BT Brands, Inc. (NASDAQ:BTBD), today reported its financial results, which reflect a return to profitability for the second quarter, the thirteen weeks ending June 29, 2025.

Including its 40.7% ownership interest in Bagger Dave's Burger Tavern, which operates five locations (OTCMarkets: BDVB), BT Brands currently operates a total of fourteen restaurants comprising the following:

Six Burger Time fast-food restaurants, located in the North Central region of the United States ("BTND");
Bagger Dave's Burger Tavern, Inc., a 40.7% owned affiliate, operating five restaurants in Michigan, Ohio, and Indiana ("Bagger Dave's");
Keegan's Seafood Grille in Indian Rocks Beach, Florida ("Keegan's");
Pie In The Sky Coffee and Bakery in Woods Hole, Massachusetts ("PIE");
Schnitzel Haus, a fine-dining German-themed restaurant located in Hobe Sound, near Stuart, Florida.

Second Quarter 2025 Highlights and Recent Developments

Net income of $55,000, or $0.01 per share, compared to a net loss of $70,000 in 2024.
Revenues of $3.8 million, compared to $4.1 million for the prior-year quarter, reflecting the impact of two fewer operating locations year-over-year.
Operating loss narrowed significantly to $75,000 from $189,000 in the second quarter of 2024.
Restaurant-level adjusted EBITDA (a non-GAAP measure) increased by 51% over the prior year to $661,000 from $438,00 in 2024
Equity in the second quarter loss of our Bagger Dave's was $70,400, compared to a loss of $81,000 in the prior year quarter.
The quarter ended with $3.5 million in total cash and short-term investments.
We completed the sale of our Richmond, Indiana, property following the end of the second quarter, resulting in a gain of approximately $250,000 to be reported during our third quarter.

Management Commentary

Gary Copperud, the Company's Chief Executive Officer, stated: "We are pleased to report a profitable second quarter of 2025. The second quarter profit reflects the results of cost-reduction initiatives and operational improvements. While industry headwinds remain, including consumer price sensitivity and inflationary pressures, our results demonstrate progress in aligning expenses with revenue. As we previously announced, we are continuing to work with our investment banker in evaluating merger opportunities. Based on our review of opportunities available, we believe that completing a transaction accretive to shareholder value by the end of the year is a realistic target." Kenneth Brimmer, Chief Financial Officer, added: "The second quarter marked a return to profitability for BT Brands. We are continuing to improve restaurant-level performance and consider strategic asset sales contributing to overall profitability, and a favorable earnings trend that we expect to continue through the end of the year."

Fiscal 2025 Outlook

We anticipate maintaining profitability throughout the remainder of 2025. The outcome of merger discussions and possible asset sales cannot be assured. The Company, at this time, is not providing a detailed fiscal 2025 financial forecast.

About BT Brands, Inc.

BT Brands, Inc. (NASDAQ:BTBD) owns and operates a fast-food restaurant chain called Burger Time in North Dakota, South Dakota, and Minnesota. In addition, the Company owns and operates Pie In The Sky Coffee and Bakery in Woods Hole, Massachusetts, Keegan's Seafood Grille near Clearwater, Florida, and Schnitzel Haus in Hobe Sound, Florida. The Company also owns a 40.7% interest in Bagger Dave's Burger Tavern, Inc. (OTCMarkets: BDVB), which own six and operates five casual dining restaurants in Michigan, Indiana, and Ohio.

Cautionary Note Regarding Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "will," and similar references to future periods. Examples of forward-looking statements include, among others, statements regarding guidance relating to net income and net income per share, expected operating results, such as revenue growth and earnings, and anticipated capital expenditures for fiscal 2025. Because of the uncertain nature of restaurant performance and the evolving character of our Company, and because of continuing uncertainty surrounding the overall economy, as consumers have become more price sensitive, and inflationary pressures relating to many aspects of our business, the Company is not at this point providing a financial forecast for fiscal 2025. Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

FINANCIAL RESULTS FOLLOW:

BT BRANDS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS *(Unaudited)*

	26 Weeks Ended			26 Weeks Ended,			13 Weeks Ended			13 Weeks Ended
	June 29, 2025			June 30, 2024			June 29, 2025			June 30, 2024
SALES	$	7,010,763		$	7,300,786		$	3,779,690		$	4,110,639

