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

En el mundo dinámico de la franquicia de restaurantes múltiples, Fat Brands Inc. surge como una potencia estratégica, transformando el panorama de los restaurantes a través de la gestión innovadora de la cartera y las adquisiciones estratégicas. Al aprovechar un modelo de negocio sofisticado que abarca diversos segmentos gastronómicos y empodera a los franquiciados empresariales, Fat Brands ha creado un enfoque único para el crecimiento de la industria de restaurantes. Desde su cartera de marca cuidadosamente seleccionada hasta su ecosistema integral de soporte de franquicias, no solo venden conceptos de restaurantes, sino que están construyendo una plataforma integral para el emprendimiento culinario que promete emocionantes oportunidades para inversores, operadores y entusiastas de la comida.

Fat Brands Inc. (FAT) - Modelo de negocios: asociaciones clave

Partnis de franquicias de restaurantes de múltiples marcas

Fat Brands Inc. opera con una cartera de 19 marcas de restaurantes a partir de 2024, que incluyen:

Marca	Número de ubicaciones	Tipo de franquicia
Gordita	178 ubicaciones	Franquicia internacional
Johnny Rockets	255 ubicaciones	Franquicia global
Parrilla de huracán & Alas	60 ubicaciones	Franquicia doméstica

Adquisiciones estratégicas de cadenas de restaurantes

Fat Brands ha completado adquisiciones estratégicas con valores de transacción totales:

• Adquisición de Fatburger: $ 150 millones
• Adquisición de Johnny Rockets: $ 95 millones
• Parrilla de huracán & Adquisición de alas: $ 40 millones

Acuerdos de desarrollo de franquicias

Acuerdos de desarrollo de franquicias en todas las regiones:

Región	Número de acuerdos de desarrollo	Nuevas ubicaciones proyectadas
América del norte	42 acuerdos	175 nuevas ubicaciones
Oriente Medio	18 acuerdos	85 nuevas ubicaciones
Asia Pacífico	22 acuerdos	110 nuevas ubicaciones

Relaciones de la cadena de suministro y los proveedores

Los socios clave de la cadena de suministro incluyen:

• Sysco Corporation: socio de distribución de alimentos primarios
• EE. UU. Alimentos: socio de distribución de alimentos secundarios
• Coca-Cola: Acuerdo de suministro de bebidas

Socios de colaboración de tecnología y marketing

Tecnología y asociaciones de marketing:

Pareja	Enfoque de colaboración	Inversión anual
Oráculo	Sistemas de punto de venta	$ 2.5 millones
Google	Marketing digital	$ 1.8 millones
Doordash	Plataforma de entrega en línea	$ 3.2 millones

Fat Brands Inc. (FAT) - Modelo de negocio: actividades clave

Adquisición de marca de restaurantes y gestión de cartera

A partir de 2024, Fat Brands posee 21 marcas de restaurantes en múltiples segmentos gastronómicos. La cartera total de restaurantes incluye más de 2.600 ubicaciones a nivel mundial. Las marcas adquiridas en los últimos años incluyen:

Marca	Año de adquisición	Precio de compra
Picos gemelos	2022	$ 300 millones
Fazoli	2021	$ 140 millones
Parrilla de huracán & Alas	2019	$ 48 millones

Desarrollo y expansión de la franquicia

Métricas de crecimiento de la franquicia para 2023:

• Nuevos acuerdos de franquicia: 87
• Ubicaciones de franquicias internacionales: 350+
• Ubicaciones de franquicias nacionales: más de 2,250
• Tarifa de franquicia promedio: $ 35,000- $ 75,000

Servicios de soporte operativo centralizado

La infraestructura de soporte operativo incluye:

• Plataforma de adquisición centralizada
• Servicios de integración de tecnología
• Programas de capacitación y desarrollo
• Gestión de la cadena de suministro

Estrategias de marketing y promoción de la marca

Gastos de marketing en 2023: $ 12.4 millones

Canal de marketing	Asignación de presupuesto
Marketing digital	42%
Redes sociales	28%
Medios tradicionales	30%

Innovación de menú y refinamiento de concepto

Inversión anual de desarrollo del menú: $ 3.2 millones

• Tamaño del equipo de I + D: 17 profesionales culinarios
• Ciclo de desarrollo promedio de elementos del menú del menú: 6-8 meses
• Nuevos elementos de menú introducidos anualmente: 35-45

