Noble Roman's Announces Significant Second Quarter Earnings Growth and Other Company Highlights
Noble Roman's (OTCQB:NROM), a pizza franchise company, reported substantial Q2 2025 financial growth with Net Income Before Taxes of $490,417, up from $56,858 in Q2 2024. Total revenue increased 4.5% to $4.1 million, with same-store sales in company-owned Craft Pizza & Pub locations rising 4.5% despite challenging industry conditions.
Key highlights include improved margin contributions across segments, with the Convenience Store Pizza Program achieving a 72.5% margin rate. The company's trailing 12-month EBITDA reached $3.5 million by June 30, 2025. Noble Roman's is actively seeking new financing to retire current debt obligations and has extended its Corbel Capital Partners loan maturity to June 2026.
Noble Roman's (OTCQB:NROM), catena di pizzerie, ha registrato una solida crescita finanziaria nel secondo trimestre 2025 con un utile ante imposte di $490.417, in aumento rispetto a $56.858 nel Q2 2024. I ricavi totali sono cresciuti del 4,5% a $4,1 milioni, mentre le vendite a parit脿 di negozio nei punti Craft Pizza & Pub di propriet脿 aziendale sono salite del 4,5% nonostante un contesto di settore sfidante.
Tra i punti salienti: migliori margini nei diversi segmenti, con il Programma Pizza per Minimarket che ha raggiunto un tasso di margine del 72,5%. L'EBITDA degli ultimi 12 mesi 猫 arrivato a $3,5 milioni al 30 giugno 2025. Noble Roman's 猫 alla ricerca di nuovi finanziamenti per estinguere le passivit脿 correnti e ha prorogato la scadenza del prestito con Corbel Capital Partners a giugno 2026.
Noble Roman's (OTCQB:NROM), una franquicia de pizzer铆as, inform贸 un s贸lido crecimiento financiero en el segundo trimestre de 2025 con un Beneficio antes de Impuestos de $490.417, frente a $56.858 en el Q2 de 2024. Los ingresos totales aumentaron un 4,5% hasta $4,1 millones, y las ventas comparables en los locales Craft Pizza & Pub de propiedad de la compa帽铆a subieron un 4,5% pese a un entorno sectorial complicado.
Entre los puntos destacados figuran mejoras en las contribuciones de margen en los distintos segmentos, con el Programa de Pizza para Tiendas de Conveniencia alcanzando un margen del 72,5%. El EBITDA de los 煤ltimos 12 meses alcanz贸 $3,5 millones al 30 de junio de 2025. Noble Roman's busca activamente nueva financiaci贸n para liquidar sus deudas actuales y ha extendido la vencimiento del pr茅stamo con Corbel Capital Partners hasta junio de 2026.
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欤检殧 韽澑韸鸽電� 靷梾 攵�氍� 鞝勲皹鞐愳劀 毵堨 旮办棳臧� 臧滌劆霅� 鞝愳澊 鞛堨溂氅�, 韼胳潣鞝愳毄 頂检瀽 頂勲攴鸽灗鞚� 72.5%鞚� 毵堨鞙�鞚� 雼劚頄堨姷雼堧嫟. 2025雲� 6鞗� 30鞚� 旮办 斓滉芳 12臧滌洈 EBITDA電� $350毵�鞐� 鞚措ゴ霠�鞀惦媹雼�. Noble Roman's電� 順勳灛 毂勲 靸來櫂鞚� 鞙勴暅 鞁犼窚 鞛愱笀 臁半嫭鞚� 鞝侁饭 氇儔 欷戩澊氅� Corbel Capital Partners 雽�於� 毵岅赴毳� 2026雲� 6鞗旊 鞐办灔頄堨姷雼堧嫟.
Noble Roman's (OTCQB:NROM), une franchise de pizzerias, a affich茅 une croissance financi猫re importante au deuxi猫me trimestre 2025 avec un r茅sultat avant imp么ts de $490 417, contre $56 858 au T2 2024. Le chiffre d'affaires total a augment茅 de 4,5% pour atteindre $4,1 millions, les ventes comparables des 茅tablissements Craft Pizza & Pub d茅tenus par la soci茅t茅 ayant progress茅 de 4,5% malgr茅 un contexte sectoriel difficile.
