BurgerFi International, Inc.
ir.burgerfi.comNo Longer Reporting
The company has not filed an annual or quarterly report since its Q1 FY2024 10-Q, filed May 16, 2024. Its latest SEC filing is a SCHEDULE 13D/A from Mar 19, 2025.
10-Q for Q1 FY2024, filed May 16, 2024
The sections below describe the company as of the FY2023 annual report.
What Did They Do?
Sells Anthony’s pizza-and-wing meals and BurgerFi burgers and other fast-casual food to restaurant diners.
10-K for FY2023, filed Apr 10, 2024
How Did They Make Money?
Diners pay when they buy meals; card and delivery payments arrive shortly after. Franchisees pay an initial fee and continuing fees based on restaurant sales.
10-K for FY2023, filed Apr 10, 2024Revenue from restaurant sales is presented net of discounts and recognized when food, beverage and retail products are sold. Sales tax…View ↗
The franchise agreements require the franchisee to pay an initial, non-refundable fee and continuing fees based upon a percentage of sales.…View ↗
We have two operating and reportable segments: (1) BurgerFi and (2) Anthony’s. Our business generates revenue from the following sources…View ↗
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10-K for FY2023, filed Apr 10, 2024
FY2023 revenue by reportable segment ↗
$170.1M
-
10-K for FY2023, filed Apr 10, 2024
$170.1M ↗
| Segment | Share | Revenue |
|---|---|---|
|
BurgerFi
|
26%
FY2021: 67%
|
BurgerFi, FY2023
$44.5M Sources
|
|
Anthony's
|
74%
FY2021: 33%
|
Anthony's, FY2023
$125.6M Sources
|
Who Were Their Customers?
Restaurant guests buy meals at company-owned and franchise-operated locations; franchisees operate BurgerFi and Anthony’s restaurants under agreements with the company.
10-K for FY2023, filed Apr 10, 2024
Did Revenues Turn Into Profits?
No. It lost $30.7M in FY2023.
10-K for FY2023, filed Apr 10, 2024
−$22MView ↗
10-K for FY2023, filed Apr 10, 2024
−$30.7MView ↗
10-K for FY2023, filed Apr 10, 2024
−$7.9MView ↗
How Were They Changing?
- Net income
-
Sources
10-Q for Q1 FY2024, filed May 17, 2024
−$6.5MView ↗
- ▼ −29% (Loss)
- vs −$9.2M in Q1 FY2023
10-Q for Q1 FY2024, filed May 16, 2024
Open tableView ↗
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Mar 18, 2025
Liquidation plan took effect and canceled existing equity
Existing equity holders received no property or interest under the plan.
Sources
8-K, filed Mar 18, 2025
On March 12, 2025, the Court entered an order (the “Confirmation Order”) confirming the Second Amended Combined Disclosure Statement and…View ↗
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Dec 2, 2024
Sold Anthony’s and BurgerFi assets to TREW
The asset sales closed, and CEO Carl Bachman departed the company and joined the Anthony’s asset buyer.
Sources
8-K, filed Dec 2, 2024
On November 8, 2024, the Court entered orders approving the sales by the Debtors of the Anthony’s Coal Fired Pizza assets and the BurgerFi…View ↗
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Sep 17, 2024
Company filed for Chapter 11 bankruptcy protection
The company and 114 affiliates filed voluntary petitions and continued operating as debtors in possession.
Sources
8-K, filed Sep 17, 2024
On September 11, 2024, BurgerFi International, Inc. (the “Company”) and one hundred fourteen (114) affiliates (the “Affiliates” and…View ↗
Added a pizza-and-wings brand
The older report describes BurgerFi as a burger concept; the latest report adds Anthony’s premium pizza-and-wings restaurants alongside BurgerFi.
10-K for FY2020, filed Apr 29, 2021 10-K for FY2023, filed Apr 10, 2024BurgerFi is a fast-casual “better burger” concept with approximately 119 franchised and corporate-owned restaurants, renowned for…View ↗
Extended franchising to Anthony’s
The older report describes franchising for BurgerFi; the latest report says Anthony’s franchising launched, extending the franchise model to the pizza-and-wings brand.
10-K for FY2020, filed Apr 29, 2021 10-K for FY2023, filed Apr 10, 2024Franchise revenue is comprised of certain initial franchise fees and ongoing sales-based royalty fees from a franchised BurgerFi…View ↗
With respect to the BurgerFi brand, we currently use a franchising strategy to drive new restaurant growth in new and established markets…View ↗
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