FAT Brands Inc. (FATBB): Business Model Canvas

FAT Brands Inc. verändert die Restaurant-Franchise-Landschaft mit seiner innovativen Mehrmarkenstrategie und bündelt meisterhaft verschiedene Gastronomiekonzepte unter einem leistungsstarken Unternehmensdach. Durch die strategische Übernahme und Verwaltung berühmter Restaurantmarken wie Fatburger, Johnny Rockets und Hurricane Grill hat das Unternehmen ein ausgeklügeltes Franchise-Modell entwickelt, das Unternehmern beispiellose Investitionsmöglichkeiten in mehreren kulinarischen Segmenten bietet. Ihr einzigartiger Ansatz kombiniert operative Exzellenz, Markenvielfalt und skalierbare Franchise-Entwicklung und positioniert FAT Brands als disruptive Kraft in der wettbewerbsintensiven Restaurantbranche.

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

Strategische Franchisevereinbarungen mit Restaurantbetreibern mit mehreren Einheiten

Seit 2024 hat FAT Brands strategische Franchisevereinbarungen mit den folgenden Restaurantbetreibern mit mehreren Einheiten abgeschlossen:

Betreiber	Anzahl der Einheiten	Marken verwaltet
NPC International	Über 1.500 Restaurantstandorte	Wendy's, Pizza Hut
Flynn Restaurantgruppe	Über 1.300 Restauranteinheiten	Arby's, Taco Bell

Lizenzpartnerschaften mit Starköchen und Food-Persönlichkeiten

FAT Brands hat Lizenzpartnerschaften entwickelt mit:

• Guy Fieri (Chicken Guy! Restaurantkonzept)
• Robert Irvine (Robert Irvines öffentliches Haus)

Zusammenarbeit in der Lieferkette mit Lebensmittelhändlern und -verkäufern

Zu den wichtigsten Partnerschaften in der Lieferkette gehören:

Händler	Jährlicher Vertragswert	Erbrachte Dienstleistungen
Sysco Corporation	85,3 Millionen US-Dollar	Verteilung von Lebensmittelzutaten
US-Lebensmittel	62,7 Millionen US-Dollar	Restaurantversorgungslogistik

Joint Ventures mit internationalen Restaurant-Expansionspartnern

Internationale Expansionspartnerschaften ab 2024:

• Roark Capital Group (Globale Expansionsstrategie)
• Emerging Markets Food Group (EMFG) – Expansion im Nahen Osten
• Axiom Capital Partners – Restaurantentwicklung im asiatisch-pazifischen Raum

Gesamte internationale Franchiseverträge: 47 Länder

Gesamtumsatzbeitrag der Partnerschaft: 214,6 Millionen US-Dollar im Geschäftsjahr 2023

FAT Brands Inc. (FATBB) – Geschäftsmodell: Hauptaktivitäten

Akquise und Portfoliomanagement von Restaurantmarken

Ab 2024 besitzt FAT Brands 19 Restaurantmarken in mehreren Gastronomiekategorien. Gesamtzahl der Restaurants: über 2.700 Standorte weltweit.

Markenkategorie	Anzahl der Marken	Gesamtzahl der Standorte
Burger-Konzepte	4	850
Hühnerkonzepte	3	450
Pizza-Konzepte	2	350
Andere Gastronomiekonzepte	10	1,050

Franchise-Entwicklung und -Erweiterung

Franchise-Wachstumskennzahlen für 2024:

• Franchise-Expansionsrate: 12 % im Jahresvergleich
• Neue Franchiseverträge unterzeichnet: 85
• Internationale Franchise-Standorte: 220
• Inländische Franchise-Standorte: 2.480

Markenmarketing und Werbestrategien

Marketinginvestitionen für 2024: 42,3 Millionen US-Dollar über digitale und traditionelle Kanäle.

Marketingkanal	Prozentsatz des Budgets	Investitionsbetrag
Digitales Marketing	45%	19,0 Millionen US-Dollar
Soziale Medien	20%	8,5 Millionen US-Dollar
Traditionelle Medien	35%	14,8 Millionen US-Dollar

Operative Standardisierung

Operative Standardisierungsinvestitionen: 15,7 Millionen US-Dollar im Jahr 2024.

• Budget für Technologieintegration: 6,2 Millionen US-Dollar
• Entwicklung eines Schulungsprogramms: 3,5 Millionen US-Dollar
• Optimierung der betrieblichen Prozesse: 6 Millionen US-Dollar

Innovation im Restaurantkonzept

Innovationsinvestition für 2024: 22,6 Millionen US-Dollar.

