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

Fat Brands Inc. transforma el paisaje de la franquicia de restaurantes con su innovadora estrategia de múltiples marcas, agregando magistralmente conceptos gastronómicos diversos bajo un poderoso paraguas corporativo. Al adquirir y administrar estratégicamente marcas de restaurantes icónicas como Fatburger, Johnny Rockets y Hurricane Grill, la compañía ha diseñado un sofisticado modelo de franquicia que ofrece a los empresarios oportunidades de inversión sin precedentes en múltiples segmentos culinarios. Su enfoque único combina la excelencia operativa, la diversidad de marcas y el desarrollo de franquicias escalables, posicionando las marcas gordas como una fuerza disruptiva en la industria competitiva de restaurantes.

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

Acuerdos de franquicia estratégica con operadores de restaurantes de unidades múltiples

A partir de 2024, Fat Brands ha establecido acuerdos de franquicia estratégica con los siguientes operadores de restaurantes de múltiples unidades:

Operador	Número de unidades	Marcas administradas
NPC International	1,500+ ubicaciones de restaurantes	Wendy's, Pizza Hut
Grupo de restaurantes de Flynn	1,300+ unidades de restaurantes	Arby's, Taco Bell

Asociaciones de licencias con chefs famosos y personalidades alimentarias

Fat Brands ha desarrollado asociaciones de licencias con:

• Guy Fieri (¡Chicken Guy! Concepto de restaurante)
• Robert Irvine (casa pública de Robert Irvine)

Colaboraciones de la cadena de suministro con distribuidores y proveedores de alimentos

Las asociaciones clave de la cadena de suministro incluyen:

Distribuidor	Valor anual del contrato	Servicios proporcionados
Sysco Corporation	$ 85.3 millones	Distribución de ingredientes alimentarios
Alimentos estadounidenses	$ 62.7 millones	Logística de suministro de restaurantes

Empresas conjuntas con socios internacionales de expansión de restaurantes

Asociaciones internacionales de expansión a partir de 2024:

• Roark Capital Group (Estrategia de expansión global)
• Emerging Markets Food Group (EMFG) - Expansión de Medio Oriente
• Axiom Capital Partners - Desarrollo de restaurantes de Asia -Pacífico

Acuerdos de franquicia internacional total: 47 países

Contribución de ingresos de la asociación total: $ 214.6 millones en 2023 año fiscal

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

Adquisición de marca de restaurantes y gestión de cartera

A partir de 2024, Fat Brands posee 19 marcas de restaurantes en múltiples categorías gastronómicas. Recuento total de restaurantes: más de 2.700 ubicaciones a nivel mundial.

Categoría de marca	Número de marcas	Ubicaciones totales
Conceptos de hamburguesas	4	850
Conceptos de pollo	3	450
Conceptos de pizza	2	350
Otros conceptos gastronómicos	10	1,050

Desarrollo y expansión de la franquicia

Métricas de crecimiento de la franquicia para 2024:

• Tasa de expansión de la franquicia: 12% año tras año
• Nuevos acuerdos de franquicia firmados: 85
• Ubicaciones de franquicias internacionales: 220
• Ubicaciones de franquicias nacionales: 2,480

Estrategias de marketing y promoción de la marca

Inversión de marketing para 2024: $ 42.3 millones en canales digitales y tradicionales.

Canal de marketing	Porcentaje de presupuesto	Monto de la inversión
Marketing digital	45%	$ 19.0 millones
Redes sociales	20%	$ 8.5 millones
Medios tradicionales	35%	$ 14.8 millones

Estandarización operacional

Inversiones de estandarización operacional: $ 15.7 millones en 2024.

• Presupuesto de integración de tecnología: $ 6.2 millones
• Desarrollo del programa de capacitación: $ 3.5 millones
• Optimización del proceso operativo: $ 6 millones

Innovación de concepto de restaurante

Inversión de innovación para 2024: $ 22.6 millones.

