BT BRANDS INC (Nasdaq: BTBD)

Introduction

BT Brands Inc, operating under the burger chain name Burger Time, runs seven locations across Minnesota, North Dakota, and South Dakota. As of August 4, 2025, its shares closed at $2.45, reflecting an increase of 49.39% on a trading volume of 1,213,892. The company trades on the NASDAQ exchange under the ticker BTBD and is referred to in Korea as BT 브랜드즈.

Corporate Structure and Governance

All BT Brands executives have pledged adherence to the Company’s Code of Ethics and Business Conduct, as reaffirmed on November 15, 2023, during the Q3 2023 earnings call. The board publishes a Diversity Matrix in compliance with NASDAQ rules. Stakeholders may address questions or concerns directly to the Board of Directors via Ken Brimmer ().
Burger Time maintains a regional workforce across its seven outlets, with team members involved in in-store service, drive-thru operations, and online order fulfillment.

Burger Time by Mark Claus

Recent Developments and News

On August 16, 2023, management held the Q2 2023 earnings call, followed by a Q3 2023 discussion on November 15, 2023. Earnings calls earlier in 2023 included a Q1 session on April 20, 2023, covering the 2022 results.
Corporate filings with the U.S. Securities and Exchange Commission include:

• Annual Report (Form 10-K) for the fiscal year ended March 31, 2025, filed on March 31, 2025 (Acc-no: 0001477932-25-002248).
• Amendment to the Annual Report (Form 10-K/A) filed on May 1, 2025 (Acc-no: 0001477932-25-003198).
• Quarterly Report (Form 10-Q) for the period ended May 14, 2025, filed on May 14, 2025 (Acc-no: 0001477932-25-003689).

Financial and Strategic Analysis

According to the 10-K filing for the year ending March 31, 2025, the company reported year-over-year revenue growth, supported by menu diversification, including street tacos and daily specials, alongside enhancements to digital ordering capabilities. Net income and operating cash flow improved, attributed to tighter cost controls on food and labor expenses.
In the 10-Q filed May 14, 2025, management noted:

• Continued revenue gains in core markets.
• Stable margins despite pressures related to food costs.
• Investments in online ordering technology aimed at reducing drive-thru wait times.
  Risk disclosures indicate potential supply chain disruptions, challenges related to labor availability, and competition in the quick-service segment. Strategic initiatives include exploring new store openings in adjacent Midwest markets and enhancing loyalty programs.

Market Position and Industry Context

Burger Time positions itself as a value-oriented quick-service brand in a fragmented regional market. With seven outlets, the chain competes against both national and local burger concepts, differentiating itself through its use of 100% pure beef patties, daily specials, cheese curds, and funnel fries.
Economic factors such as consumer spending trends in Minnesota, North Dakota, and South Dakota, along with broader inflationary pressures, influence pricing strategy and cost management. The company’s governance practices and board diversity contribute to its standing among investors and regulators.

tl;dr

As of August 4, 2025, BTBD stock rose by 49.39% to $2.45 on significant trading volume. The May 14, 2025, 10-Q indicated ongoing revenue growth and margin stability amid cost pressures. Management plans targeted expansion in the Upper Midwest, improvements in digital ordering, and enhancements to loyalty programs to support sales. Focus areas will include new store approvals and mitigating supply chain risks.