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

Fat Brands Inc. transforme le paysage de la franchise des restaurants avec sa stratégie multi-marques innovante, agrégeant magistralement divers concepts de restauration sous un parapluie d'entreprise puissant. En acquérant stratégiquement et en gérant des marques de restaurants emblématiques comme Fatburger, Johnny Rockets et Hurricane Grill, la société a conçu un modèle de franchise sophistiqué qui offre aux entrepreneurs des opportunités d'investissement sans précédent dans plusieurs segments culinaires. Leur approche unique combine l'excellence opérationnelle, la diversité des marques et le développement de franchise évolutif, positionnant les marques de graisse comme force perturbatrice dans l'industrie compétitive de la restauration.

Fat Brands Inc. (FATBB) - Modèle commercial: partenariats clés

Accords de franchise stratégiques avec des opérateurs de restaurants multi-unités

Depuis 2024, Fat Brands a établi des accords de franchise stratégiques avec les opérateurs de restaurants multi-unités suivants:

Opérateur	Nombre d'unités	Marques gérées
NPC International	Plus de 500 emplacements de restaurants	Wendy's, Pizza Hut
Groupe de restaurants Flynn	1 300+ unités de restaurants	Arby's, Taco Bell

Partenariats de licence avec des chefs célèbres et des personnalités alimentaires

Fat Brands a développé des partenariats de licence avec:

• Guy Fieri (concept de restaurant de poulet! Restaurant)
• Robert Irvine (maison publique de Robert Irvine)

Collaborations de la chaîne d'approvisionnement avec des distributeurs et vendeurs alimentaires

Les partenariats clés de la chaîne d'approvisionnement comprennent:

Distributeur	Valeur du contrat annuel	Services fournis
Sysco Corporation	85,3 millions de dollars	Distribution des ingrédients alimentaires
Aliments américains	62,7 millions de dollars	Logistique de l'alimentation du restaurant

Coentreprises avec des partenaires internationaux d'expansion des restaurants

Partenariats internationaux d'expansion à partir de 2024:

• Roark Capital Group (stratégie d'expansion mondiale)
• Groupe alimentaire des marchés émergents (EMFG) - Expansion du Moyen-Orient
• Axiom Capital Partners - Asie-Pacifique Development Restaurant

Accords totaux de franchise internationale: 47 pays

Contribution totale des revenus de la société de personnes: 214,6 millions de dollars en 2023 exercice

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

Acquisition de marque de restaurants et gestion du portefeuille

Depuis 2024, Fat Brands possède 19 marques de restaurants dans plusieurs catégories de restauration. Nombre total de restaurants: 2 700+ emplacements dans le monde.

Catégorie de marque	Nombre de marques	Total des emplacements
Concepts de hamburger	4	850
Concepts de poulet	3	450
Concepts de pizza	2	350
Autres concepts de restauration	10	1,050

Développement et expansion de la franchise

Métriques de croissance de la franchise pour 2024:

• Taux d'expansion de la franchise: 12% d'une année à l'autre
• Nouveaux accords de franchise signés: 85
• Emplacements internationaux de franchise: 220
• Emplacements de franchise domestique: 2 480

Marketing de marque et stratégies promotionnelles

Investissement marketing pour 2024: 42,3 millions de dollars sur les canaux numériques et traditionnels.

Canal de marketing	Pourcentage de budget	Montant d'investissement
Marketing numérique	45%	19,0 millions de dollars
Réseaux sociaux	20%	8,5 millions de dollars
Médias traditionnels	35%	14,8 millions de dollars

Standardisation opérationnelle

Investissements de normalisation opérationnelle: 15,7 millions de dollars en 2024.

• Budget d'intégration technologique: 6,2 millions de dollars
• Développement du programme de formation: 3,5 millions de dollars
• Optimisation du processus opérationnel: 6 millions de dollars

Innovation du concept de restaurant

Investissement en innovation pour 2024: 22,6 millions de dollars.

