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NROM on OTC

NOBLE ROMANS INC

NOBLE ROMANS INC is an American retail-eating places company, incorporated in Indiana.1 It is headquartered in Indianapolis, Indiana.1 Its shares trade on OTC under the symbol NROM.1

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Last updated Oct 21, 2026.

Overview

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  • TickerNROM on OTC1
  • IndustryRetail-Eating Places1
  • HeadquartersIndianapolis, Indiana1
  • Incorporated inIN2
  • Business addressOne Virginia Ave, Ste 800, Indianapolis, In 462042
  • Filer categoryNon-accelerated filer, Smaller reporting company2

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Noble Roman’s, Inc., an Indiana corporation incorporated in 1972, sells and services franchises and licenses and operates Company-owned stand-alone restaurants and non-traditional foodservice operations under the trade names “Noble Roman’s Craft Pizza & Pub,” “Noble Roman’s Pizza,” “Noble Roman’s Take-N-Bake,” and “Tuscano’s Italian Style Subs.” References in this report to the “Company” are to Noble Roman’s, Inc. and its wholly-owned subsidiary, RH Roanoke, Inc., unless the context requires otherwise. RH Roanoke, Inc. operates a Company-owned non-traditional location.3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

14.6%Operating margin4
7.1%Net margin4
8.7%Revenue growth, 20254
34.2%Return on equity4
$1.1MFree cash flow4

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs82¢$13.5M
  • Interest8¢$1.3M
  • Income tax3¢$417.5K
  • Profit7¢$1.2M

Out of $16.5M in revenue.4

Where each dollar of operating cash went, fiscal 2025

  • Capital spending12¢$144.2K
  • Kept or used elsewhere88¢$1.1M

Out of $1.2M of cash from operations.4

Financial statements

Revenue56784$16.5M in 2025+41% since 2019
0$5.0M$10.0M$15.0M$20.0M2019: $11.7M$11.7M20192020: $11.5M$11.5M2020−1%2021: $13.9M$13.9M2021+20%2022: $14.5M$14.5M2022+4%2023: $14.4M$14.4M2023−1%2024: $15.1M$15.1M2024+5%2025: $16.5M$16.5M2025+9%
Operating income56784$2.4M in 2025−8% since 2019
0$1.0M$2.0M$3.0M$4.0M2019: $2.6M$2.6M20192020: $2.3M$2.3M2020−11%2021: $1.7M$1.7M2021−25%2022: $427.7K$427.7K2022−75%2023: $3.4M$3.4M2023+704%2024: $1.5M$1.5M2024−57%2025: $2.4M$2.4M2025+63%
Net income56784$1.2M in 2025
-$6.0M-$4.0M-$2.0M0$2.0M2019: -$378.1K-$378.1K20192020: -$5.4M-$5.4M2020+1324%2021: $509.5K$509.5K20212022: -$1.3M-$1.3M20222023: $1.5M$1.5M20232024: -$3.2K-$3.2K20242025: $1.2M$1.2M2025

Every line of the income statement as filed: the last 2 fiscal years, latest first.4

Period ending2025-12-312024-12-31
Restaurant revenue - company-owned restaurants$8.8M$8.6M
Restaurant revenue - company-owned non-traditional$1.2M$953.6K
Franchising revenue$6.2M$5.5M
Administrative fees and other$270.5K$77.9K
Total revenue$16.5M$15.1M
Restaurant expenses - company-owned restaurants$7.9M$7.8M
Restaurant expenses - company-owned non-traditional$1.3M$1.0M
Franchising expenses$1.7M$1.7M
Total operating expenses$10.9M$10.5M
Depreciation and amortization$392.9K$499.6K
General and administrative$2.3M$2.7M
Cost of new warrants issued$469.5K$0
Total expenses$14.1M$13.7M
Operating income$2.4M$1.5M
Interest expense$1.3M$1.6M
Net change in warrant-related earnings effect-$522.0K-$1.8K
Net (loss) income before income taxes$1.6M-$160.5K
Income tax (benefit) expense$417.5K-$157.4K
Net (loss) income$1.2M-$3.2K
Net income$0.05$0.00
Number of common shares outstanding22.2M shares22.2M shares
Net (loss) income$0.04$0.00
Number of diluted common shares outstanding32.1M shares23.9M shares

