BTBD

Operating Performance Improves; Company Maintains Strategic Flexibility MINNETONKA, Minn., May 14, 2026 (GLOBE NEWSWIRE) -- BT Brands, Inc. (Nasdaq: BTBD, BTBDW) (“BT Brands” or the “Company”) today reported financial results for the thirteen weeks ended March 29, 2026. BT Brands delivered improved operating performance during the first quarter of fiscal 2026, notwithstanding softness in restaurant sales and market volatility affecting its investment portfolio. The Company also announced that, following the termination of its merger agreement with Aero Velocity Inc., it continues to preserve strategic flexibility while evaluating opportunities to enhance shareholder value. First Quarter Fiscal 2026 Highlights Restaurant operating performance continued to advance, driven by lower labor costs, leaner general and administrative expenses, and tighter operating discipline across all locations. During the seasonally weak first quarter, the loss from operations improved to a loss of $232,811 compared to a loss of $292,196 in the prior year period. General and administrative expenses decreased by approximately 22.4% to $348,901 from $451,034 in the prior year period, while food and paper costs improved to 33.9% of sales compared to 37.1% in the prior year period. Restaurant-level EBITDA remained positive at $267,665 despite lower sales volumes. Net sales were $2.84 million compared to $3.23 million in the prior year period, reflecting the closure of an underperforming location during 2025. The Company ended the quarter with approximately $3.6 million in cash and marketable securities and positive working capital of approximately $3.9 million. Subsequent to quarter end, the Company terminated the previously announced merger agreement and continues to evaluate opportunities to enhance shareholder value. Management Commentary Gary Copperud, Chief Executive Officer, commented: “Our first quarter results clearly demonstrate continued progress in improving the underlying profitability of our restaurant operations, despite this historically being our slowest seasonal quarter. We achieved meaningful reductions in both operating and administrative costs while maintaining positive restaurant-level EBITDA and improved operating trends. Importantly, our operating performance improved even as reported earnings were impacted by non-cash unrealized investment losses resulting from broader market volatility.” Kenneth Brimmer, Chief Financial Officer, added: “We ended the quarter with a strong liquidity position, including approximately $3.6 million in cash and marketable securities and positive net working capital of approximately $3.9 million. As we enter our seasonally stronger operating periods, we believe the Company is well positioned to continue improving cash flow and operating performance.” Merger Termination On May 1, 2026, the Company terminated the previously announced merger agreement with Aero Velocity Inc. after certain closing conditions were not satisfied within the contractual deadline. The Company believes the termination was valid and effective and does not expect any material financial obligations associated with the termination. On May 4, 2026, counsel for Aero delivered a letter disputing the termination. The Company disagrees with Aero’s position and intends to vigorously defend its rights under the merger agreement. Additional information is contained in the Company’s Current Report on Form 8-K filed with the SEC on May 7, 2026. Outlook The Company is not providing formal financial guidance at this time. Management remains focused on improving restaurant profitability and cash flow, maintaining balance sheet strength, and continuing to evaluate strategic opportunities to enhance long-term shareholder value. The Company intends to continue exploring business combinations or other strategic transactions that may enhance shareholder value. Financial Results BT Brands, Inc. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In dollars) BT Brands, Inc. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In dollars) Non-GAAP Financial Measure — Restaurant-Level EBITDA Restaurant-level EBITDA is a non-GAAP financial measure. The Company defines restaurant-level EBITDA as loss from operations before general and administrative expenses, depreciation and amortization, and impairment charges. Forward-Looking Statements This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements regarding the Company's plans, objectives, future operating performance, strategic alternatives, and efforts to enhance shareholder value. Forward-looking statements are based on management's current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially, including risks related to market conditions, operating performance, capital allocation decisions, the outcome of the Aero Velocity dispute, strategic initiatives, and the risks described in BT Brands' SEC filings