COSTS AND EXPENSES
Restaurant operating expenses
Food and paper costs		2,449,549			2,844,028			1,249,220			1,565,070
Labor costs		2,592,500			2,938,448			1,374,603			1,551,762
Occupancy costs		611,715			680,631			302,021			344,356
Other operating expenses		441,105			415,738			253,185			211,838
Depreciation and amortization expenses		301,120			331,893			144,725			171,351
General and administrative expenses		982,091			909,420			531,057			454,805
Total costs and expenses		7,378,080			8,120,158			3,854,811			4,299,182
Loss from operations		(367,317	)		(819,372	)		(75,121	)		(188,543	)

UNREALIZED GAIN ON MARKETABLE SECURITIES		38,104			232,947			82,128			118,184
REALIZED INVESTMENT GAIN		174,064			29,562			79,026			29,562
INTEREST AND DIVIDEND INCOME		80,967			136,750			40,367			61,896
INTEREST EXPENSE		(41,104	)		(50,039	)		(19,550	)		(22,551	)
OTHER INCOME		45,173			-			18,586			-
EQUITY IN NET LOSS OF AFFILIATE		(204,705	)		(175,500	)		(70,405	)		(81,000	)
INCOME (LOSS) BEFORE TAXES		(274,818	)		(645,652	)		55,031			(82,452	)
INCOME TAX BENEFIT		-			130,000			-			12,500
NET INCOME (LOSS)	$	(274,818	)	$	(515,652	)	$	55,031		$	(69,952	)
NET INCOME (LOSS) PER COMMON SHARE	$	(0.04	)	$	(0.08	)	$	0.01		$	(0.01	)

SHARES USED IN PER SHARE AMOUNTS		6,154,724			6,240,953			6,154,724			6,235,788

BT BRANDS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS

	(Unaudited)
	June 29, 2025			December 29, 2024
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	560,068		$	1,951,415
Marketable securities		2,970,284			2,319,555
Receivables		33,193			69,459
Demand notes receivable from related company		692,357			120,000
Inventory		539,475			272,603
Prepaid expenses and other current assets		74,746			127,621
Assets held for sale		682,894			258,751
Total current assets		5,553,017			5,119,404

PROPERTY, EQUIPMENT AND LEASEHOLD IMPROVEMENTS, NET		2,728,924			3,343,340
OPERATING LEASES RIGHT-OF-USE ASSETS		1,383,235			1,724,052
EQUITY INVESTMENT IN UNCONSOLIDATED SUBSIDIARY		99,734			304,439
EQUITY INVESTMENT IN RELATED COMPANY		304,000			304,000
GOODWILL		796,220			796,220
INTANGIBLE ASSETS, NET		331,708			367,799
OTHER ASSETS, NET		19,433			37,543

Total assets	$	11,216,271		$	11,996,797
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable	$	434,375		$	612,059
Current maturities of long-term debt		191,435			185,009
Current operating lease obligations		186,607			274,511
Accrued expenses		377,034			371,356
Total current liabilities		1,189,451			1,442,935

LONG-TERM DEBT, LESS CURRENT PORTION		1,992,334			2,091,335
NONCURRENT OPERATING LEASE OBLIGATIONS		1,250,342			1,497,300
Total liabilities		4,432,127			5,031,570
SHAREHOLDERS' EQUITY
Preferred stock, $.001 par value, no shares outstanding		-			-
Common stock, $.002 par value, 50,000,000 authorized, 6,461,118 issued and 6,154,724 outstanding at June 29, 2025, 2025 and December 29, 2024		12,309			12,309
Less cost of shares held in Treasury		(499,718	)		(499,718	)
Additional paid-in capital		11,907,470			11,813,735
Accumulated deficit		(4,635,917	)		(4,361,099	)
Total shareholders' equity		6,784,144			6,965,227
Total liabilities and shareholders' equity	$	11,216,271		$	11,996,797

Category: Financial Category

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KENNETH BRIMMER 612-229-8811

BT Brands Reports Second Quarter 2025 Profit