| | | |
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
| Title of each class | | Trading Symbol(s) | | Name of each exchange on which registered |
| | | | | |
| Large accelerated filer ☐ | Accelerated filer ☐ | | Smaller reporting company |
| Emerging growth company | | | |
| Three Months Ended | Six Months Ended | |||||||||||
| December 28, | December 29, | December 28, | December 29, | |||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||
|
REVENUES
|
$ | $ | $ | $ | ||||||||
|
COSTS AND EXPENSES
|
||||||||||||
|
General and administrative expenses
|
||||||||||||
|
Franchise expenses
|
||||||||||||
|
Provision (recovery) for credit losses
|
( |
) | ||||||||||
|
Depreciation and amortization expense
|
||||||||||||
|
Total costs and expenses
|
||||||||||||
|
OPERATING INCOME
|
||||||||||||
|
Interest income
|
||||||||||||
|
Other income
|
||||||||||||
|
INCOME BEFORE TAXES
|
||||||||||||
|
Income tax expense
|
||||||||||||
|
NET INCOME
|
$ | $ | $ | $ | ||||||||
|
INCOME PER SHARE OF COMMON STOCK
|
||||||||||||
|
Basic
|
$ | $ | $ | $ | ||||||||
|
Diluted
|
$ | $ | $ | $ | ||||||||
|
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
|
||||||||||||
|
Basic
|
||||||||||||
|
Diluted
|
||||||||||||
| December 28, | June 29, | |||||
| 2025 | 2025 | |||||
|
ASSETS
|
||||||
|
CURRENT ASSETS
|
||||||
|
Cash and cash equivalents
|
$ | $ | ||||
|
Short-term investments
|
||||||
| Accounts receivable, less allowance for credit losses of $ |
||||||
|
Notes receivable, current
|
||||||
|
Assets held for sale
|
||||||
|
Deferred contract charges, current
|
||||||
|
Prepaid expenses and other current assets
|
||||||
|
Total current assets
|
||||||
|
LONG-TERM ASSETS
|
||||||
|
Property and equipment, net
|
||||||
|
Operating lease right-of-use assets, net
|
||||||
|
Intangible assets definite-lived, net
|
||||||
|
Notes receivable, net of current portion
|
||||||
|
Deferred tax asset, net
|
||||||
|
Deferred contract charges, net of current portion
|
||||||
|
Total assets
|
$ | $ | ||||
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
||||||
|
CURRENT LIABILITIES
|
||||||
|
Accounts payable - trade
|
$ | $ | ||||
|
Accrued expenses
|
||||||
|
Operating lease liabilities, current
|
||||||
|
Deferred revenues, current
|
||||||
|
Total current liabilities
|
||||||
|
LONG-TERM LIABILITIES
|
||||||
|
Operating lease liabilities, net of current portion
|
||||||
|
Deferred revenues, net of current portion
|
||||||
|
Total liabilities
|
||||||
|
COMMITMENTS AND CONTINGENCIES (SEE NOTE C)
|
||||||
|
SHAREHOLDERS' EQUITY
|
||||||
| Common stock, $ |
||||||
|
Additional paid-in capital
|
||||||
|
Retained earnings
|
||||||
|
Treasury stock, at cost
|
||||||
| Shares in treasury: |
( |
) | ( |
) | ||
|
Total shareholders' equity
|
||||||
|
Total liabilities and shareholders' equity
|
$ | $ |
|
Additional
|
|||||||||||||||||||||
|
Common Stock
|
Paid-in
|
Retained
|
Treasury Stock
|
||||||||||||||||||
|
Shares
|
Amount
|
Capital
|
Earnings
|
Shares
|
Amount
|
Total
|
|||||||||||||||
|
Balance, June 30, 2024
|
$ | $ | $ | ( |
) | $ | ( |
) | $ | ||||||||||||
|
Stock-based compensation expense
|
- | - | |||||||||||||||||||
|
Net income
|
- | - | |||||||||||||||||||
|
Balance, September 29, 2024
|
$ | $ | $ | ( |
) | $ | ( |
) | $ | ||||||||||||
|
Stock-based compensation expense
|
- | - | |||||||||||||||||||
|
RSU vested and taxes paid on RSUs
|
( |
) | - | ( |
) | ||||||||||||||||
|
Net income
|
- | - | |||||||||||||||||||
|
Balance, December 29, 2024
|
$ | $ | $ | ( |
) | $ | ( |
) | $ | ||||||||||||
| Additional | |||||||||||||||||||||
| Common Stock | Paid-in | Retained | Treasury Stock | ||||||||||||||||||
| Shares | Amount | Capital | Earnings | Shares | Amount | Total | |||||||||||||||
|
Balance, June 29, 2025
|
$ | $ | $ | ( |
) | $ | ( |
) | $ | ||||||||||||
|