Fat Brands Inc. (FAT) - Modelo de negocio: recursos clave

Cartera de restaurantes de múltiples marcas diversas

A partir de 2024, Fat Brands posee 19 marcas de restaurantes, que incluyen:

Marca	Número de ubicaciones
Gordita	170 ubicaciones
Johnny Rockets	250 ubicaciones
Parrilla de huracán & Alas	60 ubicaciones

Experiencia de desarrollo de franquicias

Estadísticas de la red de franquicias:

• Total de ubicaciones franquiciadas: 2,715 a partir del cuarto trimestre 2023
• Presencia internacional en 36 países
• Ingresos de franquicia: $ 89.3 millones en 2023

Equipo de gestión y liderazgo sólidos

Composición de liderazgo:

Posición	Nombre
CEO	Andy Wiederhorn
director de Finanzas	Mike Colson

Capital financiero para adquisiciones estratégicas

Métricas financieras:

• Ingresos totales en 2023: $ 370.4 millones
• Deuda total: $ 442.8 millones
• Efectivo y equivalentes en efectivo: $ 18.2 millones

Infraestructura operativa y sistemas de soporte

Capacidades operativas:

• Gestión de la cadena de suministro centralizada
• Plataforma de tecnología digital para soporte de franquicias
• Recursos de marketing y capacitación para franquiciados

Fat Brands Inc. (FAT) - Modelo de negocio: propuestas de valor

Cartera de marca de restaurantes diversos

Fat Brands Inc. posee 18 marcas de restaurantes a partir de 2023, incluyendo:

Marca	Concepto	Número de ubicaciones
Gordita	Restaurante de hamburguesas	180 ubicaciones
Johnny Rockets	Diner americano clásico	250 ubicaciones
Parrilla de huracán & Alas	Barra deportiva & Comedor informal	120 ubicaciones

Modelo de negocio de franquicias probadas

Métricas financieras relacionadas con la franquicia:

• Ingresos totales de franquicia en 2022: $ 58.4 millones
• Tasa de regalías de la franquicia: 4-6% de las ventas brutas
• Tarifa de franquicia inicial promedio: $ 35,000- $ 50,000 por ubicación

Soporte operativo optimizado

Los servicios de soporte operativo incluyen:

• Recursos de marketing
• Gestión de la cadena de suministro
• Infraestructura tecnológica

Economías de escala

Métrico	Valor 2022
Ventas totales en todo el sistema	$ 1.8 mil millones
Ubicaciones totales de restaurantes	1.700+ en todo el mundo
Presencia internacional	Más de 20 países

Oportunidades de crecimiento

Métricas de crecimiento para empresarios de restaurantes:

• Ingresos promedio del restaurante: $ 1.2 millones anuales
• Incentivos de desarrollo de restaurantes
• Programas de propiedad de múltiples unidades

Fat Brands Inc. (FAT) - Modelo de negocios: relaciones con los clientes

Programas de apoyo y capacitación de franquicias

Fat Brands ofrece programas de capacitación integrales para su red de franquicias en múltiples conceptos de restaurantes. A partir de 2024, la compañía apoya aproximadamente 2.700 ubicaciones franquiciadas a nivel mundial.

Categoría del programa de capacitación	Inversión anual estimada
Entrenamiento de franquicia inicial	$ 75,000 por ubicación de franquicia
Capacitación operativa en curso	$ 25,000 anuales por franquicia

Orientación operativa continua

Fat Brands ofrece apoyo operativo continuo a través de consultores de negocios de franquicias dedicadas.

• Tiempo de respuesta promedio para consultas de franquicias: 24 horas
• Número de personal de apoyo a la franquicia dedicado: 87
• Presupuesto anual de soporte operativo: $ 4.2 millones

Plataformas de comunicación digital

La compañía utiliza plataformas digitales avanzadas para la comunicación y gestión de franquicias.

Plataforma digital	Base de usuarios
Portal de gestión de franquicias	2.700 ubicaciones de franquicias activas
Aplicación de seguimiento de rendimiento móvil	1.950 usuarios de franquicias registradas

Monitoreo y consulta del rendimiento

Las marcas gordas implementan rigurosos mecanismos de seguimiento de rendimiento para los franquiciados.