available at www.sec.gov. These statements speak only as of the date hereof, and the Company disclaims any obligation to update them except as required by law. About BT Brands, Inc. BT Brands, Inc. (Nasdaq: BTBD and BTBDW) owns and operates nine restaurants, including six Burger Time fast-food locations in the North Central United States, Keegan's Seafood Grille in Indian Rocks Beach, Florida, Pie In The Sky Coffee and Bakery in Woods Hole, Massachusetts, and Schnitzel Haus in Hobe Sound, Florida. The Company also holds a 40.7% non-controlling equity interest in Bagger Dave's Burger Tavern, Inc., an unconsolidated affiliate operating five restaurant locations. CONTACT FOR FURTHER INFORMATION: Kenneth Brimmer | 612-229-8811 | [email protected]

Company Executes Operating Turnaround While Positioning for Growth with Aerospace and AI Platform Transition MINNETONKA, Minn., March 30, 2026--(BUSINESS WIRE)--BT Brands, Inc. (Nasdaq: BTBD and BTBDW) ("BT Brands" or the "Company") today reported financial results for the 52 weeks ended December 28, 2025, highlighting an operating turnaround and continued progress toward its proposed transformational merger with Aero Velocity, Inc. 2025 Highlights and recent developments include: Restaurant-level EBITDA increased 138% to $1.7 million from $723,828 in 2024. Operating loss improved approximately 80% to $(364,585) from $(1.8) million in 2024. Net loss improved to $(687,839), or $(0.11) per share, compared to $(2.3) million, or $(0.37) per share, in 2024. The Company ended the year with approximately $4.4 million in cash and marketable securities. The Company recorded a $216,248 charge to reduce NGI bottled water inventory to estimated net realizable value. BT Brands continues to advance its proposed merger with Aero Velocity, Inc. During 2025, the Company improved performance through the closure of underperforming locations, tighter labor and food cost controls, and continued focus on operating efficiency with notable success at Burger Time and Pie In The Sky. These actions resulted in overall improved restaurant-level margins and a substantially lower operating loss despite lower revenue. Transformational Upside: Aero Velocity Merger BT Brands continues to advance its previously announced definitive merger agreement with Aero Velocity, Inc., which is expected to reposition the Company into a high-growth technology and infrastructure platform focused on AI-driven analytics and drone-based inspection services. Following the closing, all restaurant assets and related liabilities will be distributed to BT Brands' pre-merger shareholders. The post-merger company is expected to operate as Aero Velocity Inc. and remain listed on Nasdaq, subject to stockholder approvals, regulatory approval, and customary closing conditions. Gary Copperud, the Company’s Chief Executive Officer, said: "The year marked a turning point for BT Brands. We significantly improved our operating performance through disciplined execution and cost control. At the same time, we are advancing toward completing our proposed merger with Aero Velocity, an emerging leader in the fast-growing drone and services market." Kenneth Brimmer, Chief Financial Officer, added: "Our focus on improving profitability, strengthening our balance sheet, and taking a disciplined approach to capital allocation drove meaningful improvement in 2025. With the Aero Velocity opportunity ahead, we believe the Company is well positioned for its next phase of growth." Outlook BT Brands enters 2026 with an improved operating base, positive EBITDA, and a transformational strategic opportunity. Management remains focused on improving restaurant profitability and cash flow, advancing the Aero Velocity transaction, and enhancing shareholder value. The Company is not providing formal financial guidance at this time. Financial Results Follow: Restaurant-level EBITDA To supplement the consolidated financial statements, which are prepared and presented in accordance with GAAP, the Company uses restaurant-level EBITDA (earnings before interest, taxes, depreciation, and amortization), which is not a measure defined by GAAP. This non-GAAP operating measure is useful to management and, the Company believes, investors because it provides a means to gauge the overall profitability of recurring, controllable core restaurant operations. Restaurant-level EBITDA should not be considered a substitute for or superior to operating income, which is calculated in accordance with GAAP. Forward-Looking Statements This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements regarding the benefits of the proposed transaction with Aero Velocity, the anticipated timing of the transaction, the products and services offered by Aero Velocity and the markets in which it operates. Forward-looking statements are based on management’s current expectations and assumptions. They