Fat Brands Inc. (FAT): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico de franquia de restaurantes de várias marcas, a Fat Brands Inc. surge como uma potência estratégica, transformando o cenário de restaurantes por meio de gerenciamento inovador de portfólio e aquisições estratégicas. Ao alavancar um modelo de negócios sofisticado que abrange diversos segmentos de refeições e capacita franqueados empresariais, a Fat Brands criou uma abordagem única para o crescimento da indústria de restaurantes. Desde seu portfólio de marcas cuidadosamente selecionado até o ecossistema abrangente de suporte de franquias, eles não estão apenas vendendo conceitos de restaurantes - eles estão construindo uma plataforma abrangente para o empreendedorismo culinário que promete oportunidades emocionantes para investidores, operadores e entusiastas de alimentos.

Fat Brands Inc. (FAT) - Modelo de Negócios: Principais Parcerias

Parcerias de franquia de restaurantes de várias marcas

A Fat Brands Inc. opera com um portfólio de 19 marcas de restaurantes a partir de 2024, incluindo:

Marca	Número de locais	Tipo de franquia
Fatburger	178 locais	Franchising internacional
Johnny Rockets	255 locais	Franchising global
Hurricane Grill & Asas	60 locais	Franchising doméstico

Aquisições estratégicas de correntes de restaurantes

A Fat Brands concluiu aquisições estratégicas com valores totais de transação:

• Aquisição de Fatburger: US $ 150 milhões
• Aquisição de Johnny Rockets: US $ 95 milhões
• Hurricane Grill & Aquisição de asas: US $ 40 milhões

Acordos de desenvolvimento de franquia

Acordos de desenvolvimento de franquias entre regiões:

Região	Número de acordos de desenvolvimento	Novos locais projetados
América do Norte	42 acordos	175 novos locais
Médio Oriente	18 acordos	85 novos locais
Ásia -Pacífico	22 acordos	110 novos locais

Cadeia de suprimentos e relacionamentos de fornecedores

Os principais parceiros da cadeia de suprimentos incluem:

• Sysco Corporation: Parceiro de distribuição de alimentos primários
• US Foods: Parceiro de distribuição de alimentos secundário
• Coca-Cola: Contrato de Fornecimento de Bebidas

Parceiros de colaboração de tecnologia e marketing

Parcerias de tecnologia e marketing:

Parceiro	Foco de colaboração	Investimento anual
Oráculo	Sistemas de ponto de venda	US $ 2,5 milhões
Google	Marketing digital	US $ 1,8 milhão
Doordash	Plataforma de entrega on -line	US $ 3,2 milhões

Fat Brands Inc. (FAT) - Modelo de negócios: Atividades -chave

Aquisição de marcas de restaurantes e gerenciamento de portfólio

A partir de 2024, a Fat Brands possui 21 marcas de restaurantes em vários segmentos de refeições. O portfólio total de restaurantes inclui mais de 2.600 locais em todo o mundo. As marcas adquiridas nos últimos anos incluem:

Marca	Ano de aquisição	Preço de compra
Twin Peaks	2022	US $ 300 milhões
Fazoli's	2021	US $ 140 milhões
Hurricane Grill & Asas	2019	US $ 48 milhões

Desenvolvimento e expansão da franquia

Métricas de crescimento da franquia para 2023:

• Novos acordos de franquia: 87
• Locais internacionais de franquia: 350+
• Locais de franquia doméstica: 2.250+
• Taxa média de franquia: US $ 35.000 a US $ 75.000

Serviços de suporte operacional centralizado

A infraestrutura de suporte operacional inclui:

• Plataforma de compras centralizadas
• Serviços de integração de tecnologia
• Programas de treinamento e desenvolvimento
• Gestão da cadeia de abastecimento

Marketing de marca e estratégias promocionais

Despesas de marketing em 2023: US $ 12,4 milhões

Canal de marketing	Alocação de orçamento
Marketing digital	42%
Mídia social	28%
Mídia tradicional	30%

Menu Innovation and Concept Refinment

Investimento anual de desenvolvimento de menu: US $ 3,2 milhões

• Tamanho da equipe de P&D: 17 profissionais culinários
• Ciclo médio de desenvolvimento do item de menu: 6-8 meses
• Novos itens de menu introduzidos anualmente: 35-45

