RAVE

MKT CAP:$39M

RAVE Restaurant Group, Inc.

Market Cap

$39M

Consumer Cyclical·Restaurants·🇺🇸 United States·NASDAQ

Consumer Cyc.·Restaurants·🇺🇸·NASDAQ

Stock Price

$2.61-$0.58 (-18.18%)

Apr 23, 2026

Company Details

Rave Restaurant Group, Inc., together with its subsidiaries, operates and franchises pizza buffet, delivery/carry-out (delco), and express restaurants under the Pizza Inn trademark in the United States and internationally. It operates throu...

CEO

Brandon L. Solano

IPO Date

Sep 1, 1993

Website

www.raverg.com

Key Metrics TTM

Revenue

$12M

+1.1% YoY

Net Income

$3M

EPS (Diluted)

$0.20

Free Cash Flow

$3M

Revenue / Share

$0.87

Gross Margin

72.3%

Operating Margin

28.2%

Net Margin

23.0%

FCF Margin

24.6%

P/S

3.2x

P/E

13.8x

Earnings Reports

Q3 2026

May 6, 2026

PENDING

Q2 2026

Feb 5, 2026

$3M+6.0%EPS $0.04

Q1 2026

Nov 6, 2025

$3M+5.3%EPS $0.05

FY 2025

Sep 25, 2025

$12M-0.9%EPS $0.19

Q4 2025

Sep 25, 2025

$3M-6.0%EPS $0.06

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 22	$3M	$2M	$511.0K
Q4 22	$3M	$2M	$442.0K
Q1 23	$3M	$2M	$409.0K
Q2 23	$3M	$2M	$493.0K
Q3 23	$3M	$2M	$438.0K
Q4 23	$3M	$2M	$0
Q1 24	$3M	$2M	$0
Q2 24	$3M	$2M	$494.0K
Q3 24	$3M	$2M	$809.0K
Q4 24	$3M	$3M	$1M
Q1 25	$3M	$2M	$613.0K
Q2 25	$3M	$2M	$664.0K
Q3 25	$3M	$2M	$866.0K
Q4 25	$3M	$2M	$1M
Q1 26	$3M	$2M	$752.0K
Q2 26	$3M	$2M	$748.0K

Valuation

Quarter	P/S	P/E
Q3 22	3.8x	18.2x
Q4 22	3.7x	4.9x
Q1 23	3.5x	4.9x
Q2 23	3.5x	4.9x
Q3 23	3.4x	5.1x
Q4 23	3.3x	24.3x
Q1 24	3.3x	23.2x
Q2 24	3.3x	20.7x
Q3 24	3.3x	17.6x
Q4 24	3.2x	15.9x
Q1 25	3.2x	15.0x
Q2 25	3.2x	14.7x
Q3 25	3.2x	14.3x
Q4 25	3.3x	14.5x
Q1 26	3.2x	13.9x
Q2 26	3.2x	13.8x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 22	$511.0K	$486.0K
Q4 22	$859.0K	$818.0K
Q1 23	$1M	$1M
Q2 23	-$343.0K	-$427.0K
Q3 23	$441.0K	$403.0K
Q4 23	$1M	$1M
Q1 24	$628.0K	$601.0K
Q2 24	-$323.0K	-$342.0K
Q3 24	$1M	$996.0K
Q4 24	$1M	$1M
Q1 25	$520.0K	$520.0K
Q2 25	$695.0K	$651.0K
Q3 25	$953.0K	$953.0K
Q4 25	$1M	$1M
Q1 26	$608.0K	$600.0K
Q2 26	$306.0K	$297.0K

