Noble Roman's, Inc. reported a notable increase in financial performance for the third quarter and first nine months of 2025, as detailed in its latest 10-Q filing. For the three months ending September 30, 2025, the company generated total revenue of $4.14 million, up from $3.88 million in the same period of 2024, marking a 6.8% increase. Year-to-date revenue also rose to $11.98 million from $11.45 million, reflecting a 4.6% growth. The company achieved an operating income of $819,065 for the third quarter, significantly higher than the $416,623 reported in the previous year, while net income for the quarter increased to $639,792 from $193,314.
The financial results indicate a strategic shift in operations, particularly in the franchising segment, which saw revenue growth due to an increase in the number of franchise locations. The company reported franchising revenue of $1.47 million for the third quarter, compared to $1.44 million in 2024, and $4.37 million year-to-date, up from $4.30 million. This growth is attributed to the company's focus on expanding non-traditional franchise locations, particularly in convenience stores and travel plazas, which have become more receptive to food service options post-pandemic.
Operationally, Noble Roman's has maintained a steady trajectory in its Craft Pizza & Pub venues, with revenue rising to $2.29 million for the third quarter, up from $2.20 million in 2024. The company has also opened 31 new non-traditional locations from January to September 2025, with plans for an additional 27 locations by the end of the year. The company-owned non-traditional segment reported revenue of $331,812 for the third quarter, a significant increase from $218,193 in the prior year, as operations returned to normal following temporary closures.
Despite the positive revenue trends, the company faced challenges with its liabilities, particularly with the current portion of its operating lease liability and the Corbel loan, which increased significantly. Total current liabilities surged to $8.23 million as of September 30, 2025, compared to $3.32 million at the end of 2024. However, stockholders' equity improved to $3.39 million from $2.22 million, driven by net income and effective management of operating expenses, which decreased from $3.46 million to $3.32 million in the third quarter.
Looking ahead, Noble Roman's is pursuing refinancing options to manage its debt obligations more effectively, particularly the Corbel loan, which has been extended to June 30, 2026. The company remains optimistic about its growth strategy, focusing on expanding its non-traditional franchise locations and enhancing its Craft Pizza & Pub offerings. Management believes that these initiatives will support continued revenue growth and improved profitability in the coming quarters.
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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