Noble Romans INC (NROM) — SEC Filings

Overview

Noble Romans INC (NROM) is a publicly traded company tracked on ReadTheFiling. The most recent enriched filing is a 10-Q filed on Dec 29, 2025: NOBLE ROMANS INC (NROM) reported a significant increase in net income for the nine months ended September 30, 2025, reaching $1,141,305, a substantial rise from $163,695 in the same period of 2024. Total revenue also grew to $11,984,240 for the nine-month period in 2025, up from $11,450,949 in 2024,

Sentiment Summary

Across 21 filings, the sentiment breakdown is: 1 bullish, 3 bearish, 16 neutral, 1 mixed. The dominant filing sentiment for Noble Romans INC is neutral.

Filing Type Overview

Noble Romans INC (NROM) has filed 6 10-Q, 9 8-K, 2 DEFA14A, 2 DEF 14A, 1 10-K, 1 10-K/A with the SEC between May 2024 to Dec 2025.

Filings by Year

2025 · 2024

Recent Filings (21)

• Noble Roman's Net Income Soars 597% Amidst Expansion, Refinancing Efforts — 10-Q · Dec 29, 2025 Risk: high
  NOBLE ROMANS INC (NROM) reported a significant increase in net income for the nine months ended September 30, 2025, reaching $1,141,305, a substantial rise from
• Noble Roman's Inc. Changes Certifying Accountant — 8-K · Oct 20, 2025 Risk: medium
  Noble Roman's Inc. filed an 8-K on October 20, 2025, reporting a change in its certifying accountant. The earliest event reported in the filing is October 14, 2
• Noble Roman's Reports Director/Officer Changes & Shareholder Votes — 8-K · Sep 22, 2025 Risk: medium
  Noble Roman's, Inc. filed an 8-K on September 22, 2025, reporting events that occurred on September 16, 2025. The filing covers the departure of directors or ce
• Noble Roman's Files Proxy Statement — DEFA14A · Sep 5, 2025 Risk: low
  Noble Roman's, Inc. filed a definitive proxy statement on August 29, 2025, related to its annual meeting. The filing is a DEFA14A, indicating it's a proxy state
• NROM to Re-Elect Executive Chairman Mobley Amidst Concentrated Ownership — DEF 14A · Aug 29, 2025 Risk: medium
  Noble Roman's, Inc. (NROM) is holding its annual shareholder meeting on September 16, 2025, to re-elect Paul W. Mobley as a Class II director to serve until the
• Noble Roman's Swings to Profit on Strong Revenue Growth — 10-Q · Aug 21, 2025 Risk: medium
  Noble Roman's, Inc. (NROM) reported a significant turnaround in net income for the six months ended June 30, 2025, reaching $501,514, a substantial improvement
• Noble Romans Swings to Q1 Loss Amid Revenue Dip — 10-Q · Jun 26, 2025 Risk: high
  NOBLE ROMANS INC (NROM) reported a net loss of $100,000 for the three months ended March 31, 2025, a significant deterioration from the net income of $100,000 r
• Noble Roman's Changes Certifying Accountant — 8-K · Jun 24, 2025 Risk: medium
  Noble Roman's, Inc. filed an 8-K on June 24, 2025, reporting a change in its certifying accountant as of June 18, 2025. The company, incorporated in Indiana, is
• Noble Romans' Net Loss Widens to $1.06M Amid 70% Revenue Drop — 10-K · Jun 9, 2025 Risk: high
  NOBLE ROMANS INC (NROM) reported a net loss of $1,059,000 for the fiscal year ended December 31, 2024, a significant increase from the $21,000 net loss in 2023.
• Noble Roman's Inc. Enters Material Definitive Agreement — 8-K · Apr 15, 2025 Risk: medium
  On April 14, 2025, Noble Roman's Inc. entered into a material definitive agreement. The filing does not provide specific details about the agreement's nature or
• Noble Roman's Inc. Enters Material Definitive Agreement — 8-K · Apr 7, 2025 Risk: medium
  Noble Roman's Inc. announced on April 4, 2025, that it entered into a material definitive agreement. The filing does not provide specific details about the agre
• Noble Roman's Inc. Enters Material Definitive Agreement — 8-K · Jan 31, 2025 Risk: medium
  On January 28, 2025, Noble Roman's Inc. entered into a Material Definitive Agreement. The filing does not disclose the specific details of this agreement, inclu
• Noble Romans Inc. Q3 2024 Update — 10-Q · Nov 13, 2024 Risk: low
  Noble Romans Inc. reported its Q3 2024 results, with total assets valued at $40,000,000 as of September 30, 2024. The company's financial statements for the nin
• Noble Roman's Changes Auditors — 8-K · Sep 3, 2024 Risk: low
  On August 27, 2024, Noble Roman's, Inc. filed an 8-K report to disclose changes in its certifying accountant. The company has appointed BKD, LLP as its new inde
• Noble Roman's Reports on Security Holder Vote — 8-K · Aug 28, 2024 Risk: low
  Noble Roman's, Inc. filed an 8-K on August 28, 2024, reporting on a matter submitted to a vote of security holders on August 27, 2024. The filing details the co
• Noble Roman's Files Definitive Proxy Materials — DEFA14A · Aug 19, 2024 Risk: low
  Noble Roman's, Inc. (NROM) filed a DEFA14A on August 19, 2024, containing a press release. The filing is a definitive additional material and does not require a
• Noble Romans Q2 2024: Sales Dip, Net Loss Reported — 10-Q · Aug 14, 2024 Risk: medium
  Noble Romans Inc. reported its Q2 2024 results for the period ending June 30, 2024. The company had total assets of $40,000,000 and total liabilities of $22,215
• Noble Roman's Inc. Sets August 27 Shareholder Meeting — DEF 14A · Aug 7, 2024 Risk: low
  Noble Roman's Inc. filed its definitive proxy statement on August 7, 2024, for its annual meeting of shareholders scheduled for August 27, 2024. The filing prov
• Noble Romans Inc. Q1 2024 10-Q Filing — 10-Q · Jun 12, 2024 Risk: low
  Noble Romans Inc. filed its 10-Q for the period ending March 31, 2024. The filing details financial performance for the first quarter of 2024, including revenue
• Noble Roman's Files 2023 Annual Report Amendment — 10-K/A · May 17, 2024 Risk: low
  Noble Roman's Inc. filed an amendment (10-K/A) to its annual report for the fiscal year ended December 31, 2023. The filing, dated May 17, 2024, provides update
• Noble Roman's Withdraws Prior Financial Statements — 8-K · May 13, 2024 Risk: medium
  Noble Roman's, Inc. announced on May 8, 2024, that it will not rely on previously issued financial statements or related audit reports. This decision impacts fi