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Corporate structure

NOBLE ROMANS INC sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of NOBLE ROMANS INC

  • CORBEL CAPITAL PARTNERS SBIC, L.P. Filed SCHEDULE 13G/A on NOBLE ROMANS INC, latest Jun 18, 2026 (5 filings since Jul 25, 2025)
  • BT Brands, Inc. Filed SC 13D/A on NOBLE ROMANS INC, latest Apr 26, 2023 (3 filings since Nov 28, 2022)
  • Robert P. Stiller Filed SC 13G/A on NOBLE ROMANS INC, latest Feb 10, 2022
  • NOBLE ROMANS INC Indianapolis, Indiana

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What NOBLE ROMANS INC reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Machinery and equipment$4.5M4 Dec 31, 2025$4.3M4 Dec 31, 2024+2.6%
Leasehold improvements$3.2M4 Dec 31, 2025$3.1M4 Dec 31, 2024+1.0%
Property and equipment, before depreciation$7.6M4 Dec 31, 2025$7.5M4 Dec 31, 2024+2.0%
Accumulated depreciation$4.0M4 Dec 31, 2025$3.6M4 Dec 31, 2024+11.0%
Property and equipment, net$3.7M4 Dec 31, 2025$3.9M4 Dec 31, 2024−6.4%
Operating-lease assets (leased space)$3.3M4 Dec 31, 2025$4.2M4 Dec 31, 2024−19.8%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$278.5K4 Dec 31, 2025$278.5K4 Dec 31, 20240%

Inventory

ItemLatestA year beforeChange
Inventory, total$965.2K4 Dec 31, 2025$987.0K4 Dec 31, 2024−2.2%
Raw materials$30.0K4 Dec 31, 2025$31.2K4 Dec 31, 2024−3.9%

Properties, in its own words

The Company owns no real property. Its headquarters are located in 8,088 square feet of leased office space in Indianapolis, Indiana. The lease for this property expires in April 2029.

The Company also leases space for its Company-owned restaurants in Westfield, Indiana which expires in January 2027, in Whitestown, Indiana which expires in November 2027, in Fishers, Indiana which expires in January 2028, in Carmel, Indiana which expires in June 2028, in Brownsburg, Indiana which expires October 2030, in Greenwood, Indiana which expires in October 2030, in McCordsville, Indiana which expires in February 2031, in Indianapolis, Indiana which expires in October 2031, and in Franklin, Indiana which expires in February 2032. All of the leases for Company-owned restaurants contain two five-year options to renew. The Company’s lender holds a security interest in the leasehold interest.

Item 2 of the 10-K filed Jun 8, 2026.3

Leadership

Who has led NOBLE ROMANS INC, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Paul W. Mobley2007–2012
  2. Alan Scott Mobley2016

Chair

  1. Paul W. Mobley2010–now

President

  1. Alan Scott Mobley2007–2016

Chief financial officer

  1. Paul W. Mobley2007–now

Chief operating officer

  1. Alan Scott Mobley2010–2012
2010201520202025
Board members and other officers (10)

Timeline

  1. Sep 16, 20268-K Shareholder vote25
  2. Jun 12, 20268-K Entered a material agreement; Ended a material agreement; New debt or obligation26
  3. Oct 20, 20258-K Change of auditor27
  4. Sep 22, 20258-K Executive or director change; Shareholder vote28
  5. Jun 24, 20258-K Change of auditor29
  6. Apr 15, 20258-K Entered a material agreement30
  7. Apr 7, 20258-K Entered a material agreement31
  8. Jan 31, 20258-K Entered a material agreement32
  9. Sep 3, 20248-K Change of auditor33
  10. Aug 28, 20248-K Shareholder vote34
  11. May 13, 20248-K Earlier financial statements no longer reliable35
  12. Dec 15, 20238-K Change of auditor36
  13. Jun 17, 2016New chief executive Alan Scott Mobley becomes CEO12
  14. Jun 18, 2007New chief executive Paul W. Mobley becomes CEO13

