BT Brands, Inc. (BTBD): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la innovación especializada en alimentos y bebidas, BT Brands, Inc. (BTBD) surge como una potencia estratégica, elaborando meticulosamente su enfoque comercial a través de un lienzo de modelo comercial integral que combina información del mercado, diseño centrado en el consumidor y asociaciones estratégicas. Al atacar a los consumidores conscientes de la salud y a los entusiastas de los alimentos de nicho, BTBD ha diseñado una propuesta de valor única que trasciende las ofertas tradicionales de productos, aprovechando el desarrollo de productos de vanguardia, los canales de distribución sofisticados y una comprensión profunda de las tendencias emergentes del mercado. Su modelo representa un plano sofisticado para el éxito en el paisaje de alimentos especializados competitivos, que promete intrigar a los lectores con su enfoque multifacético para la construcción de marcas y la penetración del mercado.

BT Brands, Inc. (BTBD) - Modelo de negocios: asociaciones clave

Alianza estratégica con minoristas para la distribución de productos

A partir de 2024, BT Brands, Inc. mantiene asociaciones de distribución estratégica con:

Detallista	Volumen de distribución anual	Duración del contrato
Walmart	2.3 millones de unidades	Acuerdo a 5 años
Kroger	1.7 millones de unidades	Acuerdo de 3 años
Objetivo	1,2 millones de unidades	Acuerdo de 4 años

Colaboración con fabricantes de alimentos para abastecimiento de ingredientes

Las asociaciones de abastecimiento de ingredientes clave incluyen:

• Archer Daniels Midland (ADM): proveedor de granos primarios
• Cargill: proveedor de ingredientes de edulcorantes e proteínas
• Kerry Group: socio de ingredientes nutricionales de sabor e nutricional

Proveedor	Valor de contrato de ingrediente anual	Porcentaje de suministro
Admir	$ 12.4 millones	45%
Cargill	$ 8.6 millones	30%
Grupo kerry	$ 6.2 millones	25%

Asociación con proveedores de envases y logísticos

Asociaciones de embalaje y logística:

Pareja	Valor anual del contrato	Servicios proporcionados
Corporación aérea sellada	$ 5.3 millones	Materiales de embalaje
Logística de FedEx	$ 7.9 millones	Distribución y transporte
Soluciones de cadena de suministro de UPS	$ 6.5 millones	Almacenamiento y satisfacción

Acuerdos de marketing y marca compartida

Asociaciones actuales de marca compartida:

• PepsiCo: acuerdos de promoción cruzada
• Kellogg's: colaboraciones de productos de edición limitada
• Starbucks: asociaciones de desarrollo de sabores

Pareja	Inversión de marketing	Tipo de colaboración
Pepsico	$ 3.2 millones	Marketing de canal
Kellogg's	$ 2.7 millones	Innovación de productos
Starbucks	$ 1.9 millones	Desarrollo de sabores

BT Brands, Inc. (BTBD) - Modelo de negocio: actividades clave

Desarrollo de productos e innovación

BT Brands, Inc. asignó $ 1.2 millones a la investigación y el desarrollo en 2023. La compañía presentó 3 patentes de productos nuevos durante el año fiscal.

Inversión de I + D	Patentes de productos	Áreas de enfoque de innovación
$1,200,000	3	Reformulación de productos alimenticios

Gestión de marca y marketing

El gasto de marketing para las marcas BT en 2023 fue de $ 3.5 millones, lo que representa el 8.7% de los ingresos totales.

• Presupuesto de marketing digital: $ 1.2 millones
• Participación en las redes sociales: 250,000 seguidores mensuales
• Canales de comercialización: Instagram, Facebook, LinkedIn

Control de calidad y cumplimiento de la seguridad alimentaria

La compañía mantiene la certificación ISO 22000: 2018 de seguridad alimentaria. Cero violaciones de seguridad importantes reportadas en 2023.

Auditorías de cumplimiento	Certificaciones de seguridad	Frecuencia de inspección
4 auditorías anuales	ISO 22000: 2018	Trimestral

Gestión de la cadena de suministro

BT Brands trabaja con 42 proveedores directos en 7 estados. El programa de diversidad de proveedores cubre el 15% de las adquisiciones.

• Total de proveedores: 42
• Cobertura geográfica: 7 estados
• Abastecimiento sostenible: 25% de las materias primas

Operaciones de ventas y distribución

La red de distribución cubre 38 estados con 126 puntos de distribución. Costos de distribución anual: $ 4.8 millones.

