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BT Brands Inc. (BTBD+3.51%) has submitted its 10-K filing for the fiscal year ended December 29, 2024.
The filing reports a net loss of $2,311,208 for the year, compared to a loss of $887,368 in the previous year. This increase in loss is attributed to an impairment charge related to the closure of the Village Bier Garten location.
Total revenue for the year increased to $14,823,472 from $14,076,653 in the previous year. The increase was driven by the acquisition of Schnitzel Haus, which contributed $710,000 to the overall revenue.
Restaurant operating expenses increased to 95.1% of sales from 93.9% in the previous year, primarily due to inflationary pressures on food and labor costs.
General and administrative expenses were $1,691,404, representing 11.4% of sales, compared to 11.7% in the previous year.
BT Brands operates a total of twelve restaurants and holds a 39.6% interest in Bagger Dave’s Burger Tavern, Inc., which operates six restaurants.
The company reported a cash and marketable securities balance of $4,270,970 with a net working capital of $3,556,469 as of the end of the fiscal year.
BT Brands continues to evaluate acquisition opportunities in the restaurant industry as part of its growth strategy.
The filing also highlights various risks, including those related to health emergencies, competition, and regulatory compliance.
BT Brands has identified a material weakness in its internal control over financial reporting and is working on a remediation plan to address this issue.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the BT Brands Inc. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.