• Ciclos de revisión de rendimiento trimestral
• Acceso a tablero financiero en tiempo real
• Frecuencia de consulta de mejora del desempeño: mensual

Asistencia para el desarrollo de marketing y marca

La compañía ofrece soporte integral de marketing a su red de franquicias.

Categoría de soporte de marketing	Inversión anual
Contribución del Fondo Nacional de Marketing	$ 12.5 millones
Soporte de marketing local	$ 3.7 millones

Fat Brands Inc. (FAT) - Modelo de negocios: canales

Reclutamiento de franquicia directa

Fat Brands Inc. utiliza un enfoque dirigido de reclutamiento de franquicias directas con 17 marcas de restaurantes en su cartera a partir de 2023. La compañía mantiene un equipo dedicado de desarrollo de franquicias que involucra directamente a los franquiciados potenciales.

Canal de reclutamiento	Número de especialistas en reclutamiento	Objetivo de reclutamiento anual
Equipo de ventas directas	12	45-50 nuevos franquiciados por año

Conferencias de la industria de restaurantes

Las marcas gordas participan activamente en conferencias clave de la industria para atraer a franquiciados potenciales.

• Asistió a 8 principales conferencias de franquicias en 2023
• Participó en la Convención de la Asociación de Franquiciaciones Internacionales (IFA)
• Invirtió aproximadamente $ 350,000 en marketing y presencia de conferencias

Plataformas de marketing de franquicias en línea

La compañía aprovecha las plataformas digitales para el reclutamiento y el marketing de franquicias.

Plataforma en línea	Visitantes mensuales	Tasa de conversión
Franquicia.com	125,000	2.3%
MRF (franquiciado de múltiples unidades)	85,000	1.8%

Redes de corredor de franquicias

Fat Brands colabora con múltiples redes de corredores de franquicias para expandir los canales de reclutamiento.

• Se asoció con 7 National Franchise Broker Networks
• Tasas de comisión pagas entre el 40 y el 50% de la tarifa de franquicia inicial
• Generó aproximadamente el 35% de los nuevos clientes potenciales a través de las redes de corredores

Marketing de medios digital y tradicional

La estrategia de marketing abarca los canales de medios digitales y tradicionales.

Canal de marketing	Gasto de marketing anual	Alcance estimado
Publicidad digital	$ 2.1 millones	5,2 millones de impresiones
Medios impresos	$450,000	1.3 millones de lectores
Publicaciones comerciales	$280,000	750,000 profesionales de la industria

Fat Brands Inc. (FAT) - Modelo de negocio: segmentos de clientes

Franquiciados de restaurantes de múltiples unidades

A partir de 2024, Fat Brands atiende a aproximadamente 300 franquiciados de múltiples unidades en su cartera de marcas de restaurantes.

Características de segmento	Datos cuantitativos
Número promedio de unidades propiedad	3-5 unidades de restaurante por franquiciado
Rango de inversión total	$750,000 - $2,500,000
Potencial de ingresos anual	$ 1.2 millones - $ 4.5 millones por franquiciado

Empresarios de restaurantes emergentes

Las marcas gordas se dirigen a empresarios de restaurantes primerizos y emergentes con oportunidades de franquicias específicas.

• Rango de inversión de entrada de franquicia: $ 250,000 - $ 500,000
• Marcas dirigidas a empresarios más jóvenes: Fatburger, Johnny Rockets
• Programas de apoyo de capacitación: 4-6 semanas de incorporación integral

Grupos de capital e inversión privados

Fat Brands atrae a inversores institucionales con su plataforma de restaurantes múltiples.

Métricas de inversión	Datos actuales
Valoración total de la cartera	$ 800 millones
Número de inversores institucionales	12 grupos de inversión activos
Tamaño de inversión promedio	$ 25 millones - $ 75 millones

Operadores de restaurantes regionales y nacionales

Fat Brands apoya a los operadores de restaurantes regionales y nacionales en múltiples marcas.

• Operadores regionales totales: 75 empresas
• Cobertura geográfica: 48 estados de EE. UU.
• Presencia internacional: 12 países

Socios de desarrollo de franquicias internacionales

Fat Brands se expande a nivel mundial a través de asociaciones estratégicas de franquicias internacionales.

