Executive Summary

Q4 FY2025 delivered the 21st consecutive profitable quarter, with revenue of $3.2M (-6.0% YoY due to 13 vs. 14 weeks), diluted EPS $0.06 (flat YoY), adjusted EBITDA $1.1M (-7.3% YoY), and pre-tax income up 3.8% to $1.2M .
Pizza Inn domestic comps rose 6.3% on the launch of the $8 weekday buffet “I ate at Pizza Inn” value promotion; participating stores saw a 30.6% YoY sales lift and 34.7% traffic lift in the final eight weeks of Q4 .
Pie Five remains a headwind with domestic comps -7.2% in Q4; operational improvements at Pie Five earlier in the year doubled make-line capacity and improved throughput, but the brand continues to lag .
The development pipeline is accelerating: 31 new domestic Pizza Inn stores under contract (12 targeted in FY2026), two new domestic buffets opened in Q4, and international openings in Egypt and Saudi Arabia; cash and short-term investments totaled $9.9M at year-end .
No Wall Street consensus (S&P Global) for EPS or revenue was available for Q4; investors should anchor analysis on company-reported results and intra-year trend improvements; S&P data shows actual revenue of $3.154M for Q4 FY2025* .

What Went Well and What Went Wrong

What Went Well

Pizza Inn momentum: domestic comps +6.3% in Q4, supported by the $8 weekday buffet value promotion; CEO: “We are excited to have unlocked a powerful value promotion that resonates with our guests and drives considerable traffic…” .
Development and reimages: 31 domestic stores under contract (12 for FY2026), 11 reimages completed with positive sales lift; two new domestic buffets opened in North Carolina and Oklahoma; first Pizza Inn opened in Egypt and an eighth in Saudi Arabia in Q4 .
Cost discipline and profitability continuity: CFO highlighted efficient expense management, Q4 Pizza Inn comps +6.3%, and annual pre-tax income +17% vs prior 53-week year; “I am impressed by the efforts and results of the entire Rave team.” .

What Went Wrong

Top-line pressure: Q4 revenue fell 6.0% YoY to $3.2M owing to the 13-week quarter vs 14 weeks prior year; adjusted EBITDA down 7.3% to $1.1M; net income down 3.6% to $0.8M .
Pie Five drag: domestic comps -7.2% in Q4 continue to weigh on consolidated momentum despite operational improvements introduced earlier in the year .
Segment mix and cadence: the shorter quarter reduced revenue recognition while comps strength did not fully offset, and Q4 adjusted EBITDA declined despite pre-tax income growth, indicating mix/expense timing effects .

Financial Results

Consolidated P&L vs Prior Quarters

Metric	Q2 2025	Q3 2025	Q4 2025
Revenue ($USD Millions)	$2.869	$2.966	$3.2
Diluted EPS ($USD)	$0.04	$0.05	$0.06
Net Income ($USD Millions)	$0.607	$0.722	$0.8
Income Before Taxes ($USD Millions)	$0.751	$0.950	$1.2
Adjusted EBITDA ($USD Millions)	$0.807	$0.953	$1.1

Notes: Q4 FY2025 had 13 weeks vs 14 weeks in the prior-year quarter .

Segment KPIs and Unit Counts

Metric	Q2 2025	Q3 2025	Q4 2025
Pizza Inn Domestic Comparable Store Sales (%)	+0.8%	+2.5%	+6.3%
Pie Five Domestic Comparable Store Sales (%)	-11.4%	-5.6%	-7.2%
Pizza Inn Domestic Units (count)	102	98	96
Pizza Inn International Units (count)	27	20	22
Pie Five Domestic Units (count)	20	19	17

Balance Sheet and Liquidity KPIs

Metric	Q2 2025	Q3 2025	Q4 2025
Cash and Cash Equivalents ($USD Millions)	$2.871	$0.734	$2.859
Short-term Investments ($USD Millions)	$6.045	$7.987	$7.024
Total Current Assets ($USD Millions)	$10.352	$10.248	$11.493
Total Shareholders’ Equity ($USD Millions)	$13.779	$13.348	$14.154

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Consolidated Revenue	FY2026	None provided	None provided	Maintained: No formal guidance
Margins / EBITDA	FY2026	None provided	None provided	Maintained: No formal guidance
Operating Expenses	FY2026	None provided	None provided	Maintained: No formal guidance
Tax Rate	FY2026	None provided	None provided	Maintained: No formal guidance
Segment-specific KPIs	FY2026	None provided	None provided	Maintained: No formal guidance

Management did not issue quantitative guidance in Q4 materials; commentary focused on promotions, reimaging, and development pipeline execution .

Earnings Call Themes & Trends

No Q4 FY2025 earnings call transcript was found; available transcripts in the catalog are historical through 2020 –. The themes below synthesize management’s Q4 press release commentary and prior quarter press releases.