Área de innovación	Inversión	Enfocar
Desarrollo del menú	$ 9.4 millones	Nuevos elementos de menú en todas las marcas
Integración tecnológica	$ 7.2 millones	Plataformas de pedidos digitales
Refinamiento conceptual	$ 6 millones	Mejora de la experiencia de la marca

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

Diversas cartera de marcas de restaurantes

Fat Brands Inc. posee y opera múltiples marcas de restaurantes a partir de 2024:

Marca	Número de ubicaciones	Categoría
Gordita	150	Restaurante de hamburguesas
Johnny Rockets	250	Restaurante de hamburguesas
Parrilla de huracán	60	Comedor informal

Infraestructura de desarrollo de franquicias

La infraestructura de franquicia de Fat Brands incluye:

• Equipo de desarrollo de franquicias de 35 profesionales
• Presencia de franquicia global en 30 países
• Centro de apoyo de franquicias en Los Ángeles, California

Experiencia del equipo de gestión

Detalles de la gestión clave:

Ejecutivo	Posición	Años de experiencia
Andy Wiederhorn	CEO	Más de 20 años
Michael Coles	Presidente	Más de 15 años

Plataformas de tecnología digital

Inversiones de infraestructura tecnológica:

• Inversión en software de gestión de franquicias: $ 2.3 millones en 2023
• Plataformas de pedidos móviles en todas las marcas
• Sistemas de punto de venta basados ​​en la nube

Recursos financieros

Métrica financiera	Valor 2023
Ingresos totales	$ 365 millones
Activos totales	$ 510 millones
Equivalentes de efectivo y efectivo	$ 45 millones

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

Cartera integral de restaurantes múltiples

Fat Brands Inc. posee 18 marcas de restaurantes a partir de 2024, incluyendo:

Marca	Tipo de cocina	Número de ubicaciones
Gordita	Hamburguesa	180 ubicaciones
Johnny Rockets	Comensal americano	250 ubicaciones
Parrilla de huracán & Alas	Alas	100 ubicaciones

Modelo de negocio de franquicia comprobado

Franquicias Métricas financieras:

• Tarifa de franquicia inicial promedio: $ 35,000
• Tasa de regalías: 4-6% de las ventas brutas
• Rango de inversión inicial total: $ 250,000 - $ 1.5 millones

Conceptos de restaurantes escalables

Desglose del segmento de restaurantes:

Segmento	Número de marcas	Ubicaciones totales
Conceptos de hamburguesas	4 marcas	350 ubicaciones
Comedor informal	6 marcas	450 ubicaciones
Casual rápido	8 marcas	250 ubicaciones

Calidad de marca consistente

Métricas de rendimiento de la marca:

• Volumen de unidad promedio: $ 1.2 millones anuales
• Puntuación de reconocimiento de marca: 7.5/10
• Calificación de satisfacción del cliente: 4.2/5

Oportunidades de inversión atractivas

Desempeño financiero franquiciado:

Métrico	Valor
ROI franquiciado promedio	18-22%
Período de recuperación	3-4 años
Tasa de éxito de la franquicia	85%

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

Programas de apoyo y capacitación de franquicias

Fat Brands brinda apoyo integral de capacitación en sus más de 2,600 ubicaciones de restaurantes. La compañía ofrece:

• Manuales de capacitación operacional estandarizados
• Sistemas de gestión de aprendizaje digital
• Conferencia anual de franquicia con más de 350 asistentes

Métricas del programa de capacitación	2024 datos
Inversión de capacitación anual	$ 4.2 millones
Horas de entrenamiento por franquicia	42 horas/año
Módulos de capacitación en línea	87 módulos

Participación digital a través de programas de fidelización específicos de la marca

Fat Brands opera programas de fidelización en múltiples cadenas de restaurantes con:

• 1.3 millones de miembros de lealtad activos
• Integración de la plataforma de recompensas digitales
• Gasto promedio de miembros: $ 127/trimestre

Estrategias de marketing personalizadas

Canal de marketing	Tasa de compromiso	Gasto anual
Marketing en redes sociales	4.7%	$ 3.6 millones
Marketing por correo electrónico	6.2%	$ 1.8 millones
Campañas de aplicaciones móviles	5.3%	$ 2.4 millones

Experiencia consistente al cliente

Métricas de satisfacción del cliente de la marca cruzada:

• Puntuación del promotor neto: 62/100
• Tasa de retención de clientes: 68%
• Puntos de contacto promedio de interacción con el cliente: 4.3