Calendar

When it reported results

  1. Aug 9, 2023Reported quarterly or annual results37

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

114 filings to the SEC since October 2021: 6 annual reports, 15 quarterly reports, 16 major events, 27 insider forms, 9 large holders, 41 other. The latest 20:

  1. Sep 16, 20268-K EDGAR
  2. Sep 3, 20264 PRIMARY DOCUMENT EDGAR
  3. Sep 1, 2026144 EDGAR
  4. Aug 12, 202610-Q EDGAR
  5. Aug 4, 2026DEF 14A EDGAR
  6. Jun 29, 202610-Q EDGAR
  7. Jun 18, 2026SCHEDULE 13G/A EDGAR
  8. Jun 12, 20264 EDGAR
  9. Jun 12, 20268-K EDGAR
  10. Jun 8, 202610-K EDGAR
  11. May 15, 2026SCHEDULE 13G/A EDGAR
  12. Apr 13, 2026NT 10-K/A EDGAR
  13. Mar 31, 2026NT 10-K EDGAR
  14. Feb 9, 2026SCHEDULE 13G/A EDGAR
  15. Dec 29, 202510-Q EDGAR
  16. Nov 14, 2025NT 10-Q EDGAR
  17. Nov 14, 2025SCHEDULE 13G/A EDGAR
  18. Oct 20, 20258-K EDGAR
  19. Sep 22, 20258-K EDGAR
  20. Sep 5, 2025DEFA14A DEFA 14A EDGAR

The 114 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

25 open-market trades by officers, directors and large owners since October 2021: 0 buys and 25 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Aug 27, 2026Coape-Arnold Douglas HaroldDirectorSale5,556$0.68$3.8KForm 4
Nov 24, 2024Herbst MarcelDirectorSale60,000$0.34$20.4KForm 4
Feb 2, 2022Stiller Robert P10% ownerSale19,987$0.34$6.8KForm 4
Feb 1, 2022Stiller Robert P10% ownerSale18,711$0.35$6.5KForm 4
Jan 31, 2022Stiller Robert P10% ownerSale13,749$0.35$4.8KForm 4
Jan 28, 2022Stiller Robert P10% ownerSale718$0.34$244Form 4
Jan 27, 2022Stiller Robert P10% ownerSale18,846$0.36$6.8KForm 4
Jan 26, 2022Stiller Robert P10% ownerSale5,698$0.35$2.0KForm 4
Jan 25, 2022Stiller Robert P10% ownerSale18,162$0.38$6.9KForm 4
Jan 21, 2022Stiller Robert P10% ownerSale4,825$0.34$1.6KForm 4
Jan 20, 2022Stiller Robert P10% ownerSale7,210$0.36$2.6KForm 4
Jan 19, 2022Stiller Robert P10% ownerSale17,411$0.35$6.1KForm 4
Jan 18, 2022Stiller Robert P10% ownerSale5,000$0.35$1.8KForm 4
Jan 14, 2022Stiller Robert P10% ownerSale4,850$0.34$1.6KForm 4
Jan 13, 2022Stiller Robert P10% ownerSale4,493$0.34$1.5KForm 4
Jan 12, 2022Stiller Robert P10% ownerSale11,400$0.35$4.0KForm 4
Jan 11, 2022Stiller Robert P10% ownerSale43,232$0.35$15.1KForm 4
Jan 10, 2022Stiller Robert P10% ownerSale425$0.39$166Form 4
Jan 7, 2022Stiller Robert P10% ownerSale8,089$0.41$3.3KForm 4
Jan 6, 2022Stiller Robert P10% ownerSale2,614$0.40$1.0KForm 4

All 25 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025A. Scott Mobley62$513.3K$520.1K41
2025Paul W. Mobley85$352.8K$355.9K41
2025Troy Branson62$266.3K$267.9K41
2024Chief Executive OfficerPresident and Secretary$485.0K$493.9K41
2024Executive Chairman of the Board and Chief Financial Officer$330.8K$343.4K41
2024Executive VicePresident$240.7K$243.9K41

Funding

Where the company's money came from, by calendar year: private offerings filed with the SEC, federal grants, loans, contracts and other assistance from USAspending.gov, and PPP loans from the SBA. Each bar links to the records below.