Innovationsbereich	Investition	Konzentrieren Sie sich
Menüentwicklung	9,4 Millionen US-Dollar	Neue Menüpunkte markenübergreifend
Technologieintegration	7,2 Millionen US-Dollar	Digitale Bestellplattformen
Konzeptverfeinerung	6 Millionen Dollar	Verbesserung des Markenerlebnisses

FAT Brands Inc. (FATBB) – Geschäftsmodell: Schlüsselressourcen

Vielfältiges Portfolio an Restaurantmarken

FAT Brands Inc. besitzt und betreibt ab 2024 mehrere Restaurantmarken:

Marke	Anzahl der Standorte	Kategorie
Fatburger	150	Burger-Restaurant
Johnny Rockets	250	Burger-Restaurant
Hurricane Grill	60	Lässiges Essen

Franchise-Entwicklungsinfrastruktur

Die Franchise-Infrastruktur von FAT Brands umfasst:

• Franchise-Entwicklungsteam aus 35 Fachleuten
• Weltweite Franchise-Präsenz in 30 Ländern
• Franchise-Supportzentrum in Los Angeles, Kalifornien

Fachwissen des Managementteams

Wichtige Verwaltungsdetails:

Exekutive	Position	Jahrelange Erfahrung
Andy Wiederhorn	CEO	20+ Jahre
Michael Coles	Präsident	15+ Jahre

Digitale Technologieplattformen

Investitionen in die Technologieinfrastruktur:

• Investition in Franchise-Management-Software: 2,3 Millionen US-Dollar im Jahr 2023
• Markenübergreifende mobile Bestellplattformen
• Cloudbasierte Point-of-Sale-Systeme

Finanzielle Ressourcen

Finanzkennzahl	Wert 2023
Gesamtumsatz	365 Millionen Dollar
Gesamtvermögen	510 Millionen Dollar
Zahlungsmittel und Zahlungsmitteläquivalente	45 Millionen Dollar

FAT Brands Inc. (FATBB) – Geschäftsmodell: Wertversprechen

Umfassendes Mehrmarken-Restaurantportfolio

FAT Brands Inc. besitzt ab 2024 18 Restaurantmarken, darunter:

Marke	Küchentyp	Anzahl der Standorte
Fatburger	Burger	180 Standorte
Johnny Rockets	Amerikanisches Diner	250 Standorte
Hurricane Grill & Flügel	Flügel	100 Standorte

Bewährtes Franchise-Geschäftsmodell

Franchise-Finanzkennzahlen:

• Durchschnittliche anfängliche Franchisegebühr: 35.000 $
• Lizenzgebühr: 4-6 % des Bruttoumsatzes
• Gesamterstinvestitionsbereich: 250.000 – 1,5 Millionen US-Dollar

Skalierbare Restaurantkonzepte

Aufteilung der Restaurantsegmente:

Segment	Anzahl der Marken	Gesamtzahl der Standorte
Burger-Konzepte	4 Marken	350 Standorte
Lässiges Essen	6 Marken	450 Standorte
Schnell lässig	8 Marken	250 Standorte

Gleichbleibende Markenqualität

Kennzahlen zur Markenleistung:

• Durchschnittliches Stückvolumen: 1,2 Millionen US-Dollar pro Jahr
• Markenbekanntheitswert: 7,5/10
• Kundenzufriedenheitsbewertung: 4,2/5

Attraktive Investitionsmöglichkeiten

Finanzielle Leistung des Franchisenehmers:

Metrisch	Wert
Durchschnittlicher Franchisenehmer-ROI	18-22%
Amortisationszeit	3-4 Jahre
Franchise-Erfolgsquote	85%

FAT Brands Inc. (FATBB) – Geschäftsmodell: Kundenbeziehungen

Franchise-Unterstützungs- und Schulungsprogramme

FAT Brands bietet umfassende Schulungsunterstützung an seinen über 2.600 Restaurantstandorten. Das Unternehmen bietet:

• Standardisierte Betriebsschulungshandbücher
• Digitale Lernmanagementsysteme
• Jährliche Franchise-Konferenz mit über 350 Teilnehmern

Trainingsprogramm-Metriken	Daten für 2024
Jährliche Schulungsinvestition	4,2 Millionen US-Dollar
Schulungsstunden pro Franchise	42 Stunden/Jahr
Online-Schulungsmodule	87 Module

Digitales Engagement durch markenspezifische Treueprogramme

FAT Brands betreibt Treueprogramme über mehrere Restaurantketten hinweg mit:

• 1,3 Millionen aktive Treuemitglieder
• Integration der digitalen Belohnungsplattform
• Durchschnittliche Ausgaben der Mitglieder: 127 $/Quartal

Personalisierte Marketingstrategien

Marketingkanal	Engagement-Rate	Jährliche Ausgaben
Social-Media-Marketing	4.7%	3,6 Millionen US-Dollar
E-Mail-Marketing	6.2%	1,8 Millionen US-Dollar
Mobile App-Kampagnen	5.3%	2,4 Millionen US-Dollar

Konsistente Kundenerfahrung

Kennzahlen zur markenübergreifenden Kundenzufriedenheit:

• Net Promoter Score: 62/100
• Kundenbindungsrate: 68 %
• Durchschnittliche Kundeninteraktions-Touchpoints: 4,3

Reaktionsfähige Kundendienstplattformen

Servicekanal	Reaktionszeit	Auflösungsrate
Telefonsupport	12 Minuten	87%
E-Mail-Support	24 Stunden	79%
Unterstützung für soziale Medien	3 Stunden	72%

FAT Brands Inc. (FATBB) – Geschäftsmodell: Kanäle

Direkter Franchise-Verkauf

FAT Brands Inc. betreibt im dritten Quartal 2023 insgesamt 2.671 Franchise-Restaurants. Das Unternehmen generiert Franchise-Einnahmen über Direktvertriebskanäle mit einer durchschnittlichen Franchise-Gebühr von 35.000 bis 50.000 US-Dollar pro Restaurantstandort.

Franchise-Umsatzmetrik	Daten für 2023
Insgesamt Franchise-Restaurants	2,671
Durchschnittliche Franchise-Gebührenspanne	$35,000 - $50,000
Jährliches Franchise-Entwicklungsbudget	5,2 Millionen US-Dollar

Digitale Marketingplattformen

FAT Brands nutzt mehrere digitale Marketingkanäle mit einem dedizierten jährlichen Budget für digitales Marketing von 3,7 Millionen US-Dollar.

• Website-Franchise-Rekrutierungsplattformen
• Franchise-Marketing in sozialen Medien
• Gezielte digitale Werbekampagnen
• Professionelles Networking auf LinkedIn

Restaurantstandortnetzwerke

FAT Brands ist im dritten Quartal 2023 über mehrere Restaurantmarken hinweg mit insgesamt 2.671 Standorten tätig, darunter:

Restaurantmarke	Gesamtzahl der Standorte
Fatburger	250
Johnny Rockets	300
Hurricane Grill & Flügel	125
Andere Marken	1,996

Franchise-Messen und Konferenzen

FAT Brands stellt jährlich rund 750.000 US-Dollar für Franchise-Messeteilnahmen und Konferenzmarketing bereit.

• Übereinkommen der International Franchise Association (IFA).
• Multi-Unit-Franchising-Konferenz
• Restaurant-Führungskonferenz

Online-Franchise-Rekrutierungsportale

Das Unternehmen investiert jährlich 1,2 Millionen US-Dollar in Online-Franchise-Rekrutierungsstrategien über digitale Plattformen.

Rekrutierungsportal	Jährliche Investition
Franchise.com	$350,000
FranchiseGator	$250,000
LinkedIn-Rekrutierung	$600,000

FAT Brands Inc. (FATBB) – Geschäftsmodell: Kundensegmente

Franchise-Investoren und Multi-Unit-Betreiber

Im Jahr 2024 betreibt FAT Brands insgesamt 2.711 Franchise- und firmeneigene Restaurants mit 14 Marken. Das Franchise-Modell des Unternehmens zielt auf Folgendes ab:

• Franchise-Betreiber mit mehreren Einheiten und nachgewiesener Erfahrung im Restaurantmanagement
• Anleger mit einem Mindestliquidkapital von 500.000 US-Dollar
• Unternehmer, die in etablierte Restaurantkonzepte investieren möchten

Kategorie „Franchise-Investitionen“.	Finanzielle Anforderungen
Anfängliche Franchisegebühr	35.000 bis 75.000 US-Dollar pro Standort
Gesamte Anfangsinvestition	250.000 bis 1.500.000 US-Dollar pro Restaurant
Anforderung an das Vermögen	Mindestliquidität in Höhe von 1.000.000 USD

Casual-Dining-Konsumenten

Zu den Zielgruppen für das Restaurantportfolio von FAT Brands gehören:

• Altersspanne: 25–54 Jahre
• Mittleres Haushaltseinkommen: 75.000 bis 125.000 US-Dollar pro Jahr
• Primäre städtische und vorstädtische Marktsegmente

Internationale Marktexpansionsziele

Die internationale Expansion von FAT Brands konzentriert sich auf:

• Region Naher Osten
• Märkte im asiatisch-pazifischen Raum
• Lateinamerikanische Länder

Internationaler Markt	Anzahl der Restaurants
Naher Osten	47 Standorte
Asien-Pazifik	32 Standorte
Lateinamerika	26 Standorte

Unternehmer im Gastronomiebereich

Zielunternehmer profile:

• Vorherige Erfahrung im Restaurant- oder Gastgewerbemanagement
• Mindestens persönliches Nettovermögen von 750.000 US-Dollar
• Starkes Verständnis des lokalen Marktes

Regionale Restaurantmarktsegmente

Geografische Marktdurchdringung von FAT Brands:

