Fat Brands Inc. (FAT): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde dynamique du franchisage de restaurants multibrands, Fat Brands Inc. apparaît comme une puissance stratégique, transformant le paysage des restaurants grâce à une gestion innovante de portefeuille et à des acquisitions stratégiques. En tirant parti d'un modèle commercial sophistiqué qui couvre divers segments de restauration et autorise les franchisés entrepreneuriaux, Fat Brands a conçu une approche unique de la croissance de l'industrie de la restauration. De leur portefeuille de marque soigneusement organisé à leur écosystème complet de soutien de franchise, ils ne vendent pas seulement des concepts de restaurants - ils construisent une plate-forme complète pour l'entrepreneuriat culinaire qui promet des opportunités passionnantes pour les investisseurs, les opérateurs et les amateurs de nourriture.

Fat Brands Inc. (FAT) - Modèle d'entreprise: partenariats clés

Partenariats de franchise de restaurants multibrands

Fat Brands Inc. fonctionne avec un portefeuille de 19 marques de restaurants à partir de 2024, notamment:

Marque	Nombre d'emplacements	Type de franchise
Fatburger	178 emplacements	Franchisage international
Johnny Rockets	255 emplacements	Franchisage mondial
Ouragan Grill & Ailes	60 emplacements	Franchisage domestique

Acquisitions stratégiques des chaînes de restaurants

Fat Brands a terminé les acquisitions stratégiques avec des valeurs totales de transaction:

• Acquisition de Fatburger: 150 millions de dollars
• Acquisition de Johnny Rockets: 95 millions de dollars
• Ouragan Grill & Acquisition des ailes: 40 millions de dollars

Accords de développement de franchise

Accords de développement de franchise dans toutes les régions:

Région	Nombre d'accords de développement	De nouveaux emplacements projetés
Amérique du Nord	42 accords	175 nouveaux emplacements
Moyen-Orient	18 accords	85 nouveaux emplacements
Asie-Pacifique	22 accords	110 nouveaux emplacements

Relations de chaîne d'approvisionnement et de fournisseurs

Les principaux partenaires de la chaîne d'approvisionnement comprennent:

• Sysco Corporation: partenaire de distribution alimentaire primaire
• US Foods: partenaire de distribution des aliments secondaires
• Coca-Cola: Contrat d'approvisionnement des boissons

Partenaires de collaboration technologique et marketing

Partenariats technologiques et marketing:

Partenaire	Focus de la collaboration	Investissement annuel
Oracle	Systèmes de point de vente	2,5 millions de dollars
Google	Marketing numérique	1,8 million de dollars
Doordash	Plateforme de livraison en ligne	3,2 millions de dollars

Fat Brands Inc. (FAT) - Modèle d'entreprise: activités clés

Acquisition de marque de restaurants et gestion du portefeuille

Depuis 2024, Fat Brands possède 21 marques de restaurants sur plusieurs segments de restauration. Le portefeuille de restaurants total comprend plus de 2 600 emplacements dans le monde. Les marques acquises ces dernières années comprennent:

Marque	Année d'acquisition	Prix ​​d'achat
Pics jumeaux	2022	300 millions de dollars
Fazoli	2021	140 millions de dollars
Ouragan Grill & Ailes	2019	48 millions de dollars

Développement et expansion de la franchise

Métriques de croissance de la franchise pour 2023:

• Nouveaux accords de franchise: 87
• Lieux de franchise internationale: 350+
• Emplacements de franchise domestique: 2 250+
• Frais de franchise moyens: 35 000 $ - 75 000 $

Services de soutien opérationnel centralisés

L'infrastructure de soutien opérationnel comprend:

• Plate-forme d'achat centralisée
• Services d'intégration technologique
• Programmes de formation et de développement
• Gestion de la chaîne d'approvisionnement

Marketing de marque et stratégies promotionnelles

Dépenses de marketing en 2023: 12,4 millions de dollars

Canal de marketing	Allocation budgétaire
Marketing numérique	42%
Réseaux sociaux	28%
Médias traditionnels	30%

Innovation de menu et raffinement du concept

Investissement annuel sur le développement de menu: 3,2 millions de dollars

• Taille de l'équipe R&D: 17 professionnels culinaires
• Cycle de développement moyen des éléments de menu: 6-8 mois
• Nouveaux éléments de menu introduits chaque année: 35-45

