Good Times Restaurants Inc

goodtimesburgers.com

What Do They Do?

Operates full-service burger restaurants and quick-service restaurants serving burgers, chicken and frozen custard to diners.

How Do They Make Money?

Restaurant sales bring in money when diners receive food, drinks and service; franchisees and licensees pay sales-based royalties and advertising contributions as their restaurant sales occur.

revenue

Segment	Share	Revenue	How money arrives
Restaurant sales Sold outright	99%		Sold outright
Franchise and other revenues Licensed	0.7%		Licensed

Who Are Their Customers?

Diners buy meals in the restaurants or through takeout, delivery and curbside pickup; franchisees and licensees operate some locations under franchise or license arrangements.

Do Revenues Turn Into Profits?

Yes. It kept 1 cent of every revenue dollar as net income in FY2025, but spent more cash than it brought in: free cash flow was −$1.5M.

Operating income, FY2025

0% of revenue

▼ −76% vs FY2024 ($1.4M, 1%)

Net income, FY2025

1% of revenue

▼ −37% vs FY2024 ($1.6M, 1%)

Free cash flow, FY2025

−1% of revenue

▼ Now a loss vs FY2024 ($2M, 1%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q3 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −5%; vs $37M in Q3 FY2025
Net income: ▲ +28%; vs $1.5M in Q3 FY2025

Restaurant sales share of revenue vs 99.6% in Q3 FY2025

Growing. Revenue grew 14% in 4 years, from $124M in FY2021 to $141.6M in FY2025, about 3% a year.

Revenue over time

Restaurant sales Franchise and other revenues Franchise revenues

$200M$100M$0

FY2021 FY2024 FY2025

Who Do They Compete With?

Competes with In-N-Out, Whataburger, and Checkers & Rally’s Restaurants

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