Parmi les points marquants : une am茅lioration des marges par segment, le programme de pizzas pour sup茅rettes ayant atteint un
Noble Roman's (OTCQB:NROM), eine Pizza-Franchise, meldete f眉r das zweite Quartal 2025 ein deutliches finanzielles Wachstum mit einem Ergebnis vor Steuern von $490.417, nach $56.858 im Q2 2024. Der Gesamtumsatz stieg um 4,5% auf $4,1 Millionen, und die vergleichbaren Ums盲tze in den unternehmenseigenen Craft Pizza & Pub-Filialen erh枚hten sich trotz schwieriger Branchenbedingungen um 4,5%.
Zu den wichtigsten Punkten z盲hlen verbesserte Margenbeitr盲ge in den Segmenten, wobei das Convenience-Store-Pizza-Programm eine Margenquote von 72,5% erreichte. Das EBITDA der letzten 12 Monate belief sich zum 30. Juni 2025 auf $3,5 Millionen. Noble Roman's sucht aktiv neue Finanzierung, um bestehende Schulden zu tilgen, und hat die Laufzeit des Darlehens mit Corbel Capital Partners bis Juni 2026 verl盲ngert.
- Net Income Before Taxes grew significantly to $490,417 in Q2 2025 from $56,858 in Q2 2024
- Same-store sales increased 4.5% in Q2 2025 despite industry challenges
- Convenience Store Pizza Program margin rate improved to 72.5% from 67.9%
- Trailing 12-month EBITDA increased to $3.5 million by June 2025
- Seven additional franchised Pizza Program units sold in 2025 YTD
- Company carries significant debt requiring refinancing, including senior loan with Corbel Capital
- Revenue growth of 4.5% is modest relative to profit improvements
- Company is changing auditors for 2025, which could indicate internal changes
- July 2025 sales were negatively impacted by 4th of July holiday falling on Friday
INDIANAPOLIS, IN / / August 21, 2025 / Noble Roman's, Inc. (OTCQB:NROM), the Indianapolis based franchisor of Noble Roman's Pizza and Noble Roman's Craft Pizza & Pub, today announced second quarter 2025 financial data, other recent company highlights, and details for a conference call to be held on August 25th at 4 PM ET.
Financial highlights from the second quarter of 2025 include:
Net Income Before Taxes grew substantially to
$490,417 versus$56,858 for the same period in 2024. Net Income Before Taxes is a key metric since the company will not pay income taxes for a number of years due to its roughly$3.4 million Deferred Tax Asset.Total Revenue of
$4.1 million versus$3.9 million for the same period in 2024, an increase of4.5% .Same stores sales increase in the company-owned Craft Pizza & Pub segment of
4.5% versus the same period in 2024, despite lackluster industry trends and consumer sentiment. The margin contribution rate increased in the second quarter of 2025 to13.6% from11.0% for the same period in 2024.The margin contribution from the company's Convenience Store Pizza Program segment was
$1,059,506 in 2025 versus$975,054 for the same period in 2024. The margin contribution rate increased in the second quarter of 2025 to72.5% versus67.9% for the same period in 2024. Expenses in this segment remain relatively stable over significant increments in revenue, so the margin rate increases as overall segment revenue increases.
Financial highlights from the first six months of 2025 include:
Net Income Before Taxes of
$662,303 versus a net loss of$29,619 for the same period in 2024. The company will not pay income taxes for a number of years due to its roughly$3.4 million Deferred Tax Asset.Total Revenue of
$7.84 million versus$7.57 million for the same period in 2024, an increase of3.6% .Same stores sales increase in the company-owned Craft Pizza & Pub segment of
3.0% versus the same period in 2024, despite unusually inclement weather during the first quarter of 2025 and lackluster consumer sentiment. The margin contribution rate increased in the first six months of 2025 to10.2% from9.7% for the same period in 2024.The contribution margin from the company's Convenience Store Pizza Program segment was
$1,958,967 in 2025 versus$1,910,678 for the same period in 2024. The contribution margin rate increased in the first six months of 2025 to67.5% versus66.8% for the same period in 2024. Expenses in this segment remain relatively stable over significant increments in revenue, so the margin rate increases as overall segment revenue increases.
