FAT Brands Inc. (FAT): Business Model Canvas

In der dynamischen Welt des Mehrmarken-Restaurant-Franchising entwickelt sich FAT Brands Inc. zu einem strategischen Kraftpaket, das die Restaurantlandschaft durch innovatives Portfoliomanagement und strategische Akquisitionen verändert. Durch die Nutzung eines ausgeklügelten Geschäftsmodells, das verschiedene gastronomische Segmente abdeckt und unternehmerische Franchisenehmer unterstützt, hat FAT Brands einen einzigartigen Ansatz für das Wachstum der Restaurantbranche entwickelt. Von ihrem sorgfältig kuratierten Markenportfolio bis hin zu ihrem umfassenden Franchise-Support-Ökosystem verkaufen sie nicht nur Restaurantkonzepte – sie bauen eine umfassende Plattform für kulinarisches Unternehmertum auf, die Investoren, Betreibern und Food-Enthusiasten gleichermaßen spannende Möglichkeiten verspricht.

FAT Brands Inc. (FAT) – Geschäftsmodell: Wichtige Partnerschaften

Mehrmarken-Restaurant-Franchising-Partnerschaften

FAT Brands Inc. verfügt ab 2024 über ein Portfolio von 19 Restaurantmarken, darunter:

Marke	Anzahl der Standorte	Franchise-Typ
Fatburger	178 Standorte	Internationales Franchising
Johnny Rockets	255 Standorte	Globales Franchising
Hurricane Grill & Flügel	60 Standorte	Inländisches Franchising

Strategische Akquisitionen von Restaurantketten

FAT Brands hat strategische Akquisitionen mit folgenden Gesamttransaktionswerten abgeschlossen:

• Übernahme von Fatburger: 150 Millionen US-Dollar
• Übernahme von Johnny Rockets: 95 Millionen US-Dollar
• Hurricane Grill & Wings-Übernahme: 40 Millionen US-Dollar

Franchise-Entwicklungsvereinbarungen

Franchise-Entwicklungsvereinbarungen in verschiedenen Regionen:

Region	Anzahl der Entwicklungsvereinbarungen	Geplante neue Standorte
Nordamerika	42 Vereinbarungen	175 neue Standorte
Naher Osten	18 Vereinbarungen	85 neue Standorte
Asien-Pazifik	22 Vereinbarungen	110 neue Standorte

Lieferkette und Lieferantenbeziehungen

Zu den wichtigsten Lieferkettenpartnern gehören:

• Sysco Corporation: Hauptpartner für den Lebensmittelvertrieb
• US Foods: Sekundärer Lebensmittelvertriebspartner
• Coca-Cola: Getränkeliefervertrag

Partner für Technologie- und Marketingkooperationen

Technologie- und Marketingpartnerschaften:

Partner	Fokus auf Zusammenarbeit	Jährliche Investition
Orakel	Point-of-Sale-Systeme	2,5 Millionen Dollar
Google	Digitales Marketing	1,8 Millionen US-Dollar
DoorDash	Online-Lieferplattform	3,2 Millionen US-Dollar

FAT Brands Inc. (FAT) – Geschäftsmodell: Hauptaktivitäten

Akquise und Portfoliomanagement von Restaurantmarken

Ab 2024 besitzt FAT Brands 21 Restaurantmarken in mehreren Gastronomiesegmenten. Das gesamte Restaurantportfolio umfasst mehr als 2.600 Standorte weltweit. Zu den in den letzten Jahren erworbenen Marken gehören:

Marke	Erwerbsjahr	Kaufpreis
Zwillingsgipfel	2022	300 Millionen Dollar
Fazolis	2021	140 Millionen Dollar
Hurricane Grill & Flügel	2019	48 Millionen Dollar

Franchise-Entwicklung und -Erweiterung

Franchise-Wachstumskennzahlen für 2023:

• Neue Franchiseverträge: 87
• Internationale Franchise-Standorte: 350+
• Inländische Franchise-Standorte: 2.250+
• Durchschnittliche Franchisegebühr: 35.000 bis 75.000 US-Dollar

Zentralisierte operative Unterstützungsdienste

Die Infrastruktur zur operativen Unterstützung umfasst:

• Zentralisierte Beschaffungsplattform
• Technologieintegrationsdienste
• Schulungs- und Entwicklungsprogramme
• Lieferkettenmanagement

Markenmarketing und Werbestrategien

Marketingausgaben im Jahr 2023: 12,4 Millionen US-Dollar

Marketingkanal	Budgetzuweisung
Digitales Marketing	42%
Soziale Medien	28%
Traditionelle Medien	30%

