---
schema_version: "secwatch.filing_event.v1"
accession: "0001726173-22-000018"
form_type: "8-K"
ticker: "BH-A"
cik: "0001726173"
company_name: "Biglari Holdings Inc."
filed_at: "2022-05-06T23:59:59+00:00"
generated_at: "2026-06-25T23:03:52.141028+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Biglari Holdings Q1 net loss of $0.3M; operating earnings $6.0M, down 33% YoY

## Summary
- Net loss of $0.3M for Q1 2022; compare to net income of $71.7M in Q1 2021 due to investment losses.
- Pretax operating earnings declined 33% to $6.0M from $8.9M in prior year.
- Investment portfolio swung from $84.8M gain to $6.4M loss; company deems quarterly investment fluctuations not meaningful.
- Full financial details available in Form 10-Q posted on Biglari Holdings website.

## SEC filing metadata
- accession: 0001726173-22-000018
- form_type: 8-K
- ticker: BH-A
- cik: 0001726173
- company_name: Biglari Holdings Inc.
- filed_at: 2022-05-06T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1726173/000172617322000018/0001726173-22-000018-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1726173/000172617322000018/bh-20220506.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001726173-22-000018
- JSON: https://secwatch.observer/filing/0001726173-22-000018.json
- Plain text: https://secwatch.observer/filing/0001726173-22-000018.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.