BT Brands, Inc. BTBD
The following discussion should be read in conjunction with our consolidated financial statements and related notes included elsewhere in this Annual Report. Due to rounding, figures in tables may not sum exactly.
As of December 28, 2025, we owned and operated nine restaurants across multiple states in the Midwest, Massachusetts, and Florida, and held a minority ownership interest in an unconsolidated affiliate that operated an additional five restaurants, for a total of 14 operating restaurant locations. Operating restaurants comprise:
Six Burger Time fast-food restaurants are located in the North Central region of the United States (collectively, "BTND"). A Sioux Falls, South Dakota, Burger Time closed in 2024, a location in Ham Lake, Minnesota, closed at the end of 2024, and a location in Minot, North Dakota, closed in July 2025;
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $13.5M | $14.8M | $14.1M | $12.6M | $8.5M | $8.2M | $6.5M | $7.1M | — |
| SG&A | $1.5M | $1.7M | $1.7M | $1.6M | $416.8K | $687.5K | $560.9K | $492.4K | — |
| Total operating expenses | $13.9M | $16.7M | $15.1M | $13.0M | $7.5M | $7.6M | $6.9M | $6.8M | — |
| Operating income | -$364.6K | -$1.8M | -$1.1M | -$391.2K | $980.7K | $529.4K | -$373.5K | $240.8K | — |
| Interest expense | $81.6K | $99.6K | $97.6K | $114.8K | $172.9K | $177.8K | $207.8K | $177.0K | — |
| Pre-tax income | -$687.8K | -$2.1M | -$1.0M | -$742.3K | $807.9K | $922.0K | -$364.6K | $34.5K | — |
| Income tax | $0 | $206.0K | $145.0K | $180.0K | $200.0K | $130.0K | $102.0K | $13.7K | — |
| Net income | -$687.8K | -$2.3M | -$887.4K | -$562.3K | $607.9K | $792.0K | -$466.6K | $20.8K | — |
| EPS, diluted | -0.11 | -0.37 | — | — | 0.14 | 0.20 | -0.12 | 0.00 | — |
| Shares, diluted (wtd. avg.) | 6.2M | 6.2M | — | — | — | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | — | $2.0M | $5.3M | $2.2M | $12.4M | $1.3M | $258.1K | $663.5K | — |
| Short-term investments | — | $2.3M | $1.4M | $6.0M | $0 | — | — | — | — |
| Receivables | — | $69.5K | $28.7K | $76.9K | $72.3K | $19.0K | $15.4K | $20.2K | — |
| Inventory | — | $272.6K | $201.3K | $158.4K | $79.5K | $60.6K | $56.4K | $58.6K | — |
| Total current assets | — | $5.0M | $7.2M | $8.9M | $12.6M | $1.4M | $336.8K | $790.5K | — |
| Property, plant and equipment | — | $3.3M | $3.2M | $3.3M | $1.6M | $1.6M | $1.7M | $2.1M | — |
| Goodwill | — | $796.2K | $671.2K | $671.2K | $0 | — | — | — | — |
| Other intangibles | — | $367.8K | $395.1K | $454.0K | — | — | — | — | — |
| Total assets | — | $12.0M | $14.6M | $16.8M | $14.5M | $3.4M | $2.6M | $3.3M | — |
| Accounts payable | — | $612.1K | $555.2K | $448.6K | $292.0K | $270.5K | $321.9K | $288.7K | — |
| Short-term debt | — | $185.0K | $183.3K | $167.6K | $169.9K | $245.3K | $277.7K | $254.4K | — |
| Total current liabilities | — | $1.4M | $1.6M | $2.1M | $925.3K | $1.0M | $808.8K | $731.8K | — |
| Long-term debt | — | $2.1M | $2.3M | $2.7M | $2.8M | $2.9M | $3.2M | $3.5M | — |
| Total liabilities | — | $5.0M | $5.4M | $6.6M | $3.9M | $4.1M | $4.1M | $4.3M | — |
| Retained earnings | — | -$4.4M | -$2.0M | -$1.2M | -$600.2K | -$1.2M | -$2.0M | -$1.5M | — |
| Total equity | — | $7.0M | $9.2M | $10.2M | $10.6M | -$702.3K | -$1.5M | -$1.0M | -$1.5M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $284.9K | -$713.5K | -$258.8K | $211.8K | $814.0K | $1.4M | $50.5K | $49.1K | — |
| Depreciation and amortisation | $648.7K | $742.9K | $598.5K | $449.0K | $234.0K | $189.4K | $211.1K | $225.8K | — |
| Stock-based compensation | $141.0K | $230.5K | $174.0K | $118.7K | $0 | — | — | — | — |
| Capital expenditure | $172.9K | $494.1K | $488.4K | $478.4K | $207.9K | $154.4K | $0 | $66.7K | — |
| Investing cash flow | -$1.1M | -$2.2M | $4.7M | -$11.0M | -$207.9K | $24.6K | -$179.0K | $216.6K | — |
| Financing cash flow | -$329.7K | -$450.8K | -$1.3M | $590.7K | $10.5M | -$359.0K | -$276.9K | $156.8K | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001477932-26-002209.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | $7.1M | $6.5M | $8.2M | $8.5M | $12.6M | $14.1M | $14.8M | $13.5M |
| Gross profit | — | — | — | — | — | — | — | — | — |
| Net income | — | $20.8K | -$466.6K | $792.0K | $607.9K | -$562.3K | -$887.4K | -$2.3M | -$687.8K |
Recent filings and events
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Material agreement terminated An agreement that mattered has ended. Often the other half of a deal that fell through. Item 1.02
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Other event Item 8.01
- Other event Item 8.01
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Other event Item 8.01
- Other event Item 8.01
- Delisting notice The exchange has told the company it no longer meets the rules for staying listed - usually price, market cap, or filings that are late. Item 3.01
- Other event Item 8.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
Others in SIC 5812
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| TXRH | Texas Roadhouse, Inc. | $10.87B | 27.2x | 9.4% |