Risk Profile

Risk Assessment: Of NROM's 21 recent filings, 3 were flagged as high-risk, 10 as medium-risk, and 8 as low-risk. The overall risk profile suggests moderate risk with a balanced mix of positive and cautionary disclosures.

Financial Highlights

Key financial metrics from Noble Romans INC's most recent 10-Q filing (Dec 29, 2025):

• Revenue: $11,984,240
• Net Income: $1,141,305
• EPS: $0.04
• Debt-to-Equity: 3.75
• Cash Position: $719,500
• Operating Margin: 18.6%
• Total Assets: $16,084,056
• Total Debt: $12,698,211

Key Executives

• Paul W. Mobley
• A. Scott Mobley
• Gary Copperud
• Douglas H. Coape-Arnold
• Marcel Herbst
• William Wildman
• Paul Mobley

Industry Context

Noble Roman's operates in the highly competitive quick-service restaurant (QSR) industry. The sector is characterized by evolving consumer preferences, demand for convenience, and intense price competition. Growth in non-traditional locations, such as those in airports and universities, represents a strategic avenue for expansion and reaching new customer bases.

Top Tags

Small Cap (5) · Restaurant Industry (4) · Franchising (4) · corporate-governance (4) · auditor-change (3) · proxy-statement (3) · financials (3) · Debt Refinancing (2) · accounting (2) · shareholder-vote (2)

Executive Compensation

From the most recent DEF 14A filing (Aug 29, 2025):

• Paul W. Mobley — Executive Chairman of the Board and Chief Financial Officer: $343,417
• A. Scott Mobley — Chief Executive Officer, President and Secretary: $493,910
• Troy Branson — Executive Vice President: $243,868

Key Numbers

• Net Income: $1.14M — Increased from $0.16M in 9M 2024 to $1.14M in 9M 2025, a 597% increase.
• Total Revenue: $11.98M — Increased from $11.45M in 9M 2024 to $11.98M in 9M 2025, a 4.6% increase.
• Current Corbel Loan Payable: $5.69M — Increased from $1.07M at Dec 31, 2024, to $5.69M at Sep 30, 2025, indicating significant near-term debt.
• Operating Income: $2.23M — Increased from $1.41M in 9M 2024 to $2.23M in 9M 2025, a 58.3% increase.
• New Non-Traditional Locations: 31 — Opened during the first nine months of 2025, demonstrating expansion.
• Diluted EPS: $0.04 — Increased from $0.01 in 9M 2024 to $0.04 in 9M 2025.
• Corbel Loan Interest Rate: 13.25% — Interest rate on the Senior Note as of September 30, 2025.
• Dilutive Securities (Shares): 2,600,569 — Effect of stock options and warrants on diluted EPS for 9M 2025.
• Commission File Number: 0-11104 — Identifies the company's SEC filing history.
• I.R.S. Employer Identification No.: 35-1281154 — Company's tax identification number.
• Shares of common stock outstanding: 22,215,512 — As of August 25, 2025
• Paul W. Mobley's beneficial ownership: 15.0% — Represents 3,572,702 shares, including options, convertible notes, and warrants
• A. Scott Mobley's beneficial ownership: 8.4% — Represents 1,944,578 shares, including options
• Corbel Capital Partners SBIC, L.P. beneficial ownership: 9.9999% — Represents 2,468,362 shares, subject to a warrant blocker
• BT Brands, Inc. and Gary Copperud beneficial ownership: 8.1% — Represents 1,800,823 shares

Frequently Asked Questions