NOBLE ROMANS Business Summary

Noble Roman's Inc. (NROM) operates as a specialized franchisor and operator of non-traditional and fast-casual pizza concepts, generating revenue through franchise fees, ongoing royalties, and direct sales from company-owned units. The company’s business is bifurcated into two primary segments: the high-growth "Craft Pizza & Pub" flagship, which offers a full-service, premium dining experience with scratch-made crusts and craft beverages, and its extensive non-traditional franchising division, which targets high-traffic venues such as convenience stores, travel plazas, and university campuses. As of early 2026, the company has aggressively expanded its "Convenience Store Pizza Program," leveraging a modular, labor-efficient kitchen system to capture market share in the quick-service deli space. Within the competitive landscape, Noble Roman's competes with major delivery-centric chains like Domino's and Papa John's, as well as regional convenience-store giants like Casey's General Stores. NROM distinguishes itself as a niche, quality-focused alternative, positioning its "Craft Pizza & Pub" as a premium fast-casual destination while serving as a turnkey foodservice partner for non-traditional operators. Leadership is anchored by a seasoned executive team with decades of tenure, led by President and CEO A. Scott Mobley, who has served in various leadership capacities since 1987 and assumed the chief executive role in 2014. He is supported by Executive Chairman and CFO Paul W. Mobley, a former CPA who has been a central figure in the company’s strategic direction since 1974. The management team was further bolstered in late 2025 by the appointment of Kevin Oldham as Chief Accounting Officer, bringing extensive public company controller experience to the financial department. The company was originally founded in 1972 by Stephen Huse and Gary Knackstedt. The Board of Directors includes independent members Douglas H. Coape-Arnold, an expert in corporate finance, and Marcel Herbst, alongside Jeffrey Roberts. Despite its small-cap status, the company maintains a dedicated investor base and has recently focused on retiring senior debt and optimizing its capital structure to support its 2026 expansion targets.