Here are 1-2 brief analogies for FAT Brands:

• A Marriott International for restaurants.
• A Yum! Brands for other restaurant chains.

• Restaurant Franchising Services: FAT Brands licenses a diverse portfolio of restaurant concepts to independent operators globally.
• Brand Management and Development: The company provides ongoing operational support, marketing strategies, and supply chain management for its owned restaurant brands.
• Portfolio of Restaurant Brands: FAT Brands owns and develops a wide array of restaurant chains, including prominent names like Fatburger, Johnny Rockets, Round Table Pizza, Marble Slab Creamery, and Twin Peaks.

FAT Brands Inc. (symbol: FAT) operates as a global franchisor and operator of restaurant concepts. Its business model primarily revolves around licensing its various brands (such as Fatburger, Johnny Rockets, Marble Slab Creamery, Great American Cookies, Round Table Pizza, Twin Peaks, and many others) to independent operators.

Therefore, FAT Brands sells primarily to other companies, specifically its franchisees, rather than directly to individual consumers. These franchisees are the entities that pay initial franchise fees, ongoing royalty fees (a percentage of their sales), and contribute to advertising funds. Due to the nature of the franchising business, the vast majority of these franchisees are private entities or individual business owners, and thus do not have public company symbols. It is not common for a franchisor like FAT Brands to have a few large, publicly traded companies as its direct "major customers" in the traditional sense of purchasing goods or services on a recurring basis.

Instead, FAT Brands serves a diverse base of franchisees. While specific names of private franchisee companies are not publicly disclosed by FAT Brands, these customers can generally be categorized by their operational scale and structure:

• Single-Unit Franchisees: Individual entrepreneurs or small business groups who own and operate a single restaurant or retail location under one of FAT Brands' concepts. These are typically hands-on operators.
• Multi-Unit Franchisees: Operators who own and manage multiple restaurant locations, often across different brands within the FAT Brands portfolio or multiple units of a single brand. These can range from small regional groups to larger, more sophisticated restaurant management companies.
• International and Master Franchisees: These are often larger organizations or companies that acquire the exclusive rights to develop a particular FAT Brands concept (or multiple concepts) within an entire country, region, or territory. They are responsible for opening their own company-owned units or sub-franchising to other operators within their designated area.

null

Andrew A. Wiederhorn, Chief Executive Officer and Chairman

Andrew A. Wiederhorn reassumed the role of Chief Executive Officer of FAT Brands Inc. in September 2025, having previously held the position from 2017 to 2023. He is the founder of FAT Brands Inc. Mr. Wiederhorn also serves as the Chairman of Twin Hospitality Group Inc. since August 2025. At 21, he founded a successful financial services firm. Prior to FAT Brands Inc., he founded and served as Chairman and Chief Executive Officer of Fog Cutter Capital Group Inc., Wilshire Financial Services Group Inc., and Wilshire Credit Corporation. Fog Cutter Capital Group acquired a controlling stake in Fatburger in 2003 for $7 million. He graduated from the University of Southern California with a Bachelor's degree in business. Mr. Wiederhorn served a penitentiary sentence between 2004 and 2005 after pleading guilty to felony counts, including filing a false tax return and an ERISA violation.

Ken Kuick, Chief Financial Officer

Ken Kuick was appointed Chief Financial Officer of FAT Brands Inc. in 2021. He also serves as Chief Financial Officer of Twin Hospitality Group Inc. since 2025. From May 2023 to September 2025, Mr. Kuick served as Co-CEO of FAT Brands. Before joining FAT Brands Inc., he served as Chief Financial Officer for Noodles & Company (NASDAQ: NDLS). Mr. Kuick’s previous experience also includes serving as Chief Accounting Officer for VICI Properties (NYSE: VICI), a real estate investment trust, and as Chief Accounting Officer for Caesars Entertainment Operating Company, a subsidiary of Caesars Entertainment (NASDAQ: CZR) from 2014 to 2017. He has a background in strategic business leadership, financial operations, corporate governance, mergers and acquisitions, IPOs, and capital market transactions. Mr. Kuick received a bachelor's degree in Accounting and Computer Science from Taylor University.

Thayer D. Wiederhorn, Chief Operating Officer

Thayer D. Wiederhorn has served as Chief Operating Officer of FAT Brands Inc. since November 2021. Prior to this, he was Chief Marketing Officer of FAT Brands Inc. His earlier roles include Vice President of Marketing of Fatburger North America Inc. and Buffalo's Franchise Concepts Inc., and Director of Marketing of Fatburger North America Inc. Mr. Wiederhorn graduated from the University of Southern California Marshall School of Business.

Taylor A. Wiederhorn, Chief Development Officer

Taylor A. Wiederhorn was appointed Chief Development Officer of FAT Brands Inc. in 2017. He served as Co-CEO of FAT Brands from May 2023 until September 2025. Since 2023, he has also been Chief Executive Officer for 15 brands within the FAT Brands portfolio. Previously, Mr. Wiederhorn held the positions of Vice President of Franchise Marketing and Development, and Director of Marketing, for Fatburger North America Inc. and Buffalo's Franchise Concepts Inc. He holds a Bachelor of Science degree in Business Administration with an emphasis in Finance and Entrepreneurship from the University of Southern California Marshall School of Business.

