Noble Roman's Announces 2025 Financial Data and Other Highlights
INDIANAPOLIS, IN / ACCESS Newswire / June 8, 2026 / Noble Roman's, Inc. (OTCQB: NROM), the Indianapolis based operator and franchisor of Noble Roman's Pizza and Noble Roman's Craft Pizza & Pub, today announced financial data for the year 2025 and other highlights.
2025 Financial Highlights versus 2024:
Net Income before taxes in 2025 was $1,590,696 versus a net loss of $(160,532) in 2024 - Net Income before taxes is a significant measure due to the company's $3.1 million deferred tax credit whereby the company will not pay taxes for the next several years
Net Income after accrued taxes in 2025 was $1,173,224 or $.05 per share versus a net loss of $(3,174) in 2024.
Comparing positively against market trends and economic conditions, the company's Craft Pizza & Pub restaurants had full year same store sales increase of 2.3% - the company implemented no menu price increases on food products in 2025
Despite supply chain and labor pricing pressures, a company focus on sales mix and systems management resulted in a decrease in cost of sales of .5 percentage points and in labor cost of .7 percentage points, with overall margin increasing from 9.2% in 2024 to 10.1% in 2025
The total revenue from the company's franchised Pizza Program for Convenience Stores segment increased significantly by approximately $673,000 or 12.1% - which includes a reduction in 4th quarter 2025 revenue of approximately $230k to create what management considers to be a very generous allowance for potential uncollectable receivables
The company's rapid franchise growth continued in 2025 with the opening of approximately 60 new franchised Pizza Program units for the year - the company anticipates opening 60-70 new units again in 2026
Margin contribution in the franchise segment increased from 69.3% in 2024 to 72.5% in 2025 - the company's current infrastructure requires only modest additional overhead to support anticipated current growth
General and Administrative Expenses remained under tight control, decreasing approximately 12.7% from approximately $2.7 million in 2024 to $2.3 million in 2025
Interest Expense decreased from approximately $1.6 million in 2024 to approximately $1.3 million in 2025 - the decrease is a result of principal reductions at the current rate of approximately $92k per month and the negotiated extension of the company's Loan Payable which reduced interest to SOFR plus 9% with no PIK
On advice of outside professional experts, the company recorded a warrant valuation gain of approximately $300k in the 3rd quarter of 2025 - on advice of the same outside professional experts, the company recorded a warrant valuation loss of approximately $300k in the 4th quarter of 2025, creating a net wash for the year
Subsequent to December 31, 2025, the company entered into an arrangement relating to the anticipated refinancing of its loan with Corbel Capital Partners SBIC, L.P. As part of the payoff agreement with Corbel, the company negotiated to purchase all of Corbel's outstanding warrants for $500,000. The company's purchase of Corbel's warrants, and their cancellation, will be effective upon satisfaction of the conditions specified in the agreement, including repayment of the remaining loan balance, accrued interest, and other associated fees and costs. If the conditions are not satisfied within the time period specified in the agreement, the payoff agreement may terminate, and the existing financing arrangements will remain outstanding in accordance with their terms. The company is actively pursuing the closing of a replacement financing package that will repay the remaining Corbel loan, repay the outstanding subordinated notes, and fund the purchase and cancellation of the Corbel warrants.
The company currently anticipates filing its 2026 1st quarter 10-Q within a few days after this press release and will schedule a conference call for those who would like to participate at that time. This conference call timing will allow and facilitate discussions on the 1st quarter of 2026 and other current events in addition to the 2025 results.
The statements concerning the company's future reporting, revenues, profitability, financial resources, financing efforts, market demand and product development are forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) relating to the company that are based on the beliefs of the management of the company, as well as assumptions and estimates made by and information currently available to the company's management. The company's actual results in the future may differ materially from those indicated by the forward-looking statements due to risks and uncertainties that exist in the company's operations and business environment, including, but not limited to, competitive factors and pricing and cost pressures, the company's ability to service its loan and refinance the Senior Note before its maturity in 2026 or before the expiration of the negotiated payoff agreement, the emergence or spread of human or animal pandemics (such as COVID-19 or the Avian Influenza), non-renewal of franchise agreements or the openings contemplated by the Development Agreement not occurring, shifts in market demand, the success of franchise programs, general economic conditions and national or international events (including wars and energy shortages), changes in demand for the company's products or franchises, the impact of franchise regulation, the success or failure of individual franchisees, inflation, other changes in prices or supplies of food ingredients and labor and as well as the factors discussed under "Risk Factors" contained in the 2025 Annual Report on Form 10-K. Should one or more of these risks or uncertainties materialize, or should underlying assumptions or estimates prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected or intended. If activist stockholder activities ensue, or if certain parties (acting individually or as a group) seek to interfere in the company's business relationships, the company's business could be adversely impacted.
