FAT Brands Inc. Class B (FATBB)

The past six months have seen significant volatility and challenges for FAT Brands' stock, with a substantial decline in share price. In Q3 2025, FAT Brands reported a decline in total revenue, a net loss, and negative EBITDA, but the casual dining segment showed same-store sales growth, and the company opened new restaurants. The company also announced a continued dividend pause, debt restructuring negotiations, and plans for an equity raise. In Q2 2025, the company reported a decline in same-store sales and revenue, with accumulated debt reaching $1.276 billion, and outlined a strategic financial plan to reduce debt. UMB Bank accelerated a secured note from a subsidiary, which FAT Brands is unable to pay, posing a significant threat of potential bankruptcy. Criminal charges against former CEO Andy Wiederhorn were dropped on the same day as the Q2 2025 earnings call.

Information specifically detailing the demand seasonality for FAT Brands, Inc.'s products and services is not readily available. While the broader restaurant industry can experience seasonal fluctuations, no specific data or trends for FAT Brands' diverse portfolio were found.

FAT Brands Inc. is a global franchising company specializing in multi-brand full-service and fast-casual restaurants, headquartered in Beverly Hills, California. The company acquires, markets, and develops various restaurant concepts worldwide, operating primarily as a franchisor through franchise fees and royalties, while also owning some restaurant locations. FAT Brands' portfolio includes brands such as Fatburger, Johnny Rockets, Round Table Pizza, and Twin Peaks, and it also has a manufacturing plant in Atlanta, Georgia, producing fresh cookie and pretzel dough.

FAT Brands serves franchisees and diners across North America, Europe, the Middle East, and Asia, with over 2,300 franchised restaurants globally. The majority of its revenue is generated from operations within the United States.

FAT Brands' reputation over the past year has likely been influenced by financial struggles and strategic initiatives. Negative impacts include financial challenges, declining revenue, negative same-store sales growth, substantial debt, the closure of Smokey Bones locations, and the acceleration of a debt note. Positive developments include strong results in the casual dining segment, the opening of new restaurants, successful co-branding initiatives, a strategic partnership with Virtual Dining Concepts, and recent product announcements.

FAT Brands Inc. has a mixed ownership structure comprising institutional, retail, and individual investors. There are institutional owners holding shares of FATBB and FAT tickers. Individual insiders hold a significant portion of the company, with Andrew Wiederhorn, the Chief Executive Officer and Founder, being the largest individual shareholder.