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RAVE

RAVE Restaurant Group, Inc.

RAVE

RAVE Restaurant Group, Inc. • NASDAQ
$3.17 ▲ 3.93% (+0.12)
Market Cap $45.05 M
52w High $3.75
52w Low $2.01
Dividend Yield 0%
P/E 15.85
Volume 77.75K
Outstanding Shares 14.21M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q1-2026 $3.213M ▲ $1.424M ▲ $645K ▼ 20.075% ▼ $0.05 ▼ $969K ▼
Q4-2025 $3.154M ▲ $1.184M ▼ $847K ▲ 26.855% ▲ $0.06 ▲ $1.342M ▲
Q3-2025 $2.966M ▲ $1.332M ▼ $722K ▲ 24.343% ▲ $0.05 ▲ $1.017M ▲
Q2-2025 $2.869M ▼ $1.376M ▼ $607K ▲ 21.157% ▲ $0.04 ▲ $780K ▲
Q1-2025 $3.05M $1.442M $526K 17.246% $0.036 $753K

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q1-2026 $10.556M ▲ $17.005M ▲ $2.168M ▼ $14.837M ▲
Q4-2025 $9.883M ▲ $16.557M ▲ $2.403M ▲ $14.154M ▲
Q3-2025 $8.721M ▼ $15.711M ▼ $2.363M ▲ $13.348M ▼
Q2-2025 $8.916M ▲ $16.115M ▼ $2.336M ▼ $13.779M ▲
Q1-2025 $8.433M $16.285M $2.984M $13.301M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q1-2026 $645K ▼ $608K ▼ $-2.07M ▼ $0 ▼ $-1.462M ▼ $600K ▼
Q4-2025 $847K ▲ $1.227M ▲ $897K ▲ $1K ▲ $2.125M ▲ $1.196M ▲
Q3-2025 $722K ▲ $953K ▲ $-1.885M ▼ $-1.205M ▼ $-2.137M ▼ $953K ▲
Q2-2025 $607K ▲ $695K ▲ $975K ▲ $-182K ▼ $1.488M ▲ $651K ▲
Q1-2025 $526K $520K $-2.023M $0 $-1.503M $520K

Revenue by Products

Product Q2-2024Q3-2024Q4-2024Q1-2025
Advertising Funds
Advertising Funds
 $0 ▲$0 ▲$0 ▲$0 ▲
Area Development Exclusivity Fees and Foreign Master License Fees
Area Development Exclusivity Fees and Foreign Master License Fees
 $0 ▲$0 ▲$0 ▲$0 ▲
Franchise License Fees
Franchise License Fees
 $0 ▲$0 ▲$0 ▲$0 ▲
Franchise Royalties
Franchise Royalties
 $0 ▲$0 ▲$0 ▲$0 ▲
Other Revenues
Other Revenues
 $0 ▲$0 ▲$0 ▲$0 ▲
Rental Income
Rental Income
 $0 ▲$0 ▲$0 ▲$0 ▲
Supplier and Distributor Incentive Revenues
Supplier and Distributor Incentive Revenues
 $0 ▲$0 ▲$0 ▲$0 ▲
Supplier Convention Funds
Supplier Convention Funds
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement RAVE looks like a very small, mostly franchisor-style business that operates close to break-even with modest profits in some years. Revenue over the last several years appears broadly flat, rather than showing strong growth. Profitability is positive but thin, and earnings per share have moved around from year to year, suggesting some lumpiness rather than a smooth upward trend. Overall, the income statement points to a company that has stabilized its operations but is not yet demonstrating clear, sustained growth in sales or profits.

Balance Sheet

Balance Sheet The balance sheet is light and simple, consistent with an asset‑light, franchise‑oriented restaurant company. Total assets and equity are modest, and there is effectively no financial debt, which reduces balance‑sheet risk but also highlights how small the business is. Cash levels have drifted down from earlier years, which slightly narrows the financial cushion for shocks or investments. Equity has been relatively steady, indicating no major recent recapitalizations, but also limited scale. Financially, RAVE appears cautious and low‑leverage, but with limited resources to absorb setbacks or fund large initiatives internally.

Cash Flow

Cash Flow Cash generation seems to hover around breakeven, with operating and free cash flow not showing strong, consistent surpluses. Capital spending is low, which aligns with a franchise-heavy model and helps preserve cash, but also means growth depends more on franchisees and careful capital allocation than on heavy corporate investment. The cash flow profile suggests a business that can generally fund itself day‑to‑day, yet does not have abundant excess cash flow to rapidly accelerate expansion or support large new programs without outside capital or franchisee participation.

Competitive Edge

Competitive Edge RAVE’s competitive position is split between two very different brands. Pizza Inn benefits from long-standing brand recognition, a differentiated buffet format, and a focus on smaller markets where competition from the biggest national pizza players is less intense. That creates a niche, value‑oriented position that can be defensible if execution remains strong. Pie Five, in contrast, sits in a crowded fast‑casual pizza segment where its early-mover advantage has faded as rivals adopted similar build‑your‑own formats. Its current edge relies on unique crusts, oven technology, and menu twists, but scale and brand power lag larger players. Overall, RAVE’s moat is modest: Pizza Inn has a clearer niche, while Pie Five is still searching for a durable position.

Innovation and R&D

Innovation and R&D For its size, RAVE has leaned heavily into technology and concept refreshes instead of traditional, capital‑intensive R&D. Across both brands it has systematically upgraded point‑of‑sale platforms, delivery management, online ordering, and loyalty programs to improve efficiency and capture more digital demand. Pizza Inn is also testing new store designs, updated branding, and a kiosk concept for nontraditional locations, while Pie Five experiments with distinctive crusts, portable items like calzones, and more flexible store formats. The company’s innovation strategy is practical and focused on guest experience and unit-level economics rather than flashy tech. The main risk is execution: as a small company, it must be very selective, ensuring each new system, menu item, or prototype truly lifts traffic and franchisee returns.

Summary

RAVE is a very small, primarily franchise‑driven restaurant group with stable but low‑growth revenue and thin, sometimes volatile profits. Its balance sheet is simple and largely debt‑free, which limits financial risk but also underlines its constrained scale and financial flexibility. Cash flow is generally around breakeven, adequate to operate but not abundant enough to fund rapid, self‑financed expansion. Competitively, the story is uneven: Pizza Inn’s value buffet format and focus on smaller markets give it a clearer niche, while Pie Five operates in a tougher, commoditized fast‑casual pizza segment and is still working through a turnaround. Management is betting on technology upgrades, concept refreshes, menu innovation, and disciplined cost control to drive a gradual improvement in unit economics and brand relevance. Future performance will likely hinge on whether Pizza Inn’s remodel and expansion pipeline materialize as planned and whether Pie Five can carve out a distinct, profitable identity in a crowded field.

NEWS

November 6, 2025 · 9:01 AM UTC

RAVE Restaurant Group, Inc. Reports First Quarter 2026 Results

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September 25, 2025 · 9:01 AM UTC

RAVE Restaurant Group, Inc. Reports Fourth Quarter and Fiscal Year End 2025 Financial Results

Read more