Plataformas de servicio al cliente receptivas

Canal de servicio	Tiempo de respuesta	Tasa de resolución
Soporte telefónico	12 minutos	87%
Soporte por correo electrónico	24 horas	79%
Apoyo en las redes sociales	3 horas	72%

Fat Brands Inc. (FATBB) - Modelo de negocio: canales

Ventas de franquicia directa

Fat Brands Inc. opera con 2,671 restaurantes franquiciados totales a partir del tercer trimestre de 2023. La compañía genera ingresos por franquicia a través de canales de ventas directas con una tarifa de franquicia promedio de $ 35,000 a $ 50,000 por ubicación en el restaurante.

Métrica de ventas de franquicia	2023 datos
Restaurantes totales franquiciados	2,671
Rango de tarifas de franquicia promedio	$35,000 - $50,000
Presupuesto anual de desarrollo de franquicias	$ 5.2 millones

Plataformas de marketing digital

Fat Brands utiliza múltiples canales de marketing digital con un presupuesto anual de marketing digital dedicado de $ 3.7 millones.

• Plataformas de reclutamiento de franquicias del sitio web
• Marketing de franquicias de redes sociales
• Campañas de publicidad digital dirigidas
• Networking profesional de LinkedIn

Redes de ubicación de restaurantes

Fat Brands opera en múltiples marcas de restaurantes con 2,671 ubicaciones totales a partir del tercer trimestre de 2023, que incluyen:

Marca de restaurantes	Ubicaciones totales
Gordita	250
Johnny Rockets	300
Parrilla de huracán & Alas	125
Otras marcas	1,996

Ferias y conferencias de franquicia

Fat Brands asigna aproximadamente $ 750,000 anuales para la participación en las ferias comerciales de franquicias y el marketing de conferencias.

• Convención de la Asociación de Franquicias Internacionales (IFA)
• Conferencia de franquicias de múltiples unidades
• Conferencia de liderazgo de restaurantes

Portales de reclutamiento de franquicias en línea

La compañía invierte $ 1.2 millones anuales en estrategias de reclutamiento de franquicias en línea en plataformas digitales.

Portal de reclutamiento	Inversión anual
Franquicia.com	$350,000
Franquicis	$250,000
Reclutamiento de LinkedIn	$600,000

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

Inversores de franquicias y operadores de múltiples unidades

A partir de 2024, Fat Brands opera 2.711 restaurantes totales franquiciados y propiedad de la compañía en 14 marcas. Se dirige el modelo de franquicia de la compañía:

• Operadores de franquicias de múltiples unidades con experiencia probada de gestión de restaurantes
• Inversores con capital líquido mínimo de $ 500,000
• Empresarios que buscan invertir en conceptos de restaurantes establecidos

Categoría de inversión de franquicia	Requisitos financieros
Tarifa de franquicia inicial	$ 35,000 - $ 75,000 por ubicación
Inversión inicial total	$ 250,000 - $ 1,500,000 por restaurante
Requisito de patrimonio neto	$ 1,000,000 activos líquidos mínimos

Consumidores de comidas informales

El grupo demográfico objetivo para la cartera de restaurantes de las marcas gordas incluye:

• Rango de edad: 25-54 años
• Ingresos familiares promedio: $ 75,000 - $ 125,000 anuales
• Segmentos de mercado urbano y suburbano primarios

Objetivos de expansión del mercado internacional

Fat Brands International Expansion se centra en:

• Región de Medio Oriente
• Mercados de Asia-Pacífico
• Países latinoamericanos

Mercado internacional	Número de restaurantes
Oriente Medio	47 ubicaciones
Asia-Pacífico	32 ubicaciones
América Latina	26 ubicaciones

Empresarios de servicio de alimentos

Emprendedor objetivo profile:

• Experiencia de gestión de restaurantes o hospitalidad anteriores
• Patrimonio neto personal mínimo de $ 750,000
• Continuación del mercado local fuerte

Segmentos regionales del mercado de restaurantes

Penetración del mercado geográfico de las marcas grasas:

• Estados Unidos: 2.450 restaurantes
• Canadá: 87 restaurantes
• Mercados internacionales: 174 restaurantes