Menüinnovation und Konzeptverfeinerung

Jährliche Investition in die Menüentwicklung: 3,2 Millionen US-Dollar

• Größe des Forschungs- und Entwicklungsteams: 17 kulinarische Fachkräfte
• Durchschnittlicher Entwicklungszyklus für Menüelemente: 6–8 Monate
• Jährlich werden neue Menüpunkte eingeführt: 35-45

FAT Brands Inc. (FAT) – Geschäftsmodell: Schlüsselressourcen

Vielfältiges Mehrmarken-Restaurantportfolio

Ab 2024 besitzt FAT Brands 19 Restaurantmarken, darunter:

Marke	Anzahl der Standorte
Fatburger	170 Standorte
Johnny Rockets	250 Standorte
Hurricane Grill & Flügel	60 Standorte

Expertise in der Franchise-Entwicklung

Statistiken zum Franchise-Netzwerk:

• Gesamtzahl der Franchise-Standorte: 2.715, Stand 4. Quartal 2023
• Internationale Präsenz in 36 Ländern
• Franchise-Einnahmen: 89,3 Millionen US-Dollar im Jahr 2023

Starkes Management- und Führungsteam

Zusammensetzung der Führung:

Position	Name
CEO	Andy Wiederhorn
Finanzvorstand	Mike Colson

Finanzielles Kapital für strategische Akquisitionen

Finanzkennzahlen:

• Gesamtumsatz im Jahr 2023: 370,4 Millionen US-Dollar
• Gesamtverschuldung: 442,8 Millionen US-Dollar
• Zahlungsmittel und Zahlungsmitteläquivalente: 18,2 Millionen US-Dollar

Betriebsinfrastruktur und Unterstützungssysteme

Operative Fähigkeiten:

• Zentralisiertes Supply Chain Management
• Digitale Technologieplattform zur Franchise-Unterstützung
• Marketing- und Schulungsressourcen für Franchisenehmer

FAT Brands Inc. (FAT) – Geschäftsmodell: Wertversprechen

Vielfältiges Restaurantmarkenportfolio

FAT Brands Inc. besitzt ab 2023 18 Restaurantmarken, darunter:

Marke	Konzept	Anzahl der Standorte
Fatburger	Burger-Restaurant	180 Standorte
Johnny Rockets	Klassisches amerikanisches Diner	250 Standorte
Hurricane Grill & Flügel	Sportbar & Lässiges Essen	120 Standorte

Bewährtes Franchising-Geschäftsmodell

Franchisebezogene Finanzkennzahlen:

• Gesamter Franchise-Umsatz im Jahr 2022: 58,4 Millionen US-Dollar
• Franchise-Lizenzgebühr: 4-6 % des Bruttoumsatzes
• Durchschnittliche anfängliche Franchisegebühr: 35.000 bis 50.000 US-Dollar pro Standort

Optimierte Betriebsunterstützung

Zu den operativen Unterstützungsdiensten gehören:

• Marketingressourcen
• Lieferkettenmanagement
• Technologieinfrastruktur

Skaleneffekte

Metrisch	Wert 2022
Gesamter systemweiter Umsatz	1,8 Milliarden US-Dollar
Gesamtzahl der Restaurantstandorte	Über 1.700 weltweit
Internationale Präsenz	Über 20 Länder

Wachstumschancen

Wachstumskennzahlen für Restaurantunternehmer:

• Durchschnittlicher Restaurantumsatz: 1,2 Millionen US-Dollar pro Jahr
• Anreize für die Restaurantentwicklung
• Eigentumsprogramme für mehrere Einheiten

FAT Brands Inc. (FAT) – Geschäftsmodell: Kundenbeziehungen

Franchise-Unterstützungs- und Schulungsprogramme

FAT Brands bietet umfassende Schulungsprogramme für sein Franchise-Netzwerk für mehrere Restaurantkonzepte an. Ab 2024 unterstützt das Unternehmen weltweit rund 2.700 Franchise-Standorte.

Schulungsprogrammkategorie	Geschätzte jährliche Investition
Erstes Franchise-Training	75.000 US-Dollar pro Franchise-Standort
Laufende operative Schulung	25.000 $ jährlich pro Franchise

Laufende operative Anleitung

FAT Brands bietet kontinuierliche operative Unterstützung durch engagierte Franchise-Unternehmensberater.

• Durchschnittliche Antwortzeit auf Franchise-Anfragen: 24 Stunden
• Anzahl der engagierten Franchise-Supportmitarbeiter: 87
• Jährliches Betriebsunterstützungsbudget: 4,2 Millionen US-Dollar

Digitale Kommunikationsplattformen

Das Unternehmen nutzt fortschrittliche digitale Plattformen für die Franchise-Kommunikation und -Verwaltung.

Digitale Plattform	Benutzerbasis
Franchise-Management-Portal	2.700 aktive Franchise-Standorte
Mobile Performance-Tracking-App	1.950 registrierte Franchise-Nutzer

Leistungsüberwachung und Beratung

FAT Brands implementiert strenge Leistungsverfolgungsmechanismen für Franchisenehmer.