are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied, including risks related to the completion of the proposed transaction, failure to obtain stockholder approvals, failure to satisfy other closing conditions, changes in market conditions, integration risks, and the risks described in BT Brands’ SEC filings available at www.sec.gov. These statements speak only as of the date hereof, and the companies disclaim any obligation to update them except as required by law. Additional Information and Where to Find It In connection with the proposed transaction, BT Brands has filed a registration statement on Form S-4, subject to amendment, with the Securities and Exchange Commission ("SEC"), Investors and security holders are urged to read the registration statement, proxy statement/prospectus and other relevant documents filed or to be filed with the SEC when they become available because they will contain important information about BT Brands, Aero Velocity and the proposed transaction. Investors and security holders may obtain free copies of these documents, when available, through the SEC's website at www.sec.gov. Participants in the Solicitation BT Brands, Inc. and Aero Velocity Inc. and their respective directors and executive officers may be deemed participants in the solicitation of proxies from stockholders in connection with the proposed transaction. Additional information regarding these persons and their interests in the proposed transaction is included in the Form S-4 and other relevant documents filed with the SEC. No Offer or Solicitation This communication is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. View source version on businesswire.com: https://www.businesswire.com/news/home/20260330172405/en/ Contacts CONTACT FOR FURTHER INFORMATION: Kenneth Brimmer 612-229-8811

Expansion Positions Aero Velocity and its partners to Scale Public-Sector Infrastructure Technology and Workforce Development Platform MINNETONKA, Minn., March 24, 2026--(BUSINESS WIRE)--BT Brands, Inc. (Nasdaq: BTBD) today announced that its proposed merger partner, Aero Velocity Inc. and its fellow AeroShield Alliance members, are establishing a Mississippi headquarters, expanding the footprint in infrastructure technology and positioning the consortium to scale its public-sector solutions platform. The expansion is expected to accelerate the deployment of the Alliance’s and Aero Velocity’s AI-driven infrastructure analytics and drone-based data collection capabilities across state and local government markets, while supporting workforce development and enabling broader access to large-scale infrastructure inspection and monitoring opportunities. The initiative represents a significant opportunity to expand access to advanced technology and workforce development in rural Mississippi through partnerships with Holmes Community College and local government leaders. "The Alliance’s mission is to deliver better outcomes for government agencies, reduce costs for taxpayers, and streamline procurement by deploying proven emerging technologies across federal, state, and local operations," said Deborah Martin, president of AeroShield Alliance and CEO of Alliance member Service Specialists LLC. Alliance member firms have collectively secured more than $100 million in government contracts, serving agencies including the U.S. Department of War, U.S. Air Force, U.S. Department of Agriculture, the Intelligence Community, and the U.S. Forest Service. "A major factor in selecting Mississippi was the strong partnership with Holmes Community College and the Holmes County Board of Supervisors," said Mark Hastings, CEO of Aero Velocity. "With support from U.S. Senators Cindy Hyde-Smith and Roger Wicker, we are launching the Rural Transportation Resilience Center at Holmes Community College." The Center’s mission aligns with the national ROUTES program — Rural Opportunities to Use Transportation for Economic Success — launched during President Trump’s first administration. Initial proposed funding would deploy the Alliance’s artificial intelligence technology to conduct automated roadway and bridge inspections and condition assessments across more than 70,000 linear miles of county and municipal roads in Mississippi. If proposed U.S. Department of Transportation grants are awarded, the initiative is expected to support workforce training for approximately 200 residents and the creation of an additional 100 jobs over three years. About AeroShield Alliance AeroShield Alliance is a consortium of businesses advancing technologies that strengthen U.S. defense, security, and resilience. The Alliance unites expertise in AI, aerial systems, disaster recovery, operational intelligence, and workforce readiness to support government and commercial missions nationwide. www.aeroshieldalliance.com About Aero Velocity Aero Velocity, based in Cincinnati, OH, designs and manufactures American-made, NDAA-compliant UAVs and