BTBDW
BTBDW
BT Brands, Inc.Income Statement
| Period | Revenue | Operating Expense | Net Income | Net Profit Margin | Earnings Per Share | EBITDA |
|---|---|---|---|---|---|---|
| Q4-2025 | $2.62M ▼ | $1.04M ▲ | $-1.33M ▼ | -50.64% ▼ | $-0.22 ▼ | $-1.11M ▼ |
| Q3-2025 | $3.85M ▲ | $894.14K ▼ | $914.98K ▲ | 23.74% ▲ | $0.15 ▲ | $1.08M ▲ |
| Q2-2025 | $3.78M ▲ | $1.23M ▲ | $55.03K ▲ | 1.46% ▲ | $0.01 ▲ | $219.31K ▲ |
| Q1-2025 | $3.23M ▲ | $1.11M ▼ | $-329.85K ▲ | -10.21% ▲ | $-0.05 ▲ | $-151.9K ▲ |
| Q4-2024 | $3.17M | $1.33M | $-1.58M | -49.66% | $-0.25 | $-929.32K |
Balance Statement
| Period | Cash & Short-term | Total Assets | Total Liabilities | Total Equity |
|---|---|---|---|---|
| Q4-2025 | $4.44M ▼ | $10.75M ▼ | $4.33M ▲ | $6.42M ▼ |
| Q3-2025 | $4.74M ▲ | $11.94M ▲ | $4.21M ▼ | $7.72M ▲ |
| Q2-2025 | $3.53M ▼ | $11.22M ▲ | $4.43M ▲ | $6.78M ▲ |
| Q1-2025 | $3.82M ▼ | $11M ▼ | $4.34M ▼ | $6.67M ▼ |
| Q4-2024 | $4.27M | $12M | $5.03M | $6.97M |
Cash Flow Statement
| Period | Net Income | Cash From Operations | Cash From Investing | Cash From Financing | Net Change | Free Cash Flow |
|---|---|---|---|---|---|---|
| Q4-2025 | $-1.33M ▼ | $-117.92K ▼ | $-129.29K ▼ | $-184.36K ▼ | $-431.57K ▼ | $-103.09K ▼ |
| Q3-2025 | $914.98K ▲ | $325.18K ▼ | $443.93K ▲ | $-51.44K ▼ | $717.67K ▲ | $261.78K ▼ |
| Q2-2025 | $55.03K ▲ | $384.36K ▲ | $-847.34K ▼ | $-47.05K ▼ | $-510.03K ▲ | $384.36K ▲ |
| Q1-2025 | $-329.85K ▲ | $-306.74K ▲ | $-527.71K ▼ | $-46.87K ▲ | $-881.31K ▲ | $-431.1K ▲ |
| Q4-2024 | $-1.58M | $-526.4K | $-515.97K | $-91.55K | $-1.13M | $-800.43K |
5-Year Trend Analysis
A comprehensive look at BT Brands, Inc.'s financial evolution and strategic trajectory over the past five years.
Key strengths include a strong liquidity position, low leverage, and a solid equity base that together provide financial breathing room during a strategic transition. The business is capable of generating positive operating and free cash flow, even while it reports accounting losses, which supports ongoing operations without heavy reliance on new borrowing. Strategically, the planned move into AI‑enabled drone services, supported by proprietary hardware and notable partnerships, offers exposure to potentially higher‑growth, higher‑value markets than traditional restaurants.
The main risks are ongoing unprofitability, unusual gross margin reporting, and negative retained earnings that reflect a history of losses. The corporate transformation itself adds considerable uncertainty: management must successfully execute a merger, a spin‑off, and a shift from consumer restaurants to industrial technology services, all while managing cash and maintaining operational performance. In the new drone and AI arena, the company will face rapid technological change, regulatory hurdles, and competition from both startups and large established players, with no guarantee that its current partnerships and products will translate into durable, profitable scale.
Near‑term results are likely to be dominated by restructuring, transaction costs, and integration efforts rather than by stable underlying performance trends. Over the longer term, the company’s profile could change from a small, regionally focused restaurant operator to a more volatile but potentially higher‑growth technology services firm. The ultimate trajectory will depend on the company’s ability to improve profitability, preserve its strong balance sheet, execute the transition cleanly, and win repeat business in targeted industrial and government markets.
About BT Brands, Inc.
http://www.itsburgertime.comBT Brands, Inc. engages in the owning and operation of quick service restaurants. It operates Burger Time restaurants and a Dairy Queen franchise. Its Burger Time restaurants sell chicken and pulled pork sandwiches, side dishes, and soft drinks. The company was founded in August 1987 and is headquartered in West Fargo, ND.
