Noble Roman's Announces 2025 Financial Data and Other Highlights
Rhea-AI Summary
Noble Roman's (OTCQB:NROM) reported 2025 net income before taxes of $1,590,696 versus a 2024 loss, and net income after taxes of $1,173,224 or $0.05 per basic share. Total revenue rose to $16.46 million from $15.15 million.
Franchising revenue grew 12.1%, Craft Pizza & Pub same-store sales increased 2.3% without menu price hikes, and overall operating margin improved from 9.2% to 10.1%. General and administrative expenses fell 12.7%, while interest expense declined about $0.3 million.
The company opened about 60 new franchised Pizza Program units in 2025 and expects 60–70 more in 2026. Noble Roman's is pursuing refinancing to repay its Corbel loan, subordinated notes, and purchase and cancel Corbel warrants for $500,000.
Positive
- Net income before taxes improved to $1,590,696 from a $160,532 loss
- Net income after taxes reached $1,173,224 or $0.05 basic EPS
- Total revenue increased 8.7% to $16,461,459 in 2025
- Franchising revenue rose about $673,000, up 12.1% year-over-year
- Overall operating margin increased from 9.2% in 2024 to 10.1% in 2025
- General and administrative expenses decreased 12.7% to $2,336,422
Negative
- Cash balance declined from $710,227 in 2024 to $533,670 in 2025
- Current portion of Corbel loan payable rose to $5,470,824 from $1,066,668
- Convertible subordinated notes of $575,000 classified as current liabilities in 2025
- Cost of new warrants issued added $469,542 to 2025 expenses
- Net warrant-related earnings effect was a negative $521,978 in 2025
- Total assets decreased from $16,769,247 in 2024 to $15,894,484 in 2025
News Market Reaction – NROM
In the Jun 8 session, NROM gained 18.74%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
INDIANAPOLIS, IN / ACCESS Newswire / June 8, 2026 / Noble Roman's, Inc. (OTCQB:NROM), the Indianapolis based operator and franchisor of Noble Roman's Pizza and Noble Roman's Craft Pizza & Pub, today announced financial data for the year 2025 and other highlights.
2025 Financial Highlights versus 2024:
Net Income before taxes in 2025 was
$1,590,696 versus a net loss of$(160,532) in 2024 - Net Income before taxes is a significant measure due to the company's$3.1 million deferred tax credit whereby the company will not pay taxes for the next several yearsNet Income after accrued taxes in 2025 was
$1,173,224 or $.05 per share versus a net loss of$(3,174) in 2024.Comparing positively against market trends and economic conditions, the company's Craft Pizza & Pub restaurants had full year same store sales increase of
2.3% - the company implemented no menu price increases on food products in 2025Despite supply chain and labor pricing pressures, a company focus on sales mix and systems management resulted in a decrease in cost of sales of .5 percentage points and in labor cost of .7 percentage points, with overall margin increasing from
9.2% in 2024 to10.1% in 2025The total revenue from the company's franchised Pizza Program for Convenience Stores segment increased significantly by approximately
$673,000 or12.1% - which includes a reduction in 4th quarter 2025 revenue of approximately$230 k to create what management considers to be a very generous allowance for potential uncollectable receivablesThe company's rapid franchise growth continued in 2025 with the opening of approximately 60 new franchised Pizza Program units for the year - the company anticipates opening 60-70 new units again in 2026
Margin contribution in the franchise segment increased from
69.3% in 2024 to72.5% in 2025 - the company's current infrastructure requires only modest additional overhead to support anticipated current growthGeneral and Administrative Expenses remained under tight control, decreasing approximately
12.7% from approximately$2.7 million in 2024 to$2.3 million in 2025Interest Expense decreased from approximately
$1.6 million in 2024 to approximately$1.3 million in 2025 - the decrease is a result of principal reductions at the current rate of approximately$92 k per month and the negotiated extension of the company's Loan Payable which reduced interest to SOFR plus9% with no PIKOn advice of outside professional experts, the company recorded a warrant valuation gain of approximately
$300 k in the 3rd quarter of 2025 - on advice of the same outside professional experts, the company recorded a warrant valuation loss of approximately$300 k in the 4th quarter of 2025, creating a net wash for the year
Subsequent to December 31, 2025, the company entered into an arrangement relating to the anticipated refinancing of its loan with Corbel Capital Partners SBIC, L.P. As part of the payoff agreement with Corbel, the company negotiated to purchase all of Corbel's outstanding warrants for
The company currently anticipates filing its 2026 1st quarter 10-Q within a few days after this press release and will schedule a conference call for those who would like to participate at that time. This conference call timing will allow and facilitate discussions on the 1st quarter of 2026 and other current events in addition to the 2025 results.
The statements concerning the company's future reporting, revenues, profitability, financial resources, financing efforts, market demand and product development are forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) relating to the company that are based on the beliefs of the management of the company, as well as assumptions and estimates made by and information currently available to the company's management. The company's actual results in the future may differ materially from those indicated by the forward-looking statements due to risks and uncertainties that exist in the company's operations and business environment, including, but not limited to, competitive factors and pricing and cost pressures, the company's ability to service its loan and refinance the Senior Note before its maturity in 2026 or before the expiration of the negotiated payoff agreement, the emergence or spread of human or animal pandemics (such as COVID-19 or the Avian Influenza), non-renewal of franchise agreements or the openings contemplated by the Development Agreement not occurring, shifts in market demand, the success of franchise programs, general economic conditions and national or international events (including wars and energy shortages), changes in demand for the company's products or franchises, the impact of franchise regulation, the success or failure of individual franchisees, inflation, other changes in prices or supplies of food ingredients and labor and as well as the factors discussed under "Risk Factors" contained in the 2025 Annual Report on Form 10-K. Should one or more of these risks or uncertainties materialize, or should underlying assumptions or estimates prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected or intended. If activist stockholder activities ensue, or if certain parties (acting individually or as a group) seek to interfere in the company's business relationships, the company's business could be adversely impacted.