Topic	Previous Mentions (Q2, Q3)	Current Period (Q4)	Trend
Value Promotion & Marketing	Q3 tested “I$8” at two stores; >20% YoY sales increases; roll to 12 additional stores in Q4 .	Thirteen stores implemented $8 weekday buffet; +30.6% sales and +34.7% traffic in last 8 weeks; extended into Q1 FY2026 .	Strengthening adoption; clear traffic/comp catalyst.
Pizza Inn Reimages	8–10 reimages planned; positive sales lift; avg ROI 56% .	11 reimages completed; results “very positive” .	Execution progressing; positive ROI maintained.
Development Pipeline	30 buffets signed as of Q2 .	31 stores under contract; 12 targeted for FY2026; two new domestic buffets opened; new markets (Egypt, Saudi) .	Pipeline expanding; international traction.
Pie Five Operations	Operational changes doubled make-line capacity; reduced wait times; some stores set records after changes .	Comps -7.2% in Q4 indicate ongoing demand challenge despite ops gains .	Operationally improved, demand still weak.
Cost Management / Profitability	Q2 expenses down $88k; pre-tax income YTD +36% .	Q4 pre-tax income +3.8% YoY; FY pre-tax income +17%; continued expense efficiency .	Sustained discipline; profitability intact.
Product Innovation	Q2 new desserts; Q3 baked pastas added .	Value buffet promotion drives traffic; continued marketing support .	Expanded food and value offerings.

Management Commentary

CEO (Brandon Solano) on the $8 buffet promotion: “We are excited to have unlocked a powerful value promotion that resonates with our guests and drives considerable traffic into our Pizza Inn restaurants… The Pizza Inn stores that did not participate… ran a summer salad bar promotion and also had amazing sales results with same store sales growth of over 5%.” .
CEO on development: “Coming off another solid fiscal year… the brand is poised for accelerated growth. We… have completed eleven reimages… opened new Pizza Inn buffets in North Carolina and Oklahoma… Our new domestic store pipeline has 31 total stores under contract with 12 under contract for our current fiscal year… strong opening of our first Pizza Inn in Egypt and our eighth unit in Saudi Arabia…” .
CFO (Jay Rooney): “We continued to efficiently manage expenses throughout fiscal year 2025… leading to a total annual pre-tax income increase of over 17 percent from the prior 53-week fiscal year. I am impressed by the efforts and results of the entire Rave team.” .
Prior quarter ops highlight (VP of Operations, Zack Viljoen): “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 during the quarter after implementing the changes.” .

Q&A Highlights

No Q4 FY2025 earnings call transcript available in the document catalog; therefore, Q&A themes and any guidance clarifications were not observable from a call –.

Estimates Context

S&P Global shows no Q4 FY2025 sell-side consensus for EPS or revenue; coverage appears limited for RAVE’s micro-cap profile. Use company-reported figures and intra-quarter trends for benchmarking .

Metric	Q4 2025
Revenue Consensus Mean ($USD)	N/A*
Revenue Actual ($USD)	$3,154,000*
Primary EPS Consensus Mean ($USD)	N/A*
Primary EPS Actual ($USD)	$0.06

Values marked with * retrieved from S&P Global via GetEstimates. Company-reported actuals cited where available .

Where estimates may need to adjust: with strong Pizza Inn comps and validated traffic lift from value promotions, models (if any) should reflect higher comp trajectories for Pizza Inn and cautious assumptions for Pie Five, along with the quarter-length normalization impact (13 vs 14 weeks) .

Key Takeaways for Investors

The $8 weekday buffet promotion is a clear traffic/comp catalyst; broader rollout into Q1 FY2026 is a near-term driver of same-store sales momentum at Pizza Inn .
Development pipeline visibility is improving (31 contracts, 12 targeted for FY2026) with positive reimage ROI and new openings—supporting medium-term unit-led growth .
Pie Five remains a drag; despite operational improvements, comps fell 7.2% in Q4; maintain conservative assumptions for Pie Five while monitoring demand response to ops changes .
Profitability resilience continues: 21 straight profitable quarters, Q4 pre-tax income +3.8% YoY, and FY pre-tax income +17%; expense discipline persists amid growth initiatives .
Liquidity is solid with $2.9M cash and $7.0M short-term investments at year-end; equity strengthened to $14.2M, providing flexibility for reimages and development support .
No formal guidance or Street consensus; trade the narrative around value promotions and pipeline execution; watch Q1 FY2026 adoption breadth and comp trends as the next catalyst .
Risk monitor: quarter-length effects on top-line cadence, continued Pie Five softness, and execution risk in reimages and international expansions .

RAVE RESTAURANT GROUP, INC. (RAVE)·Q4 2025 Earnings Summary