BT Brands, Inc. (NASDAQ:BTBD), 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.




BT BRANDS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS

	52 Weeks Ended			52 Weeks Ended,
	December 29, 2024			December 29, 2023
SALES	$	14,823,472		$	14,076,653

COSTS AND EXPENSES
Restaurant operating expenses
Food and paper costs		5,605,579			5,597,167
Labor costs		6,128,574			5,458,351
Occupancy costs		1,403,204			1,312,717
Other operating expenses		962,287			841,894
Depreciation and amortization expenses		742,860			598,540
Restaurant asset impairment charge		371,872			-
General and administrative expenses		1,691,404			1,650,755
Gain on sale of assets		(250,000	)		(310,182	)
Total costs and expenses		16,655,780			15,149,242
Loss from operations		(1,832,308	)		(1,072,589	)

UNREALIZED GAIN (LOSS) ON MARKETABLE SECURITIES		(93,458	)		80,139
REALIZED GAIN ON MARKETABLE SECURITIES		143,340			23,058
INTEREST AND DIVIDEND INCOME		178,279			300,923
INTEREST EXPENSE		(99,906	)		(97,608	)
OTHER INCOME		13,930			80,790
EQUITY IN NET LOSS OF AFFILIATE		(415,085	)		(347,081	)
LOSS BEFORE TAXES		(2,105,208	)		(1,032,368	)
INCOME TAX BENEFIT (EXPENSE)		(206,000	)		145,000
NET LOSS	$	(2,311,208	)	$	(887,368	)
NET LOSS PER COMMON SHARE - Basic and Diluted	$	(0.37	)	$	(0.14	)

WEIGHTED AVERAGE SHARES USED IN COMPUTING PER COMMON SHARE AMOUNTS - Basic and Diluted		6,194,842			6,261,631





BT BRANDS, INC., AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS

	December 31, 2024		December 31, 2023
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	1,951,415	$	5,300,446
Marketable securities		2,319,555		1,392,060
Receivables		69,459		28,737
Inventory		272,603		201,333
Prepaid expenses and other current assets		127,621		47,246
Assets held for sale		258,751		258,751
Total current assets		4,999,404		7,228,573
PROPERTY, EQUIPMENT AND LEASEHOLD IMPROVEMENTS, NET		3,343,340		3,247,013
OPERATING LEASE RIGHT-OF-USE ASSETS		1,724,052		1,789,285
EQUITY INVESTMENT IN UNCONSOLIDATED SUBSIDIARY		304,439		718,806
INVESTMENT IN EQUITY AND NOTES RECEIVABLE FROM RELATED COMPANY		424,000		304,000
DEFERRED INCOME TAXES		-		206,000
GOODWILL		796,220		671,220
INTANGIBLE ASSETS, NET		367,799		395,113
OTHER ASSETS, NET		37,543		49,202
Total assets	$	11,996,797	$	14,609,212
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable	$	612,059	$	555,247
Broker margin loan		-		115,899
Current maturities of long-term debt		185,009		183,329
Current operating lease obligations		274,511		215,326
Accrued expenses		371,356		480,289
Total current liabilities		1,442,935		1,550,090
LONG-TERM DEBT, LESS CURRENT PORTION		2,091,335		2,269,771
NONCURRENT OPERATING LEASE OBLIGATIONS		1,497,300		1,600,622
Total liabilities		5,031,570		5,420,483
SHAREHOLDERS' EQUITY		6,965,227		9,188,729
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	11,996,797	$	14,609,212

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Kenneth Brimmer

612-229-8811

BT Brands Reports 2024 Results