Noble Roman's Reports 3.8% Revenue Growth to $3.9 Million in Q1 2026

Noble Roman's, Inc. reported a total revenue of $3.9 million for the three months ended March 31, 2026, reflecting an increase of approximately 3.8% from $3.76 million in the same period of the previous year. The company's net income also saw significant growth, rising to $232,530 compared to $130,633 in the prior year, resulting in earnings per share remaining steady at $0.01 for both basic and diluted shares. The increase in revenue was primarily driven by a rise in franchising revenue, which grew to $1.52 million from $1.45 million, alongside a slight increase in revenue from company-owned Craft Pizza & Pub locations.

In terms of operational performance, Noble Roman's experienced a mixed bag. Revenue from company-owned Craft Pizza & Pub locations increased to $2.09 million, up from $2.02 million, indicating a same-store sales growth of approximately 3.7%. However, revenue from non-traditional locations decreased slightly to $276,241 from $294,573, attributed to reduced beverage sales due to competition from new coolers in hospitals. The company maintained a focus on efficiency, with operating expenses decreasing overall, leading to an operating income of $550,483, up from $501,639 in the previous year.

Strategically, Noble Roman's has been expanding its franchise operations, with plans to open an additional 60 to 70 locations in 2026. The company has also entered into a Development Agreement with Majors Management, LLC for 100 franchise locations over the next three years. This focus on franchising is part of a broader strategy to capitalize on the recovery from the pandemic, as non-traditional franchise owners are increasingly willing to invest in growth opportunities. The company did not open or close any company-operated Craft Pizza & Pub restaurants during the quarter but did see the opening of nine new non-traditional outlets.

Financially, the company has made strides in managing its debt, with interest expenses decreasing to $244,521 from $329,754 year-over-year. The company has also extended the maturity of its Senior Note to June 30, 2026, and is actively pursuing refinancing options to improve its liquidity. As of March 31, 2026, the company reported a current ratio of 0.43-to-1, slightly up from 0.40-to-1 at the end of 2025. The management expressed confidence in the company's ability to meet its obligations and execute its business plan, although they acknowledged potential risks related to market conditions and the need for timely refinancing.

Looking ahead, Noble Roman's management remains optimistic about future growth, particularly in the non-traditional franchise segment. The company anticipates that its strategic focus on expanding franchise operations will continue to drive revenue growth, despite the challenges posed by inflation and competitive pressures. The management's forward-looking statements highlight a commitment to enhancing operational efficiency and maintaining a strong market presence as they navigate the evolving business landscape.