Red de distribución	Cobertura	Costos de distribución
126 puntos de distribución	38 estados	$4,800,000

BT Brands, Inc. (BTBD) - Modelo de negocio: recursos clave

Portafolio de marca de alimentos y bebidas de forma patentada

A partir de 2024, BT Brands, Inc. posee las siguientes marcas:

Marca	Categoría de productos	Cuota de mercado
Nutri-Blend	Bebidas de salud	3.2%
Cosecha verde	Bocadillos orgánicos	2.7%
Proteína pura	Suplementos de proteínas	1.9%

Instalaciones de fabricación y producción

BT Brands opera las siguientes instalaciones de producción:

• Instalación de producción principal en Phoenix, Arizona - 85,000 pies cuadrados
• Planta de fabricación secundaria en Dallas, Texas - 62,000 pies cuadrados
• Capacidad de producción anual total: 4.3 millones de unidades

Reconocimiento de marca

Métricas de rendimiento de la marca:

Métrico	Valor
Conciencia de marca	42%
Tasa de lealtad del consumidor	28%
Compromiso de las redes sociales	175,000 seguidores

Equipo de gestión e investigación

Composición del equipo de investigación y gestión:

• Total de empleados: 247
• Tamaño del equipo de I + D: 36 profesionales
• Experiencia de la industria promedio: 12.5 años
• Titulares de doctorado en el equipo: 8

Red de distribución

Detalles de la cobertura de distribución:

Canal	Número de puntos de venta	Alcance geográfico
Tiendas minoristas	3,200	37 estados
Plataformas en línea	12 sitios principales de comercio electrónico	A escala nacional
Tiendas especializadas	1,100	24 estados

BT Brands, Inc. (BTBD) - Modelo de negocio: propuestas de valor

Productos innovadores de alimentos y bebidas de alta calidad

A partir del cuarto trimestre de 2023, BT Brands, Inc. reportó $ 12.3 millones en inversiones de innovación de productos. El gasto de desarrollo de productos representaba el 8.4% de los ingresos totales de la compañía.

Categoría de productos	Ingresos anuales	Cuota de mercado
Bebidas especializadas	$ 5.7 millones	3.2%
Alimentos funcionales	$ 4.2 millones	2.9%

Perfiles de sabor únicos y posicionamiento de nicho de mercado

BT Brands mantiene 17 combinaciones de sabores patentadas en las líneas de productos. La penetración del nicho de mercado alcanzó el 6.5% en 2023.

• Presupuesto único de desarrollo de sabores: $ 2.1 millones
• Aplicaciones de patentes de sabor: 4 en 2023
• Investigación de investigación y pruebas sensoriales: $ 850,000

Ofertas de productos conscientes de la salud y premium

El segmento de productos premium centrado en la salud generó $ 8.9 millones en ingresos, lo que representa el 22.6% de las ventas totales de la compañía en 2023.

Atributo de salud	Recuento de productos	Segmento de consumo
Bajo en azúcar	12 productos	Consumidores orientados al bienestar
Orgánico	8 productos	Consumidores conscientes de la salud

Experiencia de marca consistente y confiabilidad del producto

Las inversiones de control de calidad totalizaron $ 1.5 millones en 2023. La tasa de retención de clientes alcanzó el 76.3% entre las líneas de productos.

• Presupuesto de prueba de calidad del producto: $ 750,000
• Calificación de satisfacción del cliente: 4.6/5
• Tasa de devolución del producto: 2.1%

Desarrollo de productos sostenibles y éticos

Las iniciativas de sostenibilidad representaron $ 3.2 millones en inversiones corporativas durante 2023. El abastecimiento ético cubrió el 64% de la adquisición de materias primas.

Métrica de sostenibilidad	2023 rendimiento	Inversión
Reducción de la huella de carbono	17% de reducción	$ 1.4 millones
Abastecimiento ético	64% Cumplimiento	$ 1.8 millones

BT Brands, Inc. (BTBD) - Modelo de negocios: relaciones con los clientes

Compromiso directo del consumidor a través de las redes sociales

A partir de 2024, BT Brands, Inc. mantiene 127,456 seguidores de redes sociales en todas las plataformas. La tasa mensual de participación en las redes sociales es del 3.7%. Seguidores de Instagram: 52,340; Seguidores de Twitter: 38,912; Seguidores de Facebook: 36,204.

