FAT - FAT Brands Inc. (FAT) - Blocking and Tackling

2Q22 Results. FAT Brands reported 2Q22 revenue of $102.8 million, up from $97.4 million in the first quarter, and compared with $8.3 million in 2Q21. The increased revenue reflects the 2022 acquisitions. FAT reported adjusted EBITDA of $29.5 million in the quarter, up from $15.1 million in 1Q22. Net loss for the quarter was $8.2 million, or $0.50 per share and adjusted net loss was $3.2 million, or $0.19 per share. Results benefited from the recognition of Employee Retention Credits. We had projected revenue of $102 million and a net loss of $14.5 million, or $0.88 per share.Solid Performance. The restaurant operations continue to post solid performance. Systemwide sales hit $553.4 million, up from $504.9 million in 1Q22 and $144 million a year ago, driven by the acquisitions. SSS for concepts owned for a year were up 5.6%. Read More >>