Rave Restaurant Group, Inc. (NASDAQ: RAVE)

Rave Restaurant Group, Inc. franchises and licenses pizza buffet units, delivery/carry out units, express restaurants, ghost kitchens and PIE kiosks under the Pizza Inn brand, and franchises fast casual pizza restaurants and ghost kitchens under the Pie Five brand, while also facilitating food, equipment and supply distribution to its franchise network through agreements with third party distributors. As of December 28, 2025, the company had 97 domestic Pizza Inn franchised/licensed units, 19 international Pizza Inn franchised units and 16 domestic Pie Five franchised units, with the domestic units located in 16 states predominantly in the southern half of the United States and the international units located in five foreign countries.

The company generates revenue primarily from franchise royalties, franchise and license fees, area development and foreign master license fees, advertising fund contributions, supplier convention and distributor incentive revenues, and rental income. For the six months ended December 28, 2025, total revenues were $6.3 million, with Pizza Inn franchising contributing $5.8 million and Pie Five franchising contributing $0.5 million, reflecting the scale of its franchised and licensed Pizza Inn and Pie Five unit network.

The company operates through the following segments: Pizza Inn Franchising and Pie Five Franchising.

• Pizza Inn Franchising: This segment franchises Pizza Inn branded buffet units, delivery/carry out units, express restaurants, ghost kitchens and PIE kiosks, collecting royalties, fees and incentive income from franchisees and providing brand support, supply chain coordination and operational assistance; for the six months ended December 28, 2025, it generated $5.8 million in franchise and license revenues.

• Pie Five Franchising: This segment franchises Pie Five branded fast casual pizza restaurants and ghost kitchens, earning royalties, franchise fees and related incentive revenue from franchisees while offering operational support and brand development; for the six months ended December 28, 2025, it generated $0.5 million in franchise and license revenues.

Within the pizza franchising industry, Rave Restaurant Group, Inc. competes alongside other pizza chains and fast casual concepts, but differentiates itself through a diversified portfolio that includes both traditional buffet service and fast casual pizza concepts, enabling it to appeal to a broad range of consumer preferences and maintain a presence across 16 U. S. states and five international markets.

The company’s customer base consists of franchisees who operate Pizza Inn and Pie Five units in the United States and abroad; to these franchisees it provides brand licensing, ongoing operational support, access to approved food and supply distributors, and assistance with marketing and store opening initiatives.