Fat Brands Inc. (FAT) - Modèle d'entreprise: Ressources clés

Portfolio de restaurants multimarques diversifié

En 2024, Fat Brands possède 19 marques de restaurants, notamment:

Marque	Nombre d'emplacements
Fatburger	170 emplacements
Johnny Rockets	250 emplacements
Ouragan Grill & Ailes	60 emplacements

Expertise en matière de développement de franchise

Statistiques du réseau de franchise:

• Emplacements franchisés totaux: 2 715 au quatrième trimestre 2023
• Présence internationale dans 36 pays
• Revenus de franchise: 89,3 millions de dollars en 2023

Équipe de gestion et de leadership solide

Composition du leadership:

Position	Nom
PDG	Andy Wiederhorn
Directeur financier	Mike Colson

Capital financier pour les acquisitions stratégiques

Métriques financières:

• Revenu total en 2023: 370,4 millions de dollars
• Dette totale: 442,8 millions de dollars
• Equivalents en espèces et en espèces: 18,2 millions de dollars

Infrastructure opérationnelle et systèmes de soutien

Capacités opérationnelles:

• Gestion de la chaîne d'approvisionnement centralisée
• Plateforme de technologie numérique pour le support de franchise
• Ressources de marketing et de formation pour les franchisés

Fat Brands Inc. (FAT) - Modèle d'entreprise: propositions de valeur

Portefeuille de marques de restaurants diversifié

Fat Brands Inc. possède 18 marques de restaurants en 2023, notamment:

Marque	Concept	Nombre d'emplacements
Fatburger	Restaurant hamburger	180 emplacements
Johnny Rockets	Diner américain classique	250 emplacements
Ouragan Grill & Ailes	Barre de sport & Salle à manger décontractée	120 emplacements

Modèle commercial de franchisage éprouvé

Métriques financières liées à la franchise:

• Revenu total de franchise en 2022: 58,4 millions de dollars
• Taux de redevance de franchise: 4 à 6% des ventes brutes
• Frais de franchise initiaux moyens: 35 000 $ - 50 000 $ par emplacement

Support opérationnel rationalisé

Les services de soutien opérationnel comprennent:

• Ressources marketing
• Gestion de la chaîne d'approvisionnement
• Infrastructure technologique

Économies d'échelle

Métrique	Valeur 2022
Ventes totales à l'échelle du système	1,8 milliard de dollars
Emplacements totaux de restaurants	1 700+ dans le monde
Présence internationale	20+ pays

Opportunités de croissance

Métriques de croissance pour les entrepreneurs des restaurants:

• Revenus de restaurants moyens: 1,2 million de dollars par an
• Incitations au développement des restaurants
• Programmes de propriété multi-unités

Fat Brands Inc. (FAT) - Modèle d'entreprise: relations avec les clients

Programmes de soutien et de formation sur franchise

Fat Brands propose des programmes de formation complets pour son réseau de franchise sur plusieurs concepts de restaurants. En 2024, la société prend en charge environ 2 700 emplacements franchisés dans le monde.

Catégorie de programme de formation	Investissement annuel estimé
Formation initiale sur la franchise	75 000 $ par emplacement de franchise
Formation opérationnelle en cours	25 000 $ par an par franchise

Conseils opérationnels en cours

Fat Brands offre un soutien opérationnel continu grâce à des consultants en affaires franchises dédiées.

• Temps de réponse moyen aux demandes de franchise: 24 heures
• Nombre de membres du personnel de soutien à la franchise dédiée: 87
• Budget de soutien opérationnel annuel: 4,2 millions de dollars

Plateformes de communication numérique

L'entreprise utilise des plateformes numériques avancées pour la communication et la gestion des franchises.

Plate-forme numérique	Base d'utilisateurs
Portail de gestion de franchise	2 700 emplacements de franchise actifs
Application de suivi des performances mobiles	1 950 utilisateurs de franchise enregistrés

Surveillance et consultation des performances

Fat Brands met en œuvre des mécanismes de suivi des performances rigoureux pour les franchisés.

