Rave Restaurant Group, Inc
Rave Restaurant Group, Inc. franchises and licenses pizza restaurant concepts under the Pizza Inn and Pie Five brands through domestic and international restaurant systems. Its business also includes food, equipment, and supply distribution support for franchisees and licensees through third-party distributors.
Fiscal year 2026 · change from previous year
Development 2021–2026
Business
Share of revenueFranchised Pizza Inn buffet, delivery/carry-out, express, and ghost kitchen units.
Franchised Pie Five fast-casual pizza restaurants and ghost kitchens.
Licensed Pizza Inn Express kiosk units used in non-traditional locations.
Ongoing royalties, fees, and related franchise system revenue.
Coordination of food, equipment, and supply distribution to the system.
Products
Reported · share of revenue- Supplier and Distributor Incentive Revenues44.4 %
- Franchise Royalties36.3 %
- Advertising Funds16.8 %
- Supplier Convention Funds1.6 %
- Franchise License Fees0.8 %
- Other Revenues0.1 %
Source: 10-K FY2026, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
The company’s direct customers are franchisees and licensees that operate Pizza Inn, Pie Five, and PIE units. End customers are consumers who buy pizza, salads, beverages, and related menu items at buffet, fast-casual, carry-out, delivery, and kiosk locations. The business depends on franchise operators that want a branded pizza concept, operating support, and access to system standards and supply channels.
Operators of buffet, delivery/carry-out, express, and ghost kitchen units that pay royalties and follow brand standards.
Operators of fast-casual pizza restaurants and ghost kitchens that use the Pie Five brand and operating model.
Licensees using compact Pizza Inn Express kiosks in non-traditional or space-constrained locations.
Guests purchasing pizza, salads, beverages, and related menu items from franchised locations.
Strategy
The company focuses on expanding its Pizza Inn and Pie Five systems through new franchise development in markets where it believes the brands can build recognition and local share. It also emphasizes franchise training, operating standards, and site selection to support unit-level consistency and brand protection. Non-traditional formats such as ghost kitchens and kiosks broaden the concepts’ reach and help adapt the brands to different real estate and consumer channels.
Franchise expansion is the main path to scale the brand system and royalty base.
Consistent food, service, and store execution support customer loyalty and franchise economics.
Ghost kitchens, express units, and kiosks can reach more sites with lower space needs.
Geography
The company is based in the United States and its domestic Pizza Inn and Pie Five systems are concentrated in U.S. markets, especially the southern half of the country. It also has an international Pizza Inn franchise presence, with restaurant support and distribution extending across domestic and international system locations. Texas, North Carolina, Arkansas, and Mississippi are notable domestic concentrations for Pizza Inn units.
Risks
The business depends on franchisee performance, unit openings, and adherence to brand standards, so weak store economics or operator non-compliance can reduce royalties and system growth. It also faces typical restaurant-industry risks such as traffic volatility, food and labor cost pressure at the unit level, and competition from other pizza and fast-casual concepts. Because the company relies on franchise receivables and long-lived assets, credit losses and impairment judgments can also affect reported results.
Receivables are driven by franchise royalties and supplier concessions, which may not be fully collectible.
Exposure: Franchise royalties and receivables
The company must maintain menu, quality, and service standards across a dispersed franchise system.
Exposure: Franchise network
Pizza and fast-casual concepts compete on convenience, price, and local market relevance.
Exposure: Pizza Inn and Pie Five units
Underperforming or closed locations can trigger impairment testing and write-downs.
Exposure: Company-owned assets and lease-related balances
Accounting
Judgemental itemsReceivables depend on franchisee payments and management estimates of collectability.
Impact: Can change reported earnings and balance sheet receivables
Store closures or weak unit performance can reduce recoverable value.
Impact: May create write-downs and affect operating results
These items are adjusted in non-GAAP measures and reflect system disruption.
Impact: Affects comparability of EBITDA and operating trends
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Last updated: 29/04/2026