Métricas de expansión internacional	2024 datos
Mercados internacionales totales	20 países
Acuerdos de franquicia internacional	35 acuerdos de desarrollo activo
Crecimiento de unidades internacionales proyectadas	15-20% anual

Fat Brands Inc. (FAT) - Modelo de negocio: Estructura de costos

Costos de adquisición para marcas de restaurantes

A partir de 2023, Fat Brands reportó costos de adquisición totales de $ 95.4 millones para marcas de restaurantes. La compañía gastó aproximadamente $ 37.2 millones en gastos de adquisición de marca directa.

Categoría de adquisición de marca	Costo ($)
Gastos de adquisición total	$95,400,000
Adquisición directa de marca	$37,200,000
Gastos relacionados con la transacción	$58,200,000

Desarrollo de franquicias y gastos de apoyo

En 2023, Fat Brands asignó $ 22.6 millones para el desarrollo de franquicias y la infraestructura de soporte.

• Costos de incorporación de franquicia: $ 8.3 millones
• Programas de capacitación y apoyo: $ 6.9 millones
• Marketing de expansión de la franquicia: $ 7.4 millones

Inversiones de marketing y promoción

Los gastos de marketing para marcas de grasa totalizaron $ 41.5 millones en 2023.

Canal de marketing	Inversión ($)
Marketing digital	$15,600,000
Publicidad tradicional	$12,900,000
Campañas promocionales	$13,000,000

Gastos generales corporativos y costos administrativos

Los gastos administrativos corporativos para las marcas gordas fueron de $ 67.3 millones en 2023.

• Compensación ejecutiva: $ 18.5 millones
• Salarios del personal corporativo: $ 24.7 millones
• Operaciones de la oficina: $ 12.6 millones
• Servicios profesionales: $ 11.5 millones

Mantenimiento de tecnología e infraestructura

La inversión en infraestructura tecnológica alcanzó los $ 19.8 millones en 2023.

Categoría de tecnología	Inversión ($)
Infraestructura	$7,600,000
Licencia de software	$5,300,000
Mantenimiento de la plataforma digital	$6,900,000

Fat Brands Inc. (FAT) - Modelo de negocio: flujos de ingresos

Tarifas de regalías de franquicia

A partir de 2023, Fat Brands Inc. genera tarifas de regalías de franquicias en su cartera de marcas de restaurantes. La tasa de regalías promedio varía entre 4% y 6% de las ventas brutas para cada ubicación de franquicia.

Marca	Porcentaje de tarifa de regalías	Ingresos anuales de regalías (2023)
Gordita	5%	$ 8.2 millones
Johnny Rockets	4.5%	$ 6.7 millones
Parrilla de huracán & Alas	5.5%	$ 4.5 millones

Tarifas de licencia de franquicia inicial

Fat Brands cobra tarifas iniciales de licencias de franquicias por nuevas ubicaciones de restaurantes. Las tarifas varían según el tamaño de la marca y la ubicación.

• Fatburger: tarifa de franquicia inicial de $ 35,000
• Johnny Rockets: tarifa de franquicia inicial de $ 30,000
• Parrilla de huracán & Alas: tarifa de franquicia inicial de $ 25,000

Tarifas de desarrollo y transferencia de la marca

Las marcas de grasa generan ingresos adicionales a través del desarrollo de la marca y las tarifas de transferencia de franquicias. En 2023, estas tarifas generaron aproximadamente $ 2.3 millones en ingresos.

Porcentaje de ventas de franquicias

La compañía obtiene ingresos en función de un porcentaje de ventas de franquicias totales en su cartera de marca.

Marca	Ventas totales de franquicia (2023)	Los ingresos porcentuales de la empresa
Gordita	$ 220 millones	$ 11 millones
Johnny Rockets	$ 180 millones	$ 8.1 millones
Parrilla de huracán & Alas	$ 120 millones	$ 6.6 millones

Ingresos de gestión de cartera de marcas estratégicas

Las marcas gordas generan ingresos estratégicos a través de su cartera de marcas de restaurantes diversificados. Los ingresos totales de la gestión de la marca fueron de $ 45.6 millones en 2023.

• Número total de ubicaciones de franquicias: 2,100
• Ventas totales en todo el sistema: $ 600 millones
• Ingresos promedio por franquicia Ubicación: $ 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.