NROM
Noble Roman's, Inc.0.2800
+0.0100+3.7%
Dec 16, 4:00:00 PM EST
Earnings Call Transcripts
This Quarter (Q4 '25)
No earnings call transcript available yet
Last Quarter (Q3 '25)
No earnings call transcript available
Key Stats
Market Cap
6.22MP/E (TTM)
14.00Basic EPS (TTM)
0.02Dividend Yield
0%Recent Filings
8-K
New auditor engagement announced
Noble Roman's, Inc. engaged Stephano Slack LLC as its new independent auditor on October 14, 2025, to handle the 2025 consolidated financial statements and quarterly reviews. The PCAOB-registered firm, based near Philadelphia, brings cost-effective audit expertise to the franchisor of pizza brands. This switch aims to support financial reporting amid ongoing remediation of a material weakness in internal controls. Risks persist from economic pressures and franchise challenges.
10-Q
Q2 FY2025 results
Noble Roman's revenue climbed 4.6% y/y to $4.1M in Q2 FY2025 ended June 30, 2025, fueled by Craft Pizza & Pub sales up 4.6% y/y while franchising held steady; YTD revenue rose 3.6% y/y to $7.8M. Operating income surged 63.8% y/y to $914K in the quarter, with margins expanding to 22.4% from 14.3%, thanks to tight G&A controls slashing expenses 32.2% y/y to $386K. Net income hit $371K or $0.02 diluted EPS on 25.0M shares, up from $57K last year; YTD net income swung to $502K profit from a $30K loss, with EPS reconciling to diluted shares. Cash dipped to $636K after $556K FCF (derived), yet debt fell to $6.2M carrying value on the Corbel term loan (SOFR+9%, due June 2026). Non-GAAP metrics not disclosed in the 10-Q. Competition from larger pizza chains pressures market share.
10-Q
Q1 FY2025 results
Noble Roman's revenue climbed 2.6% year-over-year to $3.8M in Q1 FY2025 ended March 31, 2025, driven by modest gains in company-owned Craft Pizza & Pub locations and steady franchising royalties, while non-traditional operations surged 23.7% y/y amid hospital expansions. Operating income rose 16.1% y/y to $501.6K, bolstered by lower general and administrative expenses down 26.5% y/y to $424.4K, though Craft Pizza & Pub margins dipped to 6.4% from 8.2% due to value promotions and inflation. Net income flipped to $130.6K or $0.01 diluted EPS from a $86.5K loss, with no material gap between operating and net figures beyond reduced interest expense of $329.8K. Cash fell to $564.6K after $158.1K from operations minus $19.4K capex and $284.3K debt payments, supporting $6.5M Senior Note at SOFR+9% maturing June 2026 and $575K convertible notes; free cash flow not disclosed in the 10-Q. No M&A or impairments noted. Franchise non-renewals pose a balanced risk amid expansion plans.
8-K
Auditor resigns amid weaknesses
Noble Roman's, Inc. parted ways with its auditor Sassetti LLC effective June 18, 2025, as the board hunts for a 2025 replacement. Sassetti's 2024 audit came clean—no disagreements or scope issues—but flagged material weaknesses already noted in the June 9 10-K. The firm concurs via letter. Smooth transition, yet weaknesses linger.
10-K
FY2024 results
Noble Roman's FY2024 revenue climbed 5% to $15.1M, driven by franchising growth amid flat company-owned restaurant sales of $8.6M, yet operating income plunged 57% to $1.5M as the prior year's $1.5M ERC refund vanished, squeezing margins to 9.7%. Franchising revenue surged 19% to $5.5M from 68 new non-traditional outlets, including a 100-unit deal with Majors Management, while Craft Pizza & Pub same-store sales dipped early but rebounded 2.9% in Q4 versus Q3's softer trends, signaling quarterly momentum. Non-traditional company ops turned unprofitable at -$47K due to a hospital remodel disruption, but post-reopen sales run rate jumped 33%. Debt stands at $7.1M with $710K cash; no dividends or buybacks. Q4 accelerated franchise openings, but activist investor distractions persist. Dependence on franchisee success could stall quarterly growth.
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