Noodles & Co Stock Price, News & Analysis

Noodles & Company (NASDAQ: NDLS) is a fast-casual restaurant brand in the accommodation and food services sector. The company is described as a restaurant concept offering lunch and dinner within the fast-casual segment of the restaurant industry, with a menu that includes cooked-to-order dishes such as noodles and pasta, soups, salads and appetizers. According to company statements, it also offers dining, pick-up and delivery services.

Noodles & Company highlights that it has "known noodles since 1995" and emphasizes a long-standing focus on noodle-based comfort food. The brand describes its menu as featuring craveable classics and globally inspired flavors, with examples that include Creamy Mac & Cheese, Wisconsin Mac & Cheese, Japanese Pan Noodles, Spicy Korean Steak Noodles, Chili Garlic Ramen and Pesto Cavatappi, as well as limited-time offerings like Steak Stroganoff. These dishes are presented as part of a broader range of flavor-packed noodle bowls designed to appeal to different taste preferences.

The company notes that it operates more than 400 restaurants, and in several news releases refers to "more than 445 restaurants" and "approximately 450 restaurants" along with thousands of team members. These restaurants are described as part of a brand "built on flavor, comfort, and a people-first culture." Noodles & Company also points to recognition by third parties, stating that it has been recognized by Newsweek as one of America's Favorite Restaurants and Best Loyalty Programs and honored by Forbes and QSR as a top employer.

Business model and restaurant concept

Noodles & Company positions itself within the fast-casual segment, focusing on noodle-centric meals that are prepared to order. The company states that it serves fresh, made-to-order noodle dishes that aim to deliver comfort, adventure and discovery in every bowl. It describes its offering as providing variety and balance with value in every bowl, and references a value-focused platform called "Delicious Duos" that it associates with strengthening its value proposition.

The company indicates that it generates sales through a mix of company-owned and franchise restaurants. In its preliminary fourth quarter 2025 update, Noodles & Company reported having 340 company-owned restaurants and 83 franchise restaurants as of December 30, 2025. It also reported that it closed a number of company-owned and franchise restaurants during 2025 and expects additional closures in 2026, which it characterizes as part of a portfolio optimization effort intended to concentrate resources on restaurants with the strongest opportunity to perform and to strengthen the overall health of the brand and its financial position.

Menu focus and product examples

The company repeatedly emphasizes craveable, globally inspired noodle dishes and comfort food. In its own descriptions, Noodles & Company highlights items such as indulgent Creamy Mac & Cheese and Wisconsin Mac & Cheese, bold Japanese Pan Noodles, Spicy Korean Steak Noodles, Chili Garlic Ramen and Pesto Cavatappi. It also references limited-time or seasonal items, including Steak Stroganoff and a Holiday Crispy made with SNICKERS, and notes that some dishes have been on the menu since the brand’s beginnings.

According to company communications, Noodles & Company also offers catering options for gatherings of various sizes, positioning its noodle dishes as an alternative to pizza for events such as Friendsgiving, office lunches and family get-togethers. The company has described its catering offerings as designed to be shareable and suitable for different group occasions.

Loyalty program and guest engagement

Noodles & Company promotes a loyalty program called Noodles Rewards. The company states that Noodles Rewards is free to join via its app or online, and that members earn points on every order to redeem for free items in a rewards store. It also notes that members can receive early access to new menu items, exclusive offers tailored to their preferences, surprise deals and a birthday reward. In multiple news releases, the company mentions that new members receive a free regular entrée after their first purchase of a specified minimum amount.

The company also highlights guest engagement initiatives tied to specific menu items. For example, it has described fan-driven campaigns around Steak Stroganoff, including social media activity and a casting call for a "Chief StroganOff-icer" in which fans submit monologues and participate in voting. These activities are presented as ways the brand responds to guest feedback and builds on the emotional connection guests have with particular dishes.

Strategic review and capital structure considerations

Noodles & Company has disclosed that its Board of Directors initiated a review of strategic alternatives to explore ways to maximize shareholder value. In a press release and corresponding Form 8-K, the company stated that this review includes potential alternatives such as refinancing existing indebtedness, refranchising or sale of all or part of the business and other strategic or financial transactions. The company has indicated that there is no set deadline or definitive timetable for this process and that there can be no assurance that it will result in any particular transaction or outcome.

In a separate communication, an investment firm, Galloway Capital Partners, announced that it had acquired a stake in Noodles & Company and expressed views about the company’s valuation, capital structure and potential asset sales. Those views are explicitly described by that firm as personal opinions and not recommendations, and they are presented as part of an activist investor’s perspective rather than as statements by Noodles & Company itself.

Listing status and Nasdaq notice

In a Form 8-K dated June 24, 2025, Noodles & Company reported receiving a notification letter from the Listing Qualifications Department of The Nasdaq Stock Market indicating that the company was not in compliance with Nasdaq Listing Rule 5450(a)(1), which requires a minimum closing bid price of $1.00 per share for continued listing on The Nasdaq Global Select Market. The company disclosed that the notice had no immediate effect on the listing or trading of its common stock and that it had 180 calendar days, until December 22, 2025, to regain compliance by having its closing bid price at or above $1.00 per share for a minimum of ten consecutive business days within that period, subject to Nasdaq’s discretion.