Zone d'innovation	Investissement	Se concentrer
Développement de menu	9,4 millions de dollars	Nouveaux éléments de menu à travers les marques
Intégration technologique	7,2 millions de dollars	Plateformes de commande numérique
Raffinement de concept	6 millions de dollars	Amélioration de l'expérience de la marque

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

Portfolio diversifié de marques de restaurants

Fat Brands Inc. possède et exploite plusieurs marques de restaurants à partir de 2024:

Marque	Nombre d'emplacements	Catégorie
Fatburger	150	Restaurant hamburger
Johnny Rockets	250	Restaurant hamburger
Ouragan Grill	60	Salle à manger décontractée

Infrastructure de développement de franchise

L'infrastructure de franchise de Fat Brands comprend:

• Équipe de développement de franchise de 35 professionnels
• Présence mondiale de franchise dans 30 pays
• Centre de soutien à la franchise à Los Angeles, Californie

Expertise en équipe de gestion

Détails de gestion clés:

Exécutif	Position	Années d'expérience
Andy Wiederhorn	PDG	20 ans et plus
Michael Coles	Président	15 ans et plus

Plateformes technologiques numériques

Investissements infrastructures technologiques:

• Investissement logiciel de gestion de franchise: 2,3 millions de dollars en 2023
• Plates-formes de commande mobile à travers les marques
• Systèmes de point de vente basés sur le cloud

Ressources financières

Métrique financière	Valeur 2023
Revenus totaux	365 millions de dollars
Actif total	510 millions de dollars
Equivalents en espèces et en espèces	45 millions de dollars

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

Portfolio complet de restaurants multimarques

Fat Brands Inc. possède 18 marques de restaurants en 2024, notamment:

Marque	Type de cuisine	Nombre d'emplacements
Fatburger	Hamburger	180 emplacements
Johnny Rockets	Dîner américain	250 emplacements
Ouragan Grill & Ailes	Ailes	100 emplacements

Modèle commercial de franchise éprouvée

Franchise Métriques financières:

• Frais de franchise initiaux moyens: 35 000 $
• Taux de redevance: 4 à 6% des ventes brutes
• Plux d'investissement initiale totale: 250 000 $ - 1,5 million de dollars

Concepts de restauration évolutifs

Répartition du segment des restaurants:

Segment	Nombre de marques	Total des emplacements
Concepts de hamburger	4 marques	350 emplacements
Salle à manger décontractée	6 marques	450 emplacements
Fast Casual	8 marques	250 emplacements

Qualité de marque cohérente

Métriques de performance de la marque:

• Volume unitaire moyen: 1,2 million de dollars par an
• Score de reconnaissance de la marque: 7,5 / 10
• Évaluation de satisfaction du client: 4.2 / 5

Opportunités d'investissement attrayantes

Performance financière du franchisé:

Métrique	Valeur
ROI moyen du franchisé	18-22%
Période de récupération	3-4 ans
Taux de réussite de la franchise	85%

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

Programmes de soutien et de formation sur franchise

Fat Brands offre un soutien à la formation complète dans ses 2 600 emplacements de restaurants. La société propose:

• Manuels de formation opérationnelle standardisés
• Systèmes de gestion de l'apprentissage numérique
• Conférence annuelle de franchise avec plus de 350 participants

Métriques du programme de formation	2024 données
Investissement de formation annuelle	4,2 millions de dollars
Heures de formation par franchise	42 heures / an
Modules de formation en ligne	87 modules

Engagement numérique grâce à des programmes de fidélité spécifiques à la marque

Fat Brands exploite des programmes de fidélité dans plusieurs chaînes de restaurants avec:

• 1,3 million de membres de fidélité actifs
• Intégration de la plate-forme de récompenses numériques
• Dépenses moyennes des membres: 127 $ / trimestre

Stratégies de marketing personnalisées

Canal de marketing	Taux d'engagement	Dépenses annuelles
Marketing des médias sociaux	4.7%	3,6 millions de dollars
E-mail marketing	6.2%	1,8 million de dollars
Campagnes d'applications mobiles	5.3%	2,4 millions de dollars

Expérience client cohérente

Métriques de satisfaction des clients croix:

• Score du promoteur net: 62/100
• Taux de rétention de la clientèle: 68%
• Points de contact moyens d'interaction du client: 4.3

Plateformes de service client réactives

Canal de service	Temps de réponse	Taux de résolution
Support téléphonique	12 minutes	87%
Assistance par e-mail	24 heures	79%
Support des médias sociaux	3 heures	72%

Fat Brands Inc. (FATBB) - Modèle d'entreprise: canaux

Ventes de franchise directes

Fat Brands Inc. opère avec 2 671 restaurants franchisés au troisième trimestre 2023. La société génère des revenus de franchise grâce à des canaux de vente directs avec des frais de franchise moyens de 35 000 $ à 50 000 $ par emplacement du restaurant.

Métrique de vente de franchise	2023 données
Restaurants franchisés totaux	2,671
Gamme de frais de franchise moyenne	$35,000 - $50,000
Budget annuel de développement de la franchise	5,2 millions de dollars

Plateformes de marketing numérique

Fat Brands utilise plusieurs canaux de marketing numérique avec un budget de marketing numérique annuel dédié de 3,7 millions de dollars.

• Plate-forme de recrutement de franchise de site Web
• Marketing de franchise de médias sociaux
• Campagnes publicitaires numériques ciblées
• Réseautage professionnel LinkedIn

Réseaux de localisation du restaurant

Fat Brands opère sur plusieurs marques de restaurants avec 2 671 emplacements au total au troisième trimestre 2023, notamment:

Marque de restaurant	Total des emplacements
Fatburger	250
Johnny Rockets	300
Ouragan Grill & Ailes	125
Autres marques	1,996

Franchis de franchise et conférences

Les marques de graisse allouent environ 750 000 $ par an pour la participation aux salons de la franchise et le marketing de la conférence.

• Convention internationale de la Franchise Association (IFA)
• Conférence de franchise multi-unités
• Conférence sur le leadership des restaurants

Portails de recrutement de franchise en ligne

La société investit 1,2 million de dollars par an dans des stratégies de recrutement de franchise en ligne sur les plateformes numériques.

Portail de recrutement	Investissement annuel
Franchise.com	$350,000
Franchisegateur	$250,000
Recrutement LinkedIn	$600,000

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

Investisseurs de franchise et opérateurs multi-unités

En 2024, Fat Brands exploite 2 711 restaurants franchisés et appartenant à l'entreprise dans 14 marques. Le modèle de franchise de l'entreprise cible:

• Opérateurs de franchise multi-unités avec une expérience de gestion des restaurants éprouvée
• Les investisseurs avec un capital liquide minimum de 500 000 $
• Entrepreneurs cherchant à investir dans des concepts de restaurants établis

Catégorie d'investissement de franchise	Exigences financières
Frais de franchise initiaux	35 000 $ - 75 000 $ par emplacement
Investissement initial total	250 000 $ - 1 500 000 $ par restaurant
Exigence de valeur nette	1 000 000 $ actifs liquides minimums

Consommateurs de restauration décontractés

Target démographique pour le portefeuille de restaurants de Fat Brands comprend:

• Tranche d'âge: 25 à 54 ans
• Revenu médian des ménages: 75 000 $ - 125 000 $ par an
• Segments de marché urbain et suburbain primaires

Cibles d'expansion du marché international

L'expansion internationale des marques de graisse se concentre sur:

• Région du Moyen-Orient
• Marchés Asie-Pacifique
• Pays d'Amérique latine

Marché international	Nombre de restaurants
Moyen-Orient	47 emplacements
Asie-Pacifique	32 emplacements
l'Amérique latine	26 emplacements

Entrepreneurs des services alimentaires

Entrepreneur cible profile:

• Expérience antérieure de gestion du restaurant ou de l'hôtellerie
• Valeur nette personnelle minimale de 750 000 $
• Force compréhension du marché local

Segments de marché régional des restaurants

Pénétration du marché géographique des marques de graisse:

• États-Unis: 2 450 restaurants
• Canada: 87 restaurants
• Marchés internationaux: 174 restaurants

