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BTBD

BT Brands, Inc.

BTBD

BT Brands, Inc. • NASDAQ
$1.66 ▲ 6.41% (+0.10)
Market Cap $10.22 M
52w High $5.60
52w Low $1.00
Dividend Yield 0%
P/E -11.07
Volume 59.72K
Outstanding Shares 6.15M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $3.854M ▲ $178.389K ▼ $914.975K ▲ 23.743% ▲ $0.15 ▲ $1.082M ▲
Q2-2025 $3.78M ▲ $1.231M ▲ $55.031K ▲ 1.456% ▲ $0.009 ▲ $219.306K ▲
Q1-2025 $3.231M ▲ $1.105M ▼ $-329.849K ▲ -10.209% ▲ $-0.054 ▲ $-151.9K ▲
Q4-2024 $3.174M ▼ $1.421M ▼ $-1.576M ▼ -49.658% ▼ $-0.25 ▼ $-929.325K ▼
Q3-2024 $4.349M $2.11M $-219.479K -5.047% $-0.035 $-69.4K

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $4.74M ▲ $11.939M ▲ $4.214M ▼ $7.724M ▲
Q2-2025 $3.53M ▼ $11.216M ▲ $4.432M ▲ $6.784M ▲
Q1-2025 $3.819M ▼ $11.004M ▼ $4.338M ▼ $6.666M ▼
Q4-2024 $4.271M ▼ $11.997M ▼ $5.032M ▼ $6.965M ▼
Q3-2024 $5.055M $13.68M $5.175M $8.505M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $914.975K ▲ $325.177K ▼ $443.932K ▲ $-51.439K ▼ $717.67K ▲ $261.78K ▼
Q2-2025 $55.031K ▲ $384.362K ▲ $-847.34K ▼ $-47.055K ▼ $-510.033K ▲ $384.362K ▲
Q1-2025 $-329.849K ▲ $-306.739K ▲ $-527.705K ▼ $-46.87K ▲ $-881.314K ▲ $-431.104K ▲
Q4-2024 $-1.576M ▼ $-526.403K ▼ $-515.973K ▲ $-91.551K ▼ $-1.134M ▼ $-800.434K ▼
Q3-2024 $-219.479K $129.267K $-712.32K $-66.914K $-649.967K $50.442K

Five-Year Company Overview

Income Statement

Income Statement BT Brands’ historical income statement looks very small and fairly weak. Revenue has been modest for years, and profit has swung from slightly positive to clearly negative more recently. The trend over the last few years shows the company struggling to cover its costs and generate consistent earnings. That pattern is typical of a tiny, subscale operator rather than a mature, stable business. Keep in mind, though, that these figures describe a restaurant roll‑up model that the company is now effectively abandoning, so past restaurant earnings tell only a limited story about the future drone-focused entity.

Balance Sheet

Balance Sheet The balance sheet is lean, with a small base of assets and equity and only limited cash at various points in time. On the positive side, reported debt has been minimal, so the company does not appear heavily burdened by borrowings. On the negative side, the small size of the asset and cash base suggests limited financial cushioning and not much room to absorb large shocks or fund big growth initiatives on its own. As the business pivots into a capital‑ and technology‑intensive drone and AI model, future balance sheet strength will depend much more on the combined company after the Aero Velocity merger than on BT Brands’ legacy restaurant-era figures.

Cash Flow

Cash Flow Reported cash flows have been negligible, with no clear pattern of strong cash generation from operations and essentially no visible investment spending in the historical data. This profile fits a very small company with limited scale rather than a cash‑rich enterprise. It also means there is no history here of reliably funding growth or returns through internally generated cash. For the post‑merger drone and AI business, the key questions will be whether the Drones‑as‑a‑Service model can scale to produce recurring, predictable cash flows and how much external funding may be needed to reach that point.

Competitive Edge

Competitive Edge As a restaurant operator, BT Brands was a niche player, running a handful of regional brands without a broad national footprint or a clearly dominant market position. Its strategy relied more on buying and improving underperforming concepts than on owning a powerful, widely recognized brand. That offered some diversification but not a strong moat. The planned merger with Aero Velocity completely changes the competitive landscape. Instead of competing with local and regional restaurants, the combined company will face a crowded field of drone technology, data, and service providers, including both startups and larger industrial and defense players. Its edge will need to come from specialized drone solutions, AI‑driven analytics, and an effective service model. At this stage, the competitive position looks early‑stage and opportunity‑driven, but not yet firmly entrenched.

Innovation and R&D

Innovation and R&D Historically, BT Brands’ “innovation” was operational—buying overlooked restaurant concepts and trying to run them better—rather than heavy spending on research and development. That fit the restaurant model but offered limited technological differentiation. The Aero Velocity merger turns innovation into the core story. The future company aims to build advanced drone platforms, integrate multiple sensors, apply AI and data science to aerial data, and sell this as recurring drone‑as‑a‑service solutions across areas like agriculture, infrastructure, and environmental monitoring. Acquiring assets from an existing drone player adds technical building blocks but also raises execution risk: integrating technologies, developing proprietary products, and keeping up with rapid advances in drones and AI will require focused R&D, strong engineering talent, and sustained investment. The upside is meaningful if they can carve out specialized niches; the downside is that the field is evolving quickly and is highly competitive.

Summary

BT Brands is in the middle of a complete reinvention. On paper, the historical numbers show a tiny restaurant roll‑up with modest revenue, thin margins, and inconsistent profitability, supported by a small but mostly unleveraged balance sheet and little evidence of strong cash generation. That legacy profile is not especially attractive on its own and does not provide a durable moat. The announced merger with Aero Velocity, however, shifts the story away from burgers and toward drones, AI, and data‑driven services. Once completed, existing BT Brands shareholders will own only a small slice of a business that will effectively be Aero Velocity in substance and leadership. From that point, the key issues move from foodservice operations to technology execution, customer adoption, capital needs, regulation, and competition in a fast‑moving market. In short, the past tells a story of a small, struggling restaurant operator; the future is a higher‑risk, higher‑uncertainty bet on drone technology and AI‑powered services, where potential growth and potential volatility are both elevated and outcomes are far from certain.

NEWS

November 17, 2025 · 3:36 PM UTC

BT Brands Reports Record Third-quarter 2025 Profit of $0.15 per Share

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September 3, 2025 · 11:29 AM UTC

BTBD Stock Alert: Halper Sadeh LLC Is Investigating Whether the Merger of BT Brands, Inc. Is Fair to Shareholders

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September 3, 2025 · 7:54 AM UTC

BT Brands and Aero Velocity Announce Execution of Definitive Merger Agreement

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