Stock-based compensation expense
|
- | - | |||||||||||||||||||
|
Net income
|
- | - | |||||||||||||||||||
|
Balance, September 28, 2025
|
$ | $ | $ | ( |
) | $ | ( |
) | $ | ||||||||||||
|
Stock-based compensation expense
|
- | - | |||||||||||||||||||
|
Net income
|
- | - | |||||||||||||||||||
|
Balance, December 28, 2025
|
$ | $ | $ | ( |
) | $ | ( |
) | $ | ||||||||||||
| Six Months Ended | ||||||
| December 28, | December 29, | |||||
| 2025 | 2024 | |||||
|
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||
|
Net income
|
$ | $ | ||||
|
Adjustments to reconcile net income to cash provided by operating activities:
|
||||||
|
Amortization of discount on short-term investment
|
( |
) | ( |
) | ||
|
Impairment of long-lived assets and other lease charges
|
||||||
|
Stock-based compensation expense
|
||||||
|
Depreciation and amortization
|
||||||
|
Amortization of operating lease right-of-use assets
|
||||||
|
Amortization of definite-lived intangible assets
|
||||||
|
Non-cash lease expense
|
||||||
|
Provision (recovery) for credit losses
|
( |
) | ||||
|
Deferred income tax
|
||||||
|
Changes in operating assets and liabilities:
|
||||||
|
Accounts receivable
|
( |
) | ||||
|
Notes receivable
|
||||||
|
Deferred contract charges
|
( |
) | ||||
|
Prepaid expenses and other current assets
|
( |
) | ( |
) | ||
|
Accounts payable - trade
|
||||||
|
Accrued expenses
|
( |
) | ( |
) | ||
|
Operating lease liabilities
|
( |
) | ( |
) | ||
|
Deferred revenues
|
( |
) | ( |
) | ||
|
Cash provided by operating activities
|
||||||
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||
|
Purchases of short-term investments
|
( |
) | ( |
) | ||
|
Maturities of short-term investments
|
||||||
|
Purchase of assets held for sale
|
( |
) | ||||
|
Proceeds from sale of assets held for sale
|
||||||
|
Purchase of property and equipment
|
( |
) | ( |
) | ||
|
Cash used in investing activities
|
( |
) | ( |
) | ||
|
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||
|
Taxes paid on issuance of restricted stock units
|
( |
) | ||||
|
Cash used in financing activities
|
( |
) | ||||
|
Net decrease in cash and cash equivalents
|
( |
) | ( |
) | ||
|
Cash and cash equivalents, beginning of period
|
||||||
|
Cash and cash equivalents, end of period
|
$ | $ | ||||
|
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
|
||||||
|
CASH PAID FOR:
|
||||||
|
Income taxes
|
$ | $ | ||||
| December 28, | June 29, | |||||||||||||||||||||||
| 2025 | 2025 | |||||||||||||||||||||||
|
Fair Value Measurements
|
Level 1 |
Level 2 |
Level 3 | Total |
Level 1 |
Level 2 |
Level 3 | Total | ||||||||||||||||
|
U.S. Treasury bills
|
||||||||||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||
| December 28, | December 29, | December 28, | December 29, | |||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||
|
Balance at beginning of year
|
$ | $ | $ | $ | ||||||||
|
Provision (recovery) for credit losses
|
( |
) | ||||||||||
|
Amounts written off
|
( |
) | ( |
) | ( |
) | ( |
) | ||||
|
Ending balance
|
$ | $ | $ | $ | ||||||||
| Three Months Ended | Six Months Ended | |||||||||||
| December 28, | December 29, | December 28, | December 29, | |||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||
|
Franchise royalties
|
$ | $ | $ | $ | ||||||||
|
Supplier and distributor incentive revenues
|
||||||||||||
|
Franchise license fees
|
||||||||||||
|
Area development exclusivity fees and foreign master license fees
|
||||||||||||
|
Advertising fund contributions
|
||||||||||||
|
Supplier convention funds
|
||||||||||||
|
Rental income
|
||||||||||||
|
Other franchise revenue
|
||||||||||||
| $ | $ | $ | $ | |||||||||
| December 28, | December 29, | |||||
| 2025 | 2024 | |||||
|
Beginning balance
|
$ | $ | ||||
|
Additions
|
||||||
|
Amount recognized to franchise revenues
|
( |
) | ( |
) | ||
|
