BT Brands is a small, multi-concept restaurant operator running nine owned-and-operated locations across the Midwest, Massachusetts, and Florida, plus a 40.7% minority stake in Bagger Dave's Burger Tavern, a five-location casual-dining chain in Michigan, Ohio, and Indiana. The core of the business is Burger Time, a six-location quick-service burger chain in Minnesota, North Dakota, and South Dakota, serving flame-broiled burgers and chicken sandwiches through drive-thru and walk-up windows. The remaining locations are standalone concepts: Keegan's Seafood Grille, a casual seafood restaurant in Indian Rocks Beach, Florida; Pie In The Sky Coffee and Bakery, a seasonal coffee shop near the Martha's Vineyard ferry terminal in Woods Hole, Massachusetts; and Schnitzel Haus, a German-themed fine dining restaurant in Hobe Sound, Florida, acquired in 2024. BT Brands' model is to acquire existing restaurant businesses and operate them under a centralized management structure, targeting cost efficiencies across the portfolio. Key financial drivers include same-store sales, labor costs, and food costs. BT Brands owns most of its Burger Time real estate, which reduces lease exposure but ties up capital. The Bagger Dave's stake is accounted for under the equity method, though cumulative losses have reduced its carrying value to zero. In September 2025, BT Brands entered into a merger agreement with Aero Velocity, a UAV manufacturer, after which BT Brands intends to spin off its restaurant operations and pivot the public company to focus on Aero Velocity's drone business. Existing BT Brands stockholders would retain approximately 11% of the merged entity.