Noble Roman's(OTC) NROM

Noble Roman's makes pizza, sandwiches, and related foods for restaurants and convenience stores. Its products help busy families, travelers, and businesses serve quick, familiar meals. The company’s food is available in both traditional restaurants and non-traditional locations like gas stations.

Pizza, Subs, and More: What’s on the Menu?

• Craft Pizza & Pub (57% of Q2 2025 revenue): Full-service restaurants offering pizza, breadsticks, salads, and beer/wine for dine-in or carry-out.
• Franchising (35.7% of Q2 2025 revenue): Sells rights to operate Noble Roman’s-branded outlets, mainly in convenience stores and travel centers.
• Non-Traditional Company-Owned (7.2% of Q2 2025 revenue): Company-run foodservice in places like hospitals and entertainment venues.
• Take-N-Bake: Pizza kits for customers to bake at home, targeting families and busy individuals.
• Tuscano’s Italian Style Subs: Baked sandwiches and subs, often sold alongside pizza in various outlets.

From Pizza Counters to Gas Stations: The Growth Story

• Expanded non-traditional franchise locations, opening 21 new outlets and closing 3 in the first half of 2025.
• Introduced new salad bars in all company-operated restaurants in 2022.
• Extended Corbel Senior Note to June 2026, issuing new warrants as part of financing in 2025.
• Maintained a pipeline of sold but not yet opened non-traditional franchise units as of mid-2025.

What Makes Noble Roman’s Stand Out?

Noble Roman’s uses a network of third-party distributors to reach both traditional and non-traditional foodservice locations across the U.S. Its shelf-stable pizza crusts and visible dough-making process help ensure consistent quality and customer engagement. The company’s focus on operational efficiency and franchise expansion supports its position in the competitive quick-service food market.

Five Things You Need to Know

• Q2 2025 revenue was $4.08 million, up 4.5% from Q2 2024.
• Operating income for Q2 2025 rose 63.8% year-over-year to $913,999.
• Net income for Q2 2025 increased 552.3% to $370,880 from Q2 2024.
• Craft Pizza & Pub same-store sales grew 4.6% in Q2 2025.
• Company operated 3,069 franchised/licensed outlets as of December 2021.

Bottom Line

Noble Roman’s has evolved from a traditional pizza chain to a diversified foodservice franchisor. Its focus on non-traditional locations and operational efficiency shapes its current business model.