operates a robust Drones-as-a-Service (DaaS) business. Aero Velocity is a founding member of AeroShield Alliance, a consortium devoted to emerging AI and technology, UAVs, ISR and workforce solutions to deliver mission success from air to ground. Aero Velocity offers end-to-end UAV-powered solutions that enable organizations to assess, analyze and respond to real-world conditions with enhanced speed and safety. Aero Velocity and BT Brands, Inc. (Nasdaq: BTBD) entered into a definitive merger agreement in September 2025 pursuant to which the combined company is expected to be renamed "Aero Velocity Inc." and trade on the Nasdaq Capital Market. Mr. Hastings will serve as CEO of the combined company. The transaction has been unanimously approved by the boards of directors of both companies. It is expected to close in 2026, subject to stockholder approvals for each company and other customary closing conditions. www.aerovelocity.com Forward-Looking Statements This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements regarding the benefits of the proposed transaction, the anticipated timing of the transaction, the products and services offered by Aero Velocity and the markets in which it operates, and Aero Velocity’s projected future results. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. Forward-looking statements are based on management’s current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied, including the risks described in BT Brands’ SEC filings available at www.sec.gov. These statements speak only as of the date hereof, and the companies disclaim any obligation to update them except as required by law. Participants in the Solicitation BT Brands, Inc. and Aero Velocity Inc. and their respective directors and executive officers may be deemed participants in the solicitation of proxies from stockholders in connection with the proposed transaction. Additional information will be included in the Form S-4 filing. No Offer or Solicitation This communication is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities. View source version on businesswire.com: https://www.businesswire.com/news/home/20260324371128/en/ Contacts Investor Relations & Media Contacts BT Brands, Inc. Kenneth Brimmer, Chief Financial Officer [email protected] 612-414-5104

MINNETONKA, Minn., November 17, 2025--(BUSINESS WIRE)--BT Brands, Inc. (Nasdaq: BTBD; BTBDW) today announced its results for the thirteen weeks ended September 28, 2025, reporting record earnings per share of $.15 for the third quarter and earnings of $.10 per share for the nine-month period. Significantly, cash and short-term investments increased by $1.2 million from the second quarter’s level. BT Brands currently operates fourteen restaurant locations, including its 40.7% ownership interest in Bagger Dave’s Burger Tavern, which operates five casual dining restaurants across Michigan, Ohio, and Indiana (OTC: BDVB). Operations include: Six Burger Time fast-food restaurants located in the North Central United States Bagger Dave’s Burger Tavern (40.7% owned affiliate) Keegan’s Seafood Grille in Indian Rocks Beach, Florida Pie In The Sky Coffee and Bakery in Woods Hole, Massachusetts Schnitzel Haus, a German-themed dining restaurant in Hobe Sound, Florida Third Quarter 2025 Highlights Net income of $914,975, or $0.15 per share, compared to a net loss of $219,000 in Q3 2024 Revenue of $3.9 million, versus $4.3 million in the prior year, primarily reflecting two fewer operating locations Operating income of $735,000, including a $242,000 gain on asset sales, compared to a loss of $75,000 in Q3 2024 Restaurant-level adjusted EBITDA (a non-GAAP measurement) increased 74%, rising to $823,000 from $472,000 in Q3 2024 Equity method loss from Bagger Dave’s was $100,000, an improvement from $116,000 in the prior-year quarter Cash and short-term investments totaled $4.7 million, up from $3.5 million at the end of Q2 2025 Proposed Business Combination with Aero Velocity, Inc. On September 2, 2025, BT Brands entered into a definitive Merger Agreement with Aero Velocity, Inc. ("Aero"), an emerging leader in drone services. Under the terms of the agreement: Aero will merge with a BT Brands subsidiary The combined entity to be called Aero Systems, Inc. and Aero Systems will become the successor corporation Following the merger, BT Brands will spin off a newly formed subsidiary, BT Group, Inc., to existing BT Brands common shareholders BT Group, Inc. will retain all BT Brands restaurant operations, assets, cash, and investments. Management plans pursue a listing for the common stock of BT Group, Inc. Following completion of these transactions, BT Brands shareholders will: Management Commentary Gary Copperud, Chief Executive Officer of BT Brands, commented: "We are pleased with third-quarter results, driven by operational efficiencies and nonoperating contributions from asset sales and investment gains. While