Ending balance
|
$ | $ | ||||
| Franchise and | |||
| Development Fees | |||
|
Fiscal Year
|
Revenue Recognition | ||
| $ | |||
| $ | |||
| Three Months Ended | Six Months Ended | |||||||||||
| December 28, 2025 | December 29, 2024 | December 28, 2025 | December 29, 2024 | |||||||||
|
Operating lease cost
|
$ | $ | $ | $ | ||||||||
|
Sublease income
|
( |
) | ( |
) | ||||||||
| Total lease expense, net of sublease income | $ | $ | $ | $ | ||||||||
| December 28, 2025 | December 29, 2024 | |||||
| Weighted average remaining lease term | | | ||||
| Weighted average discount rate | % | % |
| Operating Leases | |||
|
Fiscal Year 2026
|
|||
|
Fiscal Year 2027
|
|||
|
Fiscal Year 2028
|
|||
|
Fiscal Year 2029
|
|||
|
Thereafter
|
|||
|
Total operating lease payments
|
$ | ||
|
Less: imputed interest
|
( |
) | |
|
Total operating lease liability
|
$ |
| Six Months Ended | ||||||
| December 28, 2025 | December 29, 2024 | |||||
| Shares | Shares | |||||
|
Outstanding at beginning of year
|
||||||
|
Granted
|
||||||
|
Exercised
|
||||||
|
Forfeited/Canceled/Expired
|
( |
) | ||||
|
Outstanding at end of period
|
||||||
|
Exercisable at end of period
|
||||||
| Six Months Ended | ||||||
| December 28, 2025 | December 29, 2024 | |||||
|
Unvested at beginning of year
|
||||||
|
Performance adjustment
|
||||||
|
Granted
|
||||||
|
Issued
|
( |
) | ||||
|
Forfeited
|
||||||
|
Unvested at end of period
|
||||||
| Three Months Ended | Six Months Ended | |||||||||||
| December 28, | December 29, | December 28, | December 29, | |||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||
|
Net income available to common shareholders
|
$ | $ | $ | $ | ||||||||
|
BASIC:
|
||||||||||||
|
Weighted average common shares
|
||||||||||||
|
Net income per common share
|
$ | $ | $ | $ | ||||||||
|
DILUTED:
|
||||||||||||
|
Weighted average common shares
|
||||||||||||
|
Dilutive stock options and restricted stock units
|
||||||||||||
|
Weighted average common shares outstanding
|
||||||||||||
|
Net income per common share
|
$ | $ | $ | $ | ||||||||
| Three Months Ended | Six Months Ended | |||||||||||
| December 28, | December 29, | December 28, | December 29, | |||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||
|
Federal tax expense
|
$ | $ | $ | $ | ||||||||
|
State tax expense
|
||||||||||||
|
Total income tax expense
|
$ | $ | $ | $ | ||||||||
| Pizza Inn | Pie Five | |||||||||||||||||||||||
| Franchising | Franchising | Corporate | Total | |||||||||||||||||||||
| Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | |||||||||||||||||||||
| December 28, | December 29, | December 28, | December 29, | December 28, | December 29, | December 28, | December 29, | |||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||
|
REVENUES:
|
||||||||||||||||||||||||
|
Franchise royalties
|
$ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||
|
Supplier and distributor incentive revenues
|
||||||||||||||||||||||||
|
Franchise license fees
|
||||||||||||||||||||||||
|
Area development exclusivity fees and foreign master license fees
|
||||||||||||||||||||||||
|
Advertising fund contributions
|
||||||||||||||||||||||||
|
Supplier convention funds
|
||||||||||||||||||||||||
|
Rental income
|
||||||||||||||||||||||||
|
Other franchise revenue
|
||||||||||||||||||||||||
|
Total revenues
|
||||||||||||||||||||||||
|
COSTS AND EXPENSES:
|
||||||||||||||||||||||||
|
General and administrative expenses
|
||||||||||||||||||||||||
|
Franchise expenses
|
||||||||||||||||||||||||
|
Provision for credit losses
|
||||||||||||||||||||||||
|
Depreciation and amortization expense
|
||||||||||||||||||||||||
|
Total costs and expenses
|
||||||||||||||||||||||||
|
OPERATING INCOME
|
( |
) | ( |
) | ||||||||||||||||||||
|
Interest income
|
||||||||||||||||||||||||
|
Other income
|
||||||||||||||||||||||||
|
Total other income
