UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark one)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended July 11, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______ to ____

Commission file number: 000-02396

BRIDGFORD FOODS CORPORATION

(Exact name of registrant as specified in its charter)

California		95-1778176
(State or other jurisdiction of		(I.R.S. Employer
incorporation or organization)		identification number)

1707 S. Good-Latimer Expressway, Dallas, TX		75226
(Address of principal executive offices)		(Zip code)

(214) 428-1535

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock		BRID		Nasdaq Global Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐	Accelerated filer ☐
Non-accelerated filer ☒	Smaller reporting company ☒
	Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of August 22, 2025, the registrant had 9,076,832 shares of common stock outstanding.

BRIDGFORD FOODS CORPORATION

FORM 10-Q QUARTERLY REPORT

INDEX

References to “Bridgford Foods”, “Company”, “we”, “us” or “our” contained in this Quarterly Report on Form 10-Q (this “Report”) refer to Bridgford Foods Corporation.

	Page
Part I. Financial Information	3

Item 1. Financial Statements	3

a. Condensed Consolidated Balance Sheets as of July 11, 2025 (unaudited) and November 1, 2024	3

b. Condensed Consolidated Statements of Operations for the twelve and thirty-six weeks ended July 11, 2025 (unaudited) and July 12, 2024 (unaudited)	4

c. Condensed Consolidated Statements of Shareholders’ Equity for the twelve and thirty-six weeks ended July 11, 2025 (unaudited) and July 12, 2024 (unaudited)	5

d. Condensed Consolidated Statements of Cash Flows for the thirty-six weeks ended July 11, 2025 (unaudited) and July 12, 2024 (unaudited)	6

e. Notes to Condensed Consolidated Financial Statements (unaudited)	7

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	14

Item 3. Quantitative and Qualitative Disclosures about Market Risk	24

Item 4. Controls and Procedures	24

Part II. Other Information	25

Item 1. Legal Proceedings	25

Item 1A. Risk Factors	25

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	25

Item 3. Defaults Upon Senior Securities	25

Item 4. Mine Safety Disclosures	25

Item 5. Other Information	25

Item 6. Exhibits	26

Signatures	27

2 of 27

Part I. Financial Information

Item 1. a.

BRIDGFORD FOODS CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

	July 11, 2025			November 1, 2024
	(unaudited)
ASSETS

Current assets:

Cash and cash equivalents	$	3,403		$	10,230
Accounts receivable, less allowance for credit losses of $113 and $110, respectively, and promotional allowances of $1,742 and $2,399, respectively		23,413			30,404
Inventories, net		42,914			33,338
Refundable income taxes		2,443			3,408
Prepaid expenses and other current assets		1,452			609
Total current assets		73,625			77,989

Property, plant and equipment, net of accumulated depreciation and amortization of $80,291 and $77,160, respectively		62,073			64,634
Other non-current assets		17,029			14,731
Total assets	$	152,727		$	157,354

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:

Accounts payable	$	7,310		$	5,672
Accrued payroll, advertising, and other expenses		7,738			6,323
Income taxes payable		274			274
Current notes payable - equipment		1,111			1,084
Revolving credit facility		2,000			-
Current right-of-use leases payable		1,155			1,098
Other current liabilities		1,205			2,002
Total current liabilities		20,793			16,453

Long-term notes payable - equipment		957			1,702
Deferred income taxes, net		7,622			7,622
Long-term right-of-use leases payable		1,363			2,235
Executive retirement, pension plans and other		466			1,206
Total long-term liabilities		10,408			12,765

Total liabilities		31,201			29,218

Contingencies and commitments (Note 3)		-			-

Shareholders’ equity:
Preferred stock, without par value; authorized – 1,000,000 shares; issued and outstanding – none		-			-
Common stock, $1.00 par value; authorized – 20,000,000 shares; issued and outstanding – 9,076,832 and 9,076,832 shares, respectively		9,134			9,134
Capital in excess of par value		8,298			8,298
Retained earnings		112,801			119,411
Accumulated other comprehensive loss		(8,707	)		(8,707	)
Total shareholders’ equity		121,526			128,136
Total liabilities and shareholders’ equity	$	152,727		$	157,354

See accompanying notes to Condensed Consolidated Financial Statements.

3 of 27

Item 1. b.

