Twin Hospitality Group (OTC: TWNPQ) is a restaurant company that owns and franchises the Twin Peaks and Smokey Bones dining concepts. Revenue comes from company-owned restaurant operations and franchise fees, royalties, and related income from franchised locations. Twin Hospitality Group was incorporated as a Delaware corporation on February 6, 2024, and was spun off from FAT Brands Inc. through a reorganization completed in early 2025. The company operates a mixed model: some locations are company-owned, while others are franchised to independent operators who pay fees and royalties under franchise agreements. Twin Peaks is a sports-bar-oriented full-service concept built around made-from-scratch food, full-service beverage offerings, and sports viewing. Smokey Bones is a secondary brand, with plans to convert certain locations into Twin Peaks restaurants, operate remaining locations as company-owned Smokey Bones, or sell them to franchisees. Net cash used in operating activities was $15.0 million in fiscal year ended December 29, 2024, compared to $6.1 million provided in fiscal year ended December 31, 2023.

Revenue model

Revenue is generated through two streams: company-owned restaurant sales (food and beverage) and franchisee-derived income including initial franchise fees and ongoing royalties. Franchise agreements require franchisees to accurately report sales, on which royalty payments are based.

Products and services

Twin Peaks restaurants offer made-from-scratch food, full-service beverages, and sports viewing packages in a full-service casual dining format. Smokey Bones is a secondary restaurant brand. Both brands support company-owned and franchised locations.

Customers and end markets

End customers are restaurant guests, primarily sports-bar and casual dining consumers. Franchisees are the direct counterparty for franchise revenue. Black Box consumer sentiment scores for Twin Peaks in fiscal year 2024 averaged 92% for food, 92% for beverages, 94% for service, 89% for ambiance, and 95% for intent-to-return.

Value-chain role

Twin Hospitality Group functions as a brand owner and franchisor, setting operational, safety, and health standards for franchisees while also directly operating company-owned restaurants. The company does not control the daily operations of franchised locations, as franchisees are independent third parties.

Geographic exposure

The filing excerpts do not specify country or regional revenue breakdown. The company is incorporated in Delaware and operates in the United States based on available context.

Source: SEC 10-K, filed 2025-02-28

Industry: Retail-Eating Places