|
||||||||||||||||||||||||
|
INCOME/(LOSS) BEFORE TAXES
|
( |
) | ( |
) | ||||||||||||||||||||
|
Income tax expense
|
||||||||||||||||||||||||
|
NET INCOME/(LOSS)
|
$ | $ | $ | $ | $ | ( |
) | $ | ( |
) | $ | $ | ||||||||||||
| Pizza Inn | Pie Five | |||||||||||||||||||||||
| Franchising | Franchising | Corporate | Total | |||||||||||||||||||||
| Six Months Ended | Six Months Ended | Six Months Ended | Six Months Ended | |||||||||||||||||||||
| December 28, | December 29, | December 28, | December 29, | December 28, | December 29, | December 28, | December 29, | |||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||
|
REVENUES:
|
||||||||||||||||||||||||
|
Franchise royalties
|
$ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||
|
Supplier and distributor incentive revenues
|
||||||||||||||||||||||||
|
Franchise license fees
|
||||||||||||||||||||||||
|
Area development exclusivity fees and foreign master license fees
|
||||||||||||||||||||||||
|
Advertising fund contributions
|
||||||||||||||||||||||||
|
Supplier convention funds
|
||||||||||||||||||||||||
|
Rental income
|
||||||||||||||||||||||||
|
Other franchise revenue
|
||||||||||||||||||||||||
|
Total revenues
|
||||||||||||||||||||||||
|
COSTS AND EXPENSES:
|
- | - | - | - | - | - | - | - | ||||||||||||||||
|
General and administrative expenses
|
||||||||||||||||||||||||
|
Franchise expenses
|
||||||||||||||||||||||||
|
Provision (recovery) for credit losses
|
( |
) | ( |
) | ||||||||||||||||||||
|
Depreciation and amortization expense
|
||||||||||||||||||||||||
|
Total costs and expenses
|
||||||||||||||||||||||||
|
OPERATING INCOME
|
( |
) | ( |
) | ||||||||||||||||||||
|
Interest income
|
||||||||||||||||||||||||
|
Other Income
|
||||||||||||||||||||||||
|
Total other income
|
||||||||||||||||||||||||
|
INCOME/(LOSS) BEFORE TAXES
|
( |
) | ( |
) | ||||||||||||||||||||
|
Income tax expense
|
||||||||||||||||||||||||
|
NET INCOME/(LOSS)
|
$ | $ | $ | $ | $ | ( |
) | $ | ( |
) | $ | $ | ||||||||||||
| Pizza Inn | Pie Five | All Concepts | ||||||||||||||||
| Ending | System-Wide | Ending | System-Wide | Ending | System-Wide | |||||||||||||
| Units | Retail Sales | Units | Retail Sales | Units | Retail Sales | |||||||||||||
|
Domestic Franchised/Licensed
|
97 | $ | 26,909 | 16 | $ | 2,268 | 113 | $ | 29,177 | |||||||||
|
International Franchised
|
19 | $ | 1,593 | - | $ | - | 19 | $ | 1,593 | |||||||||
| Pizza Inn | Pie Five | All Concepts | ||||||||||||||||
| Ending | System-Wide | Ending | System-Wide | Ending | System-Wide | |||||||||||||
| Units | Retail Sales | Units | Retail Sales | Units | Retail Sales | |||||||||||||
|
Domestic Franchised/Licensed
|
97 | $ | 54,859 | 16 | $ | 4,688 | 113 | $ | 59,547 | |||||||||
|
International Franchised
|
19 | $ | 2,966 | - | $ | - | 19 | $ | 2,966 | |||||||||
| Three Months Ended | Six Months Ended | |||||||||||
| December 28, | December 29, | December 28, | December 29, | |||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||
|
Net income
|
$ | 637 | $ | 607 | $ | 1,282 | $ | 1,133 | ||||
|
Interest income
|
(91 | ) | (87 | ) | (182 | ) | (169 | ) | ||||
|
Income taxes
|
205 | 144 | 411 | 313 | ||||||||
|
Depreciation and amortization
|
42 | 53 | 84 | 96 | ||||||||
|
EBITDA
|
$ | 793 | $ | 717 | $ | 1,595 | $ | 1,373 | ||||
|
Stock-based compensation expense
|
62 | 53 | 100 | 126 | ||||||||
|
Severance
|
6 | 5 | 6 | 5 | ||||||||
|
Franchisee default and closed store revenue
|
(9 | ) | 32 | (19 | ) | 23 | ||||||
|
Adjusted EBITDA
|
$ | 852 | $ | 807 | $ | 1,682 | $ | 1,527 | ||||
| Three Months Ended | Six Months Ended | |||||||||||
| December 28, | December 29, | December 28, | December 29, | |||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||
|
Pizza Inn Retail Sales - Total Domestic Units
|
(in thousands, except unit data) | (in thousands, except unit data) | ||||||||||