Fat Brands Inc. (FAT) - Modelo de negócios: Recursos -chave

Portfólio de restaurantes de várias marcas diversas

A partir de 2024, a Fat Brands possui 19 marcas de restaurantes, incluindo:

Marca	Número de locais
Fatburger	170 locais
Johnny Rockets	250 locais
Hurricane Grill & Asas	60 locais

Experiência em desenvolvimento de franquias

Estatísticas de rede de franquias:

• Total de locais franqueados: 2.715 a partir do quarto trimestre 2023
• Presença internacional em 36 países
• Receita de franquia: US $ 89,3 milhões em 2023

Equipe de gestão e liderança forte

Composição de liderança:

Posição	Nome
CEO	Andy Wiederhorn
Diretor Financeiro	Mike Colson

Capital financeiro para aquisições estratégicas

Métricas financeiras:

• Receita total em 2023: US $ 370,4 milhões
• Dívida total: US $ 442,8 milhões
• Caixa e equivalentes em dinheiro: US $ 18,2 milhões

Infraestrutura operacional e sistemas de suporte

Capacidades operacionais:

• Gerenciamento centralizado da cadeia de suprimentos
• Plataforma de tecnologia digital para suporte à franquia
• Recursos de marketing e treinamento para franqueados

Fat Brands Inc. (FAT) - Modelo de Negócios: Proposições de Valor

Portfólio de marcas de restaurantes diversificados

A Fat Brands Inc. possui 18 marcas de restaurantes a partir de 2023, incluindo:

Marca	Conceito	Número de locais
Fatburger	Restaurante de hambúrguer	180 locais
Johnny Rockets	Diner americano clássico	250 locais
Hurricane Grill & Asas	Bar de esportes & Refeições casuais	120 locais

Modelo de negócios de franquia comprovado

Métricas financeiras relacionadas à franquia:

• Receita total de franquia em 2022: US $ 58,4 milhões
• Taxa de royalties de franquia: 4-6% das vendas brutas
• Taxa média de franquia inicial: US $ 35.000 a US $ 50.000 por local

Suporte operacional simplificado

Os serviços de suporte operacional incluem:

• Recursos de marketing
• Gestão da cadeia de abastecimento
• Infraestrutura de tecnologia

Economias de escala

Métrica	2022 Valor
Vendas totais em todo o sistema	US $ 1,8 bilhão
Locais totais de restaurantes	1.700+ em todo o mundo
Presença internacional	Mais de 20 países

Oportunidades de crescimento

Métricas de crescimento para empreendedores de restaurantes:

• Receita média de restaurantes: US $ 1,2 milhão anualmente
• Incentivos de desenvolvimento de restaurantes
• Programas de propriedade de várias unidades

Fat Brands Inc. (FAT) - Modelo de Negócios: Relacionamentos do Cliente

Programas de suporte e treinamento de franquia

A Fat Brands fornece programas de treinamento abrangentes para sua rede de franquias em vários conceitos de restaurantes. A partir de 2024, a empresa suporta aproximadamente 2.700 locais franqueados globalmente.

Categoria de programa de treinamento	Investimento anual estimado
Treinamento inicial da franquia	US $ 75.000 por localização da franquia
Treinamento operacional em andamento	US $ 25.000 anualmente por franquia

Orientação operacional em andamento

A Fat Brands oferece suporte operacional contínuo por meio de consultores de negócios de franquias dedicados.

• Tempo médio de resposta às consultas de franquia: 24 horas
• Número de pessoal de suporte de franquia dedicado: 87
• Orçamento anual de suporte operacional: US $ 4,2 milhões

Plataformas de comunicação digital

A empresa utiliza plataformas digitais avançadas para comunicação e gerenciamento de franquias.

Plataforma digital	Base de usuários
Portal de gerenciamento de franquias	2.700 locais de franquia ativa
Aplicativo de rastreamento de desempenho móvel	1.950 usuários de franquia registrados

Monitoramento e consulta de desempenho

As marcas de gordura implementa mecanismos rigorosos de rastreamento de desempenho para franqueados.

