INDIANAPOLIS, IN / ACCESS Newswire / November 14, 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 third quarter 2025 financial data, other recent company highlights, and details for a conference call to be held on Monday, November 17th at 4 PM ET.
The company is releasing its third quarter earnings summary now and will be filing its third quarter 10Q once the company's auditors complete their quarterly review, which is currently waiting on a technical determination of the valuation of the company's Warrant Liability. Said Scott Mobley, President of Noble Roman's, "Our new PCAOB auditing firm is conducting their first review for us, and they are understandably requiring extra time to acclimate to the company's business operations. As part of their process, they would like to take a current sounding on the Warrant Liability valuation. This valuation process is complex and requires a third-party specialist firm with expertise in such technical analysis and computation. Since we are very comfortable with the remainder of the process, and since we do not anticipate a material variation in results from the Warrant Liability valuation, and since that valuation is a non-cash, non-operational line item in the financial statements, we wanted to put out the third quarter results now. And as far as those results go, we are extremely pleased to report that both revenue and profitability continue to grow very substantially."
Financial highlights from the third quarter of 2025 include:
Net Income Before Taxes grew substantially to $578,918 versus $193,314 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 $3.23 million Deferred Tax Asset. Net income was $437,77 in 2025 compared to $193,314 in 2024.
Total Revenue of $4.14 million versus $3.88 million for the same period in 2024, an increase of 6.8%.
Same stores sales increase in the company-owned Craft Pizza & Pub segment of 4.2% versus the same period in 2024, despite lackluster industry trends and consumer sentiment. The margin contribution rate increased in the second quarter of 2025 to 12.8% from 7.9% for the same period in 2024.
The margin contribution from the company's Convenience Store Pizza Program segment was $1,077,042 in 2025 versus $937,916 for the same period in 2024, an increase of 14.8%. The margin contribution rate increased in the second quarter of 2025 to 73.4% versus 65.2% for the same period in 2024. Expenses in this segment actually declined for the three months in 2025 versus 2024; they generally remain relatively stable over significant increments in revenue, so the margin rate increases as overall segment revenue increases.
Financial highlights from the first nine months of 2025 include:
Net Income Before Taxes of $1,241,219 versus $163,695 for the same period in 2024. The company will not pay income taxes for a number of years due to its roughly $3.23 million Deferred Tax Asset. Net Income was $939,283 in 2025 versus $163,695 in 2024.
Total Revenue of $12.0 million versus $11.5 million for the same period in 2024, an increase of 4.7%.
Same stores sales increase in the company-owned Craft Pizza & Pub segment of 3.4% 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 nine months of 2025 to 11.1% from 9.1% for the same period in 2024.
The contribution margin from the company's Convenience Store Pizza Program segment was $3,036,009 in 2025 versus $2,848,592 for the same period in 2024, an increase of 6.6%. The contribution margin rate increased in the first nine months of 2025 to 69.5% versus 66.3% for the same period in 2024. Expenses in this segment actually decreased in the first nine months of 2025 versus 2024; they generally 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; trailing 12-month EBITDA for the period ended June 30, 2025 was approximately $3,501,000; and trailing EBITDA for the period ended September 30, 2025 was approximately $3,825,000.
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 company has two additional new pizza promotions readying for deployment at the opportune market time: Spicy Buffalo Chicken Pizza, a premium-priced specialty topping combination, and the 2XL Party Pizza, a jumbo-sized 300 square inch sheet pizza that is 50% larger than its current XL Pizza and scheduled to join the XL Pizza as a value-priced offering.
Year-to-date through September 30, 2025, the company has sold nine 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 increased franchising revenue. Additionally, the company has a significant pipeline of active prospects for new franchised Pizza Program unit sales. The company anticipates opening up to an additional 27 new franchised Pizza Program locations during the period of September 30th to the end of the year.
The company continues to aggressively pursue new financing on terms that would improve on those from its current financing package. Progress appears to be accelerating, and the company is in the process of both evaluating preliminary proposals and pursuing options to the proposal stage. 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 company has engaged Stephano Slack LLC as its new independent auditor for its consolidated financial statements for the year-ended December 31, 2025 as well as the quarterly reviews of its financial statements. Among their wide-ranging services, Stephano Slack provides cost-effective audit services to public companies and middle-market businesses in a range of industries. The auditors for the company's 2023 and 2024 consolidated financial statements expressed an unqualified opinion for both years.
Conference Call details:
The company will host a conference call on Monday, November 17th 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 auditing firm has not yet fully completed its review of the third quarter financial statements, and some results, such as the Warrant Liability valuation, may change the results presented in this press release. 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.
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FOR ADDITIONAL INFORMATION, CONTACT:
For Media Information: Scott Mobley, President & CEO (smobley@nobleromans.com)
For Investor Relations: Paul Mobley, Executive Chairman (pmobley@nobleromans.com)
Mike Cole, Investor Relations: 949-444-1341 (mike.cole@armaadvisoryservices.com)
SOURCE: Noble Romans, Inc.
View the original press release on ACCESS Newswire:
https://www.accessnewswire.com/newsroom/en/food-and-beverage-products/noble-romans-announces-significant-third-quarter-earnings-growth-and-oth-1102629