RAVE · RAVE Restaurant Group, Inc.

RAVE Restaurant Group reported strong third quarter fiscal 2026 results, with net income increasing 10.8% to $0.8 million and diluted EPS rising to $0.06 from $0.05 in the prior year period. Total revenue grew 8.7% to $3.2 million, driven by a 2.3% increase in Pizza Inn domestic comparable store sales, which management attributed to successful limited-time offers and menu innovation. However, Pie Five domestic comparable store sales declined 11.6%, highlighting ongoing challenges for that brand. Operating income rose 11.9% to $0.96 million, and Adjusted EBITDA increased 16.4% to $1.1 million, reflecting effective cost management and operational leverage. General and administrative expenses increased to $1.47 million from $1.31 million, primarily due to investments in franchise sales and construction personnel to support Pizza Inn's expansion. The company ended the quarter with $12.0 million in cash and short-term investments, providing ample liquidity. Pizza Inn's unit count stood at 97 domestic (including 82 buffet locations) and 18 international, while Pie Five had 14 domestic units. Management expressed optimism about growth, noting four new restaurant openings this fiscal year and 13 under contract, including five under construction. The company also ended its third-party delivery relationship with Uber Eats to protect franchisee profitability. Overall, the results demonstrate solid execution and a focus on expanding the Pizza Inn buffet concept.