Money received by year$940.7K 2021–2021
Money received by yearMoney received by year, 2021–2021: $940.7K in all. PPP loans $940.7K.$0$250K$500K$750K$1M2021 · PPP loans: $940.7K2021
Figures by year
YearPPP loansTotal
2021$940.7K$940.7K

PPP loans

Paycheck Protection Program loans of $150,000 and up, approved April 2020 to July 2021, from the SBA42. Matched to this company by name and state.

  1. Feb 4, 2021$940.7K PPP loan (second draw) from The Huntington National Bank42To NOBLE ROMANS INC, Indianapolis IN; $948.3K forgiven Nov 26, 2021

SEC filer profile

How NOBLE ROMANS INC is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARNOBLE ROMANS INC1
  • CIK0000709005
  • Employer ID (EIN)35-12811543
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company3
  • Incorporated inIndiana3
  • Fiscal year endsDecember 311
  • Industry code (SIC)5812 Retail-Eating Places1
  • SEC reviewing officeOffice of Trade & Services, Division of Corporation Finance1
  • Business addressOne Virginia Ave, Ste 800, Indianapolis, IN 462041
  • Mailing addressOne Virginia Avenue, Suite 800, Indianapolis, IN 462041
  • Phone31763433771
  • Shares outstanding22,707,749 as of Aug 3, 202610
  • Public float$4 as of Jun 30, 20253
  • AuditorSassetti LLC, Oak Brook, Illinois PCAOB ID 293
  • On EDGAR sinceFeb 13, 19961
  • Filings614 in all: 4 (193), 10-Q (92), 8-K (61), 10-K (24), UPLOAD (24), SC 13G/A (23), CORRESP (19), SC 13D/A (19)1
    All 41 form types

    DEF 14A (18), DEFA14A (14), 3 (13), NT 10-Q (10), 144 (8), 4/A (8), SC 13D (8), 10-K/A (7), SC 13G (7), 10-K405 (6), 10-Q/A (6), DFAN14A (6), NT 10-K (6), 8-K/A (5), SCHEDULE 13G/A (5), S-1/A (4), PRE 14A (3), S-1 (3), 424B3 (2), DEFC14A (2), EFFECT (2), NT 10-K/A (2), PREC14A (2), PRRN14A (2), REGDEX (2), 10-K405/A (1), 144/A (1), D (1), NO ACT (1), NT 10-Q/A (1), NTN 10K (1), PRER14A (1), PX14A6G (1)

  • Latest filingsAnnual report (10-K) Jun 8, 2026
    Quarterly report (10-Q) Aug 12, 2026
    Proxy statement (DEF 14A) Aug 4, 2026
    Latest 8-K (8-K) Sep 16, 2026

Risk factors and legal proceedings

The risks NOBLE ROMANS INC names in Item 1A of its 10-K filed Jun 8, 2026: 13 risks under these headings, as written.3

  • Risks Related to Economic Conditions and Events
  • Competition from larger companies.
  • Dependence on growth strategy.
  • Risks Related to the Company’s Indebtedness
  • Ability to service and refinance outstanding indebtedness and the dilutive effect of the Company’s outstanding warrants.
  • Risks Related to the Company’s Operations
  • Dependence on success of franchisees and licensees.
  • Dependence on distributors.
  • Dependence on consumer preferences and perceptions.
  • Interruptions in supply or delivery of food products.
  • Federal, state and local laws with regard to the operation of the businesses.
  • Risks Related to Human Capital
The other 5 risks
  • Dependence on key executives.
  • Risks Related to the Company’s Common Stock
  • Indiana law with regard to purchases of the Company’s stock.
  • Inapplicability of corporate governance standards that apply to companies listed on a national exchange.
  • Thinly traded stock.
  • Activities of activist group of investors.

Legal proceedings

The Company, from time to time, is or may become involved in litigation or regulatory proceedings arising out of its normal business operations.

Currently, the Company is not involved in any proceeding which the Company considers to be material.

The opening of Item 3, Legal Proceedings.3

Sources

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