Consolidated Balance Sheets
Noble Roman's, Inc. and Subsidiaries
December 31, | ||||||||
Assets | 2024 | 2025 | ||||||
Current assets: |
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Cash | $ | 710,227 | $ | 533,670 | ||||
Employee Retention Tax Credit receivable | 507,726 | 527,948 | ||||||
Accounts receivable - net | 586,554 | 741,539 | ||||||
Inventories | 986,975 | 965,212 | ||||||
Prepaid expenses | 194,902 | 478,262 | ||||||
Total current assets | 2,986,384 | 3,246,631 | ||||||
Property and equipment: | ||||||||
Equipment | 4,349,205 | 4,463,379 | ||||||
Leasehold improvements | 3,142,591 | 3,175,507 | ||||||
7,491,796 | 7,638,886 | |||||||
Less accumulated depreciation and amortization | 3,583,276 | 3,979,112 | ||||||
Net property and equipment | 3,908,520 | 3,659,774 | ||||||
Deferred tax asset | 3,532,199 | 3,114,727 | ||||||
Deferred contract costs | 1,604,952 | 1,699,935 | ||||||
Goodwill | 278,466 | 278,466 | ||||||
Operating lease right of use assets | 4,154,804 | 3,332,195 | ||||||
Other assets | 303,922 | 562,756 | ||||||
Total assets | $ | 16,769,247 | $ | 15,894,484 | ||||
Liabilities and Stockholders' Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable and accrued expenses | $ | 840,848 | $ | 702,207 | ||||
Current portion of operating lease liability | 870,140 | 950,409 | ||||||
Current portion of Corbel loan payable | 1,066,668 | 5,470,824 | ||||||
Convertible subordinated notes | 0 | 575,000 | ||||||
Warrant liability | 538,822 | 500,000 | ||||||
Total current liabilities | 3,316,478 | 8,198,440 | ||||||
Long-term obligations: | ||||||||
Loan payable to Corbel net of current portion | 5,551,738 | - | ||||||
Convertible notes payable | 575,000 | - | ||||||
Operating lease liabilities - net of current portion | 3,505,718 | 2,564,162 | ||||||
Deferred contract income | 1,604,952 | 1,699,934 | ||||||
Total long-term liabilities | 11,237,408 | 4,264,096 | ||||||
Total liabilities | $ | 14,553,886 | $ | 12,462,536 | ||||
See Note 12 regarding Contingencies | ||||||||
Stockholders' equity: | ||||||||
Common Stock - no par value (40,000,000 shares authorized, 22,215,512 issued and outstanding as of December 31, 2024 and December 31, 2025) | 24,867,778 | 24,911,141 | ||||||
Accumulated deficit | (22,652,417 | ) | (21,479,193 | ) | ||||
Total stockholders' equity | 2,215,361 | 3,431,948 | ||||||
Total liabilities and stockholders' equity | $ | 16,769,247 | $ | 15,894,484 | ||||
Consolidated Statements of Operations
Noble Roman's, Inc. and Subsidiaries
Year Ended December 31, | ||||||||
2024 | 2025 | |||||||
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Restaurant revenue - company-owned restaurants | $ | 8,577,148 | $ | 8,771,389 | ||||
Restaurant revenue - company-owned non-traditional | 953,574 | 1,205,657 | ||||||
Franchising revenue | 5,540,968 | 6,213,917 | ||||||
Administrative fees and other | 77,910 | 270,496 | ||||||
Total revenue | 15,149,600 | 16,461,459 | ||||||
Operating expenses: | ||||||||
Restaurant expenses - company-owned restaurants | 7,793,798 | 7,884,994 | ||||||
Restaurant expenses - company-owned non-traditional | 1,000,646 | 1,262,804 | ||||||
Franchising expenses | 1,703,136 | 1,709,258 | ||||||
Total operating expenses | 10,497,580 | 10,857,056 | ||||||
Depreciation and amortization | 499,648 | 392,948 | ||||||
General and administrative | 2,677,334 | 2,336,422 | ||||||
Cost of new warrants issued | - | 469,542 | ||||||
Total expenses | 13,674,562 | 14,055,968 | ||||||
Operating income | 1,475,038 | 2,405,491 | ||||||
Interest expense | 1,637,398 | 1,336,773 | ||||||
Net change in warrant-related earnings effect | (1,828 | ) | (521,978 | ) | ||||
Net (loss) income before income taxes | (160,532 | ) | 1,590,696 | |||||
Income tax (benefit) expense | (157,358 | ) | 417,472 | |||||
Net (loss) income | $ | (3,174 | ) | $ | 1,173,224 | |||
Income per share - basic: | ||||||||
Net income | $ | .00 | $ | .05 | ||||
Number of common shares outstanding | 22,215,512 | 22,215,512 | ||||||
Diluted (loss) income per share: | ||||||||
Net (loss) income | $ | .00 | $ | .04 | ||||
Number of diluted common shares outstanding | 23,910,256 | 32,079,346 | ||||||
FOR ADDITIONAL INFORMATION, CONTACT:
For Media Information: Scott Mobley, President & CEO ([email protected])
For Investor Relations: Paul Mobley, Executive Chairman ([email protected])
Mike Cole, Investor Relations: 949-444-1341 ([email protected])
SOURCE: Noble Romans, Inc.
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