Additional company highlights:
Trailing 12-month EBITDA for the year 2024 was approximately
$3,060,000 ; trailing 12-month EBITDA for the period ended March 31, 2025 was approximately$3,135,000 ; and trailing 12-month EBITDA for the period ended June 30, 2025 was approximately$3,501,000. Same store sales in the company-owned Craft Pizza & Pub segment continued to rise into the third quarter of 2025 by
4.8% in July, despite the fact that July 2025 sales were negatively impacted with the 4th of July holiday falling on a Friday in 2025. This negatively impacted Friday and Saturday sales, which are typically the two strongest sales days of the week.In July, the company introduced its new "Xtra-Stuffed Crust" promotional pizza into its Craft Pizza & Pub segment to slipstream behind the marketing efforts of national competitors promoting a similar product. The Craft Pizza & Pub rendition focuses on extra quality and extra cheese in the stuffed crust ring, using real Mozzarella, Muenster and oregano in the crust ring rather than string cheese.
Year-to-date through June 30, 2025, the company has sold seven more franchised Pizza Program units in 2025 than it had opened during that same period, adding to the backlog of sold but unopened units that should contribute significantly to increases franchising revenue. Additionally, the company has a significant pipeline of active prospects for new franchised Pizza Program unit sales.
As previously announced, the company fairly recently retained the services of a new placement agent to assist in obtaining new financing for the company, which is progressing positively with several prospects currently in various stages of opportunity analysis. Among other uses, proceeds would be used to retire the current senior loan with Corbel Capital Partners SBIC, L.P., along with their outstanding warrants (which Corbel has indicated their desire to accomplish as well), the company's subordinated notes, and the cost of the capital raise. As previously announced, in April 2025 the company entered into an agreement with Corbel to extend the maturity of their loan to the company until June 30, 2026.
As previously announced, the Board of Directors of the company will be evaluating alternative independent accountants to serve as the company's auditor for 2025. The report on the consolidated balance sheet of the company and its subsidiaries as of December 31, 2024, and the related consolidated statements of operations, changes in stockholders' equity, and cash flows for the year ended December 31, 2024, and the related notes, provided by the company's auditor for 2024 did not contain any adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope, or accounting principles. The auditors for the December 31, 2023 audit expressed an unqualified and unmodified opinion on those statements as well.
Conference Call details:
The company will host a conference call on Monday, August 25th from 4:00 to 4:30 PM ET. Those interested in participating in the conference call should dial in at 317-300-7896 and use the participation code 499795 (no pin number required). Callers who supplied their first and last names when joining the call will press 5* to ask questions when Q&A time is announced.
The statements concerning the company's future 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, 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, 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 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 continue or initiate interference in the company's business relationships, the company business could be adversely impacted.
FOR ADDITIONAL INFORMATION, CONTACT:
For Media Information: Scott Mobley, President & CEO ()
For Investor Relations: Paul Mobley, Executive Chairman ([email protected])
Mike Cole, Investor Relations: 949-444-1341 ([email protected])
Noble Roman's, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Unaudited and Not Reviewed)
Assets | December 31, 2024 | June 30, 2025 | ||||||
Current assets: | (not reviewed) | (not reviewed) | ||||||
Cash | $ | 710,227 | $ | 635,629 | ||||
Employee Retention Tax Credit Receivable | 507,726 | 507,726 | ||||||
Accounts receivable - net | 586,554 | 662,624 | ||||||
Inventories | 986,975 | 1,003,365 | ||||||
Prepaid expenses | 194,902 | 231,149 | ||||||
Total current assets | 2,986,384 | 3,040,493 | ||||||
Property and equipment: | ||||||||
Equipment | 4,349,205 | 4,398,834 | ||||||
Leasehold improvements | 3,142,591 | 3,156,209 | ||||||
7,491,796 | 7,555,043 | |||||||
Less accumulated depreciation and amortization | 3,583,276 | 3,779,783 | ||||||
Net property and equipment | 3,908,520 | 3,775,260 | ||||||
Deferred tax asset | 3,532,199 | 3,371,410 | ||||||
Deferred contract cost | 1,604,952 | 1,682,831 | ||||||
Goodwill | 278,466 | 278,466 | ||||||
Operating lease right of use assets | 4,154,804 | 3,746,195 | ||||||
Other assets including long-term portion of receivables - net | 303,922 | 333,943 | ||||||
Total assets | $ | 16,769,247 | $ | 16,228,598 | ||||
Liabilities and Stockholders' Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable and accrued expenses | $ | 840,848 | $ | 562,932 | ||||
Current portion of operating lease liability | 870,140 | 976,414 | ||||||
Current portion of Corbel loan payable | 1,066,668 | 1,100,004 | ||||||
Warrant liability | 538,822 | 538,822 | ||||||
Total current liabilities | 3,316,478 | 3,178,172 | ||||||
Long-term obligations: | ||||||||
Term loan payable to Corbel net of current portion | 5,551,738 | 5,084,293 | ||||||
Convertible notes payable | 575,000 | 575,000 | ||||||
Operating lease liabilities - net of short-term portion | 3,505,718 | 2,971,443 | ||||||
Deferred contract income | 1,604,952 | 1,682,833 | ||||||
Total long-term liabilities | 11,237,408 | 10,313,569 | ||||||
Total liabilities | $ | 14,553,886 | $ | 13,491,741 | ||||
See Note 9 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 as of June 30, 2025) |
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Accumulated deficit | (22,652,417 | ) | (22,150,904 | ) | ||||
Total stockholders' equity | 2,215,361 | 2,736,857 | ||||||
Total liabilities and stockholders' equity | $ | 16,769,247 | $ | 16,228,598 | ||||
See accompanying notes to condensed consolidated financial statements (unaudited).
