NOBLE ROMANS INC

Noble Roman’s, Inc.

Company overview

• Noble Roman’s, Inc. is an Indiana corporation that sells and services franchises and licenses, and operates company-owned stand-alone restaurants and non-traditional foodservice operations under multiple Noble Roman’s brands.
• Brands:
  • Noble Roman’s Craft Pizza & Pub
  • Noble Roman’s Pizza
  • Noble Roman’s Take-N-Bake
  • Tuscano’s Italian Style Subs

Business model and segments

• Two operating segments:
  • Franchising: royalties, franchise fees, equipment commissions, and manufacturer/distributor allowances related to franchise networks, primarily in non-traditional locations.
  • Company-Owned Restaurants: operations of company-owned Craft Pizza & Pub locations and company-operated non-traditional locations (for example, a hospital location).

Operations and growth (as of 12/31/2025)

• Company-owned locations:
  • Craft Pizza & Pub: 9 locations
  • Company-owned non-traditional location: 1 hospital location
• Non-traditional growth and backlog:
  • Approximately 60 new non-traditional outlets opened in 2025; six non-traditional outlets closed in 2025.
  • Backlog of sold Programs awaiting opening.
  • Development agreement with Majors Management LLC for 100 locations to be developed through 9/30/2026.
  • Approximately 75 units sold but not yet opened in the non-traditional Program area.
• Market focus:
  • Selling the Noble Roman’s Food Service Program to convenience store operators and expanding with other mid-size chains and operators.
• Headquarters and footprint:
  • Headquarters: 6612 E. 75th Street, Suite 450, Indianapolis, IN 46250
  • Corporate offices are leased; additional leased restaurant spaces in Indiana.

Financial highlights (consolidated)

• Total revenue:
  • 2025: $16,461,459
  • 2024: $15,149,600
• Revenue by segment:
  • Franchising: $6,213,917 (2025) vs $5,540,968 (2024)
  • Company-Owned Restaurants: $9,977,046 (2025) vs $9,530,722 (2024)
  • Administrative fees and other: $270,496 (2025) vs $77,910 (2024)
• Segment contribution margins:
  • 2025: Franchising margin $4,504,659; Company-Owned Restaurants margin $829,248; Total segment margin $5,604,403
  • 2024: Franchising margin $3,837,832; Company-Owned Restaurants margin $736,278; Total segment margin $4,652,020
• Net income (loss):
  • 2025 net income: $1,173,224
  • 2024 net loss: $(3,174)

Employees

• As of May 8, 2026: approximately 38 full-time employees and 114 part-time employees.
• No employees are covered by a collective bargaining agreement.

Share information

• As of March 1, 2026, 22,215,512 shares of common stock outstanding.
• Trades on the Nasdaq OTCQB under the symbol NROM.
• Approximately 200 holders of record as of April 7, 2026.

Key executives and governance

• Executive leaders:
  • Paul W. Mobley — Executive Chairman of the Board and Chief Financial Officer
  • A. Scott Mobley — Chief Executive Officer, President and Secretary
• The board includes independent directors under NYSE independence standards (Coape-Arnold and Jeffrey Roberts).

What the company does

• Sells and services franchise rights and licenses and operates company-owned Craft Pizza & Pub restaurants plus one non-traditional company-owned location (hospital).
• Expands primarily through non-traditional locations, such as convenience stores, with a substantial backlog and development agreements while managing corporate overhead and debt obligations.
• Revenue streams include franchise royalties and fees, equipment commissions, manufacturer/distributor allowances, and ongoing revenues from company-owned locations.

Notable brands and formats

• Noble Roman’s Craft Pizza & Pub (company-operated)
• Noble Roman’s Pizza (non-traditional and franchisee network)
• Noble Roman’s Take-N-Bake
• Tuscano’s Italian Style Subs

Public filing context (operating results)

• The company reports franchising and company-owned operations separately, with gross revenues and margins shown for 2024 and 2025.
• 2025 shows a return to net income after a net loss in 2024, driven by growth in the franchising program and stronger performance of company-owned locations, partially offset by ongoing debt-related expenses and corporate costs.