Recent news items are general market and sector-related and do not specifically address Noble Roman's business or financial developments.

• Noble Roman's has a development agreement with Majors Management LLC for 100 franchise locations to be developed by September 30, 2026, with about half opened as of the latest filings [S1][S2].
• The company reported Q1 2026 revenue of $3.9 million and net income of $232,530, reflecting ongoing operations in company-owned and franchised locations [S2].
• Liquidity ratios as of March 31, 2026, show a current ratio of 0.42 and cash ratio of 0.07, indicating short-term liquidity considerations [S2].
• The company is actively pursuing refinancing of its senior note loan due June 30, 2026, and has purchased outstanding warrants from Corbel Capital Partners [S2][S13].

Noble Roman's has a diversified revenue model combining company-owned restaurant sales and franchising royalties, with a focus on expanding non-traditional franchise locations in convenience stores, which are reportedly growing in number and volume potential. The development agreement with a large convenience store operator for 100 locations represents a significant growth opportunity. The company's proprietary product quality and established brand may support customer loyalty and franchisee interest. The company has demonstrated profitability in recent quarters and is actively managing its debt and liquidity position.

The company faces intense competition from larger, well-capitalized restaurant chains and independent operators, which may impact its ability to grow franchise sales and maintain existing franchises. Seasonality and adverse weather conditions affect sales, particularly in the first quarter. The COVID-19 pandemic caused closures and financial strain on many franchisees, especially in entertainment venues, leading to a decline in franchising revenue in 2021 and early 2022. The company's liquidity ratios indicate a current ratio below 1, reflecting potential short-term liquidity constraints. The senior note loan matures in June 2026, and refinancing efforts carry execution risk. Regulatory compliance and changes in franchise laws may also pose challenges.

Noble Roman's competitive advantages include its long-standing experience in traditional restaurant operations, which supports its franchising expertise and operational support to franchisees. Its proprietary recipes and ingredient specifications, along with established trademarks and service marks, contribute to brand recognition and product consistency. The company's focus on non-traditional franchise locations in convenience stores leverages a niche with growing demand for quality food offerings in these venues. The long-term franchise agreements provide annuity-like royalty income streams, supporting revenue stability. However, the company operates in a highly competitive industry with larger and better-capitalized competitors, which may limit its market power.

• Competitive Risk: The company operates in a highly competitive restaurant and retail food industry with larger and better-capitalized competitors that may affect its ability to sell franchises and maintain market share.
• Liquidity and Refinancing Risk: The company has a current ratio of 0.42 and significant debt maturing in June 2026, with ongoing refinancing efforts that may pose execution risk.
• Operational Risk from COVID-19 Impact: The pandemic caused closures and financial difficulties for franchisees in entertainment venues, impacting franchising revenue and requiring strategic refocus.
• Regulatory and Compliance Risk: The company is subject to various federal, state, and local regulations affecting operations and franchising, with potential adverse effects from changes in laws or interpretations.
• Seasonality and Weather Risk: Sales are seasonal and can be adversely affected by inclement weather and holiday periods, especially in the first quarter.

• 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' [S1].
• The company operates company-owned Craft Pizza & Pub locations and non-traditional locations, and franchises non-traditional locations primarily in convenience stores and travel plazas [S1,S2].
• The non-traditional franchise locations operate within host businesses such as convenience stores, hospitals, and entertainment venues, offering traditional Noble Roman's style pizzas with proprietary ingredients and menu extensions [S1,S2].
• The company focuses on selling its Food Service Program to convenience store operators via franchise agreements with long-term, 10-year renewable terms, providing annuity-like royalty income streams [S1,S2].
• In October 2023, Noble Roman's entered into a development agreement with Majors Management LLC for 100 franchise locations to be developed by September 30, 2026; Majors is a large convenience store owner in the southern US and has opened about half of these locations [S1,S2].
• The company has a significant backlog of sold Programs not yet opened and a pipeline of prospects for expanding non-traditional franchise locations [S1,S2].
• Noble Roman's Craft Pizza & Pub format offers approximately 40 different toppings, cheeses, and sauces, with beer and wine service, and is designed for fast cook times (3 minutes for traditional pizzas, 5.75 minutes for Sicilian pizzas) [S1,S2].
• The company operates 9 company-owned Craft Pizza & Pub locations as of 2021, with no current plans to open more, focusing instead on franchising this format to experienced multi-unit operators [S1].
• The company uses proprietary ingredients manufactured by third parties under contract and distributed through approved distributors to franchisees [S1].
• The company competes in a highly competitive restaurant and retail food industry, with competitors ranging from large international chains to independent operators; its competitive advantages include experience in traditional restaurant operations and product quality [S1].
• Sales are seasonal, with adverse effects from inclement weather and holidays, especially in the first quarter [S1].
• As of May 8, 2026, the company employed approximately 38 full-time and 114 part-time employees, with no collective bargaining agreements [S1].
• The company owns several trademarks and service marks important to its brand and marketing efforts [S1].
• The company is subject to various federal, state, and local regulations affecting its operations, including health, safety, employment, and franchise laws [S1].
• The COVID-19 pandemic materially affected operations, especially non-traditional franchises in entertainment venues which were closed for up to two years; the company refocused on convenience store franchises post-pandemic [S1].
• The company claimed and is in process of receiving Employee Retention Credit refunds totaling $1.718 million, treated as government grants reducing expenses [S1].
• For the quarter ended March 31, 2026, the company reported total revenue of $3.9 million, net income of $232,530, and basic and diluted EPS of $0.01 [S2].
• Segment revenue includes company-owned Craft Pizza & Pub restaurants ($2.09 million), company-owned non-traditional restaurants ($276,241), franchising revenue including royalties and fees ($1.52 million), and administrative fees ($14,363) for Q1 2026 [S2].
• Operating expenses for Q1 2026 were $2.63 million for operating expenses plus $103,886 depreciation and amortization and $622,517 general and administrative expenses [S2].
• The company had a current ratio of 0.42 and a cash ratio of 0.07 as of March 31, 2026, with cash and equivalents of $551,479 and current liabilities of $8 million [S2].
• The company has a senior note loan with Corbel Capital Partners with principal balance of approximately $5.2 million as of March 31, 2026, with maturity extended to June 30, 2026, and is pursuing refinancing [S2,S13].
• The company purchased Corbel's outstanding warrants for $500,000, to be effective upon repayment of the loan and associated fees [S2].
• The company has deferred tax assets of approximately $3 million that offset cash tax payments for a significant period [S2,S13].