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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 →

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