Mason A. Wiederhorn, Chief Brand Officer

Mason A. Wiederhorn has served as Chief Brand Officer of FAT Brands Inc. since December 2021. Before this role, he was the Creative Director of FAT Brands Inc., and previously served as Creative Director for Fatburger North America Inc. and Buffalo's Franchise Concepts Inc. He also held the role of Videographer for Fatburger North America Inc. Mr. Wiederhorn is a graduate of the Business of Cinematic Arts program at the University of Southern California Marshall School of Business.

The clear emerging threat to FAT Brands is the rapid proliferation and increasing market share of capital-light virtual restaurant brands and ghost kitchen models. These new operational frameworks allow food concepts to launch and scale with significantly lower overhead costs, primarily by reducing or eliminating the need for traditional brick-and-mortar restaurant spaces and associated front-of-house expenses. This trend creates intense competition for delivery and takeout sales, directly challenging the economic viability and market appeal of traditional franchised restaurant locations, which are foundational to FAT Brands' business model. While FAT Brands can adapt by incorporating virtual brands or ghost kitchen operations, the fundamental shift towards these agile, asset-light models threatens to erode the market share and profitability of its existing franchisee base and diminish the attractiveness of new traditional franchise investments.

FAT Brands Inc. (NASDAQ: FAT) operates as a leading global franchisor, strategically acquiring, marketing, and developing a diverse portfolio of restaurant brands across various dining segments. Their main products and services fall into fast-casual, quick-service, casual dining, and specialty dining concepts, including ice cream and sports bars.

The addressable markets for their main product and service categories are as follows:

• Fast-Casual Dining: The global fast-casual restaurant market was valued at approximately USD 211.52 billion in 2024. It is projected to reach around USD 628.20 billion by 2034, growing at a CAGR of 11.50% between 2025 and 2034. In the United States, the fast-casual restaurants market size is estimated to grow by USD 84.5 billion from 2025-2029, with a CAGR of 13.7%. North America accounted for 33.32% of the global market share in 2023, valued at USD 63.48 billion.
• Quick-Service Restaurants (QSR) / Fast Food: The quick-service restaurant industry in the United States was valued at approximately USD 447.2 billion in 2025 and is expected to reach USD 731.6 billion by 2030, growing at a CAGR of 10.35%. The US fast food and QSR market is projected to reach a valuation of USD 301 billion in 2025 and USD 508.6 billion by 2034, with a CAGR of 5.6% from 2025 to 2034.
• Casual Dining: The global casual dining market was valued at USD 62.4 billion in 2024 and is forecasted to reach USD 98.7 billion by 2033, growing at a CAGR of 5.3%. Another source indicates the global casual dining market size was valued at USD 333.02 billion in 2025 and is expected to reach USD 575.5 billion by 2035, with a CAGR of 5.5% from 2025 to 2035.
• Ice Cream: The global ice cream market size was valued at USD 77.8 billion in 2024 and is projected to grow to USD 139.7 billion by 2033, exhibiting a CAGR of 6.7% from 2025-2033. The United States ice cream market size was valued at USD 13.20 billion in 2024 and is projected to reach USD 18.31 billion by 2033, exhibiting a CAGR of 3.40% from 2025-2033. Other estimates for the US market show a size of USD 19.51 billion in 2025, projected to reach USD 22.41 billion by 2030, advancing at a 2.81% CAGR.
• Sports Bars: The global sports bar market is expected to grow from USD 22.6 billion in 2023 to USD 34.3 billion by 2030, with a CAGR of 4.1%. Another report states the global sports bar market size reached USD 21.4 billion in 2024 and is expected to achieve USD 35.8 billion by 2033, with a CAGR of 5.8% from 2025 to 2033. In the US, the market size for sports bars is estimated at USD 2.2 billion in 2024 and 2025.

Share Issuance

• In July 2020, FAT Brands offered 360,000 shares of 8.25% Series B Cumulative Preferred Stock and warrants to purchase up to 1,800,000 shares of common stock, generating gross proceeds of approximately $9,000,000.
• As part of the Global Franchise Group acquisition in June 2021, FAT Brands issued $25 million in common stock and $67.5 million in Series B cumulative preferred stock to the sellers.
• In May 2025, the company successfully spun off Twin Hospitality Group Inc., distributing a $50 million dividend to shareholders through the distribution of Twin Hospitality Group's Class A Common Stock.

Outbound Investments

• In August 2020, FAT Brands acquired the Johnny Rockets restaurant chain for approximately $25 million.
• In July 2021, the company purchased Global Franchise Group, which includes brands like Round Table Pizza and Great American Cookies, for $442.5 million.
• FAT Brands acquired Twin Peaks for $300 million in October 2021 and Smokey Bones for $30 million in September 2023.

Capital Expenditures

• For the last 12 months (prior to November 2025), FAT Brands reported capital expenditures of approximately -$15.41 million.
• The company aims to open over 100 new locations in 2025, with a development pipeline of approximately 1,000 committed new units over the next 5 to 7 years.
• A key focus for capital efficiency includes converting existing Smokey Bones locations into Twin Peaks lodges, a strategy that significantly reduces construction time and capital expenditure compared to new builds.