RAVE Restaurant (NASDAQ: RAVE) grows Q3 profit and adds new Pizza Inn units
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
RAVE Restaurant Group reported stronger results for its third fiscal quarter ended March 29, 2026. Revenue rose to $3,223,000 from $2,966,000, while net income increased to $800,000 from $722,000, with diluted earnings per share improving to $0.06 from $0.05.
Management highlighted Pizza Inn’s 2.3% same store sales growth despite January weather that was estimated to reduce same store sales by 3.3%. Pre-tax profits grew by over eleven percent year over year. The company emphasized new restaurant openings, a development pipeline of contracted locations, and investments in additional franchise sales and construction leadership funded by a solid balance sheet, including $1.1 million in cash and $10.9 million in short-term investments.
Positive
- Q3 profitability improved, with revenue rising to $3.223M from $2.966M and net income increasing to $0.8M from $0.722M, alongside an over eleven percent year-over-year pre-tax profit increase driven by both new and same store sales.
Negative
- None.
Insights
RAVE shows modest Q3 profit growth and active unit expansion.
RAVE Restaurant Group delivered higher Q3 revenue of $3.223M and net income of $0.8M, both above the prior year. Management notes pre-tax profit grew by over 11%, helped by same store sales gains at Pizza Inn despite weather headwinds.
The company is leaning into growth, citing four Pizza Inn openings this fiscal year and thirteen additional restaurants under contract over the next three quarters. Added franchise sales staff and a Director of Construction are intended to support this pipeline, while ending a higher-fee third-party delivery relationship aims to protect franchisee profitability.
On the balance sheet, total assets reached $18.6M with shareholders’ equity of $16.4M as of March 29, 2026. Cash plus short-term investments totaled nearly $12M, giving management flexibility to fund development initiatives and support the franchise system in future periods.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Q3 2026 Revenue: $3,223,000
Q3 2026 Net Income: $800,000
Q3 2026 Diluted EPS: $0.06 per share
+5 more
8 metrics
Q3 2026 Revenue
$3,223,000
Three months ended March 29, 2026
Q3 2026 Net Income
$800,000
Three months ended March 29, 2026
Q3 2026 Diluted EPS
$0.06 per share
Three months ended March 29, 2026
Pizza Inn same store sales
2.3% growth
Compared to prior year third quarter
Nine-month 2026 Net Income
$2,082,000
Nine months ended March 29, 2026
Cash and cash equivalents
$1,145,000
As of March 29, 2026
Short-term investments
$10,855,000
As of March 29, 2026
Adjusted EBITDA Q3 2026
$1,109,000
Three months ended March 29, 2026
Key Terms
same store sales, Adjusted EBITDA, non-GAAP financial measures, Operating lease right-of-use assets, +1 more
5 terms
same store sales financial
"Pizza Inn posted positive 2.3% same store sales growth compared to the prior year"
Same store sales measure the change in revenue generated by stores that have been open for at least a year, comparing current sales to past periods. It helps investors see how well a business is growing from its existing locations, without the influence of new store openings or closures. This metric provides a clearer picture of ongoing performance and customer demand.
Adjusted EBITDA financial
"The Company considers EBITDA and Adjusted EBITDA to be important supplemental measures of operating performance"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
non-GAAP financial measures financial
"the Company also presents and discusses certain non-GAAP financial measures that it believes are useful to investors"
Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.
Operating lease right-of-use assets financial
"Operating lease right-of-use assets, net | | 256 | | | | 489"
An operating lease right-of-use (ROU) asset is an accounting entry that shows the value of a leased item you have the legal right to use—like a building, vehicle, or equipment—recorded on a company’s balance sheet along with the corresponding lease obligation. Investors care because it adds to reported assets and liabilities, changing measures like leverage and return on assets much like bringing a long-term rental onto the company’s financial snapshot, which can affect credit terms and valuation.
Deferred revenues financial
"Deferred revenues, current | | | 279 | | | | 308"
Deferred revenues are cash a company has received up front for goods or services it has not yet delivered; the company records this as a promise to fulfill an obligation later rather than as current earned sales. Investors care because deferred revenues show how much future work a firm must complete before that cash counts as profit, similar to buying a prepaid subscription or gift card that the seller still needs to honor.
Earnings Snapshot
Revenue: $3,223,000
Q3 2026
Revenue
$3,223,000
Net income
$800,000
Diluted EPS
$0.06
Adjusted EBITDA
$1,109,000
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 7, 2026
(Exact name of registrant as specified in its charter)
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(State or other jurisdiction of incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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(Address of principal executive offices)
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(Zip Code)
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Registrant’s telephone number, including area code: (469 ) 384-5000
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which
registered
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this
chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new
or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 2.02 |
Results of Operations and Financial Condition
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On May 7, 2026, Rave Restaurant Group, Inc. issued a press release discussing financial results of its third fiscal quarter ended
March 29, 2026, a copy of which is attached as Exhibit 99.1 hereto.