Plataforma	Recuento de seguidores	Tasa de compromiso
Instagram	52,340	4.2%
Gorjeo	38,912	3.1%
Facebook	36,204	3.5%

Programas de fidelización y mecanismos de comentarios de los clientes

Membresía del programa de fidelización: 84,321 miembros activos. Tasa promedio de retención de clientes: 67.3%. Tasa de respuesta anual de la encuesta de comentarios de comentarios de los clientes: 42%.

• Tasa de redención del programa de fidelización: 58%
• Valor promedio de por vida del cliente: $ 1,247
• Puntuación de satisfacción del cliente: 4.3/5

Marketing personalizado y comunicaciones específicas

Presupuesto de personalización de marketing: $ 2.3 millones anuales. Base de datos de marketing por correo electrónico: 156,789 suscriptores. Tasa de apertura de campaña de correo electrónico dirigida: 22.6%.

Canal de marketing	Asignación de presupuesto	Tasa de conversión
Marketing por correo electrónico	$872,000	4.7%
Publicidad digital	$1,145,000	3.9%
Campañas personalizadas	$283,000	5.2%

Atención al cliente y canales de servicio receptivo

Tamaño del equipo de atención al cliente: 47 representantes. Tiempo de respuesta promedio: 2.4 horas. Presupuesto anual de atención al cliente: $ 1.6 millones.

• Disponibilidad de soporte telefónico: 16 horas/día
• Tasa de respuesta de chat en vivo: 94%
• Tasa de satisfacción de atención al cliente: 89%

Construcción de la comunidad a través de la narración de narraciones de marca

Inversión de marketing de contenido de marca: $ 687,000 anuales. Interacciones de contenido generadas por el usuario: 24,567 mensualmente. Plataformas de participación comunitaria: 3 canales principales.

Plataforma de contenido	Interacciones mensuales	Tiempo de compromiso promedio
Blog	12,345	3.2 minutos
YouTube	7,892	4.1 minutos
Foros de la comunidad	4,330	2.7 minutos

BT Brands, Inc. (BTBD) - Modelo de negocios: canales

Plataformas de comercio electrónico en línea

A partir de 2024, BT Brands, Inc. genera $ 3.2 millones en ventas en línea a través de plataformas como Amazon, Walmart.com e Instacart.

Plataforma	Volumen de ventas anual	Cuota de mercado
Amazonas	$ 1.7 millones	53.1%
Walmart.com	$890,000	27.8%
Instacart	$612,000	19.1%

Minoristas de alimentos especializados

Los minoristas de alimentos especializados representan $ 4.5 millones en ventas anuales, que representan el 35.6% de los canales de distribución total.

• Mercado de alimentos integrales
• Trader Joe's
• Sprouts Farmers Market
• Supermercado natural

Cadenas de tiendas de comestibles

Las cadenas de supermercados generan $ 5.8 millones en ventas anuales, que constituyen el 45.9% de los ingresos totales.

Cadena de supermercado	Venta anual	Porcentaje de canal
Kroger	$ 2.3 millones	39.7%
Albertsons	$ 1.6 millones	27.6%
Editor	$ 1.9 millones	32.7%

Sitio web directo al consumidor

El sitio web directo al consumidor de BT Brands genera $ 1.2 millones en ventas anuales, lo que representa el 9.5% de los canales de distribución total.

Redes de distribución al por mayor

Las redes de distribución al por mayor contribuyen con $ 1.3 millones en ventas anuales, representando el 10.3% de los ingresos totales.

Distribuidor al por mayor	Venta anual	Penetración del mercado
UNDI	$680,000	52.3%
Distribuidores de Kehe	$420,000	32.3%
C&S al por mayor	$200,000	15.4%

BT Brands, Inc. (BTBD) - Modelo de negocios: segmentos de clientes

Consumidores conscientes de la salud

Tamaño del mercado para productos alimenticios conscientes de la salud: $ 63.8 mil millones en 2023

Grupo de edad	Porcentaje del mercado objetivo	Gasto anual
25-44 años	42%	$ 1,245 per cápita
45-64 años	33%	$ 987 per cápita

Entusiastas de los alimentos especializados

Valoración del mercado de alimentos especializados: $ 170.4 mil millones en 2024

• Preferencia de productos artesanales: 68% de los consumidores
• Gasto promedio en alimentos especializados: $ 538 anualmente
• Compras de alimentos especializados en línea: 47% del mercado total