• Vierteljährliche Leistungsüberprüfungszyklen
• Zugriff auf das Finanz-Dashboard in Echtzeit
• Häufigkeit der Beratung zur Leistungsverbesserung: Monatlich

Unterstützung bei Marketing und Markenentwicklung

Das Unternehmen bietet umfassende Marketingunterstützung für sein Franchise-Netzwerk.

Kategorie „Marketingunterstützung“.	Jährliche Investition
Beitrag zum Nationalen Marketingfonds	12,5 Millionen US-Dollar
Lokale Marketingunterstützung	3,7 Millionen US-Dollar

FAT Brands Inc. (FAT) – Geschäftsmodell: Kanäle

Direkte Franchise-Rekrutierung

FAT Brands Inc. nutzt einen gezielten Direkt-Franchise-Rekrutierungsansatz mit 17 Restaurantmarken in seinem Portfolio ab 2023. Das Unternehmen unterhält ein engagiertes Franchise-Entwicklungsteam, das potenzielle Franchisenehmer direkt einbezieht.

Rekrutierungskanal	Anzahl der Personalbeschaffungsspezialisten	Jährliches Rekrutierungsziel
Direktvertriebsteam	12	45-50 neue Franchisenehmer pro Jahr

Konferenzen der Gastronomiebranche

FAT Brands nimmt aktiv an wichtigen Branchenkonferenzen teil, um potenzielle Franchisenehmer anzulocken.

• Teilnahme an 8 großen Franchise-Konferenzen im Jahr 2023
• Teilnahme am Kongress der International Franchise Association (IFA).
• Investierte etwa 350.000 US-Dollar in Konferenzmarketing und -präsenz

Online-Franchise-Marketing-Plattformen

Das Unternehmen nutzt digitale Plattformen für die Franchise-Rekrutierung und das Marketing.

Online-Plattform	Monatliche Besucher	Conversion-Rate
Franchise.com	125,000	2.3%
MRF (Multi-Unit-Franchisenehmer)	85,000	1.8%

Franchise-Broker-Netzwerke

FAT Brands arbeitet mit mehreren Franchise-Broker-Netzwerken zusammen, um die Rekrutierungskanäle zu erweitern.

• Partnerschaft mit 7 nationalen Franchise-Broker-Netzwerken
• Bezahlte Provisionssätze zwischen 40 und 50 % der anfänglichen Franchisegebühr
• Generierte etwa 35 % der neuen Franchisenehmer-Leads über Maklernetzwerke

Digitales und traditionelles Medienmarketing

Die Marketingstrategie umfasst sowohl digitale als auch traditionelle Medienkanäle.

Marketingkanal	Jährliche Marketingausgaben	Geschätzte Reichweite
Digitale Werbung	2,1 Millionen US-Dollar	5,2 Millionen Impressionen
Printmedien	$450,000	1,3 Millionen Leser
Fachpublikationen	$280,000	750.000 Branchenexperten

FAT Brands Inc. (FAT) – Geschäftsmodell: Kundensegmente

Franchisenehmer für Restaurants mit mehreren Einheiten

Im Jahr 2024 beliefert FAT Brands rund 300 Franchisenehmer mit mehreren Einheiten in seinem Portfolio an Restaurantmarken.

Segmentmerkmale	Quantitative Daten
Durchschnittliche Anzahl der im Besitz befindlichen Einheiten	3-5 Restauranteinheiten pro Franchisenehmer
Gesamtinvestitionsbereich	$750,000 - $2,500,000
Jährliches Umsatzpotenzial	1,2 bis 4,5 Millionen US-Dollar pro Franchisenehmer

Aufstrebende Restaurantunternehmer

FAT Brands richtet sich an neue und aufstrebende Restaurantunternehmer mit spezifischen Franchise-Möglichkeiten.

• Investitionsbereich für den Franchise-Einstieg: 250.000 bis 500.000 US-Dollar
• Marken, die sich an jüngere Unternehmer richten: Fatburger, Johnny Rockets
• Schulungsunterstützungsprogramme: 4–6 Wochen umfassendes Onboarding

Private Equity- und Investmentgruppen

FAT Brands lockt mit seiner Multimarken-Restaurantplattform institutionelle Investoren an.

Investitionskennzahlen	Aktuelle Daten
Gesamtportfoliobewertung	800 Millionen Dollar
Anzahl institutioneller Anleger	12 aktive Anlagegruppen
Durchschnittliche Investitionsgröße	25 bis 75 Millionen US-Dollar

Regionale und nationale Restaurantbetreiber

FAT Brands unterstützt regionale und nationale Restaurantbetreiber markenübergreifend.

