- **Revenue Growth**: Twin Peaks revenue up 5.3% YoY to $50.3M, Smoky Bones down 10.8% YoY to $32M due to strategic closures.
- **Conversion Success**: 2 Smoky Bones-to-Twin Peaks conversions doubled revenue, with 19 candidates and 26 profitable Smoky Bones units.
- **Margin Expansion**: Twin Peaks margin 17% (+72bps YoY), Smoky Bones EBITDA -3.8M (vs. -2.9M YoY), adjusted EBITDA up 30% YoY to $3M.
- **Q4 Catalysts**: NFL playoffs, holiday promotions, and next-gen lodge prototype to drive 2026 growth.
- **Charitable Impact**: Partnership with Camp Hope to support veterans, aligning with brand values of community and operational excellence.

**【CEO Opening Remarks】**
- **Leadership Refresh**: Appointed Andy Wiederhorn as Chairman, Kim Brindamill as President of Smoky Bones, Rob Cherney as COO, and Melissa Frey as CMO, enhancing operational and strategic capabilities.
- **Twin Peaks Performance**: System-wide sales of $138.8M (-1.4% YoY) driven by 4.1% same-store sales decline in San Antonio, offset by new lodge openings. Restaurant-level contribution margin improved to 17% (+72bps YoY) through cost control and menu simplification.
- **Conversion Strategy Success**: 2 Smoky Bones-to-Twin Peaks conversions achieved $7.8M AUV vs. $3.5M prior, with 19 prime conversion candidates and 26 profitable Smoky Bones units generating $3M EBITDA.
- **Growth Pipeline**: 82 committed lodges (82% from existing franchisees), next-gen Twin Peaks prototype with 1,200 sq ft footprint, and 2026 conversion plans in Fayetteville, Omaha, and Kissimmee.

**【CFO Financial Commentary】**
- **Topline Results**: Total system-wide sales $170.7M (-3.3% YoY). Twin Peaks revenue $50.3M (+5.3% YoY), Smoky Bones $32M (-10.8% YoY) due to 11 closures.
- **Cost Management**: Food/beverage cost 27.4%, labor 32.1% (-70bps YoY), other operating costs 22.9% (-70bps YoY). Adjusted EBITDA $3M (+30% YoY), Twin Peaks EBITDA $7.2M (+11% YoY), Smoky Bones EBITDA -$3.8M (vs. -$2.9M YoY).
- **Balance Sheet**: Progress on equity raises to support debt reduction and growth. Fourth quarter outlook includes NFL playoffs and holiday promotions.

**【CEO Closing Remarks】**
- **Q4 Outlook**: College football playoffs and NFL postseason campaigns to drive engagement. Holiday promotions and lodge activations expected to sustain momentum.
- **Charitable Efforts**: Partnership with Camp Hope to support veterans with PTSD, aligning with brand values of community and hospitality.
- **2026 Vision**: Focus on conversion execution, Smoky Bones margin improvement, and Twin Peaks expansion with streamlined operations.


TWNP(Delisted)

TWNP fundamentals

Earnings Call

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