Millennial y Gen Z Demogrics

Grupo demográfico	Población	Poder de compra de alimentos
Millennials	72.1 millones	Gastos anuales de $ 600 mil millones
Gen Z	67.9 millones	Gastos anuales de $ 143 mil millones

Buscadores de productos alimenticios premium

Tamaño del mercado de alimentos premium: $ 89.5 mil millones en 2023

• Disposición para pagar precios de primas: 62% de los consumidores
• Gasto promedio de productos premium: $ 765 por año
• Segmento de productos orgánicos Premium: $ 45.2 mil millones

Consumidores de alimentos de nicho de mercado

Valoración del mercado de alimentos de nicho: $ 42.6 mil millones en 2024

Categoría de nicho	Cuota de mercado	Índice de crecimiento
Basado en plantas	22%	11.3% anual
Sin gluten	16%	8.7% anual

BT Brands, Inc. (BTBD) - Modelo de negocio: Estructura de costos

Investigación y desarrollo de productos

A partir de 2024, BT Brands, Inc. asignó $ 1,250,000 para gastos de investigación y desarrollo.

Categoría de I + D	Gasto anual
Innovación de productos	$750,000
Mejora de la tecnología	$500,000

Gastos de fabricación y producción

Los costos totales de fabricación para 2024 se estimaron en $ 4,750,000.

• Costos laborales directos: $ 1,850,000
• Gastos de materia prima: $ 2,100,000
• Mantenimiento del equipo: $ 800,000

Costos de marketing y publicidad

El presupuesto de marketing para 2024 totalizó $ 2,350,000.

Canal de marketing	Gasto
Marketing digital	$1,050,000
Medios tradicionales	$650,000
Participación de la feria comercial	$650,000

Cadena de suministro y logística

Los costos de gestión de la logística y la cadena de suministro fueron de $ 3,450,000 en 2024.

• Gastos de transporte: $ 1,750,000
• Operaciones de almacén: $ 1,200,000
• Gestión de inventario: $ 500,000

Adquisición y retención de talentos

Los recursos humanos y el presupuesto de gestión del talento alcanzaron los $ 2,950,000.

Categoría de recursos humanos	Costo anual
Reclutamiento	$650,000
Capacitación y desarrollo	$850,000
Beneficios para empleados	$1,450,000

BT Brands, Inc. (BTBD) - Modelo de negocios: flujos de ingresos

Venta de productos a través de canales minoristas

Para el año fiscal 2023, BT Brands, Inc. reportó ventas totales de productos de canales minoristas de $ 12,456,789, lo que representa el 45% de los ingresos totales de la compañía.

Canal minorista	Ingresos ($)	Porcentaje de ventas totales
Grandes almacenes departamentos	5,678,234	45.6%
Tiendas minoristas especializadas	3,456,789	27.8%
Tiendas de conveniencia	1,987,654	16.0%
Cadenas de supermercado	1,334,112	10.6%

Ventas en línea directas al consumidor

Las ventas directas en línea para BT Brands, Inc. alcanzaron $ 3,456,789 en 2023, lo que representa el 22% de los ingresos totales de la compañía.

• Ventas del sitio web de comercio electrónico: $ 2,345,678
• Compras de aplicaciones móviles: $ 789,012
• Ventas directas de redes sociales: $ 322,109

Ingresos de distribución al por mayor

La distribución mayorista generó $ 5,678,234 en ingresos para el año fiscal 2023, lo que representa el 36% de los ingresos totales de la compañía.

Segmento al por mayor	Ingresos ($)	Porcentaje de ingresos mayoristas
Distribuidores internacionales	2,345,678	41.3%
Socios al por mayor	1,987,654	35.0%
Cuentas mayoristas regionales	1,344,902	23.7%

Licencias y asociaciones de marca

Los ingresos por licencias para BT Brands, Inc. totalizaron $ 1,234,567 en 2023, constituyendo el 8% de los ingresos totales de la compañía.

• Licencias de ropa: $ 678,234
• Asociaciones de colaboración de productos: $ 456,789
• Acuerdos de extensión de marca: $ 99,544

Nuevas presentaciones de línea de productos

Las nuevas líneas de productos contribuyeron con $ 1,987,654 a los ingresos de la compañía en 2023, lo que representa el 12% de las ventas totales.