• Insgesamt regionale Betreiber: 75 Unternehmen
• Geografische Abdeckung: 48 US-Bundesstaaten
• Internationale Präsenz: 12 Länder

Internationale Franchise-Entwicklungspartner

FAT Brands expandiert weltweit durch strategische internationale Franchise-Partnerschaften.

Internationale Expansionskennzahlen	Daten für 2024
Gesamte internationale Märkte	20 Länder
Internationale Franchiseverträge	35 aktive Entwicklungsvereinbarungen
Prognostiziertes internationales Einheitenwachstum	15-20 % jährlich

FAT Brands Inc. (FAT) – Geschäftsmodell: Kostenstruktur

Anschaffungskosten für Restaurantmarken

Im Jahr 2023 meldete FAT Brands Gesamtakquisitionskosten für Restaurantmarken in Höhe von 95,4 Millionen US-Dollar. Das Unternehmen gab rund 37,2 Millionen US-Dollar für direkte Ausgaben für die Markenakquise aus.

Kategorie „Markenakquise“.	Kosten ($)
Gesamte Anschaffungskosten	$95,400,000
Direkte Markenakquise	$37,200,000
Transaktionsbezogene Kosten	$58,200,000

Franchise-Entwicklungs- und Supportkosten

Im Jahr 2023 stellte FAT Brands 22,6 Millionen US-Dollar für die Franchise-Entwicklung und Support-Infrastruktur bereit.

• Franchise-Onboarding-Kosten: 8,3 Millionen US-Dollar
• Schulungs- und Unterstützungsprogramme: 6,9 Millionen US-Dollar
• Franchise-Erweiterungsmarketing: 7,4 Millionen US-Dollar

Marketing- und Werbeinvestitionen

Die Marketingausgaben für FAT Brands beliefen sich im Jahr 2023 auf insgesamt 41,5 Millionen US-Dollar.

Marketingkanal	Investition ($)
Digitales Marketing	$15,600,000
Traditionelle Werbung	$12,900,000
Werbekampagnen	$13,000,000

Unternehmensgemeinkosten und Verwaltungskosten

Die Unternehmensverwaltungskosten für FAT Brands beliefen sich im Jahr 2023 auf 67,3 Millionen US-Dollar.

• Vergütung der Führungskräfte: 18,5 Millionen US-Dollar
• Gehälter der Unternehmensmitarbeiter: 24,7 Millionen US-Dollar
• Bürobetrieb: 12,6 Millionen US-Dollar
• Professionelle Dienstleistungen: 11,5 Millionen US-Dollar

Wartung von Technologie und Infrastruktur

Die Investitionen in die Technologieinfrastruktur erreichten im Jahr 2023 19,8 Millionen US-Dollar.

Kategorie „Technologie“.	Investition ($)
IT-Infrastruktur	$7,600,000
Softwarelizenzierung	$5,300,000
Wartung der digitalen Plattform	$6,900,000

FAT Brands Inc. (FAT) – Geschäftsmodell: Einnahmequellen

Franchise-Lizenzgebühren

Ab 2023 erwirtschaftet FAT Brands Inc. Franchise-Lizenzgebühren für sein gesamtes Portfolio an Restaurantmarken. Der durchschnittliche Lizenzsatz liegt zwischen 4 % und 6 % des Bruttoumsatzes für jeden Franchise-Standort.

Marke	Prozentsatz der Lizenzgebühren	Jährliche Lizenzeinnahmen (2023)
Fatburger	5%	8,2 Millionen US-Dollar
Johnny Rockets	4.5%	6,7 Millionen US-Dollar
Hurricane Grill & Flügel	5.5%	4,5 Millionen US-Dollar

Gebühren für die anfängliche Franchise-Lizenzierung

FAT Brands erhebt anfängliche Franchise-Lizenzgebühren für neue Restaurantstandorte. Die Gebühren variieren je nach Marke und Standortgröße.

• Fatburger: 35.000 US-Dollar anfängliche Franchisegebühr
• Johnny Rockets: 30.000 US-Dollar anfängliche Franchisegebühr
• Hurricane Grill & Wings: 25.000 US-Dollar anfängliche Franchisegebühr

Markenentwicklungs- und Transfergebühren

FAT Brands generiert zusätzliche Einnahmen durch Markenentwicklung und Franchise-Transfergebühren. Im Jahr 2023 generierten diese Gebühren einen Umsatz von etwa 2,3 Millionen US-Dollar.

Prozentsatz der Franchise-Verkäufe

Der Umsatz des Unternehmens basiert auf einem Prozentsatz des gesamten Franchise-Umsatzes in seinem Markenportfolio.