Capital Expenditures

Quarter	CapEx
Q3 22	$25.0K
Q4 22	$41.0K
Q1 23	$53.0K
Q2 23	$84.0K
Q3 23	$38.0K
Q4 23	$59.0K
Q1 24	$27.0K
Q2 24	$19.0K
Q3 24	$30.0K
Q4 24	$8.0K
Q1 25	$0
Q2 25	$44.0K
Q3 25	$0
Q4 25	$31.0K
Q1 26	$8.0K
Q2 26	$9.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 22	+20.0%	+5.7%
Q4 22	+18.7%	+30.7%
Q1 23	+17.7%	+16.1%
Q2 23	+6.3%	+7.4%
Q3 23	+13.4%	+20.1%
Q4 23	+8.0%	+28.0%
Q1 24	+2.7%	+18.9%
Q2 24	-4.2%	-5.1%
Q3 24	-0.3%	-15.0%
Q4 24	+10.1%	-26.7%
Q1 25	-1.2%	-21.1%
Q2 25	+4.5%	-2.1%
Q3 25	+0.1%	-2.5%
Q4 25	-6.0%	-9.1%
Q1 26	+5.3%	+1.0%
Q2 26	+6.0%	+4.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 22	$42.0K	1.6%
Q4 22	$0	0.0%
Q1 23	$86.0K	2.9%
Q2 23	$87.0K	3.0%
Q3 23	$86.0K	2.9%
Q4 23	$86.0K	2.8%
Q1 24	$79.0K	2.6%
Q2 24	$3.0K	0.1%
Q3 24	$45.0K	1.5%
Q4 24	$22.0K	0.7%
Q1 25	$73.0K	2.4%
Q2 25	$0	0.0%
Q3 25	$52.0K	1.8%
Q4 25	$0	0.0%
Q1 26	$38.0K	1.2%
Q2 26	$62.0K	2.0%

OpEx Breakdown

Quarter	G&A	S&M	SG&A
Q3 22	$1M	—	—
Q4 22	—	—	$2M
Q1 23	$1M	—	—
Q2 23	$1M	—	—
Q3 23	—	—	$2M
Q4 23	$1M	—	—
Q1 24	$1M	—	—
Q2 24	$1M	—	—
Q3 24	$1M	—	—
Q4 24	$1M	—	—
Q1 25	$1M	—	—
Q2 25	$1M	—	—
Q3 25	$1M	—	—
Q4 25	$806.0K	$378.0K	—
Q1 26	$1M	—	—
Q2 26	$2M	—	—

Revenue Segments

Quarter	Advertising Funds	Area Development Exclusivity Fees and Foreign Master License Fees	Franchise License Fees	Franchise Royalties	Other Revenues	Rental Income	Supplier Convention Funds	Supplier and Distributor Incentive Revenues
Q1 25	$464.0K	$3.0K	$28.0K	$1M	$2.0K	$23.0K	$217.0K	$1M

Revenue by Geography

Quarter	Foreign Countries	United States
Q1 25	$63.0K	$3M
Q2 25	—	$3M
Q3 25	—	$3M

War Chest

Quarter	Cash	Short-term Investments	Total
Q3 22	$7M	$0	$7M
Q4 22	$8M	$0	$8M
Q1 23	$7M	$0	$7M
Q2 23	$3M	$0	$3M
Q3 23	$4M	$0	$4M
Q4 23	$5M	$0	$5M
Q1 24	$6M	$0	$6M
Q2 24	$5M	$0	$5M
Q3 24	$6M	$0	$6M
Q4 24	$3M	$5M	$8M
Q1 25	$1M	$7M	$8M
Q2 25	$3M	$6M	$9M
Q3 25	$734.0K	$8M	$9M
Q4 25	$3M	$7M	$10M
Q1 26	$1M	$9M	$11M
Q2 26	$624.0K	$10M	$11M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 22	18M	-1.9%	-1.8%
Q4 22	18M	-2.7%	-4.5%
Q1 23	17M	-7.4%	-11.5%
Q2 23	16M	-1.7%	-13.0%
Q3 23	14M	-13.4%	-23.3%
Q4 23	15M	+4.2%	-17.9%
Q1 24	15M	+0.1%	-11.2%
Q2 24	14M	-2.0%	-11.5%
Q3 24	15M	+1.9%	+4.1%
Q4 24	15M	-0.4%	-0.4%
Q1 25	15M	+0.8%	+0.3%
Q2 25	15M	-0.6%	+1.7%
Q3 25	15M	-1.3%	-1.4%
Q4 25	14M	-2.2%	-3.2%
Q1 26	14M	+0.5%	-3.5%
Q2 26	14M	-0.0%	-3.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 22	$113.9K	23
Q4 22	$117.6K	24
Q1 23	$125.2K	24
Q2 23	$119.4K	24
Q3 23	$123.8K	24
Q4 23	$121.9K	25
Q1 24	$123.5K	25
Q2 24	$109.8K	25
Q3 24	$118.5K	25
Q4 24	$159.8K	21
Q1 25	$145.2K	21
Q2 25	$136.6K	21
Q3 25	$141.2K	21
Q4 25	$131.4K	24
Q1 26	$133.9K	24
Q2 26	$126.8K	24

Revenue / Employee