Revenue contraction remains a primary concern, with the company reporting a 12.0% year-over-year decline in 2026Q1 alongside extreme gross margin volatility that reached a low of 4.1%.
| Sales/Revenue | 13.1M | 13.49M | 14.82M | 14.08M | 12.6M | 8.45M | 8.16M | 6.48M | 7.05M | 7.11M | 5.31M | 4.9M |
| Revenue Growth % | -11.88% | -9.02% | 5.31% | 11.71% | 49.09% | 3.58% | 25.91% | -8.1% | -0.83% | 33.9% | 8.42% | - |
| Cost of Goods Sold | 9.91M | 9.61M | 11.73M | 11.06M | 8.98M | 5.67M | 5.43M | 4.71M | 5.07M | 6.51M | 4.1M | 3.63M |
| COGS % of Revenue | - | 71.22% | 79.16% | 78.54% | 71.27% | 67.07% | 66.51% | 72.75% | 71.94% | 91.57% | 77.29% | 74.12% |
| Gross Profit | 3.18M | 3.88M | 3.09M | 3.02M | 3.62M | 2.78M | 2.73M | 1.77M | 1.98M | 599.57K | 1.21M | 1.27M |
| Gross Margin % | 24.31% | 28.78% | 20.84% | 21.46% | 28.73% | 32.93% | 33.49% | 27.25% | 28.06% | 8.43% | 22.71% | 25.88% |
| Gross Profit Growth % | - | 25.63% | 2.26% | -16.54% | 30.08% | 1.83% | 54.76% | -10.73% | 229.96% | -50.27% | -4.88% | - |
| Operating Expenses | 3.52M | 4.27M | 4.8M | 4.4M | 4.01M | 1.8M | 2.2M | 2.14M | 1.74M | 621.65K | 890.54K | 949.52K |
| OpEx % of Revenue | - | 31.68% | 32.38% | 31.29% | 31.83% | 21.32% | 27.01% | 33.02% | 24.64% | 8.74% | 16.77% | 19.39% |
| Selling, General & Admin | 2.33M | 2.75M | 3.09M | 2.96M | 2.78M | 1.1M | 1.4M | 1.28M | 1.34M | 621.65K | 447.81K | 456.41K |
| SG&A % of Revenue | - | 20.36% | 20.88% | 21.05% | 22.07% | 13% | 17.12% | 19.75% | 19% | 8.74% | 8.43% | 9.32% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1.18M | 1.53M | 1.71M | 1.44M | 1.23M | 703.85K | 806.43K | 859.78K | 397.87K | 0 | 0 | 0 |
| Operating Income | -332.43K | -391.82K | -1.71M | -1.38M | -391.16K | 980.71K | 529.37K | -373.55K | 240.81K | -22.08K | 279.92K | 215.56K |
| Operating Margin % | -2.54% | -2.91% | -11.54% | -9.82% | -3.1% | 11.6% | 6.49% | -5.76% | 3.42% | -0.31% | 5.27% | 4.4% |
| Operating Income Growth % | - | 77.09% | -23.7% | -253.5% | -139.89% | 85.26% | 241.71% | -255.12% | 1190.65% | -107.89% | 29.85% | - |
| EBITDA | 311.45K | 256.89K | -967.58K | -784.23K | 57.87K | 1.21M | 718.75K | -162.46K | 466.63K | 187.07K | 380.36K | 429.59K |
| EBITDA Margin % | 2.38% | 1.9% | -6.53% | -5.57% | 0.46% | 14.37% | 8.81% | -2.51% | 6.62% | 2.63% | 7.16% | 8.77% |
| EBITDA Growth % | 149.2% | 126.55% | -23.38% | -1455.07% | -95.24% | 69.01% | 542.42% | -134.82% | 149.44% | -50.82% | -11.46% | - |
| D&A (Non-Cash Add-back) | 643.88K | 648.7K | 742.86K | 598.54K | 449.04K | 234.03K | 189.39K | 211.09K | 225.81K | 209.15K | 100.44K | 214.03K |
| EBIT | -530.73K | -606.22K | -2.01M | -934.76K | -627.52K | 980.71K | 1.1M | -360.74K | 211.48K | -22.09K | 279.92K | 215.56K |
| Net Interest Income | 47.79K | 67.05K | 78.37K | 203.31K | 10.76K | -172.86K | -74.13K | -203.44K | -176.87K | 0 | 0 | 0 |
| Interest Income | 129.3K | 148.67K | 178.28K | 300.92K | 125.53K | 0 | 103.62K | 4.4K | 89 | 190.78K | 55.66K | 63.07K |
| Interest Expense | 81.51K | 81.62K | 99.91K | 97.61K | 114.77K | 172.86K | 177.76K | 207.84K | 176.96K | 0 | 0 | 0 |
| Other Income/Expense | -776.57K | -296.02K | -394.77K | 350.4K | -351.12K | -172.86K | 392.62K | -195.03K | -206.29K | -232.77K | -55.66K | -63.07K |
| Pretax Income | -1.11M | -687.84K | -2.11M | -1.03M | -742.28K | 807.85K | 921.99K | -568.58K | 34.53K | -254.85K | 259.54K | 255.05K |
| Pretax Margin % | -8.47% | -5.1% | -14.2% | -7.33% | -5.89% | 9.56% | 11.3% | -8.77% | 0.49% | -3.58% | 4.89% | 5.21% |
| Income Tax | 0 | 0 | 206K | -145K | -180K | 200K | 130K | -102K | 13.72K | -4 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | -9.79% | 14.05% | 24.25% | 24.76% | 14.1% | 17.94% | 39.75% | 0% | 0% | 0% |
| Net Income | -1.11M | -687.84K | -2.31M | -887.37K | -562.28K | 607.85K | 791.99K | -368.58K | 20.8K | -254.85K | 259.54K | 255.05K |
| Net Margin % | -8.47% | -5.1% | -15.59% | -6.3% | -4.46% | 7.19% | 9.71% | -5.69% | 0.29% | -3.58% | 4.89% | 5.21% |