the restaurant industry continues to face challenges—including intense competition from industry leaders, consumer price sensitivity, and inflationary pressures—our focus on aligning expenses with revenue continues to yield positive results, as evidenced by a 74% increase in restaurant EBITDA from the prior year. "We are enthusiastic about the proposed merger with Aero Systems, which we believe will offer our shareholders meaningful participation in both a high-growth platform with attractive profit margins and an improving core restaurant business." Outlook The Company expects to maintain profitability through the remainder of fiscal 2025. Given the ongoing merger process and the potential for asset transactions, BT Brands is not providing detailed financial guidance for fiscal 2025 and beyond at this time. About BT Brands, Inc. BT Brands, Inc. (Nasdaq: BTBD; BTBDW) operates fast-food and casual dining restaurants, including Burger Time locations in North Dakota, South Dakota, and Minnesota; 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., which operates five restaurants in Michigan, Indiana, and Ohio. The Company has announced plans to merge with Aero Velocity, Inc. 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: Category: Financial Category View source version on businesswire.com: https://www.businesswire.com/news/home/20251117480477/en/ Contacts CONTACT FOR FURTHER INFORMATION: KENNETH BRIMMER 612-229-8811

MINNETONKA, Minn., August 19, 2025--(BUSINESS WIRE)--BT Brands, Inc. (Nasdaq: BTBD and BTBDW), 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 and BTBDW) 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: Category: Financial Category View source version on businesswire.com: https://www.businesswire.com/news/home/20250819114509/en/ Contacts KENNETH BRIMMER 612-229-8811

MINNETONKA, Minn., May 15, 2025--(BUSINESS WIRE)--Please replace the release with the following corrected version to replace the second bullet point and the Condensed Consolidated Balance Sheets table. The updated release reads: BT BRANDS REPORTS FIRST QUARTER 2025 RESULTS BT Brands, Inc. (Nasdaq: BTBD and BTBDW), today reported its financial results for the first quarter, the thirteen weeks ending March 30, 2025. Including our 41.7% ownership of Bagger Dave’s Burger Tavern with five locations (OTCMarkets: BDVB), BT Brands currently operates a total of fifteen restaurants comprising the following: Seven Burger Time fast-food restaurants, located in the North Central region of the United States, collectively ("BTND"); Bagger Dave’s Burger Tavern, Inc., a 41.7% owned affiliate, operates five Bagger Dave’s 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 restaurant, a fine-dining German-themed restaurant located in Hobe Sound, near Stuart, Florida Highlights and recent activities include: Total revenues for the 2025 period increased 1.3% over 2024. The increase was achieved on two fewer operating locations from 2024; Operating loss for the quarter improved to a loss of $292,000 from an operating loss of $631,000 in 2024; Net loss attributable to common shareholders for the quarter was $329,900, or $.05 per share, an improvement of $.02 per share from the first quarter of 2024; Restaurant-level adjusted EBITDA (a non-GAAP measure) for the quarter improved significantly to $315,000 from a negative EBITDA of $15,672 in 2024. Our equity in the first quarter loss of our Bagger Dave’s affiliate was $131,400 compared to a loss of $94,500 in 2024; We ended the quarter with $3.8 million in total cash and short-term investments. Gary Copperud, the Company’s Chief Executive Officer, said, "The first quarter is typically slower for our Burger Time and Pie in the Sky businesses; that said, we were pleased to see improvement in our operating performance during the first quarter of 2025 reflecting a number of steps to reduce costs and improve performance in all of our businesses including our decision to close two underperforming locations. As we look forward to the balance of 2025, we are focused on continuing our efforts to improve restaurant profitability. Kenneth Brimmer, CFO, added that while we are not giving specific earnings guidance for the year, our current plan shows a return to overall profitability for fiscal 2025. Fiscal 2025 Outlook: 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, impacts of supply chain constraints, and inflationary pressures relating to many aspects of our business, the Company is not at this point, providing a financial forecast for fiscal 2025. About BT Brands Inc.: BT Brands, Inc. (BTBD and BTBDW) owns and operates a fast-food restaurant chain called Burger Time in North Dakota, South Dakota and Minnesota. In addition, the Company owns the Pie In The Sky Coffee and Bakery in Woods Hole, Massachusetts, Florida, Keegan’s Seafood Grille near Clearwater, Florida and Schnitzel Haus in Hobe Sound, Florida. 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. 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: Category: Financial Category View source version on businesswire.com: https://www.businesswire.com/news/home/20250514994686/en/ Contacts Contact for Further Information: Kenneth Brimmer 612-229-8811

