Northwire Canada EditionFriday, October 16, 2026
Sign inSubscribe
Northwire
⌕
GOLD 4196.80 +0.6% SILVER 57.99 +1.5% COPPER 6.63 +1.0% OIL 95.87 −2.1% PALLADIUM 1124.50 −0.3% FEO 0.650 +0.0% LIB 0.720 +0.0% NPR 0.620 +0.0% QZM 0.380 +0.0% BVA 0.760 +0.0% ONAU 0.520 +0.0% FMR 0.225 +0.0% GSVR 0.340 +0.0% PHNM 0.340 +0.0% SLG 5.71 +0.0% CASA 0.060 +0.0% DRY 0.215 +0.0% SOMA 0.560 +0.0% PWRO 0.025 +0.0% OMI 0.250 +0.0% EMR 0.100 +0.0% GOLD 4196.80 +0.6% SILVER 57.99 +1.5% COPPER 6.63 +1.0% OIL 95.87 −2.1% PALLADIUM 1124.50 −0.3% FEO 0.650 +0.0% LIB 0.720 +0.0% NPR 0.620 +0.0% QZM 0.380 +0.0% BVA 0.760 +0.0% ONAU 0.520 +0.0% FMR 0.225 +0.0% GSVR 0.340 +0.0% PHNM 0.340 +0.0% SLG 5.71 +0.0% CASA 0.060 +0.0% DRY 0.215 +0.0% SOMA 0.560 +0.0% PWRO 0.025 +0.0% OMI 0.250 +0.0% EMR 0.100 +0.0%
Earnings

Happy Belly Food Group Announces 14th Consecutive Record Quarter, and Third Consecutive Quarter of Positive Net Income from Operations

By The Northwire Desk — AI Analysis Nov 26, 2025 · 07:29 HBFG · 1.73 Happy Belly Food Group Inc.
HBFG · Price

Executive Summary

  • Happy Belly Food Group reported record Q3 2025 results – the 14th consecutive record quarter and third with positive net income from operations.
  • System‑wide sales jumped 125% YoY to $19.2 M; total revenues rose 194% YoY to $7.2 M, driven by organic growth and 12 new restaurant openings.
  • Adjusted EBITDA reached $0.7 M (10.4% margin), with segmented EBITDA and royalties/fees for the QSR division each surpassing $1.0 M for the first time.

Key Details

  • System‑wide sales: $19.2 M in Q3 2025 vs. $8.5 M in Q3 2024 (+125%).
  • Total operating revenues, vendor rebates & interest income: $7.2 M (↑194% YoY).
  • Nine‑month revenue (ended Sep 30 2025): $16.6 M vs. $6.7 M in 2024 (+149%).
  • Restaurant count: 73 operating locations at quarter end (up 109% from 35 in prior year); total portfolio now 75 locations after Q4 additions.
  • Product sales: $6.0 M (↑224% YoY).
  • Royalties & franchise fees: $1.1 M (↑297% YoY), collected from 55 franchised restaurants.
  • Adjusted EBITDA: $0.7 M (10.4% margin) vs. $0.1 M (4.2%) in Q3 2024.
  • Net income from operations: $0.3 M vs. a loss of $0.1 M in Q3 2024.
  • Segmented EBITDA – QSR division: >$1.0 M (first time).
  • Royalties & Fees – QSR division: >$1.0 M (first time).
  • Cash flow from operations: $0.8 M (vs. -$0.2 M in Q3 2024).
  • Net working capital: $2.8 M as of Sep 30 2025 (down from $3.3 M Dec 31 2024).
  • Cash & cash equivalents: $3.3 M as of Sep 30 2025 (vs. $3.5 M Dec 31 2024).

Operational Highlights * Added 12 new restaurants in Q3 2025: Heal Wellness (2 locations), Rosie's Burgers (1), acquisition of Salus Fresh Foods added 9 locations in GTA.
* Post‑quarter openings: iQ Foods on Avenue Rd and Yolks on Bloor St West, bringing total to 75 locations.

Corporate Highlights * Multiple franchise agreements signed throughout Q3 2025 across Ontario, Alberta, Quebec, and Atlantic Canada.
Executed acquisition of SALUS Fresh Foods (QSR chain).
 Appointed new Vice President of Finance (Sept 8 2025) and added Dan Haroun to the Board (Oct 3 2025).

Notable Quotes

“We have truly built a predictable and repeatable growth model that saw our system sales more than double… We are just getting started.” – Sean Black, CEO

Materiality Assessment: Material – Positive**.

Read the original news release →

More from Happy Belly Food Group Inc.

Jun 22, 2026 · 06:01

Happy Belly Food Group's Rosie's Burgers Secures Greater Montreal's First South Shore Real-Estate Location in Longueil's Greenfield Park, Quebec

Production / Operations Jun 19, 2026 · 06:01

Happy Belly Food Group Announces 100% Exercise of All Performance Warrants as Phase 2 Begins

Financings Jun 16, 2026 · 06:01

Happy Belly Food Group's Heal Wellness QSR Secures a Real Estate Location in the City of Richmond Hill, Ontario

Production / Operations Jun 15, 2026 · 06:01

Happy Belly Food Group's Heal Wellness Signs Largest Multi-Unit Franchise Agreement to date for 45 Locations Led by Alex Rechichi and Bedford Park Capital

Other Jun 12, 2026 · 06:01

Happy Belly Food Group Hits 100th Store Milestone Amid Aggressive Canadian & U.S. Franchise Rollout

Production / Operations Jun 11, 2026 · 06:01

Happy Belly Food Group's Heal Wellness Signs 10-Unit Franchise Agreement with Existing Multi-Unit Franchisee for the Greater Montreal Area of Quebec

Production / Operations