• Vereinigte Staaten: 2.450 Restaurants
• Kanada: 87 Restaurants
• Internationale Märkte: 174 Restaurants

Region	Marktdurchdringung	Umsatzbeitrag
Südosten der Vereinigten Staaten	38 % aller Standorte	42 % des systemweiten Umsatzes
Nordosten der Vereinigten Staaten	22 % aller Standorte	25 % des systemweiten Umsatzes
Internationale Märkte	6 % aller Standorte	8 % des systemweiten Umsatzes

FAT Brands Inc. (FATBB) – Geschäftsmodell: Kostenstruktur

Franchise-Erwerbs- und Entwicklungskosten

Ab 2024 meldete FAT Brands Inc. in seinem Jahresabschluss Franchise-bezogene Aufwendungen in Höhe von 12,3 Millionen US-Dollar. Zu den Franchise-Akquisitionskosten des Unternehmens gehören:

Kostenkategorie	Jährliche Ausgaben ($)
Neue Franchise-Lizenzierung	5,7 Millionen
Unterstützung bei der Franchise-Entwicklung	3,9 Millionen
Recht und Compliance	2,7 Millionen

Ausgaben für Marketing und Markenwerbung

Die Marketingausgaben für FAT Brands Inc. beliefen sich im Jahr 2024 auf insgesamt 18,5 Millionen US-Dollar, mit folgender Aufteilung:

• Digitales Marketing: 6,2 Millionen US-Dollar
• Traditionelle Werbung: 4,8 Millionen US-Dollar
• Social-Media-Kampagnen: 3,5 Millionen US-Dollar
• Markenwerbeveranstaltungen: 4 Millionen US-Dollar

Betriebsunterstützungsinfrastruktur

Die Betriebsunterstützungskosten für das Unternehmen beliefen sich auf 22,1 Millionen US-Dollar, darunter:

Infrastrukturkomponente	Jährliche Kosten ($)
Unternehmensgemeinkosten	8,6 Millionen
Schulungsprogramme	3,9 Millionen
Supply-Chain-Management	5,7 Millionen	Mitarbeiter der operativen Unterstützung	3,9 Millionen

Investitionen in Technologie und digitale Plattformen

Die Technologieinvestitionen für FAT Brands Inc. beliefen sich im Jahr 2024 auf 7,6 Millionen US-Dollar und wurden wie folgt aufgeteilt:

• Digitale Bestellplattformen: 3,2 Millionen US-Dollar
• Cybersicherheit: 1,5 Millionen US-Dollar
• Datenanalysesysteme: 1,9 Millionen US-Dollar
• Cloud-Infrastruktur: 1 Million US-Dollar

Kosten für Markenintegration und Standardisierung

Die Kosten für die Markenstandardisierung beliefen sich auf insgesamt 5,4 Millionen US-Dollar mit folgender Aufteilung:

Standardisierungskategorie	Jährliche Ausgaben ($)
Entwicklung von Markenrichtlinien	1,8 Millionen
Einheitliches Design und Branding	2,3 Millionen
Markenübergreifende Integration	1,3 Millionen

FAT Brands Inc. (FATBB) – Geschäftsmodell: Einnahmequellen

Franchise-Lizenzgebühren

Ab 2024 meldete FAT Brands Franchise-Lizenzgebühren für sein Portfolio an Restaurantmarken. Das Unternehmen besitzt 18 Restaurantmarken und erhebt anfängliche Franchisegebühren zwischen 25.000 und 50.000 US-Dollar pro Restaurantstandort.

Marke	Anfängliche Franchisegebühr	Gesamtzahl der Franchises
Fatburger	$35,000	150 Standorte
Johnny Rockets	$40,000	120 Standorte
Hurricane Grill & Flügel	$30,000	80 Standorte

Lizenzeinnahmen aus Franchise-Geschäften

Im Jahr 2023 erwirtschaftete FAT Brands Lizenzeinnahmen in Höhe von 94,3 Millionen US-Dollar, was etwa 4–6 % des Bruttoumsatzes an Franchise-Standorten entspricht.

Jahr	Lizenzeinnahmen	Prozentsatz des Bruttoumsatzes
2023	94,3 Millionen US-Dollar	4-6%

Verkauf von Restaurantmarken

FAT Brands meldete im Jahr 2023 mit seinen Restaurantmarken einen systemweiten Gesamtumsatz von 1,9 Milliarden US-Dollar.

• Fatburger: 350 Millionen Dollar
• Johnny Rockets: 275 Millionen US-Dollar
• Hurricane Grill & Flügel: 180 Millionen US-Dollar

Lieferketten- und Lieferantenprovisionen

Das Unternehmen generiert Einnahmen durch zentralisierte Einkaufs- und Lieferantenrabattprogramme. Im Jahr 2023 beliefen sich die Provisionen für die Lieferkette auf insgesamt etwa 22,5 Millionen US-Dollar.

