Noble Roman's Reports Q2 2026 Revenue of $4.12 Million, Net Income Decline

Noble Roman's, Inc. reported its financial results for the second quarter and first half of 2026, revealing a total revenue of $4.12 million for the three months ended June 30, 2026, a slight increase from $4.08 million in the same period of 2025. For the six-month period, revenue rose to $8.03 million from $7.84 million year-over-year. The company's net income for the second quarter was $190,620, down from $285,436 in the prior year, while net income for the first half of 2026 was $311,390, compared to $329,248 in 2025. Earnings per share remained stable at $0.01 for both basic and diluted shares for the second quarter.

The company experienced notable changes in its revenue streams, particularly in franchising, which saw an increase in revenue to $1.61 million for the second quarter and $3.13 million for the first half, compared to $1.45 million and $2.90 million, respectively, in the previous year. This growth is attributed to a strategic shift towards expanding non-traditional franchise locations, particularly in convenience stores and travel plazas, as the company capitalizes on post-pandemic recovery trends. However, revenue from company-owned Craft Pizza & Pub locations decreased slightly, reflecting broader economic challenges affecting consumer spending.

Operationally, Noble Roman's maintained its focus on franchise expansion, with no new company-operated Craft Pizza & Pub locations opened during the reporting period. However, the company did see the opening of 18 new non-traditional outlets, with two closures, indicating a strategic pivot towards this growth area. The total number of common shares outstanding increased to 22,672,827 by June 30, 2026, following the exercise of warrants and stock options. The company’s liquidity improved significantly, with a current ratio of 1.3-to-1, up from 0.4-to-1 at the end of 2025, largely due to a new $6.9 million senior loan secured in June 2026.

The filing also highlighted increased operating expenses, particularly in general and administrative costs, which rose to $607,406 for the second quarter, compared to $474,440 in 2025. This increase was driven by higher insurance, audit, and professional service expenses. Interest expenses also rose due to the refinancing of debt, totaling $497,168 for the second quarter of 2026, compared to $421,582 in the same period last year. The company anticipates that the new financing will provide sufficient cash flow to meet its obligations and support its growth strategy in the coming years.

Looking ahead, Noble Roman's management expressed optimism about the potential for growth in the non-traditional franchise segment, supported by a strong pipeline of leads and prospects. The company plans to enhance its sales staff capacity to capitalize on this opportunity. However, management also acknowledged the ongoing economic uncertainties and their potential impact on consumer behavior, which could affect future performance. The company remains committed to careful management of corporate overhead while pursuing revenue expansion through its franchising initiatives.