Executive Summary

Q3 FY25 delivered the 20th consecutive profitable quarter, with revenue flat year over year at $2.97M and net income up 10.4% to $0.72M; sequentially, revenue rose 3.4% and EPS improved to $0.05 from $0.04 in Q2 .
Operating leverage drove margin expansion: EBITDA rose to $0.91M and Adjusted EBITDA to $0.95M (+13% YoY), supported by lower total costs and expenses year over year .
Comp trends diverged by concept: Pizza Inn comps +2.5% YoY, while Pie Five comps -5.6% YoY; management highlighted new I$8 value promotion (two-store test showing >20% YoY sales lift) and throughput gains at Pie Five as drivers of improving momentum .
Capital allocation remained active with 500,000 shares repurchased for $1.2M; liquidity held via $8.0M in short-term investments and $0.7M cash at quarter-end, despite lower cash balance due to buybacks and investment shifts .
No formal numerical guidance or Street consensus available; near-term catalysts include broader rollout of I$8 to 12 additional stores in Q4 and continued store reimages with attractive ROI (56% average) .

What Went Well and What Went Wrong

What Went Well
- 20th consecutive profitable quarter; net income grew 10.4% YoY to $0.72M and diluted EPS rose to $0.05, reflecting cost discipline and operating leverage .
- Marketing/operations initiatives showed traction: Pizza Inn I$8 weekday buffet offer drove >20% YoY sales increases in test stores; reimages generated a 7.6% average sales lift and 56% ROI; Pie Five throughput nearly doubled with wait times cut from ~20 to 9 minutes for the 10th guest in line .
- Margin expansion: EBITDA reached $0.91M and Adjusted EBITDA $0.95M, up 13% YoY, with total costs and expenses down YoY (Q3 FY25 $2.02M vs $2.11M) despite flat revenue .
What Went Wrong
- Pie Five domestic comps declined 5.6% YoY (following -11.4% in Q2), underscoring ongoing brand recovery needs even as operational fixes improve throughput .
- System unit counts fell QoQ: Pizza Inn domestic 98 (from 102), international 20 (from 27), Pie Five 19 (from 20), which can pressure royalty revenue despite improving comps .
- Cash declined to $0.7M (from $2.9M in Q2) as the company deployed capital to buybacks and short-term investments, which shifts liquidity mix and could limit flexibility if trends reverse .

Financial Results

Quarterly Performance (oldest → newest)

Metric	Q1 FY25 (Sep 29, 2024)	Q2 FY25 (Dec 29, 2024)	Q3 FY25 (Mar 30, 2025)
Revenue ($USD Millions)	$3.050	$2.869	$2.966
Net Income ($USD Millions)	$0.526	$0.607	$0.722
Diluted EPS ($)	$0.04	$0.04	$0.05
EBITDA ($USD Millions)	$0.656	$0.717	$0.910
Adjusted EBITDA ($USD Millions)	$0.720	$0.807	$0.953
EBITDA Margin (%)	21.5%	25.0%	30.7%
Net Income Margin (%)	17.2%	21.2%	24.3%

Q3 FY25 vs Q3 FY24

Metric	Q3 FY24 (Mar 24, 2024)	Q3 FY25 (Mar 30, 2025)	YoY Change
Revenue ($USD Millions)	$2.962	$2.966	+0.1%
Income Before Taxes ($USD Millions)	$0.854	$0.950	+11.2%
Net Income ($USD Millions)	$0.654	$0.722	+10.4%
Diluted EPS ($)	$0.04	$0.05	+$0.01
Adjusted EBITDA ($USD Millions)	$0.842	$0.953	+13.2%

Actual vs S&P Global Consensus (Q3 FY25)

Metric	Actual	Consensus
Revenue ($USD Millions)	$2.966	N/A*
Diluted EPS ($)	$0.05	N/A*

Note: No EPS or revenue consensus estimates were available for Q3 FY25; S&P Global shows no coverage for these metrics for the period. Values retrieved from S&P Global.*

KPIs and Balance Sheet Highlights

KPI	Q1 FY25	Q2 FY25	Q3 FY25
Pizza Inn Domestic Comps (YoY)	-2.1%	+0.8%	+2.5%
Pie Five Domestic Comps (YoY)	-8.7%	-11.4%	-5.6%
Pizza Inn Units – Domestic	102	102	98
Pizza Inn Units – International	26	27	20
Pie Five Units – Domestic	20	20	19
Cash & Cash Equivalents ($M)	$1.383	$2.871	$0.734
Short-term Investments ($M)	$7.050	$6.045	$7.987
Share Repurchases	—	—	500,000 shares for $1.2M

Guidance Changes

No formal quantitative guidance was provided in Q3 FY25 results.