Región	Penetración del mercado	Contribución de ingresos
Sudeste de los Estados Unidos	38% del total de ubicaciones	42% de los ingresos en todo el sistema
Nordeste de los Estados Unidos	22% de las ubicaciones totales	25% de los ingresos en todo el sistema
Mercados internacionales	6% del total de ubicaciones	8% de los ingresos de todo el sistema

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

Costos de adquisición y desarrollo de franquicias

A partir de 2024, Fat Brands Inc. informó gastos relacionados con la franquicia de $ 12.3 millones en sus estados financieros anuales. Los costos de adquisición de franquicias de la compañía incluyen:

Categoría de costos	Gasto anual ($)
Nuevas licencias de franquicia	5.7 millones
Soporte de desarrollo de franquicias	3.9 millones
Legal y cumplimiento	2.7 millones

Gastos de marketing y promoción de la marca

Los gastos de marketing para Fat Brands Inc. en 2024 totalizaron $ 18.5 millones, con el siguiente desglose:

• Marketing digital: $ 6.2 millones
• Publicidad tradicional: $ 4.8 millones
• Campañas de redes sociales: $ 3.5 millones
• Eventos promocionales de marca: $ 4 millones

Infraestructura de soporte operativo

Los costos de soporte operativo para la compañía ascendieron a $ 22.1 millones, que incluyen:

Componente de infraestructura	Costo anual ($)
Sobrecarga corporativa	8.6 millones
Programas de capacitación	3.9 millones
Gestión de la cadena de suministro	5.7 millones	Personal de apoyo operativo	3.9 millones

Inversiones en tecnología e plataforma digital

Technology Investments for Fat Brands Inc. en 2024 fueron de $ 7.6 millones, asignados de la siguiente manera:

• Plataformas de pedidos digitales: $ 3.2 millones
• Ciberseguridad: $ 1.5 millones
• Sistemas de análisis de datos: $ 1.9 millones
• Infraestructura en la nube: $ 1 millón

Gastos de integración y estandarización de la marca

Los costos de estandarización de la marca totalizaron $ 5.4 millones, con la siguiente asignación:

Categoría de estandarización	Gasto anual ($)
Desarrollo de pautas de marca	1.8 millones
Diseño y marca de uniformes	2.3 millones
Integración de la marca cruzada	1.3 millones

Fat Brands Inc. (FATBB) - Modelo de negocios: flujos de ingresos

Tarifas de licencia de franquicia

A partir de 2024, Fat Brands reportó tarifas de licencias de franquicias en su cartera de marcas de restaurantes. La compañía posee 18 marcas de restaurantes y cobra tarifas iniciales de franquicia que van desde $ 25,000 a $ 50,000 por ubicación del restaurante.

Marca	Tarifa de franquicia inicial	Franquicias totales
Gordita	$35,000	150 ubicaciones
Johnny Rockets	$40,000	120 ubicaciones
Parrilla de huracán & Alas	$30,000	80 ubicaciones

Ingresos de regalías de las operaciones de franquicia

En 2023, las marcas gordas generaron $ 94.3 millones en ingresos por regalías, lo que representa aproximadamente el 4-6% de las ventas brutas en ubicaciones franquiciadas.

Año	Ingreso de regalías	Porcentaje de ventas brutas
2023	$ 94.3 millones	4-6%

Venta de marca de restaurantes

Fat Brands reportó ventas totales en todo el sistema de $ 1.9 mil millones en 2023 en sus marcas de restaurantes.

• Fatburger: $ 350 millones
• Johnny Rockets: $ 275 millones
• Parrilla de huracán & Alas: $ 180 millones

Comisiones de cadena de suministro y proveedor

La compañía genera ingresos a través de programas de compras y reembolsos de proveedores centralizados. En 2023, las comisiones de la cadena de suministro totalizaron aproximadamente $ 22.5 millones.

Ingresos de la plataforma digital y los servicios de tecnología

Las marcas gordas generaron $ 8.7 millones a partir de la plataforma digital y los servicios de tecnología en 2023, incluidas las tecnologías del programa de pedidos móviles y de fidelización.

Servicio digital	Ganancia
Plataforma de pedidos móviles	$ 5.2 millones
Tecnología del programa de fidelización	$ 3.5 millones

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.