| Net Income Growth % | 49.48% | 70.24% | -160.46% | -57.81% | -192.5% | -23.25% | 314.88% | -1871.75% | 108.16% | -198.19% | 1.76% | - |
| Net Income (Continuing) | -1.11M | -687.84K | -2.31M | -887.37K | -562.28K | 607.85K | 791.99K | -466.58K | 20.8K | -254.85K | 259.54K | 255.05K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.18 | -0.11 | -0.37 | -0.14 | -0.09 | 0.14 | 0.20 | -0.09 | 0.01 | -0.06 | 0.05 | 0.05 |
| EPS Growth % | 48.3% | 70.27% | -164.29% | -60.73% | -162.21% | -30% | 319.54% | - | 108.1% | -233.47% | 1.72% | - |
| EPS (Basic) | - | -0.11 | -0.37 | -0.14 | -0.09 | 0.14 | 0.20 | -0.09 | 0.01 | -0.06 | 0.05 | 0.05 |
| Diluted Shares Outstanding | 6.15M | 6.15M | 6.19M | 6.26M | 6.46M | 4.38M | 4.05M | 4.04M | 4.05M | 4.05M | 5.5M | 5.5M |
| Basic Shares Outstanding | 6.15M | 6.15M | 6.19M | 6.26M | 6.46M | 4.38M | 4.05M | 4.04M | 4.05M | 4.05M | 5.5M | 5.5M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | 142.15% | - | 64.34% | 78.63% |
Liquidity and operational insolvency
As indicated by the most recent quarterly financial data, BTBD experienced a significant revenue decline of 12.0% year-over-year, marking a continuation of the broader downward trend in top-line performance that has plagued the company's regional restaurant footprint over the last several reporting periods.
The consistent negative growth suggests that the company's core Burger Time brand is struggling to maintain relevance in its North Central markets. Investors should monitor whether this contraction reflects a strategic reduction in unit count or an underlying erosion of customer traffic that may be difficult to reverse.
Based on reported income statements, BTBD's gross margin has exhibited extreme volatility, fluctuating from a low of 4.1% in 2026Q1 to a peak of 36.0% in 2025Q3, highlighting the company's inability to maintain consistent pricing power against rising commodity and labor costs.
This erratic margin profile suggests that the company lacks the scale necessary to absorb inflationary pressures in protein and dairy inputs. The inability to stabilize gross margins at a sustainable level appears to be a primary driver of the company's recurring net losses.
According to the provided financial filings, BTBD's operating income has remained consistently negative, with the company failing to achieve the necessary scale to cover its SG&A expenses, which reached $348.9K in 2026Q1 despite a significantly reduced revenue base of $2.8M.
The lack of positive operating leverage indicates that the current corporate overhead is disproportionately high relative to the revenue generated by its ten-unit footprint. Without a substantial increase in unit-level efficiency or a reduction in fixed costs, the company may continue to struggle with operational viability.
As reported in recent financial statements, the company's net margin of -26.4% in 2026Q1, combined with a cash balance below $1 million, suggests that BTBD faces a precarious liquidity position that may limit its ability to fund necessary capital improvements or sustain ongoing operational deficits.
Short-sellers would likely focus on the company's inability to reach a break-even point despite various cost-cutting efforts. The risk of further asset impairment or the need for dilutive financing appears elevated given the current trajectory of cash burn and negative net income.
Quick answers to the most common questions about buying BTBD stock.
For fiscal year 2025, BT Brands, Inc. (BTBD) reported total revenue of $13.5M. This represents a 175.4% increase compared to $4.9M in 2013.
BT Brands, Inc. (BTBD) reported a net loss of $0.7M for the fiscal year ending 2025.
BT Brands, Inc. (BTBD) reported an operating income of $-0.4M, resulting in an operating profit margin of -2.9%. This margin reflects the operational efficiency of the business before interest and taxes.
BT Brands, Inc. (BTBD) generated $3.9M in gross profit for the year, representing a gross profit margin of 28.8%. This demonstrates the company's core pricing power and production efficiency.