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Financial Statements and Exhibits
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(d) Exhibits.
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99.1
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Rave Restaurant Group, Inc. press release dated May 7, 2026.
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104
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Cover Page Interactive Data File (embedded within the Inline XBRL document)
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
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Rave Restaurant Group, Inc.
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Date: May 7, 2026
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By:
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/s/ JAY D. ROONEY
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Jay D. Rooney
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Chief Financial Officer
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(principal financial officer)
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Exhibit 99.1
May 7, 2026
RAVE Restaurant Group, Inc. Reports Third Quarter 2026 Results
Dallas, Texas – RAVE
Restaurant Group, Inc. (NASDAQ: RAVE) today reported financial results for the third quarter of fiscal 2026 ended March 29, 2026.
Third Quarter Highlights:
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The Company recorded net income of $0.8 million for the third quarter of fiscal 2026, a 10.8% increase from the same period of the prior year.
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Income before taxes increased by 11.1% to $1.1 million for the third quarter of fiscal 2026 compared to the same period of the prior year.
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Total revenue increased by $0.3 million to $3.2 million for the third quarter of fiscal 2026 compared to the same period of the prior year, an 8.7% increase.
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Adjusted EBITDA increased by $0.2 million to $1.1 million for the third quarter of fiscal 2026 compared to the same period of the prior year, a 16.4% increase.
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On a fully diluted basis, net income per share increased by $0.01 to $0.06 for the third quarter of fiscal 2026 compared to $0.05 in the same period of the prior
year.
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Pizza Inn domestic comparable store retail sales increased 2.3% in the third quarter of fiscal 2026 compared to the same period of the prior year.
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Pie Five domestic comparable store retail sales decreased 11.6% in the third quarter of fiscal 2026 compared to the same period of the prior year.
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Cash and short-term investments totaled $12.0 million on March 29, 2026.
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Pizza Inn domestic unit count finished the quarter at 97, including 82 buffet locations.
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Pizza Inn international unit count finished the quarter at 18.
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Pie Five domestic unit count finished the quarter at 14.
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“I am proud of the efforts and results delivered by our franchisees and team members in driving both sales and profits in the third quarter” said Brandon
Solano, Chief Executive Officer of RAVE Restaurant Group, Inc.
“During a quarter that saw the overall restaurant industry, and pizza competitors specifically, struggle with a tough sales environment, Pizza Inn posted
positive 2.3% same store sales growth compared to the prior year third quarter in the face of significant January weather headwinds that had an estimated negative 3.3% same store sales impact to the quarter,” continued Solano. “While other national
pizza chains have announced they plan to close hundreds of locations, Pizza Inn has opened four new restaurants this fiscal year and has thirteen total restaurants currently under contract to open within the next three quarters including five
restaurants currently under construction. Pizza Inn looks at other pizza brand restaurant closures as an opportunity to not only gain market share but also to bring America’s hometown buffet to more communities as more restaurant real estate becomes
available with competitor closures.”
Solano added, “We continued to innovate our menu to drive customers into our franchise locations. Limited time offers such as the Spam Luau pizza and
Peeps Pizzert at Pizza Inn and the Chick’le Ranch pizza at Pie Five gave our guests something new to try during the third quarter and our Pizza Inn buffet franchise partners reported the new offerings were quickly consumed when put on the buffet.
While our top line continues to grow, we are very focused on the bottom line of our franchisee’s businesses as we know we are only as strong as our franchise system. We continue to monitor and partner with our franchisees on their financial health
and made the decision to end our third party delivery relationship with Uber Eats after they announced a sharp increase in their fees in the third quarter. Protecting the profitability of our franchisees is not only our duty, but also paramount to
growth.”
Chief Financial Officer Jay Rooney added, “We are pleased with the third quarter financial results. Pre-tax profits increased by over eleven percent from
the same quarter in the prior year, driven by quality earnings from both new and same store sales outpacing the G&A increase over the prior year. The G&A increase is reflective of the investment Rave is making to grow the Pizza Inn brand with
new buffet locations. During the quarter we added a second franchise salesperson and saw an increase in travel expenses related to approving and developing new restaurant sites. And early in the fourth quarter Rave added a Director of Construction to
accelerate location count growth. Our present solid financial footing is affording us the opportunity to invest in future store growth.”