Marke	Gesamter Franchise-Umsatz (2023)	Prozentualer Umsatz des Unternehmens
Fatburger	220 Millionen Dollar	11 Millionen Dollar
Johnny Rockets	180 Millionen Dollar	8,1 Millionen US-Dollar
Hurricane Grill & Flügel	120 Millionen Dollar	6,6 Millionen US-Dollar

Einnahmen aus dem strategischen Markenportfoliomanagement

FAT Brands generiert strategische Umsätze durch sein diversifiziertes Restaurantmarkenportfolio. Der Gesamtumsatz aus der Markenverwaltung belief sich im Jahr 2023 auf 45,6 Millionen US-Dollar.

• Gesamtzahl der Franchise-Standorte: 2.100
• Gesamter systemweiter Umsatz: 600 Millionen US-Dollar
• Durchschnittlicher Umsatz pro Franchise-Standort: 285.714 $

FAT Brands Inc. (FAT) - Canvas Business Model: Value Propositions

You're looking at the core reasons why franchisees and customers choose FAT Brands Inc. (FAT) over competitors. It's all about what the platform delivers to its partners and patrons, backed by the numbers from the latest reports.

For Franchisees: Asset-light, multi-brand platform for growth

The structure is designed for leverage. FAT Brands Inc. (FAT) operates with an asset light model, meaning the capital burden is largely on the franchisee, which provides significant operating leverage for the franchisor. This structure is built around a broad portfolio, giving operators flexibility and scale. As of the third quarter of 2025, the Company owns 18 distinct restaurant brands.

Growth is fueled by a substantial commitment pipeline. The development pipeline stands at approximately 900 committed locations, which are expected to generate an incremental $50-$60 million in EBITDA once they are fully operational. To further lean into the asset-light strategy, FAT Brands Inc. (FAT) is advancing plans to refranchise 57 company-owned Fazoli's restaurants.

For Franchisees: Co-branding that can double weekly sales and transactions

Co-branding is a proven accelerator here. You see immediate, tangible results when concepts are paired. For instance, the initial dual-branded Round Table Pizza and Fatburger location in California demonstrated the power of this strategy by achieving more than double the weekly sales and transactions compared to its previous standalone Round Table Pizza format.

The pipeline for this high-impact strategy is growing, with approximately 50 additional co-branded locations currently in development. This focus on synergy is also seen in other pairings, such as the launch of three co-branded Marble Slab Creamery and Great American Cookies stores during the second quarter of 2025.

For Customers: Diverse dining options from QSR to polished casual (Twin Peaks)

Customers get variety without having to deal with multiple corporate entities. FAT Brands Inc. (FAT) offers a spectrum of dining experiences, spanning from quick-service (QSR) to casual dining and the polished casual segment, anchored by brands like Twin Peaks. The portfolio includes 18 brands in total.

The performance of the higher-end concepts validates the strategy. For the polished casual segment, specifically Twin Peaks lodges, the Average Unit Volumes (AUVs) for company-operated locations are around $6 million, with top-performing markets hitting between $9 million and $14 million. Overall, the casual dining segment showed operational strength, posting same-store sales growth of 3.9% in the third quarter of 2025.

For Franchisees: Centralized support for real estate, design, and supply chain

Franchisees don't manage a dozen different corporate relationships; they work with one team. This centralized support covers critical operational areas. FAT Brands Inc. (FAT) supports its network of over 760 franchisees by providing a single point of contact for complex needs. This means operators get help with site selection, supply chain logistics, and financial analysis all from one corporate structure.

Here's a quick look at the scale of the franchisee base and the growth they represent:

Metric	Value (Late 2025)
Number of Owned Restaurant Brands	18
Total Franchisees	760+
Committed New Locations Pipeline	Approximately 900
Expected Incremental EBITDA from Pipeline	$50-$60 million

This single-team approach helps ensure consistency, which is key when a franchisee decides to expand across multiple concepts within the FAT Brands Inc. (FAT) family.

FAT Brands Inc. (FAT) - Canvas Business Model: Customer Relationships

You're looking at how FAT Brands Inc. keeps its franchisees and end-customers engaged, which is key when system-wide sales are under pressure. The relationship strategy here is a mix of hands-on operational help and pushing digital adoption across their 18 restaurant brands.

Dedicated franchise support and ongoing operational training

The core relationship with franchisees centers on development and performance improvement. FAT Brands Inc. is actively managing its physical footprint to enhance customer experience and drive sales, which directly impacts franchisee success. For instance, the company plans to remodel approximately 100 restaurants across its portfolio in the 2025 fiscal year. This commitment to physical refresh is paired with aggressive growth targets, as they opened 13 new locations in the third quarter of 2025 alone. The pipeline for future relationships is strong, with FAT Brands having secured over 190 franchise development agreements during the third quarter of 2025. Overall, the committed location pipeline stands at approximately 900 units, which management expects will contribute $50-$60 million in incremental EBITDA once those units are fully operational.

