Noble Roman's, Inc. reported a total revenue of $16.5 million for the fiscal year ending December 31, 2025, marking a 9.7% increase from $15.1 million in 2024. The company's profitability also improved significantly, with a net income of $1.2 million compared to a net loss of $3,174 in the previous year. This turnaround was attributed to increased sales in both company-owned and franchised locations, alongside effective cost management strategies.
The company's revenue growth was driven primarily by its franchising segment, which generated $6.2 million in 2025, up from $5.5 million in 2024. This increase was largely due to the opening of approximately 60 new non-traditional franchise locations, reflecting a strategic pivot towards convenience store partnerships. Additionally, company-owned restaurant revenue rose to $8.8 million, up from $8.6 million, supported by a 2.3% increase in same-store sales despite a challenging consumer environment.
Operationally, Noble Roman's has focused on expanding its non-traditional franchise model, particularly in convenience stores, which has shown strong demand for quality food offerings. The company entered into a significant development agreement with Majors Management LLC for 100 franchise locations to be developed by September 2026. This agreement is part of a broader strategy to capitalize on the growing interest from convenience store operators in enhancing their food service offerings.
As of December 31, 2025, Noble Roman's employed approximately 152 individuals, comprising 38 full-time and 114 part-time employees. The company has maintained a stable workforce while managing corporate overhead expenses effectively, which contributed to the improved operating income of $2.9 million, up from $1.5 million in 2024. The company also reported a backlog of sold but unopened franchise locations, indicating potential for future growth.
Looking ahead, Noble Roman's management expressed optimism about the company's growth trajectory, particularly in the non-traditional franchise segment. The company is actively pursuing refinancing options for its existing debt, which includes a senior secured promissory note due in June 2026. Successful refinancing is expected to enhance liquidity and support ongoing expansion efforts. However, management acknowledged that various risks, including market conditions and competition, could impact future performance.
About NOBLE ROMANS INC
Noble Roman’s, Inc. develops and operates franchised and company-owned pizza restaurants, including Noble Roman’s Craft Pizza & Pub and Take-N-Bake concepts. The company focuses on high-quality, fast-service pizza and related menu items in traditional and non-traditional venues such as convenience stores and hospitals. Its business model emphasizes franchising, licensing, and operational efficiency in competitive markets across the U.S.
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