BRIDGFORD FOODS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

(in thousands, except share and per share amounts)

	July 11, 2025			July 12, 2024			July 11, 2025			July 12, 2024
	12 weeks ended						36 weeks ended
	July 11, 2025			July 12, 2024			July 11, 2025			July 12, 2024

Net sales	$	51,954		$	49,263		$	155,138		$	151,419
Cost of products sold		41,325			38,039			120,553			113,431

Gross margin		10,629			11,224			34,585			37,988

Selling, general and administrative expenses		14,608			14,445			43,806			43,446
(Gain) loss on sale of property, plant, and equipment		(123	)		163			(167	)		161
Operating loss		(3,856	)		(3,384	)		(9,054	)		(5,619	)

Other income (expense)
Interest expense		(102	)		(75	)		(284	)		(220	)
Cash surrender value gain		1,406			937			445			1,990
Total other income		1,304			862			161			1,770

Loss before taxes		(2,552	)		(2,522	)		(8,893	)		(3,849	)
Benefit on income taxes		(915	)		(752	)		(2,283	)		(1,119	)

Net loss	$	(1,637	)	$	(1,770	)	$	(6,610	)	$	(2,730	)

Basic loss per share	$	(0.18	)	$	(0.20	)	$	(0.73	)	$	(0.30	)

Shares used to compute basic loss per share		9,076,832			9,076,832			9,076,832			9,076,832

See accompanying notes to Condensed Consolidated Financial Statements.

4 of 27

Item 1. c.

BRIDGFORD FOODS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

36 weeks ended July 12, 2024, and July 11, 2025

(unaudited)

(in thousands)

	Shares		Amount		Capital in excess of par value		Retained earnings			Accumulated other comprehensive loss			Total shareholders’ equity
Balance, November 3, 2023		9,076	$	9,134	$	8,298	$	122,792		$	(10,689	)	$	129,535
Net loss		-		-		-		(2,730	)		-			(2,730	)
Balance, July 12, 2024		9,076	$	9,134	$	8,298	$	120,062		$	(10,689	)	$	126,805

	Shares		Amount		Capital in excess of par value		Retained earnings			Accumulated other comprehensive loss			Total shareholders’ equity
Balance, November 1, 2024		9,076	$	9,134	$	8,298	$	119,411		$	(8,707	)	$	128,136
Net loss		-		-		-		(6,610	)		-			(6,610	)
Balance, July 11, 2025		9,076	$	9,134	$	8,298	$	112,801		$	(8,707	)	$	121,526

BRIDGFORD FOODS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

12 weeks ended July 12, 2024, and July 11, 2025

(unaudited)

(in thousands)

	Shares		Amount		Capital in excess of par value		Retained earnings			Accumulated other comprehensive loss			Total shareholders’ equity
Balance, April 19, 2024		9,076	$	9,134	$	8,298	$	121,832		$	(10,689	)	$	128,575
Net loss		-		-		-		(1,770	)		-			(1,770	)
Balance, July 12, 2024		9,076	$	9,134	$	8,298	$	120,062		$	(10,689	)	$	126,805

	Shares		Amount		Capital in excess of par value		Retained earnings			Accumulated other comprehensive loss			Total shareholders’ equity
Balance, April 18, 2025		9,076	$	9,134	$	8,298	$	114,438		$	(8,707	)	$	123,163

Net loss		-		-		-		(1,637	)		-			(1,637	)
Balance, July 11, 2025		9,076	$	9,134	$	8,298	$	112,801		$	(8,707	)	$	121,526

See accompanying notes to Condensed Consolidated Financial Statements.

5 of 27

Item 1. d.

BRIDGFORD FOODS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

(in thousands)

	July 11, 2025			July 12, 2024
	36 weeks ended
	July 11, 2025			July 12, 2024
Cash flows from operating activities:

Net loss	$	(6,610	)	$	(2,730	)

Adjustments to reconcile loss to net cash (used in) provided by operating activities:

Depreciation and amortization		4,459			4,489
Provision for credit losses on accounts receivable		313			215
Decrease in promotional allowances		(589	)		(1,449	)
(Gain) loss on sale of property, plant, and equipment		(167	)		161

Changes in operating assets and liabilities:

Accounts receivable, net		7,267			2,809
Inventories, net		(9,576	)		5,661
Prepaid expenses and other current assets		(843	)		(853	)
Refundable income taxes		965			(2,452	)
Other non-current assets		(2,298	)		(2,704	)
Accounts payable		1,638			755
Accrued payroll, advertising, and other expenses		1,415			1,041
Other current liabilities		(809	)		(168	)
Executive retirement, pension plans and other		(733	)		(1,573	)

Net cash (used in) provided by operating activities		(5,568	)		3,202

Cash flows from investing activities:
Proceeds from sale of property, plant, and equipment		151			14
Additions to property, plant, and equipment		(1,882	)		(2,524	)

Net cash used in investing activities		(1,731	)		(2,510	)

Cash flows from financing activities:

SEC Form 10-Q filed by Bridgford Foods Corporation