|
Buffet Units - Franchised
|
$ | 26,280 | $ | 25,030 | $ | 53,577 | $ | 49,529 | ||||
|
Delco/Express Units - Franchised
|
622 | 820 | 1,268 | 1,679 | ||||||||
|
PIE Units - Licensed
|
5 | 4 | 9 | 14 | ||||||||
|
Pizza Inn Ghost Kitchen Units - Franchised
|
2 | 1 | 5 | 3 | ||||||||
|
Total Domestic Retail Sales
|
$ | 26,909 | $ | 25,855 | $ | 54,859 | $ | 51,225 | ||||
|
Pizza Inn Comparable Store Retail Sales - Total Domestic
|
$ | 25,782 | $ | 25,145 | $ | 52,897 | $ | 50,232 | ||||
|
Pizza Inn Average Units Open in Period
|
||||||||||||
|
Buffet Units - Franchised
|
80 | 78 | 79 | 78 | ||||||||
|
Delco/Express Units - Franchised
|
14 | 23 | 14 | 23 | ||||||||
|
PIE Units - Licensed
|
1 | 1 | 1 | 1 | ||||||||
|
Pizza Inn Ghost Kitchen Units - Franchised
|
1 | 1 | 1 | 1 | ||||||||
|
Total Domestic Units
|
96 | 103 | 95 | 103 | ||||||||
| Three Months Ended December 28, 2025 | |||||||||||||||
| Beginning | Ending | ||||||||||||||
| Units | Opened | Transfer | Closed | Units | |||||||||||
|
Buffet Units - Franchised
|
79 | 3 | - | - | 82 | ||||||||||
|
Delco/Express Units - Franchised
|
15 | - | - | 1 | 14 | ||||||||||
|
PIE Units - Licensed
|
1 | - | - | - | 1 | ||||||||||
|
Pizza Inn Ghost Kitchen Units - Franchised
|
1 | - | - | 1 | - | ||||||||||
|
Total Domestic Units
|
96 | 3 | - | 2 | 97 | ||||||||||
|
International Units (all types)
|
20 | 1 | - | 2 | 19 | ||||||||||
|
Total Units
|
116 | 4 | - | 4 | 116 | ||||||||||
| Six Months Ended December 28, 2025 | |||||||||||||||
| Beginning | Ending | ||||||||||||||
| Units | Opened | Transfer | Closed | Units | |||||||||||
|
Buffet Units - Franchised
|
79 | 4 | 2 | 1 | 82 | ||||||||||
|
Delco/Express Units - Franchised
|
15 | 1 | - | 2 | 14 | ||||||||||
|
PIE Units - Licensed
|
1 | - | - | - | 1 | ||||||||||
|
Pizza Inn Ghost Kitchen Units - Franchised
|
1 | - | - | 1 | - | ||||||||||
|
Total Domestic Units
|
96 | 5 | 2 | 4 | 97 | ||||||||||
|
International Units (all types)
|
22 | 2 | - | 5 | 19 | ||||||||||
|
Total Units
|
118 | 7 | 2 | 9 | 116 | ||||||||||
| Three Months Ended | Six Months Ended | |||||||||||
| December 28, | December 29, | December 28, | December 29, | |||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||
|
Pie Five Retail Sales - Total Units
|
(in thousands, except unit data) | (in thousands, except unit data) | ||||||||||
|
Pie Five Units - Franchised
|
$ | 2,259 | $ | 2,627 | $ | 4,648 | $ | 5,512 | ||||
|
Pie Five Ghost Kitchen Units - Franchised
|
9 | 84 | 40 | 177 | ||||||||
|
Total Domestic Retail Sales
|
$ | 2,268 | $ | 2,711 | $ | 4,688 | $ | 5,689 | ||||
|
Pie Five Comparable Store Retail Sales - Total
|
$ | 2,253 | $ | 2,287 | $ | 4,641 | $ | 4,921 | ||||
|
Pie Five Average Units Open in Period
|
||||||||||||
|
Pie Five Units - Franchised
|
16 | 18 | 16 | 18 | ||||||||
|
Pie Five Ghost Kitchen Units - Franchised
|
- | 2 | 1 | 2 | ||||||||
|
Total Domestic Units
|
16 | 20 | 17 | 20 | ||||||||
| Three Months Ended December 28, 2025 | |||||||||||||||
| Beginning | Ending | ||||||||||||||
| Units | Opened | Transfer | Closed | Units | |||||||||||
|
Pie Five Units - Franchised
|
16 | - | - | - | 16 | ||||||||||
|
Pie Five Ghost Kitchen Units - Franchised
|
1 | - | - | 1 | - | ||||||||||
|
Total Domestic Units
|
17 | - | - | 1 | 16 | ||||||||||
| Six Months Ended December 28, 2025 | |||||||||||||||
| Beginning | Ending | ||||||||||||||
| Units | Opened | Transfer | Closed | Units | |||||||||||
|
Pie Five Units - Franchised
|
16 | - | - | - | 16 | ||||||||||
|
Pie Five Ghost Kitchen Units - Franchised
|
1 | - | - | 1 | - | ||||||||||
|
Total Domestic Units
|
17 | - | - | 1 | 16 | ||||||||||
| Pizza Inn | Pie Five | |||||||||||||||||||||||
| Franchising | Franchising | Corporate | Total | |||||||||||||||||||||
| Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | |||||||||||||||||||||
