Noble Roman's Inc (NROM) is a pizza franchise company that licenses the Noble Roman's brand to non-traditional and traditional foodservice operators. Revenue comes from two primary streams: royalties and fees collected from franchisees, and direct sales from company-operated Craft Pizza & Pub locations. Franchising is the dominant segment, generating $5.54M in royalties and fees for the year ended December 31, 2024, versus $8.58M in total company revenue across both segments. The franchise segment produced a margin contribution of $3.84M (69.3% margin) in FY2024, down from $4.43M (95.0% margin) in FY2023. The Craft Pizza & Pub segment produced $783K in margin contribution (9.2%) in FY2024. As of December 31, 2024, there were no company-operated or franchised Craft Pizza & Pub restaurants opened or closed during the year, while 68 new non-traditional outlets opened and 10 closed in the same period. The company carries debt including a senior secured loan from Corbel Capital Partners SBIC, L.P. and convertible subordinated notes. Management concluded internal controls over financial reporting were not effective as of December 31, 2024, citing material weaknesses.

Revenue model

Royalty and fee income from franchisees (transactional, collected via ACH) plus direct restaurant sales from company-operated Craft Pizza & Pub locations. Franchising generated $5.54M and total company revenue was $8.58M for the year ended December 31, 2024.

Products and services

Noble Roman's pizza franchise licenses for non-traditional outlets; Craft Pizza & Pub full-service restaurant concept operated directly by the company.

Customers and end markets

Franchisees operating non-traditional pizza outlets; consumers dining at company-operated Craft Pizza & Pub locations. Non-traditional franchise channel showed net growth of 58 locations in the year ended December 31, 2024.

Value-chain role

Franchisor and brand licensor for non-traditional foodservice pizza outlets; direct restaurant operator for Craft Pizza & Pub locations. Collects royalties, provides franchisee support, and operates point-of-purchase and ACH payment infrastructure.

Geographic exposure

United States, subject to FTC and state franchise regulation. No specific geographic revenue breakdown disclosed in the excerpts.

Source: SEC 10-K, filed 2025-06-09

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