Non-GAAP Financial Measures
The Company’s financial statements are prepared in accordance with United States generally accepted accounting principles (“GAAP”). However, the Company
also presents and discusses certain non-GAAP financial measures that it believes are useful to investors as measures of operating performance. Management may also use such non-GAAP financial measures in evaluating the effectiveness of business
strategies and for planning and budgeting purposes. However, these non-GAAP financial measures should not be viewed as an alternative or substitute for its financial statements prepared in accordance with generally accepted accounting principles.
The Company considers EBITDA and Adjusted EBITDA to be important supplemental measures of operating performance that are commonly used by securities
analysts, investors and other parties interested in our industry. The Company believes that EBITDA is helpful to investors in evaluating its results of operations without the impact of expenses affected by financing methods, accounting methods and
the tax environment. The Company believes that Adjusted EBITDA provides additional useful information to investors by excluding non-operational or non-recurring expenses to provide a measure of operating performance that is more comparable from
period to period. Management also uses these non-GAAP financial measures for evaluating operating performance, assessing the effectiveness of business strategies, projecting future capital needs, budgeting and other planning purposes.
“EBITDA” represents earnings before interest, taxes, depreciation and amortization. “Adjusted EBITDA” represents earnings before interest, taxes,
depreciation and amortization, stock compensation expense, severance, gain/loss on sale of assets, costs related to impairment and other lease charges, franchise default and closed store revenue/expense, and closed and non-operating store costs. A
reconciliation of these non-GAAP financial measures to net income is included with the accompanying consolidated financial statements.
Note Regarding Forward Looking Statements
Certain statements in this press release, other than historical information, may be considered forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995, and are intended to be covered by the safe harbors created thereby. These forward-looking statements are based on current expectations that involve numerous risks, uncertainties and assumptions. Assumptions relating to
these forward-looking statements involve current judgments about future events and performance, including statements regarding our optimism that current positive trends will continue, our ability to continue to successfully open new restaurant
locations, our belief that we are well positioned for continued profitability as well as the continued returns on our reimaging initiatives, the strength of our development pipeline, as well as future economic, competitive and market conditions, and
future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the control of RAVE Restaurant Group, Inc. Although the assumptions underlying these forward-looking statements are believed to be
reasonable, any of the assumptions could be inaccurate and, therefore, there can be no assurance that any forward-looking statements will prove to be accurate. In light of the significant uncertainties inherent in these forward-looking statements,
the inclusion of such information should not be regarded as a representation that the objectives and plans of RAVE Restaurant Group, Inc. will be achieved.
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About RAVE Restaurant Group, Inc.
Dallas-based RAVE Restaurant Group [NASDAQ: RAVE] has inspired restaurant innovation and countless customer smiles with its trailblazing pizza concepts. The Company
franchises, licenses and supplies Pie Five and Pizza Inn restaurants operating domestically and internationally. The Pizza Inn experience is unlike your typical buffet. Since 1958, Pizza Inn’s house-made dough, house-shredded 100% whole milk
mozzarella cheese, fresh ingredients and house-made signature sauce combined with friendly service solidified the brand to become America’s favorite hometown pizza place. These, in addition to its small-town vibe, are the hallmarks of Pizza Inn
restaurants. In 2011, RAVE introduced Pie Five Pizza, pioneering a fast-casual pizza brand that transformed the classic pizzeria into a concept offering personalization, sophisticated ingredients and speed. Pie Five’s craft pizzas are baked fresh
daily and feature house-made ingredients, creative recipes and craveable crust creations. For more information, visit www.raverg.com, and follow on Instagram @pizzainn and @piefivepizza.
Contact:
Investor Relations
RAVE Restaurant Group, Inc.
