BTBDW
BTBDW
BT Brands, Inc.Income Statement
| Period | Revenue | Operating Expense | Net Income | Net Profit Margin | Earnings Per Share | EBITDA |
|---|---|---|---|---|---|---|
| Q3-2025 | $3.85M ▲ | $178.39K ▼ | $914.98K ▲ | 23.74% ▲ | $0.15 ▲ | $643.82K ▲ |
| 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 ▼ | $1.42M ▼ | $-1.58M ▼ | -49.66% ▼ | $-0.25 ▼ | $-929.33K ▼ |
| Q3-2024 | $4.35M | $2.11M | $-219.48K | -5.05% | $-0.04 | $-69.4K |
What's going well?
The company swung to a strong profit by cutting overhead costs dramatically. Operating income and net income both improved sharply, and earnings per share jumped. Cost discipline is clearly paying off.
What's concerning?
Gross margins dropped sharply, meaning product costs are rising faster than sales. The big profit boost relied on 'other' income and deep cost cuts, which may not be sustainable if gross margins keep shrinking.
Balance Statement
| Period | Cash & Short-term | Total Assets | Total Liabilities | Total Equity |
|---|---|---|---|---|
| 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 ▼ |
| Q3-2024 | $5.06M | $13.68M | $5.18M | $8.5M |
What's financially strong about this company?
The company has a huge cash cushion, very little short-term debt, and more equity than liabilities. Its assets are mostly real and tangible, and liquidity is excellent.
What are the financial risks or weaknesses?
Total debt jumped this quarter, and the company has a history of losses (negative retained earnings). The sharp drop in payables may also reduce flexibility.
Cash Flow Statement
| Period | Net Income | Cash From Operations | Cash From Investing | Cash From Financing | Net Change | Free Cash Flow |
|---|---|---|---|---|---|---|
| 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 ▼ |
| Q3-2024 | $-219.48K | $129.27K | $-712.32K | $-66.91K | $-649.97K | $50.44K |
What's strong about this company's cash flow?
The company increased its cash balance by over $700,000 this quarter and continues to generate positive free cash flow. Debt is being paid down, and there is no reliance on outside funding.
What are the cash flow concerns?
Operating and free cash flow are both down sharply from last quarter, and working capital changes are now draining cash instead of helping. Most reported profit is not turning into real cash, which raises questions about earnings quality.
5-Year Trend Analysis
A comprehensive look at BT Brands, Inc.'s financial evolution and strategic trajectory over the past five years.
The company has demonstrated an ability to grow revenue and assemble a portfolio of assets, supported by past capital raises that significantly strengthened the balance sheet. Even after recent deterioration, it retains some liquidity and a meaningful asset base. The planned merger with Aero Velocity provides a clear strategic direction shift into a market with higher growth prospects, supported by technical capabilities in drones, AI, and data services that are more scalable than traditional restaurant operations.
At the same time, the current financial profile is challenging: profitability has deteriorated from modest profits to sizable, recurring losses; cash flows from operations are negative; and cash reserves have fallen sharply. Equity is being eroded by ongoing losses, leverage is edging higher, and retained earnings are deeply negative. The strategic pivot adds further risk through integration complexity, potential dilution, regulatory and competitive pressures in the drone industry, and uncertainty about how quickly the new model can reach sustainable profitability and positive cash flow.
Near‑term, the company appears likely to remain under financial pressure as the restaurant operations continue to struggle and the transition to a drone‑focused business unfolds. The medium‑ to long‑term outlook becomes highly dependent on Aero Velocity’s execution: winning and retaining contracts, scaling its drones‑as‑a‑service platform, and converting technology into stable, recurring revenue and cash generation. The range of possible outcomes is wide—spanning from continued financial strain to a successful repositioning as a niche technology and services provider—so uncertainty around the future path is high.
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 |
|---|---|---|---|---|---|---|
| Q3-2025 | $3.85M ▲ | $178.39K ▼ | $914.98K ▲ | 23.74% ▲ | $0.15 ▲ | $643.82K ▲ |
| 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 ▼ | $1.42M ▼ | $-1.58M ▼ | -49.66% ▼ | $-0.25 ▼ | $-929.33K ▼ |
| Q3-2024 | $4.35M | $2.11M | $-219.48K | -5.05% | $-0.04 | $-69.4K |
What's going well?
The company swung to a strong profit by cutting overhead costs dramatically. Operating income and net income both improved sharply, and earnings per share jumped. Cost discipline is clearly paying off.
What's concerning?
Gross margins dropped sharply, meaning product costs are rising faster than sales. The big profit boost relied on 'other' income and deep cost cuts, which may not be sustainable if gross margins keep shrinking.
Balance Statement
| Period | Cash & Short-term | Total Assets | Total Liabilities | Total Equity |
|---|---|---|---|---|
| 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 ▼ |
| Q3-2024 | $5.06M | $13.68M | $5.18M | $8.5M |
What's financially strong about this company?
The company has a huge cash cushion, very little short-term debt, and more equity than liabilities. Its assets are mostly real and tangible, and liquidity is excellent.
What are the financial risks or weaknesses?
Total debt jumped this quarter, and the company has a history of losses (negative retained earnings). The sharp drop in payables may also reduce flexibility.
Cash Flow Statement
| Period | Net Income | Cash From Operations | Cash From Investing | Cash From Financing | Net Change | Free Cash Flow |
|---|---|---|---|---|---|---|
| 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 ▼ |
| Q3-2024 | $-219.48K | $129.27K | $-712.32K | $-66.91K | $-649.97K | $50.44K |
What's strong about this company's cash flow?
The company increased its cash balance by over $700,000 this quarter and continues to generate positive free cash flow. Debt is being paid down, and there is no reliance on outside funding.
What are the cash flow concerns?
Operating and free cash flow are both down sharply from last quarter, and working capital changes are now draining cash instead of helping. Most reported profit is not turning into real cash, which raises questions about earnings quality.
5-Year Trend Analysis
A comprehensive look at BT Brands, Inc.'s financial evolution and strategic trajectory over the past five years.
The company has demonstrated an ability to grow revenue and assemble a portfolio of assets, supported by past capital raises that significantly strengthened the balance sheet. Even after recent deterioration, it retains some liquidity and a meaningful asset base. The planned merger with Aero Velocity provides a clear strategic direction shift into a market with higher growth prospects, supported by technical capabilities in drones, AI, and data services that are more scalable than traditional restaurant operations.
At the same time, the current financial profile is challenging: profitability has deteriorated from modest profits to sizable, recurring losses; cash flows from operations are negative; and cash reserves have fallen sharply. Equity is being eroded by ongoing losses, leverage is edging higher, and retained earnings are deeply negative. The strategic pivot adds further risk through integration complexity, potential dilution, regulatory and competitive pressures in the drone industry, and uncertainty about how quickly the new model can reach sustainable profitability and positive cash flow.
Near‑term, the company appears likely to remain under financial pressure as the restaurant operations continue to struggle and the transition to a drone‑focused business unfolds. The medium‑ to long‑term outlook becomes highly dependent on Aero Velocity’s execution: winning and retaining contracts, scaling its drones‑as‑a‑service platform, and converting technology into stable, recurring revenue and cash generation. The range of possible outcomes is wide—spanning from continued financial strain to a successful repositioning as a niche technology and services provider—so uncertainty around the future path is high.

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