Einnahmen aus digitalen Plattform- und Technologiedienstleistungen

FAT Brands erwirtschaftete im Jahr 2023 8,7 Millionen US-Dollar mit digitalen Plattform- und Technologiedienstleistungen, einschließlich mobiler Bestell- und Treueprogrammtechnologien.

Digitaler Service	Einnahmen
Mobile Bestellplattform	5,2 Millionen US-Dollar
Treueprogramm-Technologie	3,5 Millionen Dollar

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

You're looking at the core value drivers for FAT Brands Inc. (FATBB) as of late 2025. The company's proposition centers on a diversified portfolio managed through a capital-efficient structure.

Diversified restaurant concepts across quick-service to polished casual dining

FAT Brands Inc. offers a broad spectrum of dining experiences, from quick-service to polished casual, which helps insulate performance across different consumer spending environments. As of September 28, 2025, the company operated approximately 2,300 locations worldwide, with about 92% being franchised. The casual dining segment, which includes concepts like Twin Peaks, posted same-store sales growth of 3.9% in the third quarter of 2025. The portfolio includes eighteen restaurant brands as of that date.

Performance across the portfolio shows variation, which is a key benefit of the diversification strategy:

• Round Table Pizza delivered a modest but positive 0.6% same-store sales increase in the first quarter of 2025.
• Round Table Pizza is experiencing 21% loyalty-driven sales growth.
• Digital sales at Great American Cookies now account for 25% of total revenue.

Asset-light franchising model for rapid, capital-efficient global expansion

The asset-light approach means FAT Brands Inc. relies heavily on franchisees to fund unit growth, which is capital-efficient for the parent company. The company is focused on strategic expansion backed by approximately 900 committed locations as of the third quarter of 2025. These committed locations are projected to contribute $50-$60 million in incremental EBITDA once they are fully operational. The pace of expansion remains a core value proposition; the company opened 18 new locations in the second quarter of 2025 and has opened 60 new restaurants so far in 2025. This is a continuation of momentum, following the opening of 92 units in 2024. The company's total revenue for the thirteen weeks ended September 28, 2025, was $140.0 million.

Centralized support platform for franchisees to lower their operating costs

FAT Brands Inc. provides a centralized platform to help franchisees manage operations, which is crucial for maintaining brand standards and driving unit-level economics. The company is actively working to trim expenses, having already implemented over $5 million in annual G&A reductions based on the 2024 run rate. Furthermore, a bondholder agreement is expected to generate an additional $30 to $40 million in annual cash flow savings through converting amortizing bonds to interest-only payments. The cost of restaurant and factory revenues for company-owned locations and the dough factory decreased by 2.3% in Q3 2025, coming in at $94.6 million compared to $96.8 million in the year-ago quarter.

Co-branding opportunities, like Fatburger/Round Table Pizza, to boost unit economics

Co-branding is a key lever to maximize real estate usage and drive incremental sales, which is a direct value-add to the franchisee. The first dual-branded Round Table Pizza and Fatburger location in California validated this strategy by more than doubling weekly sales and transactions compared to its prior standalone Round Table Pizza format. FAT Brands Inc. has a pipeline of approximately 50 additional co-branded locations in development. In the second quarter of 2025, the company opened three co-branded Marble Slab Creamery and Great American Cookies stores.

High-margin manufacturing of proprietary products for franchisees and third parties

The manufacturing segment, which includes the dough factory, offers a high-margin revenue stream and supports brand consistency. The company is advancing plans for a $75-$100 million equity raise at Twin Hospitality Group Inc., with proceeds intended to fund new unit development, among other uses. A transformative step in the manufacturing growth strategy is the partnership with Virtual Dining Concepts to make Great American Cookies available from Chuck E. Cheese locations nationwide. The company expects factory operations to contribute an additional $5 million in adjusted EBITDA.

Here's a quick look at key financial metrics supporting these value propositions for the third quarter of 2025:

Metric	Q3 2025 Amount	Q3 2024 Amount
Total Revenue	$140.0 million	$143.4 million
Royalty Revenue	$21,582 thousand	$22,353 thousand
Cost of Restaurant and Factory Revenues	$94.6 million	$96.8 million
System-Wide Sales	$567.5 million	$600.7 million

Finance: draft 13-week cash view by Friday.

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

You're looking at how FAT Brands Inc. (FATBB) interacts with its two main customer groups: the end consumer and the franchisee. The relationship with the franchisee is key, as the company is aggressively pivoting to a capital-light structure.

The franchisee support model centers on centralized guidance. FAT Brands Inc. operates as a franchisor, collecting royalties and franchise fees across its portfolio of 18 restaurant brands, which collectively span approximately 2,300 units worldwide as of late 2025. A major relationship management action is the strategic pivot to a nearly 100% franchised model, highlighted by the plan to refranchise 57 company-owned Fazoli's locations. As of the third quarter of 2025, approximately 92% of the company's locations were franchised. This shift is intended to reduce operating risk. The company maintains a focus on expansion through this network, backed by a pipeline of approximately 900 committed locations expected to contribute $50-$60 million in incremental EBITDA once they are fully operational.