469-384-5000
RAVE RESTAURANT GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except share amounts)
(Unaudited)
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Three Months Ended
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Nine Months Ended
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|||||||||||||||
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March 29,
2026
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March 30,
2025
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March 29,
2026
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March 30,
2025
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REVENUES
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$
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3,223
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$
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2,966
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$
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9,478
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$
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8,885
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COSTS AND EXPENSES
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General and administrative expenses
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1,468
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1,313
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4,365
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4,047
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Franchise expenses
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747
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768
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2,516
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2,592
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Provision (recovery) for credit losses
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9
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(14
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)
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20
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(22
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)
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Depreciation and amortization expense
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42
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44
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126
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140
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Total costs and expenses
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2,266
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2,111
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7,027
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6,757
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OPERATING INCOME
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957
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855
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2,451
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2,128
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Interest income
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98
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84
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280
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253
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||||||||||||
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Other income
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-
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11
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17
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15
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||||||||||||
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INCOME BEFORE TAXES
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1,055
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950
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2,748
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2,396
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Income tax expense
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255
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228
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666
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541
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NET INCOME
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$
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800
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$
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722
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$
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2,082
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$
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1,855
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INCOME PER SHARE OF COMMON STOCK
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Basic
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$
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0.06
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$
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0.05
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$
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0.15
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$
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0.13
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Diluted
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$
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0.06
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$
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0.05
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$
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0.15
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$
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0.13
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WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
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Basic
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14,212
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14,508
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14,212
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14,595
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Diluted
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14,298
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14,532
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14,298
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14,618
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RAVE RESTAURANT GROUP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share amounts)
(Unaudited)
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March 29,
2026
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June 29,
2025
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|||||||
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ASSETS
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||||||||
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CURRENT ASSETS
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||||||||
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Cash and cash equivalents
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$
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1,145
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$
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2,859
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Short-term investments
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10,855
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7,024
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Accounts receivable, less allowance for credit losses of $49 and $31, respectively
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1,671
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1,171
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Notes receivable, current
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32
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45
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Assets held for sale
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34
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38
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Deferred contract charges, current
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23
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21
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Prepaid expenses and other current assets
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600
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335
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Total current assets
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14,360
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11,493
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LONG-TERM ASSETS
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Property and equipment, net
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122
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137
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Operating lease right-of-use assets, net
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256
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489
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Intangible assets definite-lived, net
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120
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182
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Notes receivable, net of current portion
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65
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75
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Deferred tax asset, net
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3,431
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3,995
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Deferred contract charges, net of current portion
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227
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186
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||||||
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Total assets
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$
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18,581
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$
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16,557
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||||
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LIABILITIES AND SHAREHOLDERS’ EQUITY
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||||||||
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CURRENT LIABILITIES
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||||||||
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Accounts payable - trade
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$
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345
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$
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207
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||||
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Accrued expenses
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754
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855
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||||||
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Operating lease liabilities, current
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286
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370
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||||||
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Deferred revenues, current
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279
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308
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||||||
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Total current liabilities
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1,664
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1,740
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||||||
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LONG-TERM LIABILITIES
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||||||||
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Operating lease liabilities, net of current portion
|
13
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206
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||||||
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Deferred revenues, net of current portion
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457
