FAT Brands Q2 revenue down 3.4% to $146.8M; net loss widens to $54.2M

Fat Brands, Inc

2025-Q2 EPS reported -$5.91 revenue$288,855,000

Net loss of $54.2M ($3.17 per diluted share) vs $39.4M loss ($2.43) in Q2 2024; adjusted net loss of $49.0M ($2.88).
Total revenue fell 3.4% to $146.8M; system-wide same-store sales declined 3.9%.
Opened 18 new locations; pipeline of ~1,000 signed deals with goal of >100 openings in 2025.
Secured bondholder agreement to convert amortizing bonds to interest-only, generating $30-40M annual cash savings; dividend pause remains, preserving $36-40M annually.
Negative EBITDA of $6.0M vs positive $6.8M a year ago; adjusted EBITDA flat at $15.7M; G&A up 50.3% due to share-based comp and ERC reversal.

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