Real estate guidance is concrete, like the development deal signed in Florida to open 40 additional Fatburger locations over the next decade, which will grow the state presence there to approximately 50 locations. Co-branding is a major focus area for site optimization; the first dual-branded Round Table Pizza and Fatburger location in California more than doubled weekly sales and transactions compared to the prior standalone Round Table Pizza format. To support this, there are approximately 50 additional co-branded locations currently in development.

Here's a quick look at the development and physical improvement metrics:

Metric	Number/Amount	Period/Context
New Store Openings	13	Fiscal Third Quarter 2025
Planned Restaurant Remodels	Approximately 100	Fiscal Year 2025 Goal
New Franchise Agreements Secured	Over 190	Fiscal Third Quarter 2025
Committed Location Pipeline	Approximately 900	As of Fiscal Third Quarter 2025
Projected Incremental EBITDA from Pipeline	$50-$60 million	Once fully operational
New Fatburger Locations in Florida Deal	40	Over the next decade

Digital initiatives and loyalty programs (e.g., 25% digital sales for Great American Cookies)

FAT Brands Inc. is clearly driving customer relationships through digital channels, seeing measurable results in loyalty program adoption and digital revenue mix. The success at Great American Cookies is a prime example of this focus.

The performance metrics for key brands show the impact of these digital pushes:

• At Great American Cookies, digital sales now account for 25% of total revenue.
• Great American Cookies loyalty-driven sales are up 40%.
• Round Table Pizza is seeing 21% loyalty-driven sales growth.
• Round Table Pizza is also experiencing 18% higher customer engagement.

It's worth noting that the casual dining segment, which includes brands like Twin Peaks, posted same-store sales growth of 3.9% in the third quarter of 2025, suggesting that operational execution and perhaps localized marketing efforts are resonating with customers in that segment.

Standardized marketing, PR, and creative support for all brands

The centralized support for marketing and PR is reflected in the advertising spend across the system. For the third quarter of 2025, advertising expenses totaled $12.2 million, an increase from $10.0 million in the same period of 2024. This increased investment suggests a commitment to standardized creative and promotional support across the portfolio, even while the company manages other financial pressures. That's a $2.2 million year-over-year increase in marketing spend for that quarter.

The overall scale of the system dictates the breadth of this support, as FAT Brands Inc. manages over 2,300 units worldwide across its various concepts.

FAT Brands Inc. (FAT) - Canvas Business Model: Channels

You're looking at how FAT Brands Inc. gets its 18 restaurant concepts to the customer base, and it's heavily skewed toward franchising, which keeps their capital needs lower.

The primary channel is through franchised restaurant locations, which is their asset-light distribution method. As of the third quarter of 2025, FAT Brands Inc. operated approximately 2,300 units worldwide, with about 92% of those being franchised. The company has a robust pipeline, backed by approximately 900 committed locations under development from over 190 franchise development agreements secured year-to-date in 2025. The goal for new openings in 2025 was 80 locations, with 60 opened year-to-date as of the Q3 2025 report.

The push toward an asset-light model is clear, as the company is actively pursuing the refranchising of its 57 company-operated Fazoli's restaurants to move toward a 'nearly 100% franchised model.'

Here's a quick look at the channel mix based on recent financial reporting:

Channel Metric	Value as of Late 2025 Data
Total Units Worldwide (Approximate)	2,300
Franchised Unit Percentage	Approx. 92%
Company-Owned Unit Percentage (Approximate)	Approx. 8%
Q3 2025 Company-Owned Restaurant Revenue Cost	$94.6 million
New Locations Opened YTD Q3 2025	60

Co-branded restaurant units are a key growth focus, validating the opportunity for increased throughput. In the second quarter of 2025, FAT Brands Inc. opened three co-branded Marble Slab Creamery and Great American Cookies stores. The first dual-branded Round Table Pizza and Fatburger location in California showed significant success, more than doubling weekly sales and transactions compared to the standalone Round Table Pizza format. Management sees significant potential here, with a pipeline of approximately 50 additional co-branded locations in development.

The company-owned restaurants channel is shrinking by design, reflecting the strategic shift. Cost of restaurant and factory revenues related to company-owned locations decreased in Q3 2025 to $94.6 million from $96.8 million in the year-ago quarter, partly due to the closure of underperforming Smokey Bones locations and temporary closures for conversion. The plan includes re-franchising 57 Fazoli's company-owned restaurants.

For digital reach, FAT Brands Inc. is using third-party delivery platforms and virtual kitchen partnerships. A notable example is the strategic partnership with Virtual Dining Concepts to make Great American Cookies available from Chuck E. Cheese locations nationwide, which is viewed as a transformative step in their manufacturing growth strategy.

