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...

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 an...

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 co...

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: Man...

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...

Revenue: US$3.23m (up 1.3% from 1Q 2024). Net loss: US$329.8k (loss narrowed by 26% from 1Q 2024). US$0.054 loss per share (improved from US$0.071 loss in 1Q 2024). We've discovered 3 warning signs about BT Brands. View them for free. All figures shown in the chart above are for the trailing 12 month (TTM) period BT Brands shares are down 11% from a week ago. It's necessary to consider the ever-present spectre of investment risk. We've identified 3 warning signs with BT Brands (at least 2 which shouldn't be ignored), and understanding them should be part of your investment process. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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...

Revenue: US$14.8m (up 5.3% from FY 2023). Net loss: US$2.31m (loss widened by 161% from FY 2023). US$0.37 loss per share (further deteriorated from US$0.14 loss in FY 2023). Trump has pledged to "unleash" American oil and gas and these 15 US stocks have developments that are poised to benefit. All figures shown in the chart above are for the trailing 12 month (TTM) period BT Brands shares are down 8.1% from a week ago. Don't forget that there may still be risks. For instance, we've identified 3 warning signs for BT Brands (2 are concerning) you should be aware of. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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 positi...