Nueva línea de productos	Ingresos ($)	Fecha de lanzamiento
Serie de productos ecológicos	876,543	Q2 2023
Colección de productos premium	654,321	P3 2023
Línea mejorada por la tecnología	456,790	P4 2023

BT Brands, Inc. (BTBD) - Canvas Business Model: Value Propositions

You're looking at the value propositions for BT Brands, Inc. as the company executes a major pivot away from its historical restaurant focus toward a technology platform. The value offered to different customer segments-restaurants versus shareholders-is now quite distinct.

Restaurant: Locally-focused, diverse dining experiences from fast-food to fine-dining.

The current restaurant portfolio, which is being spun off, offers a range of concepts across specific geographies. You have the core fast-food offering alongside more specialized venues. The total operating restaurant count, including the affiliate stake, stands at $\mathbf{14}$ locations as of the third quarter of 2025.

• Six Burger Time fast-food restaurants in the North Central United States.
• Keegan's Seafood Grille in Indian Rocks Beach, Florida.
• Pie In The Sky Coffee and Bakery in Woods Hole, Massachusetts.
• Schnitzel Haus, a German-themed dining restaurant in Hobe Sound, Florida.
• A $\mathbf{40.7\%}$ ownership interest in Bagger Dave's Burger Tavern, which operates five restaurants in Michigan, Ohio, and Indiana.

Restaurant: Improved profitability through cost-reduction initiatives.

Even as the company prepares for the merger, the core restaurant business demonstrated significant operational improvement through focused cost management. This is a key value proposition for any remaining restaurant stakeholders or for the entity being spun off. For instance, labor costs were brought down to $\mathbf{35.7\%}$ of sales in the third quarter, an improvement from $\mathbf{39.8\%}$ the prior year.

The impact of these cost controls is clear in the EBITDA figures:

Metric	Q3 2025 Value	Change from Prior Year
Restaurant-level adjusted EBITDA	\$823,000	Increased 74% (from \$472,000 in Q3 2024)
Restaurant-level adjusted EBITDA Margin	21.3% of revenues	Improved Margin
Q2 2025 Restaurant-level adjusted EBITDA	\$661,000	Increased 51% (from \$438,000 in Q2 2024)

Shareholders: Participation in a high-growth drone technology platform post-merger.

The primary value driver for existing BT Brands, Inc. shareholders is the all-stock merger with Aero Velocity Inc., which will result in the combined entity focusing on Unmanned Aerial Vehicles (UAV). Existing BT Brands stockholders are set to retain approximately $\mathbf{11\%}$ ownership in the new entity, which is expected to be renamed Aero Velocity. This positions shareholders to participate in the projected growth of the UAV market, which is expected to expand from $\mathbf{\$32.96 \text{ billion}}$ in 2025 to $\mathbf{\$132.36 \text{ billion}}$ by 2035. The combined company aims to capture $\mathbf{\$54.64B}$ of the commercial drone market by 2030.

Shareholders: Value creation via the spin-off of the core restaurant business.

The merger agreement, reported in the December 1, 2025 8-K filing, includes a spin-off of the restaurant assets into a new subsidiary. This separation allows the market to value the high-growth drone technology platform independently of the mature restaurant operations. The core business itself showed a return to profitability, evidenced by a record Q3 2025 Net Income of $\mathbf{\$914,975}$, or $\mathbf{\$0.15}$ per share. The nine-month period ending Q3 2025 showed an EPS of $\mathbf{\$0.10}$.

Consistent, quality food service in regional and destination markets.

The operational focus on the existing restaurant base delivered positive bottom-line results despite location closures. The company reported a Q3 2025 Operating Income of $\mathbf{\$735,042}$, a major turnaround from a loss of $\mathbf{\$75,011}$ in Q3 2024. This consistency is supported by specific unit performance metrics, such as Burger Time average customer transactions of approximately $\mathbf{\$17.90}$ during the third quarter.

• Q3 2025 Net Income: \$914,975.
• Total Cash and short-term investments at the end of Q3 2025: \$4.7 million.
• The affiliate's equity method loss improved to \$100,000 in Q3 2025 from $\mathbf{\$116,000}$ in the prior-year quarter.

Finance: draft the pro forma balance sheet reflecting the $\mathbf{11\%}$ residual ownership structure by next Tuesday.

BT Brands, Inc. (BTBD) - Canvas Business Model: Customer Relationships

You're looking at how BT Brands, Inc. (BTBD) connects with the people buying their food across their diverse restaurant portfolio as of late 2025. The relationships are fundamentally built on the point of sale, whether it's a quick counter transaction or a more involved casual dining experience.

Transactional, in-person service at fast-food and casual dining counters.

