Rave Restaurant Group, Inc. reported a financial performance for the fiscal year ending June 28, 2026, with total revenues of $12.9 million, an increase from $12.0 million in the previous fiscal year. The company achieved a net income of $2.9 million, up from $2.7 million in the prior year, resulting in basic and diluted earnings per share of $0.20, compared to $0.19 in fiscal 2025. Adjusted EBITDA rose to $3.9 million from $3.6 million, reflecting a positive trend in profitability.
The company's revenue growth was primarily driven by its Pizza Inn franchise segment, which saw franchise revenues increase by $1.2 million to $12.0 million, a rise of 11.2%. This growth was attributed to higher supplier and distributor incentives and increased domestic royalties due to a rise in system-wide retail sales. Conversely, Pie Five franchise revenues decreased by $0.3 million to $0.9 million, a decline of 23.6%, largely due to a reduction in the number of operating units and lower comparable store sales.
Operationally, Rave Restaurant Group experienced a mixed performance across its brands. Pizza Inn's domestic comparable store retail sales increased by $2.5 million to $107.1 million, while Pie Five's comparable store retail sales fell by $0.9 million to $8.5 million. The total number of domestic Pizza Inn units decreased by five to 91, while Pie Five's unit count dropped by four to 13. The company anticipates modest growth in both domestic and international unit counts in the future.
In terms of strategic developments, Rave Restaurant Group engaged Bodwell Vasek Wells DeSimone LLP as its new independent registered public accounting firm in February 2026, following the dismissal of Whitley Penn LLP. The company also reported an increase in general and administrative expenses to $5.9 million, up from $5.2 million, driven by higher salaries. The company expects to fund its operations and planned capital expenditures primarily from cash on hand and operating cash flow, indicating a stable liquidity position moving forward.
Looking ahead, Rave Restaurant Group remains optimistic about its growth trajectory, particularly in the Pizza Inn segment, while acknowledging challenges in the Pie Five brand. The company plans to continue leveraging its franchise model and supplier relationships to enhance revenue streams and improve overall operational efficiency.
About RAVE RESTAURANT GROUP, INC.
Rave Restaurant Group, Inc. operates and franchises pizza concepts under Pizza Inn and Pie Five brands, offering dine-in, carryout, delivery, and ghost kitchen services globally. Its business model includes franchising, licensing, and supply distribution, focusing on high-quality, affordable pizza with diverse formats and locations. The company emphasizes brand standards, site selection, and operational support to sustain competitive, family-oriented restaurant systems in domestic and international markets.
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