Metric	Period	Previous Guidance	Current Guidance	Change
Company Guidance	FY25/Q4	None disclosed	None disclosed	—

Management provided qualitative updates: I$8 promotion to roll out to 12 additional stores in Q4; 8–10 reimages expected by fiscal year-end with positive ROI trends .

Earnings Call Themes & Trends

No Q3 FY25 earnings call transcript was available in our document set; themes below synthesize management commentary from quarterly press releases.

Topic	Previous Mentions (Q1–Q2 FY25)	Current Period (Q3 FY25)	Trend
Marketing/Value	Focus on dessert innovation, gift card program; steady comps stabilization at Pizza Inn	I$8 weekday buffet value test delivered >20% YoY sales in test stores; planned rollout to 12 more stores	Improving effectiveness of value marketing
Digital/Online Ordering	New online ordering platform rolled out, driving double-digit online sales growth	Continues to support traffic and mix (referenced as prior initiative)	Sustained positive impact
Reimage Program	9 units initiated, most to finish in FY25	8–10 reimages expected by FY-end; avg +7.6% sales lift, 56% ROI	Strong ROI; scaling
Development Pipeline	25 domestic sites contracted; openings underway	“Continue to build our pipeline” with reimages and remodels underway	Pipeline maintained
Pie Five Operations	New format to double make-line capacity, improve peak throughput	Throughput nearly doubled; 10th-in-line wait down to 9 minutes; multiple store sales records	Operational execution translating to sales
Capital Allocation	Balance sheet strong; flexibility to repurchase shares	$1.2M buyback executed; liquidity held in $8.0M short-term investments	Shareholder returns executed

Management Commentary

“Quarter Three represented our 20th consecutive quarter of profitability as we continue to deliver profitable operating results” — CEO Brandon Solano .
“I$8… allows guests to dine at our buffets for $8.00… introduced to two stores… seen year-over-year sales increases of over twenty percent… we will roll the promotion… to twelve additional lower to mid volume buffet stores in quarter four.” — CEO Brandon Solano .
“For the reimages completed to date, the average sales lift… is a 7.6% increase with an average return on investment of 56%” — CEO Brandon Solano .
“Average wait times for guests 10th in line have dropped from 20 minutes to just 9, in-store throughput has nearly doubled… multiple stores set sales records” — VP Operations Zack Viljoen .
“We have grown pre-tax income by $96,000 for the quarter and $484,000 for the year to date from the same periods in the prior year.” — CFO Jay Rooney .

Q&A Highlights

No Q3 FY25 earnings call transcript was available; therefore, no Q&A highlights to report for the period. [ListDocuments search returned no Q3 FY25 transcript.]

Estimates Context

S&P Global consensus for Q3 FY25 was not available for EPS or revenue; no estimate universe identified for the quarter. Values retrieved from S&P Global.*

Where applicable, investors should anchor revisions on company-reported run-rate and margin trends rather than Street estimates for this name .

Key Takeaways for Investors

Operating momentum is building despite flat revenue YoY: net income +10% YoY and expanding EBITDA margins point to underlying cost control and leverage .
Value marketing (I$8) and reimage ROI (56%) are tangible growth levers; near-term catalyst is Q4 rollout to 12 stores and completion of 8–10 reimages by year-end .
Pie Five operational redesign is converting to better throughput and select store records; watch for comps stabilization in coming quarters (still -5.6% YoY in Q3) .
Unit count reductions (Pizza Inn and Pie Five) could offset comp gains on royalty revenue; monitor net development pipeline conversion and international unit trends .
Balance sheet remains conservative with liquidity held in short-term investments; buybacks ($1.2M) signal confidence yet reduce cash on hand—watch capital deployment pace vs. sales momentum .
With no Street coverage, price discovery may be sensitive to company-specific updates; trading implications hinge on evidence that I$8 and reimages scale comps beyond test stores and that Pie Five comps inflect .

Footnote: * Values retrieved from S&P Global.

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