| December 28, | December 29, | December 28, | December 29, | December 28, | December 29, | December 28, | December 29, | |||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||
|
REVENUES:
|
||||||||||||||||||||||||
|
Franchise and license revenues
|
$ | 2,807 | $ | 2,541 | $ | 235 | $ | 300 | $ | - | $ | - | $ | 3,042 | $ | 2,841 | ||||||||
|
Rental income
|
- | - | - | - | - | 23 | - | 23 | ||||||||||||||||
|
Other income
|
- | - | - | 5 | - | - | - | 5 | ||||||||||||||||
|
Total revenues
|
2,807 | 2,541 | 235 | 305 | - | 23 | 3,042 | 2,869 | ||||||||||||||||
|
COSTS AND EXPENSES:
|
||||||||||||||||||||||||
|
General and administrative expenses
|
- | - | - | - | 1,519 | 1,314 | 1,519 | 1,314 | ||||||||||||||||
|
Franchise expenses
|
682 | 724 | 50 | 105 | - | - | 732 | 829 | ||||||||||||||||
|
Provision for credit losses
|
- | - | - | - | 7 | 9 | 7 | 9 | ||||||||||||||||
|
Depreciation and amortization expense
|
- | - | - | - | 42 | 53 | 42 | 53 | ||||||||||||||||
|
Total costs and expenses
|
682 | 724 | 50 | 105 | 1,568 | 1,376 | 2,300 | 2,205 | ||||||||||||||||
|
OPERATING INCOME:
|
||||||||||||||||||||||||
|
Interest income
|
- | - | - | - | 91 | 87 | 91 | 87 | ||||||||||||||||
|
Other income
|
- | - | - | - | 9 | - | 9 | - | ||||||||||||||||
|
Total other income
|
- | - | - | - | 100 | 87 | 100 | 87 | ||||||||||||||||
| INCOME/(LOSS) BEFORE TAXES | $ | 2,125 | $ | 1,817 | $ | 185 | $ | 200 | $ | (1,468 | ) | $ | (1,266 | ) | $ | 842 | $ | 751 | ||||||
| Pizza Inn | Pie Five | |||||||||||||||||||||||
| Franchising | Franchising | Corporate | Total | |||||||||||||||||||||
| Six Months Ended | Six Months Ended | Six Months Ended | Six Months Ended | |||||||||||||||||||||
| December 28, | December 29, | December 28, | December 29, | December 28, | December 29, | December 28, | December 29, | |||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||
|
REVENUES:
|
||||||||||||||||||||||||
|
Franchise and license revenues
|
$ | 5,782 | $ | 5,261 | $ | 473 | $ | 606 | $ | - | $ | - | $ | 6,255 | $ | 5,867 | ||||||||
|
Rental income
|
- | - | - | - | - | 46 | - | 46 | ||||||||||||||||
|
Other franchise revenue
|
- | - | - | 6 | - | - | - | 6 | ||||||||||||||||
|
Total revenues
|
5,782 | 5,261 | 473 | 612 | - | 46 | 6,255 | 5,919 | ||||||||||||||||
|
COSTS AND EXPENSES:
|
||||||||||||||||||||||||
|
General and administrative expenses
|
- | - | - | - | 2,897 | 2,734 | 2,897 | 2,734 | ||||||||||||||||
|
Franchise expenses
|
1,659 | 1,613 | 110 | 211 | - | - | 1,769 | 1,824 | ||||||||||||||||
|
Provision (recovery) for credit losses
|
- | - | - | - | 11 | (8 | ) | 11 | (8 | ) | ||||||||||||||
|
Depreciation and amortization expense
|
- | - | - | - | 84 | 96 | 84 | 96 | ||||||||||||||||
|
Total costs and expenses
|
1,659 | 1,613 | 110 | 211 | 2,992 | 2,822 | 4,761 | 4,646 | ||||||||||||||||
|
OPERATING INCOME:
|
||||||||||||||||||||||||
|
Interest income
|
- | - | - | - | 182 | 169 | 182 | 169 | ||||||||||||||||
|
Other income
|
- | - | - | - | 17 | 4 | 17 | 4 | ||||||||||||||||
|
Total other income
|
- | - | - | - | 199 | 173 | 199 | 173 | ||||||||||||||||
| INCOME/(LOSS) BEFORE TAXES | $ | 4,123 | $ | 3,648 | $ | 363 | $ | 401 | $ | (2,793 | ) | $ | (2,603 | ) | $ | 1,693 | $ | 1,446 | ||||||
| Three Months Ended | Six Months Ended | |||||||||||
| December 28, | December 29, | December 28, | December 29, | |||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||
|
Federal tax expense
|
$ | 178 | $ | 121 | $ | 347 | $ | 264 | ||||
|
State tax expense
|
27 | 23 | 64 | 49 | ||||||||
|
Total income tax expense
|
$ | 205 | $ | 144 | $ | 411 | $ | 313 | ||||
|
Amended and Restated Articles of Incorporation of Rave Restaurant Group, Inc. (incorporated by reference to Exhibit 3.1 to the registrant’s Current Report on Form 8-K filed January 8, 2015).