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457
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||||||
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Total liabilities
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2,134
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2,403
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||||||
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COMMITMENTS AND CONTINGENCIES (SEE NOTE C)
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||||||||
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SHAREHOLDERS’ EQUITY
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||||||||
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Common stock, $0.01 par value; authorized 26,000,000 shares; issued 25,647,171 and 25,647,171 shares,
respectively; outstanding 14,211,566 and 14,211,566 shares, respectively
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256
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256
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||||||
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Additional paid-in capital
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37,727
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37,516
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||||||
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Retained earnings
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9,696
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7,614
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||||||
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Treasury stock, at cost
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||||||||
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Shares in treasury: 11,435,605 and 11,435,605 respectively
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(31,232
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)
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(31,232
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)
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||||
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Total shareholders’ equity
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16,447
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14,154
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Total liabilities and shareholders’ equity
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$
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18,581
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$
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16,557
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RAVE RESTAURANT GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
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Nine Months Ended
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||||||||
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March 29,
2026
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March 30,
2025
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CASH FLOWS FROM OPERATING ACTIVITIES:
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Net income
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$
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2,082
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$
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1,855
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||||
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Adjustments to reconcile net income to cash provided by operating activities:
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||||||||
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Amortization of discount on short-term investment
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(112
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)
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(110
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)
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||||
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Impairment of long-lived assets and other lease charges
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-
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9
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||||||
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Stock-based compensation expense
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211
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178
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||||||
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Depreciation and amortization
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64
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70
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||||||
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Amortization of operating lease right-of-use assets
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233
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276
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||||||
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Amortization of definite-lived intangible assets
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62
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61
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||||||
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Non-cash lease expense
|
10
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19
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||||||
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Provision (recovery) for credit losses
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20
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(22
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)
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|||||
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Deferred income tax
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564
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459
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||||||
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Changes in operating assets and liabilities:
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||||||||
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Accounts receivable
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(520
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)
|
212
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|||||
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Notes receivable
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23
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16
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||||||
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Deferred contract charges
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(43
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)
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25
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|||||
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Prepaid expenses and other current assets
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(265
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)
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(49
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)
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||||
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Accounts payable - trade
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138
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66
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||||||
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Accrued expenses
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(101
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)
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(315
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)
|
||||
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Operating lease liabilities
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(287
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)
|
(333
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)
|
||||
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Deferred revenues
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(29
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)
|
(215
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)
|
||||
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Cash provided by operating activities
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2,050
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2,202
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||||||
|
CASH FLOWS FROM INVESTING ACTIVITIES:
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||||||||
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Purchases of short-term investments
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(12,939
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)
|
(12,265
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)
|
||||
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Maturities of short-term investments
|
9,220
|
9,333
|
||||||
|
Purchase of assets held for sale
|
(4
|
)
|
-
|
|||||
|
Proceeds from sale of assets held for sale
|
8
|
9
|
||||||
|
Purchase of property and equipment
|
(49
|
)
|
(44
|
)
|
||||
|
Cash used in investing activities
|
(3,764
|
)
|
(2,967
|
)
|
||||
|
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
|
Purchase of treasury stock
|
-
|
(1,205
|
)
|
|||||
|
Taxes paid on issuance of restricted stock units
|
-
|
(182
|
)
|
|||||
|
Cash used in financing activities
|
-
|
(1,387
|
)
|
|||||
|
Net decrease in cash and cash equivalents
|
(1,714
|
)
|
(2,152
|
)
|
||||
|
Cash and cash equivalents, beginning of period
|
2,859
|
2,886
|
||||||
|
Cash and cash equivalents, end of period
|
$
|
1,145
|
$
|
734
|
||||
|
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
|
||||||||
|
CASH PAID FOR:
|
||||||||
|
Income taxes
|
$
|
106
|
$
|
98
|
||||
RAVE RESTAURANT GROUP, INC.
ADJUSTED EBITDA
(In thousands)
(Unaudited)
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
|
March 29,
2026
|
March 30,
2025
|
March 29,
2026
|
March 30,
2025
|
|||||||||||||
|
Net income
|
$
|
800
|
$
|
722
|
$
|
2,082
|
$
|
1,855
|
||||||||
|
Interest income
|
(98
|
)
|
(84
|
)
|
(280
|
)
|
(253
|
)
|
||||||||
|
Income taxes
|
255
|
228
|
666
|
541
|
||||||||||||
|
Depreciation and amortization
|
42
|
44
|
126
|
140
|
||||||||||||
|
EBITDA
|
$
|
999
|
$
|
910
|
$
|
2,594
|
$
|
2,283
|
||||||||
|
Stock-based compensation expense
|
111
|
52
|
211
|
178
|
||||||||||||
|
Severance
|
8
|
7
|
14
|
12
|
||||||||||||
|
Franchisee default and closed store revenue
|
(9
|
)
|
(16
|
)
|
(28
|
)
|
7
|
|||||||||
|
Adjusted EBITDA
|
$
|
1,109
|
$
|
953
|
$
|
2,791
|
$
|
2,480
|
||||||||
FAQ
How did RAVE (RAVE) perform financially in Q3 2026?
RAVE posted higher Q3 2026 revenue of $3.223 million and net income of $0.8 million. Both metrics improved versus the prior year’s $2.966 million revenue and $0.722 million net income, and diluted earnings per share rose from $0.05 to $0.06.
What were RAVE (RAVE) nine-month results for fiscal 2026?
For the nine months ended March 29, 2026, RAVE generated $9.478 million in revenue and $2.082 million in net income. This compares with $8.885 million in revenue and $1.855 million in net income for the same period a year earlier, showing improved profitability.
How did Pizza Inn same store sales trend in RAVE’s Q3 2026?
Pizza Inn delivered 2.3% same store sales growth in RAVE’s Q3 2026 versus the prior year quarter. Management estimates significant January weather reduced same store sales by about 3.3 percentage points, indicating underlying demand was stronger than the reported figure alone suggests.
What growth plans did RAVE (RAVE) outline for Pizza Inn locations?
RAVE reported opening four new Pizza Inn restaurants so far this fiscal year and having thirteen additional restaurants under contract. Five of those contracted locations were under construction, supporting management’s focus on expanding Pizza Inn’s buffet footprint over the next three quarters.
What is RAVE’s balance sheet position as of March 29, 2026?
As of March 29, 2026, RAVE held $1.145 million in cash and cash equivalents and $10.855 million in short-term investments. Total assets were $18.581 million, shareholders’ equity totaled $16.447 million, and the company reported relatively modest total liabilities of $2.134 million.
How did RAVE’s Adjusted EBITDA change year over year?
RAVE’s Adjusted EBITDA for Q3 2026 was $1.109 million, up from $0.953 million a year earlier. For the nine months ended March 29, 2026, Adjusted EBITDA reached $2.791 million compared with $2.480 million, reflecting higher operating earnings after non-cash and non-recurring adjustments.