MINNETONKA, Minn., March 31, 2025--(BUSINESS WIRE)--BT Brands, Inc. (Nasdaq: BTBD and BTBDW), today reported its financial results for the 52 weeks ending December 29, 2024. The results include our 39.6% share of the Bagger Dave’s Burger Tavern loss. BT Brands currently operates fifteen restaurants comprising the following: Seven Burger Time locations in the North Central region of the United States, collectively referred to as "BTND". Bagger Dave’s Burger Tavern, Inc., a 39.6%-owned affiliate operating five Bagger Dave’s restaurants in Michigan, Ohio, and Indiana ("Bagger Dave’s"). Keegan’s Seafood Grille a casual dining restaurant in Indian Rocks Beach, Florida ("Keegan’s"). Pie In The Sky Coffee and Bakery in Woods Hole, Massachusetts ("PIE"). Schnitzel Haus, an upscale German-themed restaurant in Hobe Sound, Florida. Recent results reflect: Total revenues for 2024 increased 5.3% over 2023 to $14.8 million. Net loss attributable to common shareholders was $2,311,207, or a loss of $.37 per share in 2024. For the year, restaurant-level adjusted EBITDA (a non-GAAP measure) declined to 4.9% from 6.2%. Our equity in the loss of Bagger Dave’s of $415,085. On December 29, 2024, we had $4.3 million in cash and short-term investments. The loss for the year reflects a $371,872 charge for the closure of the Village Bier Garten, which occurred in January 2025, a non-cash charge of $415,085 for our equity in the Bagger Dave’s loss, and a $230,500 charge for stock-based compensation. We also fully reserved for future deferred tax benefits which resulted in a $206,000 non-cash tax charge in 2024. Gary Copperud, the Company’s Chief Executive Officer, said, "The loss for the year was disappointing. Bagger Dave’s faced challenges in the casual dining sector, leading to a our equity in the loss of $415,085. This non-cash item accounted for 18% of our total loss for the year. Hurricane Helene in September 2024 caused significant damage in Indian Rocks Beach, Florida, resulting in the closure of the Keegan's location for about one month as we cleaned and repaired the store. The local Indian Rock economy has been slow to recover, impacting recent sales at the restaurant." Kenneth Brimmer, Chief Financial Officer, noted that beginning in the fourth quarter, we implemented several initiatives that we expect will lead to significantly improved results and profitability and positive cash flow in 2025. These initiatives include: Closing Village Bier Garten in January 2025 and writing off our remaining investment Closing a BTND location in Ham Lake, Minnesota — we are pursuing the liquidation of Ham Lake and Richmond properties, which we believe will result in a gain on the sale of assets in 2025. Aggressive cost-cutting and process improvement measures were implemented at Burger Time locations, including a menu reengineering introducing hand-cut fries to our customers, which we believe will lower overall food costs. Cost and headcount reductions at Pie, combined with a thorough review of product pricing, should return the business to historic, significantly improved profit levels. Continued efforts to liquidate Bagger Dave’s restaurant properties — we are encouraged that we will achieve our goal of liquidating the store properties in 2025." Fiscal 2025 Outlook: Given the evolving character of our Company and the potential impact of a slowdown in the overall economy and the recent inflationary environment, the Company is not providing a financial forecast for fiscal 2025 About BT Brands Inc.: BT Brands, Inc. (BTBD and BTBDW) owns and operates a fast-food restaurant chain called Burger Time with locations in North and South Dakota and Minnesota and Pie In The Sky Coffee and Bakery in Woods Hole, Massachusetts, the Schnitzel Haus in Hobe Sound Florida, and Keegan’s Seafood Grille near Clearwater, Florida. 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 we make regarding guidance relating to net income and net income per share, expected operating results, such as revenue growth and earnings, anticipated levels of capital expenditures for the 2025 fiscal year, current or future volatility in the credit markets and future market conditions, our belief that we have sufficient liquidity to fund our business operations during the next fiscal year, market position, financial results and reserves, and strategy for risk management. Any forward-looking statement in this press release is based solely 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.   View source version on businesswire.com: https://www.businesswire.com/news/home/20250331950262/en/ Contacts Kenneth Brimmer612-229-8811