FAT Brands has posted a net loss of $24.65m for the third quarter (Q3) of 2023 compared to a net loss of $23.44m a year ago.

The company’s adjusted net loss for the quarter was $17.1m compared to an adjusted net loss of $16.3m in the year-ago period.

For the quarter which ended 24 September 2023, the company’s total revenue rose by 6% to $109.4m from $103.2m in Q3 of last year.

The company attributed the increase in revenues to a 4.8% increase in royalties, a 2% increase in company-owned restaurant revenues, a 228.5% increase in franchise fees and an 18.9% increase in revenues from its manufacturing facility.

During the quarter, FAT Brands registered system-wide sales growth of 0.8% compared with the previous year’s fiscal quarter.

Its year-to-date system-wide same-store sales were up by 1.3% in Q3.

The company noted that it opened 30 new stores in Q3 of fiscal year 2023.

FAT Brands’ adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) for the quarter was $21.9m compared to $24.6m in the year-ago quarter.

FAT Brands co-chief executive officer Rob Rosen said: “While franchise interest remains high across all of our brands, we continue to be focused on the expansion of Twin Peaks. This year, we plan to open 15 to 17 new lodges, of which 11 have been opened so far.

“We expect to end the year with over 110 lodges, a 35% increase since acquiring the brand in 2021.

“Our growth pipeline includes over 125 lodges and Smokey Bones’ healthy real estate portfolio provides us with the opportunity to convert over 40 locations into Twin Peaks lodges, with the potential to significantly accelerate the growth of the brand.”