Good Times Restaurants Inc.GTIM

Good Times Restaurants Inc. is a small US restaurant operator with two segments: Good Times Burgers & Frozen Custard in quick service and Bad Daddy’s Burger Bar in full service. The company’s latest 10-Q for the quarter ended 31 March 2026 shows $37.0 million in revenue, $149,000 in net income, and $172,000 in operating income, a trifling profit that barely covers the cost of a single regional advertising blitz. Diluted earnings per share were $0.01, and the weighted average share count was 10.7 million, a figure that climbed versus prior periods, hinting at dilution rather than buyback discipline. (source: GTIM 10-Q, 2026-05-07, SEC EDGAR, https://www.sec.gov/Archives/edgar/data/825324/000121465926005726/gtim-20260331.htm)

The company’s balance sheet lists $81.0 million in assets, but only $2.7 million sits in cash and equivalents, and operating cash flow for the quarter was $1.9 million. Inventory of $1.3 million actually fell by $48,000 during the period, a detail that reads less like demand and more like a freezer defrost cycle. Capital expenditure for the quarter was $511,000, a figure that would cover the cost of a single well-equipped fry line but not a full kitchen refresh. (source: GTIM 10-Q, 2026-05-07, SEC EDGAR, https://www.sec.gov/Archives/edgar/data/825324/000121465926005726/gtim-20260331.htm)

The filings explain that Good Times provides franchisees with services for opening and operating restaurants under franchise and development agreements, generating area development and franchise fees. In practice, the parent’s growth story is less about owning restaurants and more about collecting fees from a network of franchisees. The company-owned Good Times segment operates in quick service, while the Bad Daddy’s segment sits in full-service dining, but neither segment is large enough to offset the thin capital base at the parent. (source: GTIM 10-Q, 2026-02-05, SEC EDGAR, https://www.sec.gov/Archives/edgar/data/825324/000121465926001242/gtim-20251230.htm)

The company’s DEF 14A confirms that conduct codes and committee charters were last updated in February 2022, and both documents are hosted on the company’s website. The firm’s governance pages tout current audit and compensation committee charters, but the filings themselves do not disclose any material governance changes or executive incentive overhauls that would materially alter the company’s cost structure or cash needs. (source: GTIM DEF 14A, 2025-12-29, SEC EDGAR, https://www.sec.gov/Archives/edgar/data/825324/000121465925018524/z1223257def14a.htm)

For readers who like to see the product in action, Good Times’ official order page shows the company still markets its “All Natural Burgers & Frozen Custard” via a straightforward digital menu. The page itself is a static snapshot and does not prove revenue mix, customer counts, or same-store sales trends. A product image on the site shows a burger basket, but the image does not evidence unit economics, margins, or franchisee profitability. (source: Official source page, https://goodtimesburgers.com/order-type/)

The company’s SEC filings and press releases are hosted on EDGAR and include 10-Qs, 8-Ks, and the DEF 14A. The filings confirm revenue, income, cash flow, share counts, and segment structure, but they do not disclose same-store sales, capex forecasts, or guidance beyond the current quarter. The evidence does not include bank covenants, franchisee defaults, or liquidity covenants that would materially constrain operations. (source: GTIM SEC EDGAR filing index, https://www.sec.gov/edgar/browse/?CIK=825324)