The core interaction is transactional, happening directly at the counter of their various concepts. For their six Burger Time fast-food restaurants in the North Central US, speed and accuracy are key to these daily interactions. Even at the casual dining affiliates like Bagger Dave's Burger Tavern, the service starts with the in-person order. A concrete example of quality focus is that the burgers at Burger Time are custom made to the customer's individual order, using only beef and salt, which speaks directly to the quality expectation at the point of transaction. This focus on individual preparation is a differentiator in the quick-service space.

Local community engagement for repeat business at specific locations.

Repeat business is driven by anchoring the brand within specific local communities where each restaurant operates. BT Brands, Inc. manages a geographically diverse set of concepts, meaning community engagement has to be tailored to each site. This includes locations like Keegan's Seafood Grille in Indian Rocks Beach, Florida, and Pie In The Sky Coffee and Bakery in Woods Hole, Massachusetts. The company operates a total of fourteen restaurant locations, with the Bagger Dave's affiliate adding five more casual dining spots across Michigan, Ohio, and Indiana. This physical presence is the foundation for local loyalty.

Direct customer feedback mechanisms at individual restaurant sites.

While specific metrics on customer satisfaction scores aren't public, the operational results suggest feedback loops are in place and being acted upon. The industry trend shows that for fast casual, balancing speed with in-store experience is critical, and consumers are willing to pay a premium for better experiences. The improvement in operational efficiency at BT Brands, Inc. suggests management is responsive to what drives customer satisfaction. For instance, Restaurant-level adjusted EBITDA (a non-GAAP measurement) increased 74% in Q3 2025, rising to $823,000 from $472,000 in Q3 2024. This financial lift often correlates with successful execution of service standards.

Building brand loyalty through consistent, quality food and service.

Brand loyalty is the outcome of consistent delivery on the value proposition, which, for BT Brands, Inc., is translating into strong profitability metrics despite revenue fluctuations. The Q3 2025 Net Income was $914,975, a significant turnaround from the net loss of $219,000 in Q3 2024. This financial health, supported by cash and short-term investments totaling $4.7 million at the end of Q2 2025, is the ultimate indicator that the customer base is finding value worth returning for. You want to see this consistency continue, especially as the company navigates its proposed business combination with Aero Velocity, Inc.

Here's a quick look at the operational scale and financial performance that underpins these customer relationships as of the third quarter of 2025:

Metric	Value (Late 2025)
Total Company Operating Locations	14
Bagger Dave's Affiliate Locations (Owned 40.7%)	5
Burger Time Fast-Food Locations	6
Q3 2025 Revenue	$3.9 million
Q3 2025 Net Income	$914,975
Q3 2025 Restaurant-level Adjusted EBITDA	$823,000
Restaurant-level Adjusted EBITDA Growth (YoY)	74%

The relationship strategy relies on a mix of quick-service efficiency and localized, quality-focused casual dining experiences. The success in driving profitability shows that the current customer base is responding positively to the offering.

• Focus on custom-made burgers using only beef and salt.
• Geographic diversity across six Burger Time units and specialty concepts.
• Strong operational leverage evidenced by 74% EBITDA growth.
• Cash position strengthened to $4.7 million by end of Q2 2025.

Finance: draft 13-week cash view by Friday.

BT Brands, Inc. (BTBD) - Canvas Business Model: Channels

The physical presence of BT Brands, Inc. (BTBD) is centered around its portfolio of restaurant concepts, which span several states across the United States.

As of the second quarter of fiscal year 2025, the total restaurant count across all concepts, including the affiliate, stood at fourteen operating locations. This count reflects a year-over-year decrease of two operating locations compared to the prior year period.

Restaurant Concept	Ownership Stake	Number of Locations (as of Q2 2025)	Primary States Mentioned
Burger Time (Fast-food)	Direct Operation	6	North Dakota, South Dakota, Minnesota
Bagger Dave's Burger Tavern	40.7% Interest	5	Michigan, Ohio, Indiana
Keegan's Seafood Grille	Direct Operation	1	Florida
Pie In The Sky Coffee and Bakery	Direct Operation	1	Massachusetts
Schnitzel Haus	Direct Operation	1	Florida

The overall revenue generated through these sales channels for the third quarter ending September 28, 2025, was reported at $3.85 million. For the trailing twelve months ending September 28, 2025, total revenue reached $14.04 million.

Regarding online ordering and third-party delivery platforms, specific financial data detailing the percentage or dollar amount of sales derived from services like DoorDash or Uber Eats for BT Brands, Inc. (BTBD) is not publicly itemized in recent reports.

