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Noble Roman’s, Inc. reported modest profitability for the three and six months ended June 30, 2026 while significantly reshaping its balance sheet. Total revenue for the six-month period was $8,028,547, slightly above $7,840,588 a year earlier, driven mainly by franchising revenue of $3,130,590. Net income was $190,620 for the quarter and $311,390 for the first half, with basic EPS of $0.01 for both periods.
Operating cash flow strengthened to $1,126,881 for the first half of 2026, compared with $596,983 in 2025. On June 10, 2026, the company entered a new five-year senior term loan of $6,900,427 with Lake Forest Bank & Trust, using the proceeds to repay its Corbel loan, all subordinated notes, purchase and cancel $500,000 of outstanding warrants, and pay related costs. This refinancing reduced current senior loan maturities and improved the current ratio to 1.3:1 from 0.40:1, while total liabilities decreased to $11,781,717.
Franchising remains the key profit driver with six‑month segment contribution of $2,288,949 and a margin of 73.1%, while company‑owned Craft Pizza & Pub margin contribution declined. The company carries a deferred tax asset of about $3.0 million it expects to utilize over five years. Management disclosed that a previously reported material weakness in internal control over financial reporting remains unremediated as of June 30, 2026, although financial statements are believed to fairly present results.
Noble Roman’s, Inc. is holding its 2026 annual shareholder meeting on September 15, 2026 in Indianapolis to elect one Class III director (term to 2029), one Class II director (term to 2028) and to ratify Stephano Slack as independent auditor for 2026. The record date is August 10, 2026, when 22,707,749 common shares were outstanding, each entitled to one vote; director elections use a plurality standard.
The board has nominated President/CEO A. Scott Mobley (Class III) and Executive Chairman/CFO Paul W. Mobley (Class II), a father–son team, and recommends voting “FOR” both. All directors and officers as a group beneficially own 5,996,527 shares, or 23.7%. The four‑member classified board includes two independent directors and has no standing audit, compensation, or nominating committees, so the full board handles those functions. In 2025, net income was $1,173,224, while CEO total compensation was $520,149 and Executive Chairman/CFO compensation was $355,950, reflecting voluntary reductions from higher contractual base salaries.
Noble Roman’s, Inc. reported modestly higher results for the three months ended March 31, 2026. Revenue grew to $3.9 million from $3.8 million, driven mainly by franchising and company-owned Craft Pizza & Pub restaurants.
Net income increased to $232,530 from $130,633, with basic and diluted earnings per share steady at $0.01. Franchising margin contribution improved to 72.4% of segment revenue, while Craft Pizza & Pub margin rose to 7.5%. Interest expense declined as principal on the senior note was repaid.
Liquidity remains tight with a current ratio of 0.43 and significant short-term debt, but after quarter-end the company entered a new $6.9 million five-year term loan to repay the Corbel senior note, subordinated debt, and repurchase Corbel warrants. Management believes a $3.0 million deferred tax asset is more likely than not to be fully utilized over the next five years. Management reports disclosure controls as effective while continuing to remediate previously identified internal control weaknesses.
Noble Romans, Inc. Schedule 13G/A (Amendment No. 5) discloses that Corbel Capital Partners, SBIC, L.P., Corbel Capital Advisors SBIC, LLC, Jeffrey B. Schwartz and Jeffrey S. Serota (the "Reporting Persons") report beneficial ownership of 0 shares of Common Stock (CUSIP 655107100). The filing lists the Reporting Persons' principal business office and certifies ownership of 0 shares, representing 0% of the class. Signatures are dated 06/17/2026. The statement is a standard ownership update indicating the Reporting Persons do not beneficially own shares as reported in this amendment.
Noble Romans Inc Executive Chairman and CFO Paul W. Mobley exercised warrants to acquire 450,000 shares of Noble Romans common stock at $0.10 per share. The exercise converted Redeemable Class A Warrants into common stock, leaving no warrants of this class outstanding and bringing his directly held position to 3,252,702 shares.
Noble Roman’s, Inc. entered into a new senior secured credit agreement with Lake Forest Bank & Trust Company, providing a term loan of approximately $6.9 million. The company used this financing to refinance existing debt, redeem warrants, pay advisory fees, and cover closing costs.
The term loan bears interest at Term SOFR plus 4.00%, currently totaling 7.60% per year, and matures in five years with principal and interest paid in fixed monthly amounts. A 1.00% prepayment fee applies only if repaid before the second anniversary.
Unlike the prior Corbel facility, the new loan has no equity or payment-in-kind interest components. Noble Roman’s must maintain specified financial ratios, enter into interest rate hedging contracts covering at least 50% of the outstanding principal within 90 days, and grant first-priority liens on all company and subsidiary assets as collateral.
Noble Roman’s, Inc. reports full-year 2025 results showing a return to profitability and continued franchise-driven growth. Revenue rose to $16.5 million from $15.1 million, led by franchising revenue of $6.2 million and Craft Pizza & Pub restaurant revenue of $8.8 million. Net income improved to $1.17 million versus a small loss in 2024, helped by higher margin contribution from both restaurants and franchising and lower general and administrative expenses.
The company opened about 60 new non-traditional franchised outlets in 2025 and ended the year with roughly 75 additional units sold but not yet opened, supporting future royalty growth. However, leverage remains significant: short-term debt obligations totaled about $6.5 million at December 31, 2025, primarily a $5.5 million senior secured note maturing in June 2026 that carries interest at SOFR plus 9%. Management is pursuing refinancing to address this maturity and potentially repurchase substantial outstanding warrants.
Noble Romans Inc. ownership disclosure: Corbel Capital Partners, Corbel Capital Advisors and principals Jeffrey B. Schwartz and Jeffrey S. Serota report warrants to purchase 5,750,000 shares of Common Stock. The warrants are subject to a 9.9999% Warrant Blocker, and the filing reports a 9.9999% beneficial ownership calculation based on 22,215,512 shares outstanding as of November 25, 2025.
The Reporting Persons state they cannot currently exercise all Warrants because of the Warrant Blocker and therefore do not currently beneficially own all of the underlying shares under Rule 13d-3; shared voting and dispositive power of 5,750,000 shares is reported.
Noble Roman’s, Inc. notified the SEC that it cannot file its Form 10-K for the year ended December 31, 2025 within the prescribed period. The company filed a Form 12b-25 on March 31, 2026 and now states it will be unable to file within the Rule 12b-25 extension period. The company states it is working diligently to file the 2025 Form 10-K as soon as practicable. The notification is signed by Paul W. Mobley on April 10, 2026.
Noble Roman’s, Inc. submitted a Rule 12b-25 notification stating it cannot timely file its Form 10-K for the period ended December 31, 2025 because the registrant and new auditor, Stephano Slack, LLC, have not completed audit procedures. The filing is signed on March 31, 2026.