BT Brands Inc (NASDAQ: BTBD) is a restaurant company that owns and operates a portfolio of quick-service and specialty dining concepts across the upper Midwest and select other locations. Revenue comes from direct restaurant sales, with food and paper costs running 33.3% of sales and labor costs at 37.9% of sales in the 52 weeks ended December 28, 2025. The company reported total sales of $13,486,629 in fiscal 2025, down from $14,823,472 in fiscal 2024, and generated a loss from operations of $364,585 in fiscal 2025, improved from a loss of $1,832,308 in fiscal 2024. BTBD operates Burger Time drive-in locations in North Dakota, Minnesota, and South Dakota, the Pie In The Sky Coffee and Bakery in Woods Hole, Massachusetts (acquired May 2022), and Schnitzel Haus, a German-themed fine dining restaurant in Hobe Sound, Florida (acquired May 2024). The company pays no cash dividends and intends to retain earnings for operations, expansion, and debt repayment.

Revenue model

Transactional restaurant sales across quick-service drive-in, coffee and bakery, and fine dining formats. A significant portion of sales is derived from drive-by traffic and repeat customer visits. The company also received a $10,000 trademark licensing payment in fiscal 2025 and recognized a $250,000 gain on trademark sale in fiscal 2024.

Products and services

Burger Time quick-service drive-in restaurants offering burgers and related items; Pie In The Sky Coffee and Bakery offering breakfast and lunch sandwiches on store-baked bread, pastries, soups, salads, freshly roasted coffee, smoothies, and branded merchandise; Schnitzel Haus offering traditional German and American menu items, wine, beer, and cocktails in an upscale setting.

Customers and end markets

Local community diners and drive-by traffic across upper Midwest markets. Pie In The Sky also serves ferry travelers to Martha's Vineyard from the Woods Hole, Massachusetts terminal.

Value-chain role

Owner-operator of restaurant locations. Properties in the Burger Time segment are owned by BTND, LLC and operated by BTND, LLC. Online ordering and curbside pickup are available through individual restaurant websites.

Geographic exposure

Upper Midwest United States: Fargo and Bismarck and Grand Forks and Minot, North Dakota; Moorhead and Waite Park and Ham Lake, Minnesota; Sioux Falls, South Dakota. Woods Hole, Massachusetts (Pie In The Sky). Hobe Sound, Florida (Schnitzel Haus). The Ham Lake location closed January 19, 2025, and the Minot location closed end of July 2025.

Source: SEC 10-K, filed 2026-03-31

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