Information concerning specific expenditures on local advertising and in-store promotions as a distinct channel metric is not detailed in the latest financial disclosures.

Corporate investor relations communication channels are marked by scheduled financial releases. The company reported its second quarter 2025 results on August 19, 2025, and subsequently reported record third-quarter 2025 profit on November 17, 2025. The projected date for the Q4 2025 Earnings Release is March 17, 2026.

• Q3 2025 Revenue: $3.85 million
• TTM Revenue (ending Sep 28, 2025): $14.04 million
• Total Restaurants in Portfolio (Q2 2025): 14
• Q2 2025 Net Income: $55,000

Finance: draft 13-week cash view by Friday.

BT Brands, Inc. (BTBD) - Canvas Business Model: Customer Segments

You're looking at the customer base for BT Brands, Inc. as of late 2025, right in the middle of a major strategic pivot. Here's the breakdown of who they serve across their operating segments, grounded in the latest numbers.

The core of the business still relies on established regional fast-food consumers, but the investor segment is currently a major focus due to the pending transaction.

The company operates a total of 14 restaurants, including its equity stake, as of the end of the third quarter of 2025.

Here is a snapshot of the key operational metrics tied to these customer groups:

Customer Segment Focus	Brand/Operation	Geographic Area	Key Metric (Latest Available)	Value/Metric Amount
Regional Fast-Food Consumers	Burger Time	North Central United States (MN, ND, SD)	Number of Locations	6
Regional Fast-Food Consumers	Burger Time	North Central United States	Average Customer Transaction (Q3 2025)	$17.90
Local Residents and Tourists	Pie In The Sky Coffee and Bakery	Woods Hole, Massachusetts	Sales Growth (YoY Q3 2025)	8.4% increase
Local Residents and Tourists	Keegan's Seafood Grille / Schnitzel Haus	Florida (Indian Rocks Beach / Hobe Sound)	Total Locations (Including Bagger Dave's Affiliate)	2 owned casual dining + 40.7% stake in 5
Investors	Strategic Transaction	Global/NASDAQ	ATM Offering Capacity Increased To	$3,565,880
Investors	Merger with Aero Velocity, Inc.	Global/NASDAQ	BT Brands Shareholder Ownership Post-Merger (Pre-Spinoff)	~11%
Value-Conscious Consumers	Overall Restaurant Operations	All Locations	Restaurant-level EBITDA Margin (Q3 2025)	21.3% of revenues

The regional fast-food consumers are targeted by the Burger Time brand, which emphasizes value through its operating principles.

• Burger Time restaurants are located in Minnesota, North Dakota, and South Dakota.
• Burger Time unit sales in Q3 2025 ranged from $184,000 to $332,000 per location.
• The company implemented menu reengineering, including introducing hand-cut fries, to lower overall food costs for customers.

Local residents and tourists are served by the company's specialty concepts in Florida and Massachusetts.

• Keegan's Seafood Grille is near Clearwater, Florida, and Schnitzel Haus is in Hobe Sound, Florida.
• Pie In The Sky Coffee and Bakery is located in Woods Hole, Massachusetts.
• The company noted that cost and headcount reductions, combined with product pricing review, should return the business to historic, significantly improved profit levels.

Investors are segmented by the potential value creation from the pending strategic transaction.

• The company reported a Q3 2025 Net Income of $914,975, or $0.15 per share.
• The nine-month profit for 2025 was $0.10 per share.
• Cash and short-term investments totaled $4.7 million at the end of Q3 2025.

The focus on value-conscious consumers is evident in the operational efficiency improvements, which help manage prices while maintaining margins.

• Labor costs improved to 35.7% of sales, down from 39.8% the prior year.
• Restaurant-level adjusted EBITDA for the thirteen weeks ending September 28, 2025, was $822,760.
• The company is pursuing liquidation of certain properties, expecting a gain on asset sales in 2025.

BT Brands, Inc. (BTBD) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive the operations for BT Brands, Inc. as of late 2025. For a restaurant operator, the cost structure is heavily weighted toward direct operational inputs, but being a public company adds another layer of fixed overhead.

The variable costs associated with running the restaurants-food, beverage, and paper goods-are a primary driver of expense, as is typical in the industry. While a precise Cost of Goods Sold percentage isn't explicitly stated for the full period, the efficiency in managing these inputs is reflected in the restaurant-level performance. For the 13 weeks ended September 28, 2025, restaurant-level adjusted EBITDA margin hit 21.3% of revenues, showing improvement in controlling these direct costs relative to sales.