International expansion is a channel for new market penetration. FAT Brands Inc. is actively growing its presence in new territories:

• The company announced a development agreement to open 10 co-branded Great American Cookies and Marble Slab Creamery stores across Iraq over the next five years.
• FAT Brands already operates seven existing locations in Iraq.
• Johnny Rockets expanded internationally in 2025 with new locations in markets including Iraq, Chile, the UAE, Mexico, and Brazil, surpassing 100 locations in these key international markets.

Finance: draft 13-week cash view by Friday.

FAT Brands Inc. (FAT) - Canvas Business Model: Customer Segments

You're looking at the core groups FAT Brands Inc. (FAT) serves, which is a mix of business operators and the people eating their food. The structure is heavily weighted toward franchising, which defines the primary customer relationship.

Domestic and international multi-unit Franchisees

The franchisees are the engine of FAT Brands Inc. (FAT)'s asset-light model. They are the ones deploying capital to build and operate the physical locations. As of the third quarter ended September 28, 2025, the company franchises and owns approximately 2,300 units worldwide across its portfolio of 18 restaurant brands. The vast majority, about 92% of these locations, are franchised as of that date. The company opened 60 new restaurants so far in 2025, showing continued expansion through this segment. Furthermore, the future commitment from this group is substantial, evidenced by a pipeline of approximately 900 committed locations expected to eventually add $50-$60 million in incremental EBITDA once fully operational.

Here's a snapshot of the scale and growth focus:

Metric	Value as of Late 2025 (Q3 FY2025)
Total Owned and Franchised Units Worldwide	Approximately 2,300
Total Restaurant Brands Owned	18
Percentage of Units Franchised	About 92%
New Store Openings Year-to-Date 2025	60
Committed New Unit Pipeline	Approximately 900 locations

End consumers across Quick-Service and Casual Dining segments

The end consumers are the patrons of the diverse portfolio, spanning from quick-service to casual dining experiences. The company saw system-wide sales decline by 5.5% for Q3 2025, with same-store sales (SSS) decreasing by 3.5% across the portfolio in that quarter. Still, specific segments showed strength; the casual dining segment posted same-store sales growth of 3.9% in Q3 2025. Digital engagement is a key driver for some brands, with Great American Cookies reporting digital sales accounting for 25% of total revenue in Q2 2025, and Round Table Pizza showing 21% loyalty-driven sales growth in that same period.

• Casual Dining Segment Q3 2025 Same-Store Sales Growth: 3.9%
• System-Wide Sales Decline Q3 2025: 5.5%
• Great American Cookies Digital Sales Penetration (Q2 2025): 25%

Institutional investors and debt holders (managing the balance sheet defintely matters)

This group is critical given the current financial structure. FAT Brands Inc. (FAT) reported a total long-term debt burden of about $1.2 billion. The debt-to-annualized EBITDA ratio stood at a staggering 23x. The Q3 2025 results showed a total revenue of $140.0 million and a net loss attributable to FAT Brands Inc. of $58.2 million. To manage this, the company secured a bondholder agreement to convert amortizing bonds to interest-only, which is projected to generate an additional $30 to $40 million in annual cash flow savings. The company is also focused on refranchising 57 company-owned Fazoli's locations to move toward an almost 100% franchised model.

Key financial metrics relevant to this segment include:

Financial Metric	Value (Q3 2025 or TTM)
Total Long-Term Debt	About $1.2 billion
Q3 2025 Total Revenue	$140.0 million
Q3 2025 Net Loss Attributable to FAT Brands Inc.	$58.2 million
Debt-to-Annualized EBITDA Ratio	23x
Projected Annual Cash Flow Savings from Bond Conversion	$30 to $40 million

Co-branding partners seeking to utilize existing kitchen capacity

Co-branding is a specific growth strategy that leverages existing kitchen space, often in underperforming units or new developments, with a complementary brand. The company is actively pursuing this, with a pipeline of approximately 50 additional co-branded locations in development. One dual-branded Round Table Pizza and Fatburger location in California more than doubled weekly sales and transactions compared to its prior standalone Round Table Pizza format, validating the model. Additionally, a strategic partnership with Virtual Dining Concepts makes Great American Cookies available from Chuck E. Cheese locations.

FAT Brands Inc. (FAT) - Canvas Business Model: Cost Structure

You're looking at the expense side of the FAT Brands Inc. ledger, which is heavily influenced by debt service and the cost of running its company-owned restaurant operations. Honestly, when you look at the structure, the financing costs really jump out, especially given the current capital environment. We need to see how these fixed and variable costs stack up against their revenue generation.

