INDIANAPOLIS, IN / ACCESS Newswire / November 12, 2026 / Noble Roman’s, Inc. (OTCQB:NROM), the Indianapolis based operator and franchisor of Noble Roman’s Pizza and Noble Roman’s Craft Pizza & Pub, today announced key 2026 financial data for the 3- and 9-month periods ended September 30th as well as other company updates.

As previously announced, the company fulfilled a major strategic objective during the second quarter of 2026 by obtaining a new senior secured loan through Lake Forest Bank & Trust Company in the amount of approximately $6.9 million. The new package provided for the repayment of the company’s previous senior secured term loan, the purchase and extinguishment of all warrants issued under the previous term loan, the repayment of the company’s sub debt notes, and the payment of fees and other costs associated with the new financing package. The financing activity resulted in the charging of the remaining unamortized loan and warrant costs from the previous financing totaling approximately $353k, which created a one-time decrease in net income for 2026, and which was previously recorded in the 2nd quarter. The new senior term loan bears interest of SOFR plus 4% (which is currently approximately 7.9%) and the principal amortizes monthly over 60 months.

In August 2026, the company discontinued its one company-operated non-traditional unit located in a hospital in Roanoke, VA. After completing a remodel and expansion of the hospital’s facilities, the hospital determined not to renew the company’s annual management agreement so that it could self-manage its foodservice. While the company disagrees with aspects of the hospital’s decision, and while it finds fault with events prior to and during the closing process, the unit no longer served a purpose in the company’s strategy of focusing on Pizza Program growth in the convenience store segment. The hospital unit was not contributing to the company’s profitability, was difficult and expensive to manage, and no longer served its original purpose – as an example operation for potential franchisees in larger scale venues, such as hospitals, airports and military bases. As a result of the unit closure, the company is reporting a one-time non-cash loss on discontinued operations in the 3rd quarter in the amount of approximately $280k.

Management’s presentation of financial highlights from the 9-month period ending September 30, 2026 includes:

  • Net Income before provision for tax accrual (approximately $125k), one-time charge for the new financing (approximately $353k) and one-time charge for discontinued operations (approximately $280k) was approximately $1.2 million in 2026 compared to net income before taxes (approximately $302k) and decrease in value of warrants (approximately $367k) of $769k for the same 9-month period in 2025.
  • Income Tax Expense reduced Net Income by approximately $125k for the current 9-month period, however the company will not pay income taxes for a number of years due to its roughly $3 million Deferred Tax Asset.
  • Total Revenue was approximately $11.273 million versus approximately $11.063 million for the same 9-month period in 2025.
  • Cash increased to approximately $1.018 million on September 30, 2026 compared to approximately $534k on December 31, 2025
  • Same stores sales decreased in the company-owned Craft Pizza & Pub segment by approximately 2.4% versus the same 9-month period in 2025, largely as a result of economic conditions created by a combination of inflationary pressures, high gas prices, and the ongoing Iranian conflict. The company implemented no menu price increases.
  • The margin contribution from the company’s franchised Convenience Store Pizza Program segment was approximately $3.485 million in 2026 versus approximately $2.967 million for the same 9-month period in 2025.
  • The margin contribution rate for the franchise segment increased in the first 9 months of 2026 to approximately 73.2% versus approximately 67.9% for the same period in 2025 reflecting the fact that only a marginal amount of additional overhead is required for growth in this segment.

Management’s presentation of financial highlights from the 3-month period ending September 30, 2026 includes:

  • Net Income before provision for tax accrual (approximately $27k) and one-time charge for loss of discontinued operations (approximately $280k) was approximately $390k compared to net income before income tax (approximately $141k) and before decrease in value of warrants (approximately $367k) of approximately $300k for the same 3-month period in 2025.
  • Total Revenue was approximately $3.8 million versus approximately $3.8 million for the same 3-month period in 2025.
  • Same stores sales decreased in the company-owned Craft Pizza & Pub segment by approximately 5.3% versus the same 3-month period in 2025, largely as a result of economic conditions created by a combination of inflationary pressures, high gas prices, and the ongoing Iranian conflict. The company implemented no menu price increases.
  • The margin contribution from the company’s franchised Convenience Store Pizza Program segment was approximately $1.2 million in the 3rd quarter 2026 versus approximately $1.0 million for the same 3-month period in 2025.
  • The margin contribution rate for the franchise segment increased in the 3rd quarter of 2026 to approximately 73.4% versus approximately 68.7% for the same period in 2025 reflecting the fact that only a marginal amount of additional overhead is required for short-term growth in revenue in this segment.