Income Statement
| Period | Revenue | Operating Expense | Net Income | Net Profit Margin | Earnings Per Share | EBITDA |
|---|---|---|---|---|---|---|
| Q4-2025 | $2.62M ▼ | $1.04M ▲ | $-1.33M ▼ | -50.64% ▼ | $-0.22 ▼ | $-1.11M ▼ |
| Q3-2025 | $3.85M ▲ | $894.14K ▼ | $914.98K ▲ | 23.74% ▲ | $0.15 ▲ | $1.08M ▲ |
| Q2-2025 | $3.78M ▲ | $1.23M ▲ | $55.03K ▲ | 1.46% ▲ | $0.01 ▲ | $219.31K ▲ |
| Q1-2025 | $3.23M ▲ | $1.11M ▼ | $-329.85K ▲ | -10.21% ▲ | $-0.05 ▲ | $-151.9K ▲ |
| Q4-2024 | $3.17M | $1.33M | $-1.58M | -49.66% | $-0.25 | $-929.32K |
Balance Statement
| Period | Cash & Short-term | Total Assets | Total Liabilities | Total Equity |
|---|---|---|---|---|
| Q4-2025 | $4.44M ▼ | $10.75M ▼ | $4.33M ▲ | $6.42M ▼ |
| Q3-2025 | $4.74M ▲ | $11.94M ▲ | $4.21M ▼ | $7.72M ▲ |
| Q2-2025 | $3.53M ▼ | $11.22M ▲ | $4.43M ▲ | $6.78M ▲ |
| Q1-2025 | $3.82M ▼ | $11M ▼ | $4.34M ▼ | $6.67M ▼ |
| Q4-2024 | $4.27M | $12M | $5.03M | $6.97M |
Cash Flow Statement
| Period | Net Income | Cash From Operations | Cash From Investing | Cash From Financing | Net Change | Free Cash Flow |
|---|---|---|---|---|---|---|
| Q4-2025 | $-1.33M ▼ | $-117.92K ▼ | $-129.29K ▼ | $-184.36K ▼ | $-431.57K ▼ | $-103.09K ▼ |
| Q3-2025 | $914.98K ▲ | $325.18K ▼ | $443.93K ▲ | $-51.44K ▼ | $717.67K ▲ | $261.78K ▼ |
| Q2-2025 | $55.03K ▲ | $384.36K ▲ | $-847.34K ▼ | $-47.05K ▼ | $-510.03K ▲ | $384.36K ▲ |
| Q1-2025 | $-329.85K ▲ | $-306.74K ▲ | $-527.71K ▼ | $-46.87K ▲ | $-881.31K ▲ | $-431.1K ▲ |
| Q4-2024 | $-1.58M | $-526.4K | $-515.97K | $-91.55K | $-1.13M | $-800.43K |
5-Year Trend Analysis
A comprehensive look at BT Brands, Inc.'s financial evolution and strategic trajectory over the past five years.
Key strengths include a strong liquidity position, low leverage, and a solid equity base that together provide financial breathing room during a strategic transition. The business is capable of generating positive operating and free cash flow, even while it reports accounting losses, which supports ongoing operations without heavy reliance on new borrowing. Strategically, the planned move into AI‑enabled drone services, supported by proprietary hardware and notable partnerships, offers exposure to potentially higher‑growth, higher‑value markets than traditional restaurants.
The main risks are ongoing unprofitability, unusual gross margin reporting, and negative retained earnings that reflect a history of losses. The corporate transformation itself adds considerable uncertainty: management must successfully execute a merger, a spin‑off, and a shift from consumer restaurants to industrial technology services, all while managing cash and maintaining operational performance. In the new drone and AI arena, the company will face rapid technological change, regulatory hurdles, and competition from both startups and large established players, with no guarantee that its current partnerships and products will translate into durable, profitable scale.
Near‑term results are likely to be dominated by restructuring, transaction costs, and integration efforts rather than by stable underlying performance trends. Over the longer term, the company’s profile could change from a small, regionally focused restaurant operator to a more volatile but potentially higher‑growth technology services firm. The ultimate trajectory will depend on the company’s ability to improve profitability, preserve its strong balance sheet, execute the transition cleanly, and win repeat business in targeted industrial and government markets.

CEO
Gary W. Copperud
Compensation Summary
(Year 2022)
Ratings Snapshot
Rating : C

