Recent news coverage includes general market and industry developments but does not specifically mention Noble Roman's. The company continues to focus on franchise development and operational execution as disclosed in its latest SEC filings.

• Noble Roman's entered a development agreement with Majors Management LLC for 100 franchise locations to be developed by September 30, 2026, focusing on convenience store operators as part of its non-traditional franchise expansion strategy [S1].
• The company reported revenue of approximately $16.46 million and net income of about $1.17 million for the fiscal year ended December 31, 2025, with basic EPS of $0.05 and diluted EPS of $0.04 [S1].
• Liquidity ratios as of December 31, 2025, show a current ratio of 0.4 and a cash ratio of 0.07, indicating current liabilities exceed current assets [S1].
• The company continues to receive Employee Retention Credit refunds related to the COVID-19 pandemic, totaling approximately $1.718 million net of expenses [S1].

The company has a significant backlog of franchise prospects and sold programs not yet opened, indicating potential for expansion in its non-traditional franchise segment. The development agreement with a large convenience store operator for 100 locations suggests a pathway for scaling its franchise footprint. The Craft Pizza & Pub format offers a differentiated full-service dining experience with a broad menu and beverage options, which could attract multi-unit operators. The company's proprietary ingredient supply chain and trademarks support brand consistency and customer loyalty.

Noble Roman's operates in a highly competitive restaurant and retail food industry with larger and better-capitalized competitors. The company's liquidity ratios indicate current liabilities exceed current assets, which may constrain operational flexibility. The COVID-19 pandemic caused closures and disruptions, particularly in entertainment venue franchises, and ongoing economic or regulatory challenges could impact franchise sales and operations. The company's limited number of company-operated locations and reliance on franchisees may limit direct control over brand execution and customer experience.

Noble Roman's moat is based on its long-standing experience in both traditional and non-traditional pizza franchise operations, proprietary recipes and ingredient formulations, and established trademarks and service marks. Its focus on quality ingredients and processes, along with contractual relationships with manufacturers and distributors, supports product consistency. The company's franchise agreements with long-term renewable terms provide a recurring royalty income stream. Its competitive advantage also includes operational expertise that may benefit franchisees, especially in non-traditional venues where competitors may lack foodservice experience.

• Competitive Pressure: The company faces competition from large international chains and independent operators, which may affect its ability to sell and maintain franchises.
• Liquidity Constraints: As of December 31, 2025, the company's current ratio of 0.4 and cash ratio of 0.07 indicate current liabilities exceed current assets, potentially limiting financial flexibility.
• Regulatory Compliance: The company and its franchisees are subject to numerous federal, state, and local regulations, including health, safety, employment, and franchise laws, which could impact operations.
• COVID-19 Impact: The pandemic materially affected operations, especially non-traditional franchises in entertainment venues, with closures lasting up to two years and some locations unable to reopen.
• Franchise Development Risks: Delays or failures in opening sold franchise locations could affect revenue growth and royalty income streams.

• Noble Roman's, Inc. is an Indiana corporation incorporated in 1972 that sells and services franchises and licenses and operates company-owned stand-alone restaurants and non-traditional foodservice operations under the trade names 'Noble Roman's Craft Pizza & Pub', 'Noble Roman's Pizza', 'Noble Roman's Take-N-Bake', and 'Tuscano's Italian Style Subs'.
• The company operates a wholly-owned subsidiary, RH Roanoke, Inc., which operates a company-owned non-traditional location.
• Since 1972, Noble Roman's has operated, franchised, and licensed pizza operations in various stand-alone and non-traditional locations across the U.S., with significant growth in non-traditional franchised locations.
• The company opened its first Craft Pizza & Pub location in 2017 and operated nine such locations by 2021, with no current plans to open more company-operated locations but potential future franchising of this format.
• Non-traditional locations include pizza operations within host businesses such as hospitals and convenience stores, utilizing proprietary pizza styles and high-quality ingredients.
• Post-COVID-19, the company refocused development on selling its Food Service Program primarily to convenience store operators, using franchise agreements with long-term, renewable terms providing annuity-like royalty income.
• In October 2023, Noble Roman's entered a development agreement with Majors Management LLC for 100 franchise locations to be developed by September 30, 2026, with potential for further expansion.
• The company emphasizes superior quality ingredients and processes, including fully-prepared pizza crusts, fresh packed sauce, 100% real cheese and meat toppings, and fresh vegetables.
• The Craft Pizza & Pub format offers approximately 40 toppings, beer and wine selections, fast cook times, and additional menu items such as salads, pasta, sandwiches, wings, and desserts.
• The company has implemented customer convenience features such as 'Pizza Valet Service' for curbside carry-out.
• Noble Roman's proprietary ingredients are manufactured by third parties under contract and distributed through approved distributors to franchisees.
• The company competes in a highly competitive restaurant and retail food industry, with competitors ranging from large international chains to independent operators.
• Management identifies competitive advantages in experience operating traditional and non-traditional foodservice locations, which may benefit franchisees.
• Sales seasonality affects the company, with adverse impacts from inclement weather and holiday periods, especially in the first quarter.
• As of May 8, 2026, the company employed approximately 38 full-time and 114 part-time employees, with no collective bargaining agreements.
• The company owns several trademarks and service marks registered with the U.S. Patent and Trademark Office, which it considers valuable to its sales and marketing.
• Noble Roman's and its franchisees are subject to various federal, state, and local laws and regulations affecting operations, including health, safety, employment, and franchise disclosure laws.
• The COVID-19 pandemic materially affected operations, especially non-traditional franchises in entertainment venues, but the company has shifted focus to well-capitalized convenience store locations.
• The company claimed and is in process of receiving Employee Retention Credit refunds totaling approximately $1.718 million net of expenses.
• As of December 31, 2025, the company reported revenue of approximately $16.46 million and net income of about $1.17 million with basic EPS of $0.05 and diluted EPS of $0.04.
• Liquidity ratios as of December 31, 2025, include a current ratio of 0.4 and a cash ratio of 0.07, indicating current liabilities exceed current assets.
• The company had cash and cash equivalents of approximately $551,479 as of September 30, 2024, and current assets of about $3.25 million as of December 31, 2025, with current liabilities of about $8.2 million.
• The company has a backlog of sold non-traditional franchise programs not yet opened, indicating ongoing franchise development.
• Recent news coverage does not specifically mention Noble Roman's but includes general market and industry news from June 2026.
• The company filed its latest annual report (10-K) on June 5, 2026, and quarterly report (10-Q) on December 29, 2025.
• Financial figures are summarized from the latest available SEC filings and are provided for informational purposes only — not financial advice.