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

A Fat Brands Inc. transforma o cenário da franquia de restaurantes com sua inovadora estratégia de várias marcas, agregando magistralmente diversos conceitos de refeições sob um poderoso guarda-chuva corporativo. Ao adquirir e gerenciar estrategicamente marcas icônicas de restaurantes como Fatburger, Johnny Rockets e Hurricane Grill, a empresa projetou um modelo sofisticado de franquia que oferece aos empreendedores oportunidades de investimento sem precedentes em vários segmentos culinários. Sua abordagem única combina a excelência operacional, a diversidade de marcas e o desenvolvimento de franquias escaláveis, posicionando as marcas de gordura como uma força disruptiva na indústria competitiva de restaurantes.

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

Acordos de franquia estratégica com operadores de restaurantes de várias unidades

A partir de 2024, a Fat Brands estabeleceu acordos de franquia estratégica com os seguintes operadores de restaurantes de várias unidades:

Operador	Número de unidades	Marcas gerenciadas
NPC International	1.500 mais de locais de restaurantes	Wendy's, Pizza Hut
Grupo de restaurantes Flynn	1.300 mais de unidades de restaurantes	Arby's, Taco Bell

Parcerias de licenciamento com chefs de celebridades e personalidades alimentares

A Fat Brands desenvolveu parcerias de licenciamento com:

• Guy Fieri (conceito de frango! Restaurant)
• Robert Irvine (casa pública de Robert Irvine)

Colaborações da cadeia de suprimentos com distribuidores e fornecedores de alimentos

As principais parcerias da cadeia de suprimentos incluem:

Distribuidor	Valor anual do contrato	Serviços prestados
Sysco Corporation	US $ 85,3 milhões	Distribuição de ingredientes alimentares
US Foods	US $ 62,7 milhões	Logística de fornecimento de restaurantes

Joint ventures com parceiros de expansão de restaurantes internacionais

Parcerias de Expansão Internacional em 2024:

• Roark Capital Group (estratégia de expansão global)
• Mercados emergentes Grupo de Alimentos (EMFG) - Expansão do Oriente Médio
• Axiom Capital Partners - Desenvolvimento de restaurantes da Ásia -Pacífico

Total de acordos de franquia internacional: 47 países

Contribuição total da receita da parceria: US $ 214,6 milhões em 2023 ano fiscal

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

Aquisição de marcas de restaurantes e gerenciamento de portfólio

A partir de 2024, a Fat Brands possui 19 marcas de restaurantes em várias categorias de refeições. Contagem total de restaurantes: mais de 2.700 locais em todo o mundo.

Categoria de marca	Número de marcas	Locais totais
Conceitos de hambúrguer	4	850
Conceitos de frango	3	450
Conceitos de pizza	2	350
Outros conceitos de refeições	10	1,050

Desenvolvimento e expansão da franquia

Métricas de crescimento da franquia para 2024:

• Taxa de expansão da franquia: 12% ano a ano
• Novos acordos de franquia assinados: 85
• Locais internacionais de franquia: 220
• Locais de franquia doméstica: 2.480

Marketing de marca e estratégias promocionais

Investimento de marketing para 2024: US $ 42,3 milhões em canais digitais e tradicionais.

Canal de marketing	Porcentagem de orçamento	Valor do investimento
Marketing digital	45%	US $ 19,0 milhões
Mídia social	20%	US $ 8,5 milhões
Mídia tradicional	35%	US $ 14,8 milhões

Padronização operacional

Investimentos de padronização operacional: US $ 15,7 milhões em 2024.

• Orçamento de integração de tecnologia: US $ 6,2 milhões
• Desenvolvimento do Programa de Treinamento: US $ 3,5 milhões
• Otimização do processo operacional: US $ 6 milhões

Inovação do conceito de restaurante

Investimento de inovação para 2024: US $ 22,6 milhões.