• Ciclos trimestrais de revisão de desempenho
• Acesso ao painel financeiro em tempo real
• Frequência de consulta de melhoria de desempenho: mensalmente

Assistência de marketing e desenvolvimento de marca

A empresa fornece suporte abrangente de marketing à sua rede de franquias.

Categoria de suporte de marketing	Investimento anual
Contribuição do Fundo Nacional de Marketing	US $ 12,5 milhões
Suporte de marketing local	US $ 3,7 milhões

Fat Brands Inc. (FAT) - Modelo de Negócios: Canais

Recrutamento de franquia direta

A Fat Brands Inc. utiliza uma abordagem direcionada de recrutamento de franquias diretas com 17 marcas de restaurantes em seu portfólio a partir de 2023. A empresa mantém uma equipe dedicada de desenvolvimento de franquias que envolve diretamente os franqueados em potencial.

Canal de recrutamento	Número de especialistas em recrutamento	Meta anual de recrutamento
Equipe de vendas diretas	12	45-50 novos franqueados por ano

Conferências da indústria de restaurantes

As marcas de gordura participam ativamente de conferências importantes do setor para atrair possíveis franqueados.

• Participou de 8 principais conferências de franquia em 2023
• Participou da Convenção da Associação Internacional de Franquias (IFA)
• Investiu aproximadamente US $ 350.000 em marketing e presença da conferência

Plataformas de marketing de franquia online

A empresa utiliza plataformas digitais para recrutamento e marketing de franquias.

Plataforma online	Visitantes mensais	Taxa de conversão
Franchise.com	125,000	2.3%
MRF (franqueado de várias unidades)	85,000	1.8%

Redes de corretor de franquia

As marcas de gordura colaboram com várias redes de corretor de franquia para expandir os canais de recrutamento.

• Em parceria com 7 redes nacionais de corretores de franquia
• Taxas de comissão pagas entre 40-50% da taxa inicial de franquia
• Gerou aproximadamente 35% dos novos líderes de franqueados por meio de redes de corretoras

Marketing de mídia digital e tradicional

A estratégia de marketing abrange canais de mídia digital e tradicional.

Canal de marketing	Gastos anuais de marketing	Alcance estimado
Publicidade digital	US $ 2,1 milhões	5,2 milhões de impressões
Mídia de impressão	$450,000	1,3 milhão de leitores
Publicações comerciais	$280,000	750.000 profissionais do setor

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

Franqueados de restaurantes de várias unidades

A partir de 2024, a Fat Brands atende a aproximadamente 300 franqueados de várias unidades em seu portfólio de marcas de restaurantes.

Características do segmento	Dados quantitativos
Número médio de unidades de propriedade	3-5 unidades de restaurantes por franqueado
Faixa de investimento total	$750,000 - $2,500,000
Potencial anual de receita	US $ 1,2 milhão - US $ 4,5 milhões por franqueado

Emergentes empreendedores de restaurantes

A Fat Brands tem como alvo os empreendedores de restaurantes pela primeira vez e emergentes com oportunidades específicas de franquia.

• Faixa de investimentos de entrada de franquia: US $ 250.000 - US $ 500.000
• Marcas visando empreendedores mais jovens: Fatburger, Johnny Rockets
• Programas de apoio ao treinamento: 4-6 semanas de integração abrangente

Grupos de private equity e investimentos

As marcas de gordura atraem investidores institucionais com sua plataforma de restaurantes de várias marcas.

Métricas de investimento	Dados atuais
Avaliação total do portfólio	US $ 800 milhões
Número de investidores institucionais	12 grupos de investimento ativos
Tamanho médio de investimento	US $ 25 milhões - US $ 75 milhões

Operadores de restaurantes regionais e nacionais

As marcas de gordura suportam operadores de restaurantes regionais e nacionais em várias marcas.

• Total de operadores regionais: 75 empresas
• Cobertura geográfica: 48 estados dos EUA
• Presença internacional: 12 países

Parceiros Internacionais de Desenvolvimento de Franquia

As marcas de gordura se expandem globalmente através de parcerias estratégicas de franquia internacional.