Noble Roman's, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(Unaudited and Not Reviewed)
Three months ended June 30, (not reviewed) | Six months ended June 30, (not reviewed) | |||||||||||||||
2024 | 2025 | 2024 | 2025 | |||||||||||||
Revenue: | ||||||||||||||||
Restaurant revenue - company-owned Craft Pizza & Pub | $ | 2,222,551 | $ | 2,324,459 | $ | 4,218,075 | $ | 4,343,877 | ||||||||
Restaurant revenue - company-owned non-traditional | 236,705 | 295,025 | 474,852 | 589,598 | ||||||||||||
Franchising revenue | 1,435,748 | 1,454,251 | 2,861,039 | 2,900,159 | ||||||||||||
Administrative fees and other | 9,673 | 6,654 | 16,817 | 6,954 | ||||||||||||
Total revenue | 3,904,678 | 4,080,389 | 7,570,783 | 7,840,588 | ||||||||||||
Operating expenses: | ||||||||||||||||
Restaurant expenses - company-owned Craft Pizza & Pub | 1,978,273 | 2,009,183 | 3,809,717 | 3,899,870 | ||||||||||||
Restaurant expenses - company-owned non-traditional | 235,288 | 274,483 | 461,048 | 567,593 | ||||||||||||
Franchising expenses | 460,694 | 394,745 | 950,361 | 941,192 | ||||||||||||
Total operating expenses | 2,674,255 | 2,678,411 | 5,221,126 | 5,408,655 | ||||||||||||
Depreciation and amortization | 96,300 | 100,983 | 192,565 | 197,049 | ||||||||||||
General and administrative expenses | 570,129 | 386,260 | 1,147,416 | 810,665 | ||||||||||||
Defense against activist shareholder | 6,064 | 736 | 19,542 | 8,580 | ||||||||||||
Total expenses | 3,346,748 | 3,166,390 | 6,580,649 | 6,424,949 | ||||||||||||
Operating income | 557,930 | 913,999 | 990,134 | 1,415,639 | ||||||||||||
Interest expense | 435,184 | 423,582 | 829,365 | 753,336 | ||||||||||||
Change in fair value of warrants | 65,888 | - | 190,388 | - | ||||||||||||
Income (loss) before income taxes | 56,858 | 490,417 | (29,619 | ) | 662,303 | |||||||||||
Income tax | - | 119,537 | - | 160,789 | ||||||||||||
Net income (loss) | $ | 56,858 | $ | 370,880 | $ | (29,619 | ) | $ | 501,514 | |||||||
Earnings (loss) per share - basic: | ||||||||||||||||
Net income (loss) | $ | .00 | $ | .02 | $ | (.00 | ) | $ | .02 | |||||||
Weighted average number of common shares outstanding |
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Diluted earnings (loss) per share: | ||||||||||||||||
Net income (loss) | $ | .00 | $ | .02 | $ | (.00 | ) | $ | .02 | |||||||
Weighted average number of common shares outstanding | 23,713,531 | 25,008,223 | 22,215,512 | 25,008,223 | ||||||||||||
SOURCE: Noble Romans, Inc.
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