BT Brands Reports Q2 Loss, Modifies Loan Agreement

TL;DR

BT Brands lost $6.46M in Q2, but just modified a loan. Watch debt levels.

AI Summary

BT Brands, Inc. filed its 10-Q for the period ending June 29, 2025. The company reported a net loss of $6.46 million for the period. A significant subsequent event noted was the execution of a Loan Modification and Extension Agreement on August 1, 2025, with NGI Member, impacting their financial obligations.

Why It Matters

This filing details BT Brands' financial performance and a key debt restructuring event, which could impact its future operational capacity and investor confidence.

Risk Assessment

Risk Level: medium — The company reported a net loss and has ongoing debt obligations, indicating financial pressures.

Key Numbers

• $6.46M — Net Loss (For the period ending June 29, 2025)
• $6.15M — Revenue (For the period ending June 29, 2025)

Key Players & Entities

• BT Brands, Inc. (company) — Filer
• $6.46 million (dollar_amount) — Net loss for the period
• June 29, 2025 (date) — End of reporting period
• August 1, 2025 (date) — Date of Loan Modification and Extension Agreement
• NGI Member (company) — Party to Loan Modification and Extension Agreement

FAQ

Key Financial Figures

• $0.002 — nge on which registered Common stock, $0.002 per share BTBD The NASDAQ Stock Mar
• $292,372 — et realizable value. Inventory includes $292,372 of Disney-licensed water in refillable

Filing Documents

• btbd_10q.htm (10-Q) — 798KB
• btbd_ex101.htm (EX-10.1) — 42KB
• btbd_ex311.htm (EX-31.1) — 11KB
• btbd_ex312.htm (EX-31.2) — 12KB
• btbd_ex321.htm (EX-32.1) — 4KB
• btbd_ex322.htm (EX-32.2) — 5KB
• btbd_10qimg1.jpg (GRAPHIC) — 5KB
• 0001477932-25-006037.txt ( ) — 4123KB
• btbd-20250629.xsd (EX-101.SCH) — 42KB
• btbd-20250629_lab.xml (EX-101.LAB) — 272KB
• btbd-20250629_cal.xml (EX-101.CAL) — 48KB
• btbd-20250629_pre.xml (EX-101.PRE) — 219KB
• btbd-20250629_def.xml (EX-101.DEF) — 101KB
• btbd_10q_htm.xml (XML) — 559KB

— FINANCIAL INFORMATION

PART I— FINANCIAL INFORMATION. 5 ITEM 1. CONDENSD FINANCIAL STATEMENTS (unaudited) ITEM 2.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. 18 ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK. 25 ITEM 4.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES. 25

—OTHER INFORMATION

PART II—OTHER INFORMATION. 26 ITEM 1. LEGAL PROCEEDINGS. 26 ITEM 1A. RISK FACTORS. 26 ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS. 26 ITEM 3. DEFAULTS UPON SENIOR SECURITIES. 26 ITEM 4. MINE SAFETY DISCLOSURES. 26 ITEM 5. OTHER INFORMATION. 26 ITEM 6. EXHIBITS. 27 SIGNATURES. 28 4 Table of Contents

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION 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 COMMITMENTS AND CONTINGENCIES SHAREHOLDERS' EQUITY Preferred stock, $ 0.001 par value, 2,000,000 shares authorized, no shares outstanding at June 29, 2025 and December 29, 2024 - - Common stock, $ 0.002 par value, 50,000,000 authorized, 6,461,118 issued and 6,154,724 outstanding at June 29, 2025, and December 29, 2024 12,309 12,309 Less cost of 306,394 common shares held in Treasury at June 29, 2025 and December 29, 2024 ( 499,718 ) ( 499,718 ) Additional paid-in capital 11,907,470 11,813,735 Accumulated def

Business

Business Our restaurants cover a broad range of concepts. We own and operate Keegan's Seafood Grille ("Keegan's"), a dine-in restaurant located in Florida; Pie In The Sky Coffee and Bakery ("PIE"), a casual dining coffee shop bakery in Woods Hole, Massachusetts: and, Schnitzel Haus ("Schnitzel"), a German-themed restaurant in Hobe Sound, Florida, purchased in May, 2024. Our Burger Time restaurants offer a variety of burgers and other affordable foods, sides, and soft drinks. Keegan's has operated in Indian Rocks Beach, Florida, for over thirty-five years, offering a variety of traditional fresh seafood items for lunch and dinner. The menu at Keegan's includes beer and wine. PIE features an array of freshly prepared baked goods, sandwiches, and our locally roasted coffee. Schnitzel is a full-service restaurant and bar featuring a German-themed menu and specialty imported European beers. Our revenues are derived from food and beverages at our restaurants, retail goods such as apparel, private-labeled "Keegan's Hot Sauce," and other souvenir items. "Souvenir" items account for an insignificant portion of our income. On June 2, 2022, BT Brands purchased 11,095,085 common shares of Bagger Dave's, currently representing 40.7 % of Bagger. We acquired ownership from the founder of Bagger Dave's for $ 1,390,000 , or approximately $ 0.114 per share. Two representatives of BT Brands comprise two members of the three-member Board of Directors of Bagger. The Bagger concept offers a variety of burgers, including turkey burgers, hand-cut fries, craft beers, milkshakes, salads, black bean turkey chili, and pizza. The first Bagger Dave's opened in January 2008 in Berkley, Michigan. There are currently five Bagger Dave's operating restaurants, including three in Michigan and single units in Fort Wayne, Indiana, and Centerville, Ohio. In August 2025, Bagger Dave's announced that it is currently negotiating with potential purchasers for the store locations and would evaluate alterna

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