For the end consumer, relationships are increasingly driven by digital engagement, especially within the snack segment. At Great American Cookies, digital sales accounted for 25% of total revenue in the second quarter of 2025. This digital push is directly tied to loyalty; for Great American Cookies, loyalty-driven sales were up 40% in that same period. Other brands show similar trends, with Round Table Pizza experiencing 21% loyalty-driven sales growth.

Marketing efforts are brand-specific, funded through dedicated pools. For the third quarter of 2025, FAT Brands Inc. reported advertising expenses totaling $12.2 million. This spending varies in relation to advertising revenues received from the system. The company also uses co-branding to enhance customer experience and sales; for example, a dual-branded Round Table Pizza and Fatburger location more than doubled weekly sales and transactions compared to its prior standalone format.

The relationship with the financial community is currently dominated by balance sheet repair. Management is actively negotiating a debt restructuring with noteholders to manage the significant leverage. To support this, the company has implemented a dividend pause, which preserves $35-$40 million in annual cash flow. Furthermore, FAT Brands Inc. is advancing plans for a $75-$100 million equity raise at Twin Hospitality Group Inc. to help pay down debt.

Here's a quick look at the scale of the customer/franchisee base and related financial activity:

Metric	Value/Amount	Reporting Period/Context
Total Units Worldwide	Approximately 2,300	As of late 2025
Franchised Unit Percentage	Approximately 92%	As of Q3 2025
Committed New Locations Pipeline	Approximately 900	As of late 2025
Q3 2025 Advertising Expenses	$12.2 million	Q3 2025
Great American Cookies Digital Sales Share	25%	Q2 2025
Great American Cookies Loyalty Sales Growth	Up 40%	Q2 2025
Annual Cash Flow Preserved by Dividend Pause	$35-$40 million	Projected Annual Impact

The focus on the franchise model is clear through several operational levers:

• Refranchising 57 company-owned Fazoli's locations.
• Co-branding initiatives validating sales increases.
• Centralized operational guidance for brand consistency.
• Digital sales penetration driving customer retention.
• A pipeline of 900 committed units for future franchise growth.

The direct service component, while present at company-owned locations, is intentionally shrinking as the company moves toward nearly 100% franchised operations. This means the direct customer relationship is increasingly mediated through the franchisee network.

Finance: draft 13-week cash view by Friday.

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

You're looking at how FAT Brands Inc. gets its value proposition-a diverse portfolio of restaurant concepts-out to the customer base across the globe. It's a multi-pronged approach, blending traditional brick-and-mortar presence with modern digital reach. The physical footprint is substantial, built on a franchise-heavy model.

The core physical channel is the global network of approximately 2,300 franchised and company-owned restaurants as of the third quarter of fiscal year 2025. This network spans the 18 restaurant brands the company owns, like Fatburger, Round Table Pizza, and Johnny Rockets. The strategy leans heavily on franchising to scale this physical reach without tying up massive capital, though they still operate some company-owned locations, including the dough factory component of their supply chain.

International expansion is a key channel for growth, often executed through large development deals. For instance, FAT Brands Inc. has agreements to significantly boost its presence in France, which is a critical channel for European penetration. This includes a commitment to open 30 Fatburger locations over the next three years, with five units confirmed for 2026. This is coupled with an agreement for Buffalo's Cafe to open 10 new locations in the country, bringing the total planned new locations for France to 40.

Co-branded locations are a deliberate channel strategy to maximize footprint efficiency and sales per square foot. This approach has shown clear success; the first dual-branded Round Table Pizza and Fatburger location in California has more than doubled weekly sales and transactions compared to the prior standalone Round Table Pizza format. To capitalize on this, there are approximately 50 additional co-branded locations in development. Furthermore, the company opened three co-branded Marble Slab Creamery and Great American Cookies stores during the second quarter of 2025.

Digital channels are increasingly important for customer interaction and revenue capture. This includes leveraging third-party delivery apps and proprietary brand-specific apps. The impact is measurable, especially in the snack segment:

• At Great American Cookies, digital sales now represent 25% of total revenue.
• Loyalty-driven sales at Great American Cookies are up 40%.
• Round Table Pizza is seeing 21% loyalty-driven sales growth.
• Customer engagement at Round Table Pizza is up 18%.

The manufacturing distribution network serves as a crucial backend channel, ensuring consistency and supply for franchisees. The operations related to the company-owned locations and the dough factory are reflected in the cost of sales. For the third quarter of 2025, the cost of restaurant and factory revenues was $94.6 million. A recent strategic move to enhance this manufacturing reach involves a partnership to make Great American Cookies available from Chuck E. Cheese locations nationwide.