Métricas de expansão internacional	2024 dados
Total de mercados internacionais	20 países
Acordos internacionais de franquia	35 acordos de desenvolvimento ativos
Crescimento da unidade internacional projetada	15-20% anualmente

Fat Brands Inc. (FAT) - Modelo de negócios: estrutura de custos

Custos de aquisição para marcas de restaurantes

A partir de 2023, as marcas de gordura reportaram custos totais de aquisição de US $ 95,4 milhões para marcas de restaurantes. A empresa gastou aproximadamente US $ 37,2 milhões em despesas diretas de aquisição de marcas.

Categoria de aquisição de marca	Custo ($)
Despesas totais de aquisição	$95,400,000
Aquisição direta da marca	$37,200,000
Despesas relacionadas à transação	$58,200,000

Desenvolvimento de franquia e despesas de suporte

Em 2023, as marcas de gordura alocaram US $ 22,6 milhões para o desenvolvimento de franquias e a infraestrutura de suporte.

• Custos de integração de franquia: US $ 8,3 milhões
• Programas de treinamento e suporte: US $ 6,9 milhões
• Marketing de expansão de franquia: US $ 7,4 milhões

Investimentos de marketing e promocionais

As despesas de marketing para marcas de gordura totalizaram US $ 41,5 milhões em 2023.

Canal de marketing	Investimento ($)
Marketing digital	$15,600,000
Publicidade tradicional	$12,900,000
Campanhas promocionais	$13,000,000

Custos indiretos e administrativos corporativos

As despesas administrativas corporativas para marcas de gordura foram de US $ 67,3 milhões em 2023.

• Remuneração de executivos: US $ 18,5 milhões
• Salários da equipe corporativa: US $ 24,7 milhões
• Operações do escritório: US $ 12,6 milhões
• Serviços profissionais: US $ 11,5 milhões

Manutenção de tecnologia e infraestrutura

O investimento em infraestrutura tecnológica atingiu US $ 19,8 milhões em 2023.

Categoria de tecnologia	Investimento ($)
Infraestrutura de TI	$7,600,000
Licenciamento de software	$5,300,000
Manutenção da plataforma digital	$6,900,000

Fat Brands Inc. (FAT) - Modelo de negócios: fluxos de receita

Taxas de royalties de franquia

A partir de 2023, a Fat Brands Inc. gera taxas de royalties de franquia em seu portfólio de marcas de restaurantes. A taxa média de royalties varia entre 4% a 6% das vendas brutas para cada localização da franquia.

Marca	Porcentagem de taxa de royalties	Receita anual de royalties (2023)
Fatburger	5%	US $ 8,2 milhões
Johnny Rockets	4.5%	US $ 6,7 milhões
Hurricane Grill & Asas	5.5%	US $ 4,5 milhões

Taxas iniciais de licenciamento de franquia

A Fat Brands cobra taxas iniciais de licenciamento de franquias para novos restaurantes. As taxas variam de acordo com a marca e o tamanho da localização.

• Fatburger: US $ 35.000 Taxa de franquia inicial
• Johnny Rockets: Taxa de franquia inicial de US $ 30.000
• Hurricane Grill & Asas: Taxa de franquia inicial de US $ 25.000

Taxas de desenvolvimento e transferência da marca

As marcas de gordura gera receita adicional através do desenvolvimento da marca e taxas de transferência de franquia. Em 2023, essas taxas geraram aproximadamente US $ 2,3 milhões em receita.

Porcentagem de vendas de franquia

A empresa obtém receita com base em uma porcentagem do total de vendas de franquias em seu portfólio de marcas.

Marca	Vendas totais de franquia (2023)	Receita percentual da empresa
Fatburger	US $ 220 milhões	US $ 11 milhões
Johnny Rockets	US $ 180 milhões	US $ 8,1 milhões
Hurricane Grill & Asas	US $ 120 milhões	US $ 6,6 milhões

Receitas estratégicas de gerenciamento de portfólio de marcas

As marcas de gordura gera receitas estratégicas por meio de seu portfólio diversificado de marcas de restaurantes. A receita total do gerenciamento da marca foi de US $ 45,6 milhões em 2023.

• Número total de locais de franquia: 2.100
• Vendas totais em todo o sistema: US $ 600 milhões
• Receita média por franquia Localização: US $ 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.