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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 28, 2025
Dec. 29, 2024
Current assets    
Cash $ 2,052 $ 23,383
Restricted cash 11,965 25,239
Accounts receivable, net 13,986 19,422
Inventory 7,449 8,420
Assets classified as held-for-sale 0 370
Other current assets 13,692 11,200
Total current assets 49,144 88,034
Non-current restricted cash 8,641 18,767
Operating lease right-of-use assets 188,875 198,091
Goodwill 285,337 285,337
Other intangible assets, net 584,004 595,689
Property and equipment, net 87,185 97,390
Other assets 7,440 5,870
Total assets 1,210,626 1,289,178
Current liabilities    
Accounts payable 47,689 38,725
Accrued expenses and other liabilities 88,616 68,084
Deferred income, current portion 2,162 2,275
Accrued advertising 9,177 5,307
Accrued interest payable 38,999 24,837
Dividend payable on preferred shares 8,868 1,389
Liabilities related to assets classified as held-for-sale 0 393
Operating lease liability, current portion 15,359 16,229
Redeemable preferred stock 91,836 91,836
Long-term debt, current portion 1,263,470 49,241
Total current liabilities 1,566,176 298,316
Deferred income, net of current portion 18,331 20,347
Deferred income tax liabilities, net 15,140 13,772
Operating lease liability, net of current portion 198,994 200,132
Long-term debt, net of current portion 2,459 1,208,997
Other liabilities 3,327 3,326
Total liabilities 1,804,427 1,744,890
Commitments and contingencies (Note 13)
Stockholders’ deficit    
Preferred stock and additional paid-in-capital, $0.0001 par value; 15,000,000 shares authorized; 4,493,582 shares issued and outstanding at September 28, 2025 and 3,591,706 shares issued and outstanding at December 29, 2024; liquidation preference $25 per share 39,144 40,837
Class A common stock and Class B common stock and additional paid-in capital as of September 28, 2025: $0.0001 par value per share; 51,600,000 shares authorized (Class A 50,000,000, Class B 1,600,000); 17,885,205 shares issued and outstanding (Class A 16,614,400, Class B 1,270,805). Common stock and additional paid-in capital as of December 29, 2024: $0.0001 par value; 51,600,000 shares authorized; 17,254,683 shares issued and outstanding (Class A 15,983,878, Class B 1,270,805) (13,186) (37,925)
Accumulated deficit (611,782) (458,624)
Stockholders’ deficit attributable to FAT Brands Inc. (585,824) (455,712)
Non-controlling interest (7,977) 0
Total stockholders' deficit (593,801) (455,712)
Total liabilities and stockholders' deficit $ 1,210,626 $ 1,289,178