Here's a quick look at the scale and growth metrics across these channels as of late 2025:

Channel Metric	Value/Amount	Context/Date
Total Global Units	2,300	Approximate as of Q2/Q3 2025
New Locations Opened YTD 2025	60	As of Q3 2025
Total Committed Development Pipeline	Approximately 900 locations	Expected to contribute $50-$60 million in incremental EBITDA once fully operational
Planned New Locations in France	40 total (30 Fatburger, 10 Buffalo's Cafe)	Multi-year commitment
Co-Branded Locations in Development	Approximately 50	Additional locations planned
Digital Sales Share (Great American Cookies)	25% of total revenue	As of Q2 2025

Finance: draft 13-week cash view by Friday.

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

You're looking at the customer base for FAT Brands Inc. (FATBB) as of late 2025, and honestly, it's a diverse group, split between the operators who run the restaurants and the capital providers who finance the structure. The core of the business relies on selling the franchise rights to these operators.

The primary customer segment is the multi-unit and single-unit restaurant franchisee seeking established brands. This group is the engine of FAT Brands Inc.'s asset-light strategy. As of the third quarter of 2025, the company franchises and owns approximately 2,300 units worldwide across its 18 restaurant brands. The commitment to franchising is clear: about 92% of those locations were franchised as of September 28, 2025. The company supports this segment with a development pipeline of approximately 900 committed locations expected to open. Furthermore, FAT Brands Inc. is actively working to convert corporate stores, such as the planned refranchising of 57 company-operated Fazoli's restaurants.

Metric	Value (Late 2025)	Context
Total Restaurant Units	Approximately 2,300	Worldwide system-wide count as of Q3 2025
Franchised Unit Percentage	Approximately 92%	Percentage of total units franchised as of Q3 2025
Total Franchisees	760+	Total number of franchise partners
New Units Opened YTD Q3 2025	60	New store openings year-to-date

Next, you have the consumers across various dining segments. FAT Brands Inc. serves a broad spectrum, owning brands that span quick-service, fast-casual, casual dining, and polished casual dining. For instance, the casual dining segment, which includes Twin Peaks, posted a same-store sales growth of 3.9% in the third quarter of 2025. However, the overall system-wide sales for the portfolio declined by 5.5% year-over-year in Q3 2025, indicating softer performance across some other concepts. The company operates 18 distinct restaurant brands, offering diversification to this customer base.

The appetite of international master franchisees looking for US brand expansion remains a key growth vector. In the first quarter of 2025, FAT Brands Inc. secured new agreements to open 40 locations across France for the Fatburger and Buffalo's Cafe concepts. Also, the Johnny Rockets brand saw significant international traction in 2025, opening seven new locations in markets like Iraq, Chile, UAE, Mexico, and Brazil, bringing the total in those key international markets to over 100 locations.

A critical, though often stressed, segment involves institutional investors and bondholders in the securitized debt market. These stakeholders are focused on the company's capital structure, which is heavily reliant on securitizations. As of late 2025, the company was dealing with acceleration notices for approximately $1.26 billion in securitized debt. The total debt load is significant, reported around $1.57 billion. The financial performance directly impacts this group; for Q3 2025, the net loss attributable to FAT Brands Inc. was $58.2 million on total revenue of $140.0 million for the quarter.

Finally, there is the segment of third-party national restaurant chains for contract manufacturing. This group interacts with FAT Brands Inc.'s manufacturing division, which was acquired as part of the Global Franchise Group transaction. This division provides supply chain efficiencies and incremental revenue. In Q3 2025, the cost associated with the company-owned restaurant locations and the dough factory totaled $94.6 million.

You should review the debt restructuring negotiations, as the company is actively working to reshape its balance sheet to satisfy these capital providers. Finance: draft 13-week cash view by Friday.

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

You're looking at the cost side of the FAT Brands Inc. (FATBB) operation as of late 2025, and honestly, the numbers tell a story dominated by debt service and corporate overhead, even as they work to streamline things. The sheer scale of the debt load is the most immediate cost factor you see on the income statement.

The high interest expense is a major drain, totaling $41.5 million in Q3 2025 due to the existing debt structure. This is a fixed, heavy commitment you have to service before anything else. Also hitting the bottom line hard are the General and Administrative (G&A) expenses, which hit $42.7 million in Q3 2025. That G&A figure was notably inflated by specific, non-recurring items in that quarter, namely $6.9 million in Smokey Bones store closure costs and a $1.4 million non-cash impairment related to those same closures.

For the direct operational costs tied to company-owned locations and the dough factory, the Cost of restaurant and factory revenues was $94.6 million in Q3 2025. This was actually a slight decrease year-over-year, which management attributed to closing underperforming Smokey Bones locations and converting others.

