Noble Roman's, Inc. announced its financial data for the full year 2024, reporting a net loss of $3,174, a significant change from the net profit of $1,460,284 recorded in 2023. Total revenue for 2024 increased to $15.15 million from $14.37 million in 2023, primarily driven by growth in the franchising segment.
Operating income decreased substantially from $3.44 million in 2023 to $1.48 million in 2024, largely due to the absence of a $1.46 million net Employee Retention Credit refund recorded in the prior year. The franchising segment's revenue grew by 18.6% to $5.54 million in 2024 from $4.67 million in 2023, while company-owned Craft Pizza Pub revenue slightly decreased to $8.58 million from $8.74 million.
As of December 31, 2024, the company had approximately $6.76 million in principal outstanding on its Senior Note and $575,000 in outstanding subordinated convertible notes. Interest expense for the year was $1.64 million, down slightly from $1.74 million in 2023. The company also identified material weaknesses in its internal control over financial reporting related to expense reimbursements and account reconciliations.
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