|
|
|
|
|
|
Amended and Restated Bylaws of Rave Restaurant Group, Inc. (incorporated by reference to Exhibit 3.2 to the registrant’s Current Report on Form 8-K filed January 8, 2015).
|
|
|
|
|
|
2015 Long Term Incentive Plan of the Company (filed as Exhibit 10.1 to Form 8-K filed November 20, 2014 and incorporated herein by reference).*
|
|
|
|
|
|
Form of Stock Option Grant Agreement under the Company’s 2015 Long Term Incentive Plan (filed as Exhibit 10.2 to Form 8-K filed November 20, 2014 and incorporated herein by reference).*
|
|
|
|
|
|
Form of Restricted Stock Unit Award Agreement under the Company’s 2015 Long-Term Incentive Plan (filed as Exhibit 10.3 to Form 10-K/A filed on September 30, 2019 and incorporated herein by reference).*
|
|
|
|
|
|
Lease Agreement dated November 1, 2016, between A&H Properties Partnership and Rave Restaurant Group, Inc. (filed as Exhibit 10.4 to Form 10-K for the year ended June 30, 2019 and incorporated herein by reference).*
|
|
|
|
|
|
First Amendment to Lease and Expansion dated July 1, 2017, between A&H Properties Partnership and Rave Restaurant Group, Inc. (filed as Exhibit 10.5 to Form 10-K for the year ended June 30, 2019 and incorporated herein by reference).*
|
|
|
|
|
|
Second Amendment to Lease Agreement effective June 1, 2020, between A&H Properties Partnership and Rave Restaurant Group, Inc. (filed as Exhibit 10.6 to Form 10-K for the fiscal year ended June 27, 2021 and incorporated herein by reference).
|
|
|
|
|
|
Letter agreement dated October 18, 2019, between Rave Restaurant Group, Inc. and Brandon Solano (filed as Exhibit 10.1 to Form 8-K filed October 21, 2019 and incorporated herein by reference).*
|
|
|
|
|
|
Letter agreement dated March 25, 2024, between Rave Restaurant Group, Inc. and Jay Rooney (filed as Exhibit 10.1 to Form 8-K filed March 26, 2024 and incorporated herein by reference).*
|
|
|
|
|
|
2025 Long Term Incentive Plan of the Company (filed herewith).
|
|
|
|
|
|
Form of Stock Option Grant Agreement under the Company’s 2025 Long Term Incentive Plan (filed herewith).
|
|
|
|
|
|
Form of Restricted Stock Unit Award Agreement under the Company’s 2025 Long Term Incentive Plan (filed herewith).
|
|
|
|
|
|
Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer.
|
|
|
|
|
|
Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer.
|
|
|
|
|
|
Section 1350 Certification of Principal Executive Officer.
|
|
|
|
|
|
Section 1350 Certification of Principal Financial Officer.
|
|
|
|
|
|
101
|
Interactive data files pursuant to Rule 405 of Regulation S-T.
|
|
|
|
|
104
|
Cover Page Interactive Data File (formatted as Inline XBRL).
|
|
RAVE RESTAURANT GROUP, INC.
|
|||
|
(Registrant)
|
|||
|
By:
|
/s/ Brandon L. Solano
|
||
|
Brandon L. Solano
|
|||
|
Chief Executive Officer
|
|||
|
(principal executive officer)
|
|||
|
By:
|
/s/ Jay D. Rooney
|
||
|
Jay D. Rooney
|
|||
|
Chief Financial Officer
|
|||
|
(principal financial officer)
|
|||
| Dated: February 5, 2026 | |||
|
Date of Grant:
|
________________________________________
|
|
|
|
|
Type of Award:
|
[Incentive] [Non-Qualified] Stock Options
|
|
|
|
|
Total Shares Optioned:
|
________________________________________
|
|
|
|
|
Exercise Price per Share:
|
$_______________
|
|
|
|
|
Exercisability Schedule:
|
________________________________________
|
|
|
________________________________________
|
|
|
________________________________________
|
|
|
________________________________________
|
|
|
|
|
Expiration Date:
|
_______________
|
|
|
RAVE RESTAURANT GROUP, INC.
|
|
|
|
|
|
|
|
|
By: _____________________________________
|
|
|
|
|
|
OPTIONEE
|
|
|
|
|
|
________________________________________
|
|
|
(Signature of Optionee)
(Printed Name)
(Date)
|
|
RAVE RESTAURANT GROUP, INC.
|
||
|
|
||
|
By:
|
|
|
|
|
|
|
|
|
|
|
|
PARTICIPANT:
|
||
|
|
|
|
|
|
|
|
|
1.