• Cycles de revue des performances trimestrielles
• Accès au tableau de bord financier en temps réel
• Fréquence de consultation d'amélioration des performances: mensuellement

Assistance au marketing et au développement de la marque

La société fournit un soutien marketing complet à son réseau de franchise.

Catégorie de support marketing	Investissement annuel
Contribution du Fonds de marketing national	12,5 millions de dollars
Assistance marketing locale	3,7 millions de dollars

Fat Brands Inc. (FAT) - Modèle commercial: canaux

Recrutement de franchise directe

Fat Brands Inc. utilise une approche de recrutement de franchise directe ciblée avec 17 marques de restaurants dans son portefeuille à partir de 2023. La société maintient une équipe de développement de franchise dédiée qui engage directement des franchisés potentiels.

Canal de recrutement	Nombre de spécialistes du recrutement	Cible de recrutement annuelle
Équipe de vente directe	12	45-50 nouveaux franchisés par an

Conférences de l'industrie de la restauration

Les marques grasses participent activement à des conférences clés de l'industrie pour attirer des franchisés potentiels.

• Assisté à 8 grandes conférences de franchise en 2023
• Participer à la Convention de l'Association internationale de franchise (IFA)
• Investi environ 350 000 $ en marketing et présence de conférence

Plateformes de marketing de franchise en ligne

L'entreprise tire parti des plateformes numériques pour le recrutement et le marketing de franchise.

Plate-forme en ligne	Visiteurs mensuels	Taux de conversion
Franchise.com	125,000	2.3%
MRF (franchisé multi-unités)	85,000	1.8%

Réseaux de courtiers de franchise

Fat Brands collabore avec plusieurs réseaux de courtiers de franchise pour étendre les canaux de recrutement.

• En partenariat avec 7 réseaux nationaux de courtier en franchise
• Taux de commission payés entre 40 et 50% des frais de franchise initiaux
• Généré environ 35% des nouveaux franchisés mènent par le biais de réseaux de courtiers

Marketing médiatique numérique et traditionnel

La stratégie de marketing englobe à la fois les canaux médiatiques numériques et traditionnels.

Canal de marketing	Dépenses marketing annuelles	Portée estimée
Publicité numérique	2,1 millions de dollars	5,2 millions d'impressions
Imprimé	$450,000	1,3 million de lecteurs
Publications commerciales	$280,000	750 000 professionnels de l'industrie

Fat Brands Inc. (FAT) - Modèle d'entreprise: segments de clientèle

Franchisés de restaurants multi-unités

En 2024, Fat Brands dessert environ 300 franchisés multi-unités à travers son portefeuille de marques de restaurants.

Caractéristiques du segment	Données quantitatives
Nombre moyen d'unités possédées	3-5 unités de restauration par franchisé
Plage d'investissement total	$750,000 - $2,500,000
Potentiel de revenus annuel	1,2 million de dollars - 4,5 millions de dollars par franchisé

Entrepreneurs de restaurants émergents

Fat Brands cible la première et les entrepreneurs de restaurants émergents avec des opportunités de franchise spécifiques.

• Gamme d'investissement d'entrée de franchise: 250 000 $ - 500 000 $
• Marques ciblant les jeunes entrepreneurs: Fatburger, Johnny Rockets
• Programmes de soutien à la formation: 4 à 6 semaines

Groupes de capital-investissement et d'investissement

Fat Brands attire des investisseurs institutionnels avec sa plate-forme de restauration multibrand.

Métriques d'investissement	Données actuelles
Évaluation totale du portefeuille	800 millions de dollars
Nombre d'investisseurs institutionnels	12 groupes d'investissement actifs
Taille moyenne de l'investissement	25 millions de dollars - 75 millions de dollars

Opérateurs de restaurants régionaux et nationaux

Fat Brands soutient les opérateurs de restaurants régionaux et nationaux sur plusieurs marques.

• Opérateurs régionaux totaux: 75 entreprises
• Couverture géographique: 48 États américains
• Présence internationale: 12 pays

Partenaires internationaux de développement de franchise

Les marques grasses se développent à l'échelle mondiale grâce à des partenariats de franchise internationales stratégiques.