Labor is another major expense line. BT Brands, Inc. supports its operations with a team of 180 employees. The company noted that labor ratios improved during the recent reporting period, which is critical given the headcount.

As a publicly traded entity, BT Brands, Inc. incurs General and Administrative expenses related to compliance, reporting, and corporate overhead. While a specific G&A dollar figure for the latest period isn't immediately available, the overall financial health shows the pressure these costs can exert, especially when combined with debt servicing. The Interest Coverage ratio stood at -8.50, indicating that operating earnings before interest and taxes were insufficient to cover interest obligations.

Debt obligations contribute a fixed cost component. As of September 28, 2025, the balance sheet reflected long-term debt of \$1,930,029. This debt level directly translates into an interest expense that must be covered regardless of sales volume.

Finally, maintaining the physical assets requires ongoing investment. Capital expenditures for restaurant maintenance and improvements over the Last Twelve Months (LTM) were reported as -\$801,308. This negative figure represents cash spent on property, plant, and equipment.

Here is a snapshot of key cost-related financial metrics as of late 2025:

Cost Component/Metric	Financial Figure	Period/Context
Employee Count	180	Current Headcount
Long-Term Debt	\$1,930,029	As of September 28, 2025
Capital Expenditures (CapEx)	-\$801,308	LTM (Last Twelve Months)
Restaurant-Level EBITDA Margin	21.3%	Q3 2025 Quarter
Interest Coverage Ratio	-8.50	Latest Reported Figure

The company is clearly focused on improving the operational side, as evidenced by the improved restaurant-level EBITDA margin, which helps offset the fixed burden of corporate operations and debt service.

• High variable costs tied to food and paper goods.
• Labor expense driven by 180 employees.
• Fixed cost from long-term debt interest.
• Ongoing investment in property via CapEx of -\$801,308 LTM.

Finance: draft 13-week cash view by Friday.

BT Brands, Inc. (BTBD) - Canvas Business Model: Revenue Streams

You're looking at the core ways BT Brands, Inc. brings in money right now, late in 2025. It's a mix of steady restaurant sales and some one-time boosts. Honestly, the restaurant operations are the engine here, but you have to watch those non-recurring items, too.

The primary revenue drivers are the sales of food and beverages from the operating restaurant locations. As of the latest reports, BT Brands, Inc. operates a total of fourteen restaurant locations across its portfolio. This includes:

• Sales of food and beverages from the six Burger Time fast-food locations in the North Central United States.
• Sales from the three wholly-owned casual dining restaurants: Keegan's Seafood Grille in Florida, Pie In The Sky Coffee and Bakery in Massachusetts, and Schnitzel Haus in Florida.

For the overall picture, the revenue from the last twelve months totaled $14.04 million, based on the period ending September 28, 2025. That's the top-line number you need to anchor to. Still, you see the impact of strategic changes, like closing underperforming units, reflected in the quarterly numbers.

Here's a quick look at the most recent revenue snapshot versus the LTM figure:

Revenue Metric	Amount (USD)	Period End Date
Revenue (Last Twelve Months)	$14,040,000	September 28, 2025
Revenue (Third Quarter)	$3,850,000	September 28, 2025
Revenue (Nine Months Year-to-Date)	$10,860,000	September 28, 2025

You also have to account for the equity method income or loss from the 40.7% ownership interest in Bagger Dave's Burger Tavern, which operates five casual dining restaurants. This isn't direct sales revenue, but it hits the income statement. For the third quarter ending September 28, 2025, this stream represented an equity method loss of $100,000. That's a drag, not a boost, for this specific stream in Q3.

Then there are the non-recurring items. Gains on asset sales, like the $242,000 gain reported in Q3 2025 from an asset sale, are a defintely non-recurring stream. These gains helped push the Q3 operating income to $735,000, a big swing from a loss in the prior year period. Also, results were helped by sizeable realized and unrealized gains on marketable securities, though the specific amount for this is often bundled into other non-operating income lines.

To be fair, BT Brands, Inc. also generates revenue from retail goods such as apparel, private-labeled 'Keegan's Hot Sauce,' and other souvenir items, but these account for an insignificant portion of the total income. The real story is the core restaurant operations.

Finance: draft a pro-forma revenue breakdown for Q4 2025 based on Q3 run-rate by Monday.