The filing explains that if the company does not regain compliance within that initial period, it may be eligible for an additional 180-day compliance period if it transfers its listing to The Nasdaq Capital Market and meets certain other requirements. The company stated that it intends to monitor the closing bid price of its common stock and consider options for regaining compliance, including potentially proposing a reverse stock split for stockholder approval, while noting that there can be no assurance that it will be able to regain compliance during the initial or any subsequent period.

Management and governance developments

In an August 5, 2025 Form 8-K, Noodles & Company reported that its then President and Chief Operating Officer, Joseph Christina, had been appointed President and Chief Executive Officer by the Board of Directors, effective August 31, 2025, succeeding the prior Chief Executive Officer, who stepped down for personal medical reasons but continued to serve as a member of the Board. The filing describes an amended and restated employment agreement for the new CEO and a transition agreement for the former CEO, including provisions related to compensation, equity awards, restrictive covenants and Board service.

In a November 21, 2025 Form 8-K, the company disclosed that its Board approved retention bonus agreements for certain executive officers, payable only upon completion of a defined Change in Control and subject to specified employment and cooperation conditions. The filing includes a detailed definition of Change in Control and notes that the right to any retention bonus will expire on December 31, 2026 if a Change in Control has not occurred on or before that date. The company states that these agreements are intended as incentives for continued service and support of the ongoing review of strategic alternatives.

Financial performance metrics and portfolio actions

Noodles & Company provides various financial and operating metrics in its public communications. For the third quarter of 2025, the company reported total revenue, comparable restaurant sales performance for company-owned and franchise restaurants, net loss, operating margin, restaurant contribution margin and adjusted EBITDA, along with explanations of non-GAAP measures such as restaurant contribution, EBITDA, adjusted EBITDA and adjusted net income (loss). It also discussed liquidity, including cash and cash equivalents, outstanding debt and availability under its revolving credit facility as of a specified date.

The company has described its portfolio optimization efforts, including the closure of underperforming restaurants and the expectation of additional closures. Management commentary in earnings communications links these actions to concentrating resources on restaurants with stronger performance potential and to goals related to margin improvement, adjusted EBITDA and overall brand and financial health.

Frequently Asked Questions (FAQ)

• What does Noodles & Company do?
  Noodles & Company operates a fast-casual restaurant concept focused on cooked-to-order noodle and pasta dishes, along with items such as soups, salads and appetizers. It offers dining, pick-up and delivery services.
• When was Noodles & Company founded?
  The company states that it has "known noodles since 1995," and refers to celebrating its 30th birthday, indicating that it traces its beginnings to 1995.
• What types of menu items does Noodles & Company highlight?
  In its own descriptions, the company highlights dishes such as Creamy Mac & Cheese, Wisconsin Mac & Cheese, Japanese Pan Noodles, Spicy Korean Steak Noodles, Chili Garlic Ramen, Pesto Cavatappi and Steak Stroganoff, as well as seasonal items like a Holiday Crispy made with SNICKERS.
• How large is Noodles & Company’s restaurant base?
  Noodles & Company has reported operating more than 400 restaurants and, in some communications, more than 445 or approximately 450 restaurants. As of December 30, 2025, it reported 340 company-owned restaurants and 83 franchise restaurants.
• What is Noodles Rewards?
  Noodles Rewards is the company’s loyalty program. According to Noodles & Company, it is free to join, members earn points on every order to redeem for free items, and they receive benefits such as early access to new menu items, exclusive offers, surprise deals and a birthday reward. New members are described as receiving a free regular entrée after an initial qualifying purchase.
• What strategic alternatives is Noodles & Company considering?
  The company has disclosed that its Board of Directors is conducting a review of strategic alternatives to explore ways to maximize shareholder value. The range of potential alternatives includes refinancing existing indebtedness, refranchising or sale of all or part of the business and other strategic or financial transactions, with no assurance that any particular transaction will occur.
• Has Noodles & Company received any listing compliance notices?
  Yes. In June 2025, the company reported receiving a notice from Nasdaq indicating non-compliance with the minimum bid price requirement for continued listing on The Nasdaq Global Select Market. The company outlined the time period and conditions for regaining compliance and stated that it would monitor its stock price and consider options, including a potential reverse stock split, while noting that there is no assurance of regaining compliance.
• What are some of the key performance metrics Noodles & Company reports?
  The company reports metrics such as comparable restaurant sales, average unit volumes, restaurant contribution and restaurant contribution margin, EBITDA, adjusted EBITDA and adjusted net income (loss). It provides definitions of these measures and explains that some are non-GAAP metrics used to evaluate restaurant-level performance and overall operating results.
• How does Noodles & Company describe its culture and recognition?
  Noodles & Company describes itself as built on flavor, comfort and a people-first culture. It notes recognition by Newsweek as one of America's Favorite Restaurants and Best Loyalty Programs and mentions honors from Forbes and QSR as a top employer.
• Is Noodles & Company exploring changes to its restaurant portfolio?
  Yes. The company has reported closing underperforming restaurants and expecting additional closures, describing these actions as part of a portfolio optimization strategy intended to focus on locations with stronger performance potential and to support brand and financial objectives.