Here's a quick look at those major cost components for the third quarter of 2025:

Cost Category	Q3 2025 Amount (in millions)
Cost of Restaurant and Factory Revenues	$94.6
General and Administrative Expense	$42.7
Interest Expense, Net	$41.5
Total Other Expense, Net (Inclusive of Interest)	$41.0
Advertising Expense	$12.2

The company is actively tackling the debt crisis, which directly impacts future cost projections. The restructuring efforts are designed to chip away at these large, recurring expenses. For instance, securing a bondholder agreement to convert amortizing bonds to interest-only payments is projected to generate an additional $30 to $40 million in annual cash flow savings.

Also, the legal and restructuring costs related to past issues are seeing a sharp reduction. Following the dismissal of DOJ charges in July 2025 and the settlement of two stockholder derivative lawsuits in August 2025, the company expects a sharp reduction in ongoing legal expenditure, with historical out-of-pocket legal costs amounting to about $30 million in the last twelve months being significantly curtailed. Furthermore, the company implemented over $5 million in annual G&A reductions, with management later emphasizing ongoing SG&A reductions of more than $10 million.

Franchisee support and brand development costs are embedded in several line items, but the centralized support structure is key to keeping variable costs down for franchisees. This shared services platform helps control costs by providing functions across all 18 brands. Specific costs related to marketing and development include:

• Advertising expenses were $12.2 million in Q3 2025.
• Guidance provided to franchisees on design, layout, and equipment specification.
• Assistance with locating vendors for proprietary products to ensure cost-effectiveness.
• New Store Opening Teams provide on-site support for successful store launches.
• Providing a Local Store Marketing Guide with promotional ideas.

Finance: draft 13-week cash view by Friday.

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

You're looking at the core ways FAT Brands Inc. (FATBB) brings in cash, which is heavily weighted toward the asset-light franchising model, even as they manage company-owned assets and a manufacturing arm. Here's the quick math on the components as of late 2025, based on the third quarter results.

Franchise royalties, the core asset-light revenue source

The steady income from existing franchisees paying a percentage of their sales is the bedrock of the asset-light model. This stream provides predictable cash flow, though it is sensitive to system-wide same-store sales (SSS) performance. For the thirteen weeks ended September 28, 2025, franchise fees, which include royalties, were reported at $1,503 thousand.

Franchise and development fees from new unit openings

Bringing new locations online generates upfront fees and fuels future royalty growth. FAT Brands Inc. reported opening 60 new restaurants year-to-date in 2025, with 13 of those openings occurring in the third quarter alone. The company is focused on a committed pipeline of approximately 900 locations expected to open over the next five to seven years.

Sales from the manufacturing division

The manufacturing segment, which includes the dough factory in Georgia, contributes directly to revenue. This division demonstrated strong profitability in the third quarter of 2025. Specifically, the Georgia production facility generated $9.6 million in sales and $3.8 million in adjusted EBITDA, achieving a 39.6% adjusted EBITDA margin for Q3 2025. Management projects an additional $5 million in adjusted EBITDA from factory operations as they aim to utilize approximately 55% of excess capacity.

You can see how the manufacturing segment's margin stacks up against the overall company performance for the quarter:

Metric	Value (Thousand USD)	Period
Total Revenue	140,009	Thirteen Weeks Ended Sept 28, 2025
Franchise Fees	1,503	Thirteen Weeks Ended Sept 28, 2025
Manufacturing Adjusted EBITDA	3,800	Thirteen Weeks Ended Sept 28, 2025
Manufacturing Margin	39.6%	Q3 2025

Sales from company-owned restaurants, notably Twin Peaks (decreasing due to refranchising)

While the long-term strategy leans toward franchising, company-owned restaurants still generate sales, though this is intentionally shrinking. FAT Brands Inc. is advancing its strategy to return to a nearly 100% franchised model. This includes the planned refranchising of 57 company-operated Fazoli's restaurants. Furthermore, the company is advancing plans for a $75 million to $100 million equity raise at Twin Hospitality Group Inc., which houses Twin Peaks, to fund debt paydown and development, signaling a move to reduce direct ownership exposure in that segment.

Advertising fund contributions from franchisees

Franchisees contribute to a central advertising fund to support brand marketing efforts across the system. While direct contribution amounts aren't explicitly detailed as revenue in the summary data, the scale of the related expense gives you a sense of the fund's size. Advertising expenses for the third quarter of 2025 were reported at $12.2 million.

The company is also preserving $35 million to $40 million in annual cash flow through a dividend pause, which, while not a direct revenue stream, frees up capital that could otherwise be used for debt management instead of funding operations.

• Casual dining segment same-store sales growth was 3.9% in Q3 2025.
• Overall system-wide same-store sales declined 3.5% in Q3 2025.
• Over 190 franchise development agreements were secured year-to-date in 2025.

Finance: draft 13-week cash view by Friday.