According to Scott Mobley, President and CEO of Noble Roman’s, “The excitement level surrounding our Pizza Program segment is particularly high right now. Perhaps because of the overall economic uncertainty this year, franchising activity has been more heavily skewed towards the later months than usual. By November 12th, however, the company had sold 59 new locations and opened 41. On top of that, we have a very full calendar of openings currently scheduled before year end, and we anticipate closing out 2026 with a total of 65 to 70 new units signed up and approximately 60 new units opened.

“That same economic environment, which we believe is directly and indirectly related to the Iranian conflict, the political environment, and general inflationary pressures, particularly with gas prices, created significant consumer hesitancy which impacted the Craft Pizza & Pub segment during the last 8 months or so. There are some very early, small signs that, as a result of the elections being over and the recent drop in gas prices, a positive reversal on guest spending may be emerging. It is too early to say definitively, and positive macro trends might prove to be fragile. However, hopefully to be a productive sales catalyst, the company is excited to announce that its new Craft Pizza & Pub mobile app, with integrated loyalty and gift card functionality, should be on track to launch with a targeted date of December 1st.”

Noble Roman’s also announced that it will host a conference call on Monday, November 16th from 4:00 to 4:30 PM ET. Those interested in participating in the conference call should dial in at 317-300-7896 and use the participation code 499795 (no pin number required – callers will press 5* to ask questions when Q&A time is announced).

The statements concerning the company’s future revenues, profitability, financial resources, financing efforts, market demand and product development are forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) relating to the company that are based on the beliefs of the management of the company, as well as assumptions and estimates made by and information currently available to the company’s management. The company’s auditing firm has not yet completed its review of the first quarter 2026 financial statements, and some results may change from the results presented in previous releases. The company’s actual results in the future may differ materially from those indicated by the forward-looking statements due to risks and uncertainties that exist in the company’s operations and business environment, including, but not limited to competitive factors and pricing and cost pressures, the company’s ability to service its loan, the emergence or spread of human or animal pandemics (such as COVID-19 or the Avian Influenza), non-renewal of franchise agreements or the openings contemplated by the Development Agreement not occurring, shifts in market demand, the success of franchise programs, general economic conditions and national or international events, such as war or unrest, changes in demand for the company’s products or franchises, the impact of franchise regulation, the success or failure of individual franchisees, inflation, other changes in prices or supplies of food ingredients and labor and as well as the factors discussed under “Risk Factors” contained in the 2025 Annual Report on Form 10-K. Should one or more of these risks or uncertainties materialize, or should underlying assumptions or estimates prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected or intended. If activist stockholder activities ensue, or if certain parties (acting individually or as a group) seek to initiate interference in the company’s business relationships, the company business could be adversely impacted.

END

Noble Roman’s, Inc. and Subsidiaries
Consolidated Balance Sheets
(Unaudited)

