Rave Restaurant Group (RAVE) Q4 2025 earnings summary

Executive summary

• Achieved 21 consecutive quarters of profitability, with net income of $2.7 million for fiscal 2025, up $0.2 million year-over-year.

• Fourth quarter net income was $0.8 million, a 3.6% decrease compared to the prior year, on a 13-week vs. 14-week basis.

• Pizza Inn domestic comparable store sales rose 6.3% in Q4 and 1.9% for the year; Pie Five domestic comparable store sales declined 7.2% in Q4 and 8.4% for the year.

• Cash and short-term investments totaled $9.9 million at fiscal year-end, up $2.1 million from the prior year.

Financial highlights

• Fiscal 2025 revenue was $12.0 million, down $0.1 million from the prior year.

• Adjusted EBITDA for fiscal 2025 was $3.6 million, up $0.4 million year-over-year.

• Income before taxes increased by $0.5 million to $3.6 million for the year.

• Q4 revenue was $3.2 million, a 6.0% decrease year-over-year due to a shorter quarter.

• Net income per diluted share was $0.19 for fiscal 2025, up from $0.17 in the prior year.

Segment performance

• Pizza Inn domestic unit count ended at 96, with international units at 22; Pie Five domestic units at 17.

• Pizza Inn buffet restaurant count grew for the fourth consecutive year.

• Pizza Inn's $8 value promotion drove a 30.6% sales lift and 34.7% traffic lift at participating stores in Q4.

• Non-participating Pizza Inn stores saw over 5% same-store sales growth with a summer salad bar promotion.

• Eleven Pizza Inn stores completed reimages, with positive results; 31 new domestic stores under contract.