Monday, November 10, 2025
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Overview. In the third quarter, Twin Peaks delivered a solid performance, expanding restaurant-level contribution margin to 17.0%. Sales within core markets also grew year-over-year despite regional headwinds. The conversions of certain Smokey Bones locations continues, with converted locations performing well.
3Q25 Results. Revenue decreased 1.6% y-o-y to $82.3 million, reflecting the loss of revenue from closed Smokey Bones locations as well as a decline in SSS. Twin Peaks System-wide sales declined 1.4%, with SSS off 4.1%. Adjusted EBITDA of $3 million in 3Q25 improved modestly from $2.3 million in 3Q24. Twin Hospitality reported a loss of $24.5 million compared to a net loss of $16.2 million last year.
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