Métriques d'expansion internationales	2024 données
Total des marchés internationaux	20 pays
Accords de franchise internationales	35 accords de développement actifs
Croissance de l'unité internationale projetée	15-20% par an

Fat Brands Inc. (FAT) - Modèle d'entreprise: Structure des coûts

Coûts d'acquisition pour les marques de restaurants

En 2023, Fat Brands a déclaré des coûts d'acquisition totaux de 95,4 millions de dollars pour les marques de restaurants. La société a dépensé environ 37,2 millions de dollars pour les frais d'acquisition directs de marque.

Catégorie d'acquisition de marque	Coût ($)
Total des frais d'acquisition	$95,400,000
Acquisition directe de la marque	$37,200,000
Dépenses liées aux transactions	$58,200,000

Développement de franchise et dépenses de soutien

En 2023, Fat Brands a alloué 22,6 millions de dollars au développement de franchise et à l'infrastructure de soutien.

• Coûts d'intégration de la franchise: 8,3 millions de dollars
• Programmes de formation et de soutien: 6,9 millions de dollars
• Marketing d'extension de franchise: 7,4 millions de dollars

Marketing et investissements promotionnels

Les dépenses de marketing pour les marques de graisse ont totalisé 41,5 millions de dollars en 2023.

Canal de marketing	Investissement ($)
Marketing numérique	$15,600,000
Publicité traditionnelle	$12,900,000
Campagnes promotionnelles	$13,000,000

Frais généraux et frais administratifs

Les frais administratifs des entreprises pour les marques de graisse étaient de 67,3 millions de dollars en 2023.

• Rémunération des cadres: 18,5 millions de dollars
• Salaires du personnel d'entreprise: 24,7 millions de dollars
• Opérations de bureau: 12,6 millions de dollars
• Services professionnels: 11,5 millions de dollars

Maintenance de technologie et d'infrastructure

L'investissement infrastructure technologique a atteint 19,8 millions de dollars en 2023.

Catégorie de technologie	Investissement ($)
Infrastructure informatique	$7,600,000
Licence de logiciel	$5,300,000
Maintenance de plate-forme numérique	$6,900,000

Fat Brands Inc. (FAT) - Modèle d'entreprise: Strots de revenus

Frais de redevance de franchise

En 2023, Fat Brands Inc. génère des frais de redevance de franchise à travers son portefeuille de marques de restaurants. Le taux de redevance moyen varie entre 4% et 6% des ventes brutes pour chaque emplacement de franchise.

Marque	Pourcentage de frais de redevance	Revenus de redevances annuelles (2023)
Fatburger	5%	8,2 millions de dollars
Johnny Rockets	4.5%	6,7 millions de dollars
Ouragan Grill & Ailes	5.5%	4,5 millions de dollars

Frais de licence de franchise initiale

Les marques grasses facturent des frais de licence de franchise initiaux pour les nouveaux emplacements de restaurants. Les frais varient selon la marque et la taille de l'emplacement.

• Fatburger: 35 000 $ Frais de franchise initiale
• Johnny Rockets: 30 000 $ Frais de franchise initiale
• Ouragan Grill & Ailes: 25 000 $ Frais de franchise initiale

Frais de développement et de transfert de marque

Les marques grasses génèrent des revenus supplémentaires grâce au développement de la marque et aux frais de transfert de franchise. En 2023, ces frais ont généré environ 2,3 millions de dollars de revenus.

Pourcentage de ventes de franchises

La société gagne des revenus sur la base d'un pourcentage des ventes totales de franchises à travers son portefeuille de marque.

Marque	Ventes totales de franchise (2023)	Revenu en pourcentage de l'entreprise
Fatburger	220 millions de dollars	11 millions de dollars
Johnny Rockets	180 millions de dollars	8,1 millions de dollars
Ouragan Grill & Ailes	120 millions de dollars	6,6 millions de dollars

Revenus stratégiques de gestion du portefeuille de marques

Les marques de graisse génèrent des revenus stratégiques grâce à son portefeuille de marque de restauration diversifié. Les revenus totaux de la gestion de la marque étaient de 45,6 millions de dollars en 2023.

• Nombre total d'emplacements de franchise: 2 100
• Ventes totales à l'échelle du système: 600 millions de dollars
• Revenu moyen par franchise Lieu: 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.