FAT Brands Inc. (FAT) – Reports Third Quarter Results

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Monday, October 30, 2023

FAT Brands (NASDAQ: FAT) is a leading global franchising company that strategically acquires, markets, and develops fast casual, quick-service, casual dining, and polished casual dining concepts around the world. The Company currently owns 17 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli’s, Twin Peaks, Great American Cookies, Hot Dog on a Stick, Buffalo’s Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses, and franchises and owns over 2,300 units worldwide. For more information on FAT Brands, please visit

Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

3Q23 Results. FAT Brands reported 3Q23 revenue of $109.4 million, up 6% y-o-y from $103.2 million in the year ago quarter. System-wide sales growth was 0.8%. FAT reported adjusted EBITDA of $21.9 million in the quarter, compared to $24.6 million in 3Q22 (which included $7.2 million of tax credits). Net loss for the quarter was $26.5 million, or $1.59/sh, compared to a net loss of $25.1 million, or $1.52/sh last year. Adjusted net loss for the quarter was $18.9 million, or $1.14/sh, compared to a net loss of $17.9 million, or a loss of $1.08/sh, last year. We had projected revenue of $107 million and a net loss of $28.4 million, or a loss of $1.71/sh.

Ongoing Development. YTD, FAT has opened 96 restaurants, including 30 in 3Q. The Company expects to see 150 openings 2023. YTD, over 200 new franchise agreements have been signed, bringing the total pipeline to over 1,100 signed agreements. This pipeline will add some $60 million to adjusted EBITDA.

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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 


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