Noble Roman's Inc

nobleromans.com

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.