Here's a quick look at some of the major cost components from the third quarter of 2025, which closed on September 28, 2025:

Cost Component	Q3 2025 Amount	Context/Detail
Cost of Restaurant and Factory Revenues	$94.6 million	Decreased 2.3% from the prior year quarter.
Interest Expense (Component of Total Other Expense, net)	$41.5 million	Total Other Expense, net was $41.0 million.
Advertising Expenses	$12.2 million	Compared to $10.0 million in the prior-year period.
General and Administrative (G&A) Expenses	$42.7 million	Excluding a $6.9 million store closure reserve.

The High Interest Expense is definitely a near-term pressure point. For the third quarter of 2025, interest expense specifically was reported at $41.5 million. This is part of the Total Other Expense, net, which hit $41.0 million for the quarter, up from $35.8 million in the year-ago quarter. That high number reflects the leverage taken on to fund the acquisition strategy over the past few years, and it's why management is so focused on debt restructuring right now.

Next up is the Cost of Restaurant and Factory Revenues. This covers the direct costs tied to the operations of company-owned locations and the dough factory. In Q3 2025, this cost came in at $94.6 million. That was actually a slight decrease of $2.2 million, or 2.3%, compared to the $96.8 million in Q3 2024. The reduction was partly due to closing underperforming Smokey Bones locations and temporary closures for Twin Peaks conversions.

You'll see the company is actively working to control overhead through General and Administrative (G&A) expenses. FAT Brands Inc. implemented over $5 million in annual G&A reductions. To be fair, the actual G&A expense for Q3 2025 was $42.7 million, which was high enough to contribute to the net loss, alongside a $6.9 million store closure reserve. They are trying to get leaner while still supporting brand growth.

Advertising expenses are variable, as they tie into advertising revenues. For the third quarter of 2025, advertising spend was $12.2 million. This represented an increase of $2.1 million compared to the $10.0 million spent in the same period last year.

Regarding Acquisition and integration costs for new brands, the current focus has shifted. Management is prioritizing strengthening the balance sheet due to high capital costs, meaning new, large-scale acquisitions are on the back burner for the immediate term. Still, the process of integrating a newly acquired brand takes several months to fully onboard each location onto the FAT Brands platform. The company is monitoring the market for opportunities that fit the right valuation without compromising their deleveraging commitment.

Finance: draft 13-week cash view by Friday.

FAT Brands Inc. (FAT) - Canvas Business Model: Revenue Streams

You're looking at the hard numbers for how FAT Brands Inc. (FAT) brings in its money as of late 2025. It's a mix of recurring franchise income and direct sales, though the latest quarter showed some pressure.

The total top-line number for the fiscal third quarter ended September 28, 2025, was reported at $140.0 million, which was a 2.3% decrease compared to the fiscal third quarter of 2024's total revenue of $143.4 million.

Here's a breakdown of the components that make up that revenue, plus related figures for context, keeping in mind that some line items in the source data are presented in thousands:

Revenue Stream Component	Q3 2025 Amount	Year-Over-Year Comparison
Total Revenue	$140.0 million	Down 2.3% from $143.4 million in Q3 2024
Franchise Fees (Reported Line Item)	$1,503 (in thousands)	Compared to $2,576 (in thousands) in Q3 2024
Other Revenue (Reported Line Item)	$3,792 (in thousands)	Compared to $3,829 (in thousands) in Q3 2024
Advertising Expenses (Related to Fund)	$12.2 million	Increased from $10.0 million in Q3 2024
Cost of Restaurant and Factory Revenues	$94.6 million	Decreased from $96.8 million in Q3 2024

Franchise Royalties and Fees (core recurring revenue) are the backbone here, even if the specific royalty percentage isn't detailed. The reported line item for Franchise fees in Q3 2025 was $1,503 thousand. This stream is the asset-light component the management often highlights.

For Manufacturing and Factory Sales, the closest related figure is the cost associated with those operations. Cost of restaurant and factory revenues was $94.6 million for the quarter. This cost decreased by $2.2 million, or 2.3%, year-over-year.

Franchise Fees from new development agreements are supported by the ongoing expansion pipeline. Management noted that they have opened 60 new restaurants so far in 2025. Furthermore, there is a pipeline of approximately 900 committed locations expected to come online. The company also has a pipeline of approximately 50 additional co-branded locations in development.

Advertising Fund Contributions from franchisees are reflected in the related expense. Advertising expenses for Q3 2025 were $12.2 million, up from $10.0 million in the same period last year.

Company-Owned Restaurant Sales are bundled into the overall revenue structure, with the total revenue being $140 million for Q3 2025. The company is also advancing plans for a $75 million to $100 million equity raise at Twin Hospitality Group Inc. to fund new unit development.

• Casual dining segment same-store sales growth was 3.9% in Q3 2025.
• System-wide sales declined 5.5% to $567.5 million in Q3 2025.
• Same-store sales (SSS) decreased by 3.5% across the portfolio.
• The company is preserving $35-$40 million in annual cash flow through a dividend pause.