Área de inovação	Investimento	Foco
Desenvolvimento do menu	US $ 9,4 milhões	Novos itens de menu nas marcas
Integração de tecnologia	US $ 7,2 milhões	Plataformas de pedidos digitais
Refinamento conceitual	US $ 6 milhões	Melhoramento da experiência da marca

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

Portfólio diversificado de marcas de restaurantes

A Fat Brands Inc. possui e opera várias marcas de restaurantes a partir de 2024:

Marca	Número de locais	Categoria
Fatburger	150	Restaurante de hambúrguer
Johnny Rockets	250	Restaurante de hambúrguer
Hurricane Grill	60	Refeições casuais

Infraestrutura de desenvolvimento de franquias

A infraestrutura de franquia das marcas de gordura inclui:

• Equipe de desenvolvimento de franquias de 35 profissionais
• Presença global de franquia em 30 países
• Centro de Apoio à Franquia em Los Angeles, Califórnia

Especialização da equipe de gerenciamento

Detalhes do gerenciamento de chaves:

Executivo	Posição	Anos de experiência
Andy Wiederhorn	CEO	Mais de 20 anos
Michael Coles	Presidente	Mais de 15 anos

Plataformas de tecnologia digital

Investimentos de infraestrutura de tecnologia:

• Investimento de software de gerenciamento de franquias: US $ 2,3 milhões em 2023
• Plataformas de pedidos móveis em marcas
• Sistemas de ponto de venda baseados em nuvem

Recursos financeiros

Métrica financeira	2023 valor
Receita total	US $ 365 milhões
Total de ativos	US $ 510 milhões
Caixa e equivalentes de dinheiro	US $ 45 milhões

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

Portfólio de restaurantes de várias marcas

A Fat Brands Inc. possui 18 marcas de restaurantes a partir de 2024, incluindo:

Marca	Tipo de cozinha	Número de locais
Fatburger	Hambúrguer	180 locais
Johnny Rockets	American Diner	250 locais
Hurricane Grill & Asas	Asas	100 locais

Modelo de negócios de franquia comprovado

Métricas financeiras de franquia:

• Taxa média de franquia inicial: US $ 35.000
• Taxa de royalties: 4-6% das vendas brutas
• Faixa total de investimento inicial: US $ 250.000 - US $ 1,5 milhão

Conceitos de restaurantes escaláveis

Breakdown do segmento de restaurantes:

Segmento	Número de marcas	Locais totais
Conceitos de hambúrguer	4 marcas	350 locais
Refeições casuais	6 marcas	450 locais
Rápido casual	8 marcas	250 locais

Qualidade consistente da marca

Métricas de desempenho da marca:

• Volume médio de unidade: US $ 1,2 milhão anualmente
• Pontuação de reconhecimento da marca: 7,5/10
• Classificação de satisfação do cliente: 4.2/5

Oportunidades de investimento atraentes

Desempenho financeiro do franqueado:

Métrica	Valor
ROI do franqueado médio	18-22%
Período de retorno	3-4 anos
Taxa de sucesso da franquia	85%

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

Programas de suporte e treinamento de franquia

A Fat Brands fornece suporte abrangente de treinamento em seus mais de 2.600 locais de restaurantes. A empresa oferece:

• Manuais de treinamento operacional padronizado
• Sistemas de gerenciamento de aprendizado digital
• Conferência Anual da Franchise com mais de 350 participantes

Métricas do Programa de Treinamento	2024 dados
Investimento anual de treinamento	US $ 4,2 milhões
Horário de treinamento por franquia	42 horas/ano
Módulos de treinamento on -line	87 módulos

Engajamento digital através de programas de fidelidade específicos da marca

As marcas de gordura opera programas de fidelidade em várias redes de restaurantes com:

• 1,3 milhão de membros de fidelidade ativa
• Integração da plataforma de recompensas digitais
• Gastes médios de membro: US $ 127/trimestre

Estratégias de marketing personalizadas

Canal de marketing	Taxa de engajamento	Gasto anual
Marketing de mídia social	4.7%	US $ 3,6 milhões
Marketing por e -mail	6.2%	US $ 1,8 milhão
Campanhas de aplicativos móveis	5.3%	US $ 2,4 milhões

Experiência consistente do cliente

Métricas de satisfação do cliente de marca cruzada:

• Pontuação do promotor líquido: 62/100
• Taxa de retenção de clientes: 68%
• Ponto de contato médio de interação do cliente: 4.3

Plataformas de atendimento ao cliente responsivas

Canal de serviço	Tempo de resposta	Taxa de resolução
Suporte telefônico	12 minutos	87%
Suporte por e -mail	24 horas	79%
Apoio à mídia social	3 horas	72%

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

Vendas diretas de franquia

A Fat Brands Inc. opera com 2.671 restaurantes franqueados totais a partir do terceiro trimestre de 2023. A empresa gera receita de franquia por meio de canais de vendas diretas com uma taxa média de franquia de US $ 35.000 a US $ 50.000 por localização do restaurante.

Métrica de vendas de franquia	2023 dados
Total de restaurantes franqueados	2,671
Faixa de taxa de franquia média	$35,000 - $50,000
Orçamento anual de desenvolvimento de franquias	US $ 5,2 milhões

Plataformas de marketing digital

As marcas de gordura utilizam vários canais de marketing digital com um orçamento anual de marketing digital dedicado de US $ 3,7 milhões.

• Plataformas de recrutamento de franquia de sites
• Marketing de franquia de mídia social
• Campanhas de publicidade digital direcionadas
• Rede profissional do LinkedIn

Redes de localização de restaurantes

As marcas de gordura opera em várias marcas de restaurantes com 2.671 locais totais a partir do terceiro trimestre de 2023, incluindo:

Marca de restaurante	Locais totais
Fatburger	250
Johnny Rockets	300
Hurricane Grill & Asas	125
Outras marcas	1,996

Feiras de franquia e conferências

As marcas de gordura alocam aproximadamente US $ 750.000 anualmente para a participação da feira de franquia e o marketing da conferência.

• Convenção da Associação Internacional de Franquia (IFA)
• Conferência de Franchising Multi-Unit
• Conferência de Liderança de Restaurantes

Portais de recrutamento de franquia online

A empresa investe US $ 1,2 milhão anualmente em estratégias de recrutamento de franquias on -line em plataformas digitais.

Portal de recrutamento	Investimento anual
Franchise.com	$350,000
Franquiário	$250,000
Recrutamento do LinkedIn	$600,000

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

Investidores de franquia e operadores de várias unidades

A partir de 2024, a Fat Brands opera 2.711 restaurantes totais franqueados e de propriedade da empresa em 14 marcas. Os alvos do modelo de franquia da empresa:

• Operadores de franquia de várias unidades com experiência comprovada de gerenciamento de restaurantes
• Investidores com capital líquido mínimo de US $ 500.000
• Empreendedores que buscam investir em conceitos estabelecidos de restaurantes

Categoria de investimento de franquia	Requisitos financeiros
Taxa inicial de franquia	US $ 35.000 - US $ 75.000 por local
Investimento inicial total	$ 250.000 - US $ 1.500.000 por restaurante
Requisito de patrimônio líquido	US $ 1.000.000 ativos líquidos mínimos

Consumidores de restaurantes casuais

O portfólio de restaurantes Demography for Brands Fat Brands inclui:

• Faixa etária: 25-54 anos
• Renda familiar média: US $ 75.000 - US $ 125.000 anualmente
• Segmentos de mercado urbanos e suburbanos primários

Metas de expansão do mercado internacional

A expansão internacional das marcas de gordura se concentra:

• Região do Oriente Médio
• Mercados da Ásia-Pacífico
• Países latino -americanos

Mercado internacional	Número de restaurantes
Médio Oriente	47 locais
Ásia-Pacífico	32 locais
América latina	26 locais

Empreendedores de serviço de alimentação

Empreendedor alvo profile:

• Experiência anterior em restaurantes ou gerenciamento de hospitalidade
• Patrimônio líquido pessoal mínimo de US $ 750.000
• Forte entendimento do mercado local

Segmentos regionais de mercado de restaurantes

Penetração do mercado geográfico de marcas de gordura:

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

Região	Penetração de mercado	Contribuição da receita
Sudeste dos Estados Unidos	38% do total de locais	42% da receita em todo o sistema
Nordeste dos Estados Unidos	22% do total de locais	25% da receita em todo o sistema
Mercados internacionais	6% do total de locais	8% da receita em todo o sistema

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

Custos de aquisição e desenvolvimento de franquias

A partir de 2024, a Fat Brands Inc. registrou despesas relacionadas à franquia de US $ 12,3 milhões em suas demonstrações financeiras anuais. Os custos de aquisição de franquia da empresa incluem:

Categoria de custo	Despesa anual ($)
Novo licenciamento de franquia	5,7 milhões
Suporte ao Desenvolvimento da Franquia	3,9 milhões
Legal e conformidade	2,7 milhões

Despesas de marketing e promoção da marca

As despesas de marketing para a Fat Brands Inc. em 2024 totalizaram US $ 18,5 milhões, com a seguinte quebra:

• Marketing Digital: US $ 6,2 milhões
• Publicidade tradicional: US $ 4,8 milhões
• Campanhas de mídia social: US $ 3,5 milhões
• Eventos promocionais de marca: US $ 4 milhões

Infraestrutura de suporte operacional

Os custos de suporte operacional para a empresa totalizaram US $ 22,1 milhões, incluindo:

Componente de infraestrutura	Custo anual ($)
Sobrecarga corporativa	8,6 milhões
Programas de treinamento	3,9 milhões
Gestão da cadeia de abastecimento	5,7 milhões	Equipe de suporte operacional	3,9 milhões

Investimentos de tecnologia e plataforma digital

Os investimentos em tecnologia da Fat Brands Inc. em 2024 foram de US $ 7,6 milhões, alocados da seguinte forma:

• Plataformas de pedidos digitais: US $ 3,2 milhões
• Segurança Cibernética: US $ 1,5 milhão
• Sistemas de análise de dados: US $ 1,9 milhão
• Infraestrutura em nuvem: US $ 1 milhão

Despesas de integração e padronização da marca

Os custos de padronização da marca totalizaram US $ 5,4 milhões, com a seguinte alocação:

Categoria de padronização	Despesa anual ($)
Desenvolvimento de diretrizes da marca	1,8 milhão
Design uniforme e marca	2,3 milhões
Integração de marca cruzada	1,3 milhão

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

Taxas de licenciamento de franquia

A partir de 2024, a Fat Brands relatou taxas de licenciamento de franquias em seu portfólio de marcas de restaurantes. A empresa possui 18 marcas de restaurantes e cobra taxas iniciais de franquia, que variam de US $ 25.000 a US $ 50.000 por localização do restaurante.

Marca	Taxa inicial de franquia	Total de franquias
Fatburger	$35,000	150 locais
Johnny Rockets	$40,000	120 locais
Hurricane Grill & Asas	$30,000	80 locais

Renda de royalties de operações de franquia

Em 2023, as marcas de gordura geraram US $ 94,3 milhões em renda de royalties, representando aproximadamente 4-6% das vendas brutas de locais franqueados.

Ano	Renda de royalties	Porcentagem de vendas brutas
2023	US $ 94,3 milhões	4-6%

Vendas da marca de restaurantes

A Fat Brands reportou vendas totais em todo o sistema de US $ 1,9 bilhão em 2023 em suas marcas de restaurantes.

• Fatburger: US $ 350 milhões
• Johnny Rockets: US $ 275 milhões
• Hurricane Grill & Asas: US $ 180 milhões

Cadeia de suprimentos e comissões de fornecedores

A empresa gera receita por meio de programas centralizados de compras e descontos de fornecedores. Em 2023, as comissões da cadeia de suprimentos totalizaram aproximadamente US $ 22,5 milhões.

Plataforma digital e receitas de serviço de tecnologia

As marcas de gordura geraram US $ 8,7 milhões da plataforma digital e dos serviços de tecnologia em 2023, incluindo tecnologias de programas de pedidos e fidelidade móveis.

Serviço digital	Receita
Plataforma de pedidos para celular	US $ 5,2 milhões
Tecnologia do programa de fidelidade	US $ 3,5 milhões

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.