Surfside Beach’s BurgerFI and the BurgerFi chain may declare bankruptcy amid plummeting revenues, according to its most recent SEC filing.

BurgerFi, based in Fort Lauderdale, expects to lose $18.4 million in its third quarter against $4.4 million in revenues, according to a Friday SEC report. The chain lost $6 million in the third quarter of 2023.

As a result of the Company’s liquidity position and current forecast of operating results and cash flows, BurgerFi said in its filing that, without any other action, the Company’s ability to continue operating as a going concern is seriously questioned.

BurgerFI Bankruptcy?

Furthermore, the Company anticipates that if its senior lender does not provide sufficient relief and additional liquidity from potential liquidity providers or from the sale of its assets, it may seek bankruptcy protection under applicable bankruptcy laws.

BurgerFi’s financial troubles were revealed in May when the chain’s governing board retained Kroll Securities as its consultant.

In April, BurgerFi’s CEO Carl Bachmann said the company’s profits were hampered by poor weather. Many of BurgerFi’s locations are situated along coastal regions.

We are focused on driving revenue growth and improving operational efficiency to increase profitability based on the five key strategic priorities we have implemented since last July, Bachmann said. We are laying a solid foundation upon which to build on sales and margin improvements, but it won’t happen overnight.