1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Valuation
Discussion
Symbol
BTBD
Event Date
2021-11-12
Sector
Consumer
Subsector
Hotels, Restaurants & Leisure
Offer Range
—
Shares Offered
2.4M
6.45M
$32.2M
37.2%
Implied Upside vs Midpoint
Description
We own and operate fast-food restaurants in the north-central United States and are seeking to expand both into other regions and into other foodservice businesses. We currently own and operate nine Burger Time restaurants in Minnesota, North Dakota and South Dakota and a Dairy Queen franchise in Ham Lake, Minnesota. The first Burger Time restaurant opened in Fargo, North Dakota in 1987. Our expansion plan is to purchase one or more existing multi-unit restaurant businesses. Our operating principles for Burger Time include: (i) offering a “Bigger Burger” to deliver our customers “more good food for your money”; (ii) offering a limited menu to permit attention to quality and speed of preparation; (iii) providing fast service by way of single and double drive-thru designs and a point-of-sale system at our restaurants that expedites the ordering and preparation process; and (iv) great tasting quality food made fresh to order at a fair price. Our primary strategy is to serve the drive-thru and take-out segment of the restaurant industry. We operate in the fast-food hamburger category of the quick service restaurant, or QSR, segment of the restaurant industry. Fast-food restaurants are characterized by limited menus, limited or no table service and fast service. According to IBISWorld, there are nearly 200,000 fast-food restaurants in the United States and fast food will generate an estimated $278.6 billion in revenue in 2021, with an estimated $126.9 billion, or approximately 45% of the U.S. fast-food market, deriving from the hamburger segment. The hamburger segment is the largest segment of the U.S. QSR market, and this segment is projected by IBISWorld to grow 17% in 2021. Our Burger Time restaurants feature a variety of juicy, flame-broiled burgers that we refer to as “Bigger Burgers” because they are made with approximately 25% more meat than the typical quarter-pound burger offerings served by our competitors. Each burger is made to fill a customer’s individual order so that they are served hot and fresh. Burger favorites include a mushroom Swiss burger, a jalapeno burger, and a full-pound burger to satisfy the heartiest appetite. Other entrees include chicken sandwiches, pulled pork sandwiches and chicken tenders. We offer an array of traditional and signature sides, many of which have evolved into regional favorites, such as large-cut battered onion rings, cheese curds, fried pickle spears and chicken fries. We also offer soft drinks and other reasonably priced food and beverage items. From time to time, we offer specialty sandwiches and wraps at similar price points. Our limited menu is designed to deliver quality products, a high flavor profile and speedy delivery resulting in outstanding total value for the customer. For our Burger Time concept, our objective is to serve customers within two to three minutes of their arrival during the peak day parts of lunch and dinner and within three to five minutes at other times. We achieve this utilizing our single and double drive-thru format and our integrated restaurant design and equipment lay-out that allows us to deliver exceptional food with fast service times. We recently introduced an on-line ordering platform through our website: www.itsburgertime.com. --- The Company’s principal executive offices are located at 405 Main Avenue West, Suite 2D, West Fargo, ND 58078, and our telephone number is (701) 277-0080. The Company’s website address is www.itsburgertime.com.
BT Brands, Inc. annual income statement and balance sheet, FY 2023 to FY 2025, as reported in SEC filings.
| Metric | FY 2023 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|
| Revenue | $12.6M | — | $14.8M | $13.5M |
| Operating income | ($391K) | — | ($1.8M) | ($365K) |
| Net income | ($562K) | — | ($2.3M) | ($688K) |
| Metric | FY 2023 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|
| Total assets | $16.8M | — | $12.0M | $10.7M |
| Total liabilities | $6.6M | — | $5.0M | $4.3M |
| Total equity | $10.2M | $9.2M | $7.0M | $6.4M |
| Cash & equivalents | $2.2M | $5.3M | $2.0M | $846K |