Région	Pénétration du marché	Contribution des revenus
Du sud-est des États-Unis	38% du total des emplacements	42% des revenus à l'échelle du système
Nord-Est des États-Unis	22% du total des emplacements	25% des revenus à l'échelle du système
Marchés internationaux	6% du total des emplacements	8% des revenus à l'échelle du système

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

Coûts d'acquisition et de développement de franchise

En 2024, FAT Brands Inc. a déclaré des dépenses liées à la franchise de 12,3 millions de dollars dans ses états financiers annuels. Les frais d'acquisition de franchise de la société comprennent:

Catégorie de coûts	Dépenses annuelles ($)
Nouvelle licence de franchise	5,7 millions
Support de développement de franchise	3,9 millions
Juridique et conformité	2,7 millions

Dépenses de marketing et de promotion de la marque

Les dépenses de marketing pour FAT Brands Inc. en 2024 ont totalisé 18,5 millions de dollars, avec la ventilation suivante:

• Marketing numérique: 6,2 millions de dollars
• Publicité traditionnelle: 4,8 millions de dollars
• Campagnes de médias sociaux: 3,5 millions de dollars
• Événements promotionnels de la marque: 4 millions de dollars

Infrastructure de soutien opérationnel

Les coûts de soutien opérationnel pour l'entreprise s'élevaient à 22,1 millions de dollars, notamment:

Composant d'infrastructure	Coût annuel ($)
Frais généraux	8,6 millions
Programmes de formation	3,9 millions
Gestion de la chaîne d'approvisionnement	5,7 millions	Personnel de soutien opérationnel	3,9 millions

Investissements technologiques et plate-forme numérique

Les investissements technologiques pour FAT Brands Inc. en 2024 étaient de 7,6 millions de dollars, alloués comme suit:

• Plateformes de commande numérique: 3,2 millions de dollars
• Cybersécurité: 1,5 million de dollars
• Systèmes d'analyse de données: 1,9 million de dollars
• Infrastructure cloud: 1 million de dollars

Frais d'intégration et de normalisation de la marque

Les coûts de normalisation de la marque ont totalisé 5,4 millions de dollars, l'allocation suivante:

Catégorie de normalisation	Dépenses annuelles ($)
Élaboration de directives de marque	1,8 million
Conception uniforme et image de marque	2,3 millions
Intégration croisée	1,3 million

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

Frais de licence de franchise

En 2024, Fat Brands a rapporté des frais de licence de franchise à travers son portefeuille de marques de restaurants. La société possède 18 marques de restaurants et facture des frais de franchise initiaux allant de 25 000 $ à 50 000 $ par emplacement du restaurant.

Marque	Frais de franchise initiaux	Total franchises
Fatburger	$35,000	150 emplacements
Johnny Rockets	$40,000	120 emplacements
Ouragan Grill & Ailes	$30,000	80 emplacements

Revenu des redevances des opérations de franchise

En 2023, les marques de graisse ont généré 94,3 millions de dollars de revenus de redevances, ce qui représente environ 4 à 6% des ventes brutes des emplacements franchisés.

Année	Revenu de redevance	Pourcentage de ventes brutes
2023	94,3 millions de dollars	4-6%

Ventes de marques de restaurants

Fat Brands a déclaré que des ventes totales à l'échelle du système de 1,9 milliard de dollars en 2023 dans leurs marques de restaurants.

• Fatburger: 350 millions de dollars
• Johnny Rockets: 275 millions de dollars
• Ouragan Grill & Ailes: 180 millions de dollars

Commission de la chaîne d'approvisionnement et des vendeurs

La société génère des revenus grâce à des programmes centralisés d'achat et de remise des fournisseurs. En 2023, les commissions de la chaîne d'approvisionnement ont totalisé environ 22,5 millions de dollars.

Revenus de la plate-forme numérique et des services technologiques

Fat Brands a généré 8,7 millions de dollars auprès des services de plate-forme et de technologie numériques en 2023, y compris les technologies de programme de commande et de fidélité mobiles.

Service numérique	Revenu
Plate-forme de commande mobile	5,2 millions de dollars
Technologie du programme de fidélité	3,5 millions de dollars

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.