NOBLE ROMANS INC

Noble Roman's Inc. reported a strong first quarter for 2026, with net income surging 78% to $232,530 and total revenue increasing 3.8% to $3.9 million. The company also successfully refinanced its Corbel loan with a new $6.9 million term loan and purchased $500,000 of outstanding warrants. Growth in franchising revenue and the opening of new non-traditional outlets, alongside a development agreement for 100 new franchise locations, underscore positive operational momentum.

Noble Roman's Inc. secured a new senior secured term loan of approximately $6.9 million from Lake Forest Bank & Trust Company, N.A. The proceeds were primarily used to repay the outstanding $5.4 million senior secured term loan with Corbel Capital Partners SBIC, L.P., including the redemption of $500,000 in associated warrants. The company also repaid $580,000 in subordinated debt and covered transaction-related fees. This new loan features a lower interest rate structure without equity components, replacing the previous debt.

Noble Roman's, Inc. filed its 2025 annual report, highlighting a strategic refocus on franchising its Noble Roman's Food Service Program to convenience store operators, driven by post-COVID-19 expansion opportunities. The company secured a development agreement with Majors Management LLC for 100 new franchise locations by September 2026. As of May 1, 2026, the company has approximately $6.1 million in debt obligations, including a $5.5 million Senior Note maturing on June 30, 2026, and is actively pursuing refinancing. The company also received a net $1.460 million Employee Retention Credit refund.