Noble Roman’s Reports $15.15 Million Revenue with Increased Franchise Expansion in 2024

Noble Roman’s, Inc. reported a total revenue of $15.15 million for the fiscal year ending December 31, 2024, marking an increase of 5.4% from the previous year's revenue of $14.37 million. The company's profitability, however, saw a decline, with a net loss of $3,174 compared to a net income of $1.46 million in 2023. The previous year's net income was significantly bolstered by a $1.46 million refund from the Employee Retention Credit (ERC) program, which was not repeated in 2024. The company's operating income also decreased from $3.44 million in 2023 to $1.48 million in 2024, reflecting increased operating expenses.

In terms of operational changes, Noble Roman’s opened 68 new non-traditional franchise locations during 2024, while 10 locations closed, resulting in a net increase in franchise outlets. The company has shifted its focus towards expanding its non-traditional franchise operations, particularly in convenience stores, as part of its strategy to capitalize on post-pandemic market conditions. Notably, in October 2023, Noble Roman’s entered into a development agreement with Majors Management LLC for 100 franchise locations to be developed by September 2026, indicating a strategic push for growth in the convenience store sector.

The company’s Craft Pizza & Pub locations generated $8.58 million in revenue, a slight decrease from $8.74 million in 2023. This decline was attributed to reduced same-store sales, influenced by economic factors such as high gas prices and decreased consumer disposable income. Despite this, same-store sales showed a positive trend in the fourth quarter of 2024, increasing by 2.9% compared to the same period in 2023. The company also reported a significant backlog of prospects for new non-traditional franchise locations, suggesting a strong demand for its franchise offerings.

Noble Roman’s has faced challenges related to its operational costs, with total operating expenses rising from $10.93 million in 2023 to $13.67 million in 2024. This increase was driven by higher costs associated with franchising expenses and general administrative costs, which rose significantly due to the company's ongoing efforts to support its franchise network. The company employed approximately 166 individuals as of March 1, 2025, comprising 38 full-time and 128 part-time employees, reflecting a stable workforce amidst its operational adjustments.

Looking ahead, Noble Roman’s management expressed optimism about future growth, particularly in the non-traditional franchise segment, which is expected to drive revenue expansion. The company is focused on enhancing its operational efficiencies and managing corporate overhead expenses while navigating the competitive landscape of the restaurant industry. The outlook remains cautious, with management acknowledging potential risks related to economic conditions, competition, and the ongoing impact of inflation on operational costs.