diluted EPS) vs $90.1M loss.
Adjusted EBITDA Q4 $14.4M (down from $27.0M); FY $62.4M (down from $91.2M); both impacted by extra week in prior year.
System-wide same-store sales declined 1.6% in Q4 and 2.5% for full year; opened 92 restaurants in FY2024.
Strategic: completed spin-out of Twin Hospitality Group; plans to refranchise 57 company-owned Fazoli's locations to become nearly 100% franchised.

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