Consolidated Balance Sheets
Noble Roman's, Inc. and Subsidiaries
December 31, | ||||||||
Assets | 2024 | 2025 | ||||||
Current assets: |
|
| ||||||
Cash | $ | 710,227 | $ | 533,670 | ||||
Employee Retention Tax Credit receivable | 507,726 | 527,948 | ||||||
Accounts receivable - net | 586,554 | 741,539 | ||||||
Inventories | 986,975 | 965,212 | ||||||
Prepaid expenses | 194,902 | 478,262 | ||||||
Total current assets | 2,986,384 | 3,246,631 | ||||||
Property and equipment: | ||||||||
Equipment | 4,349,205 | 4,463,379 | ||||||
Leasehold improvements | 3,142,591 | 3,175,507 | ||||||
7,491,796 | 7,638,886 | |||||||
Less accumulated depreciation and amortization | 3,583,276 | 3,979,112 | ||||||
Net property and equipment | 3,908,520 | 3,659,774 | ||||||
Deferred tax asset | 3,532,199 | 3,114,727 | ||||||
Deferred contract costs | 1,604,952 | 1,699,935 | ||||||
Goodwill | 278,466 | 278,466 | ||||||
Operating lease right of use assets | 4,154,804 | 3,332,195 | ||||||
Other assets | 303,922 | 562,756 | ||||||
Total assets | $ | 16,769,247 | $ | 15,894,484 | ||||
Liabilities and Stockholders' Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable and accrued expenses | $ | 840,848 | $ | 702,207 | ||||
Current portion of operating lease liability | 870,140 | 950,409 | ||||||
Current portion of Corbel loan payable | 1,066,668 | 5,470,824 | ||||||
Convertible subordinated notes | 0 | 575,000 | ||||||
Warrant liability | 538,822 | 500,000 | ||||||
Total current liabilities | 3,316,478 | 8,198,440 | ||||||
Long-term obligations: | ||||||||
Loan payable to Corbel net of current portion | 5,551,738 | - | ||||||
Convertible notes payable | 575,000 | - | ||||||
Operating lease liabilities - net of current portion | 3,505,718 | 2,564,162 | ||||||
Deferred contract income | 1,604,952 | 1,699,934 | ||||||
Total long-term liabilities | 11,237,408 | 4,264,096 | ||||||
Total liabilities | $ | 14,553,886 | $ | 12,462,536 | ||||
See Note 12 regarding Contingencies | ||||||||
Stockholders' equity: | ||||||||
Common Stock - no par value (40,000,000 shares authorized, 22,215,512 issued and outstanding as of December 31, 2024 and December 31, 2025) | 24,867,778 | 24,911,141 | ||||||
Accumulated deficit | (22,652,417 | ) | (21,479,193 | ) | ||||
Total stockholders' equity | 2,215,361 | 3,431,948 | ||||||
Total liabilities and stockholders' equity | $ | 16,769,247 | $ | 15,894,484 | ||||
Consolidated Statements of Operations
Noble Roman's, Inc. and Subsidiaries
Year Ended December 31, | ||||||||
2024 | 2025 | |||||||
|
| |||||||
Restaurant revenue - company-owned restaurants | $ | 8,577,148 | $ | 8,771,389 | ||||
Restaurant revenue - company-owned non-traditional | 953,574 | 1,205,657 | ||||||
Franchising revenue | 5,540,968 | 6,213,917 | ||||||
Administrative fees and other | 77,910 | 270,496 | ||||||
Total revenue | 15,149,600 | 16,461,459 | ||||||
Operating expenses: | ||||||||
Restaurant expenses - company-owned restaurants | 7,793,798 | 7,884,994 | ||||||
Restaurant expenses - company-owned non-traditional | 1,000,646 | 1,262,804 | ||||||
Franchising expenses | 1,703,136 | 1,709,258 | ||||||
Total operating expenses | 10,497,580 | 10,857,056 | ||||||
Depreciation and amortization | 499,648 | 392,948 | ||||||
General and administrative | 2,677,334 | 2,336,422 | ||||||
Cost of new warrants issued | - | 469,542 | ||||||
Total expenses | 13,674,562 | 14,055,968 | ||||||
Operating income | 1,475,038 | 2,405,491 | ||||||
Interest expense | 1,637,398 | 1,336,773 | ||||||
Net change in warrant-related earnings effect | (1,828 | ) | (521,978 | ) | ||||
Net (loss) income before income taxes | (160,532 | ) | 1,590,696 | |||||
Income tax (benefit) expense | (157,358 | ) | 417,472 | |||||
Net (loss) income | $ | (3,174 | ) | $ | 1,173,224 | |||
Income per share - basic: | ||||||||
Net income | $ | .00 | $ | .05 | ||||
Number of common shares outstanding | 22,215,512 | 22,215,512 | ||||||
Diluted (loss) income per share: | ||||||||
Net (loss) income | $ | .00 | $ | .04 | ||||
Number of diluted common shares outstanding | 23,910,256 | 32,079,346 | ||||||
FOR ADDITIONAL INFORMATION, CONTACT:
For Media Information: Scott Mobley, President & CEO (smobley@nobleromans.com)
For Investor Relations: Paul Mobley, Executive Chairman (pmobley@nobleromans.com)
Mike Cole, Investor Relations: 949-444-1341 (mike.cole@armaadvisoryservices.com)
SOURCE: Noble Romans, Inc.
View the original press release on ACCESS Newswire