Indianapolis, IN – June 8, 2026 – Noble Roman's, Inc. (OTCQB:NROM), a prominent player in the pizza franchise market with operations in Noble Roman's Pizza and Noble Roman's Craft Pizza & Pub, disclosed its financial results for the year 2025, reflecting a significant recovery and various growth indicators.
#Financial Performance Overview
The company reported a net income before taxes of $1,590,696 for 2025, a marked improvement from a net loss of $(160,532) in 2024. This positive shift is underscored by a $3.1 million deferred tax credit, which allows for several years without tax payments. After accounting for accrued taxes, the net income stood at $1,173,224, translating to $0.05 per share, contrasting with the minor loss of $(3,174) in the preceding year.
#Sales Performance and Cost Management
Noble Roman's Craft Pizza & Pub segment reported a 2.3% increase in same-store sales, reflecting resilience amid broader market challenges while maintaining stable menu prices. The company effectively managed costs, achieving a 0.5 percentage point decrease in sales costs and a 0.7 percentage point reduction in labor costs, resulting in an increase in overall margins from 9.2% in 2024 to 10.1% in 2025.
#Franchise Growth and Revenue Increase
The company continued its franchise expansion by opening approximately 60 new units in 2025; a similar trajectory is expected in 2026. Total revenue from the franchise segment, particularly the Pizza Program for Convenience Stores, rose by about $673,000, or 12.1%. This growth occurred despite a deliberate reduction in fourth-quarter revenue of approximately $230,000, aimed at mitigating risks related to uncollectible receivables.
#Cost Controls and Financing Strategies
General and administrative expenses were successfully managed, decreasing by approximately 12.7% from $2.7 million in 2024 to $2.3 million in 2025. Additionally, interest expenses saw a reduction from approximately $1.6 million to $1.3 million, due to principal payments and a negotiated reduction in interest rates under the current financing arrangement.
Looking ahead, Nobles Roman's is actively negotiating a refinancing plan with Corbel Capital Partners SBIC, L.P. This agreement includes the proposed purchase of outstanding warrants, aimed at enhancing the company’s cash flow and financial flexibility for future growth initiatives.
#Key Takeaways
- Noble Roman's achieved a net income before taxes of $1.59 million in 2025, recovering from a significant loss the previous year.
- The Craft Pizza & Pub segment saw a same-store sales increase of 2.3% without raising menu prices.
- Total franchise revenues increased roughly by 12.1%, supported by the opening of about 60 new locations.
- Operational efficiencies were highlighted by reduced general and administrative expenses and lower interest costs.
- The company is pursuing a refinancing plan to enhance its financial position moving forward.
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