December 31, September 30,
Assets
 2025 2026
Current assets:
Cash
 $ 533,670 $ 1,018,416
Employee Retention Tax Credit Receivable
 527,948 558,057
Accounts receivable – net
 741,539 763,233
Inventories
 965,212 1,053,107
Prepaid expenses
 478,262 332,782
Total current assets
 3,246,631 3,725,595
Property and equipment:
Equipment
 4,463,379 4,429,247
Leasehold improvements
 3,175,507 3,226,834
7,638,886 7,656,081
Less accumulated depreciation and amortization
 3,979,112 4,204,307
Net property and equipment
 3,659,774 3,451,774
Deferred tax asset
 3,114,727 2,989,651
Deferred contract costs
 1,699,935 1,612,506
Goodwill
 278,466 –
Operating lease right of use assets
 3,332,195 2,657,614
Other assets
 562,756 619,760
Total assets
 $ 15,894,484 $ 15,056,900
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable and accrued expenses
 $ 702,207 $ 531,197
Current portion of operating lease liability
 950,409 941,901
Current portion of Senior Loans payable
 5,470,824 1,194,891
Current portion of subordinated notes payable
 575,000 –
Warrant liability
 500,000 –
Total current liabilities
 8,198,440 2,667,989
Long-term obligations:
Long-term portion of Senior Loan payable
 – 5,006,908
Operating lease liabilities – net of current portion
 2,564,162 1,857,661
Deferred contract income
 1,699,934 1,612,506
Total long-term liabilities
 4,264,096 8,477,075
Total liabilities
 $ 12,462,536 $ 11,145,064
Stockholders’ equity:
Common Stock – no par value (40,000,000 shares authorized, 22,215,512 issued and outstanding as of December 31, 2025 and 22,707,749 issued and outstanding as of September 30, 2026)
 24,911,141 24,994,958
Accumulated deficit
 (21,479,193 ) (21,083,122 )
Total stockholders’ equity
 3,431,947 3,911,836
Total liabilities and stockholders’ equity
 $ 15,894,484 $ 15,056,900

Noble Roman’s, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(Unaudited)

Three months ended
September 30,
Nine months ended
September 30,
2025 2026 2025 2026
Revenue:
Restaurant revenue – company-owned restaurants
 $ 2,286,707 $ 2,166,285 $ 6,630,583 $ 6,474,085
Franchising revenue
 1,467,655 1,629,093 4,367,815 4,759,683
Administrative fees and other
 57,479 (706 ) 64,433 39,186
Total revenue
 3,811,841 3,794,672 11,062,831 11,272,954
Operating expenses:
Restaurant expenses – company-owned restaurants
 1,994,014 2,026,055 5,893,883 5,966,269
Franchising expenses
 459,998 433,427 1,401,190 1,275,067
Total operating expenses
 2,454,012 2,459,482 7,295,073 7,241,336
Depreciation and amortization
 97,465 104,408 293,545 305,549
General and administrative expenses
 554,345 674,748 1,539,277 1,904,671
Defense against activist shareholder
 552 – 9,132 –
Total expenses
 3,106,374 3,238,638 9,137,027 9,451,556
Operating income
 705,467 556,034 1,925,804 1,821,398
Interest expense
 405,534 167,071 1,156,870 1,020,522
Decrease in fair value of warrant
 (367,408 ) – (367,408 ) –
Net income before income taxes and loss (gain) on discontinued operations
 667,341 388,963 1,136,342 800,876
Loss (gain) on discontinued operations
 (27,399 ) 277,539 (48,433 ) 279,728
Income tax expense
 141,147 26,742 301,936 125,076
Net income
 $ 553,593 $ 84,682 $ 882,839 $ 396,072
Earnings per share – basic:
Net income before loss on discontinued operations and income tax
 $ .03 $ .02 $ .05 $ .04
Net income
 $ .02 $ .00 $ .04 $ .02
Weighted average number of common shares outstanding
 22,215,512 22,707,749 22,215,512 22,461,631
Diluted earnings per share:
Net income
 $ .02 – $ .03 $ .02
Weighted average number of common shares outstanding
 25,966,081 23,647,294 25,966,081 23,401,176

FOR ADDITIONAL INFORMATION, CONTACT:

For Media Information: Scott Mobley, President & CEO (smobley@nobleromans.com)

For Investor Relations: Paul Mobley, Executive Chairman (pmobley@nobleromans.com)

Mike Cole, Investor Relations: 949-444-1341 (mike.cole@armaadvisoryservices.com)

SOURCE: Noble Romans, Inc.

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Noble Romans, Inc.