Grant of Restricted Stock Units.
|
|
2.
Vesting.
|
|
3.
Performance Criteria.
|
|
4.
Delivery of Shares.
|
|
5.
Forfeiture of Units.
|
|
6.
Change in Control.
|
|
7.
Delay for Specified Employees.
|
|
8.
Nontransferability of Units.
|
|
9.
Compliance with Securities and Other Laws.
|
|
10.
No Rights of a Stockholder or of Continued Employment.
|
|
11.
Interpretation of this Agreement.
|
|
12.
Units Subject to 2025 LTIP.
|
|
13.
Code Section 409A.
|
|
1.
|
The Units granted pursuant to this Agreement shall be subject to the Performance Criteria provided below:
|
|
Date: February 5, 2026
|
By:
|
/s/ Brandon L. Solano
|
|
|
|
|
Brandon L. Solano
|
|
|
|
|
Chief Executive Officer
|
|
|
|
|
(principal executive officer)
|
|
|
Date: February 5, 2026
|
By:
|
/s/ Jay D. Rooney
|
|
|
|
|
Jay D. Rooney
|
|
|
|
|
Chief Financial Officer
|
|
|
|
|
(principal financial officer)
|
|
|
Date: February 5, 2026
|
By:
|
/s/ Brandon L. Solano
|
|
|
|
|
Brandon L. Solano
|
|
|
|
|
Chief Executive Officer
|
|
|
|
|
(principal executive officer)
|
|
Date: February 5, 2026
|
By:
|
/s/ Jay D. Rooney
|
|
|
|
|
Jay D. Rooney
|
|
|
|
|
Chief Financial Officer
|
|
|
|
|
(principal financial officer)
|
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Dec. 28, 2025 |
Dec. 29, 2024 |
Dec. 28, 2025 |
Dec. 29, 2024 |
|
| CONDENSED CONSOLIDATED STATEMENTS OF INCOME [Abstract] | ||||
| REVENUES | $ 3,042 | $ 2,869 | $ 6,255 | $ 5,919 |
| COSTS AND EXPENSES | ||||
| General and administrative expenses | 1,519 | 1,314 | 2,897 | 2,734 |
| Franchise expenses | 732 | 829 | 1,769 | 1,824 |
| Provision (recovery) for credit losses | 7 | 9 | 11 | (8) |
| Depreciation and amortization expense | 42 | 53 | 84 | 96 |
| Total costs and expenses | 2,300 | 2,205 | 4,761 | 4,646 |
| OPERATING INCOME | 742 | 664 | 1,494 | 1,273 |
| Interest income | 91 | 87 | 182 | 169 |
| Other income | 9 | 0 | 17 | 4 |
| INCOME BEFORE TAXES | 842 | 751 | 1,693 | 1,446 |
| Income tax expense | 205 | 144 | 411 | 313 |
| NET INCOME | $ 637 | $ 607 | $ 1,282 | $ 1,133 |
| INCOME PER SHARE OF COMMON STOCK | ||||
| Basic (in Dollars per share) | $ 0.04 | $ 0.04 | $ 0.09 | $ 0.08 |
| Diluted (in Dollars per share) | $ 0.04 | $ 0.04 | $ 0.09 | $ 0.08 |
| WEIGHTED AVERAGE COMMON SHARES OUTSTANDING | ||||
| Basic (in Shares) | 14,212 | 14,690 | 14,212 | 14,638 |
| Diluted (in Shares) | 14,276 | 14,716 | 14,277 | 14,660 |
CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands |
Dec. 28, 2025 |
Jun. 29, 2025 |
|---|---|---|
| CONDENSED CONSOLIDATED BALANCE SHEETS [Abstract] | ||
| Accounts receivable, allowance for credit losses (in Dollars) | $ 41 | $ 31 |
| Common stock, par value (in Dollars per share) | $ 0.01 | $ 0.01 |
| Common stock, shares authorized (in Shares) | 26,000,000 | 26,000,000 |
| Common stock, shares issued (in Shares) | 25,647,171 | 25,647,171 |
| Common stock, shares outstanding (in Shares) | 14,211,566 | 14,211,566 |
| Treasury stock at cost (in Shares) | 11,435,605 | 11,435,605 |
Summary of Significant Accounting Policies |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 28, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Significant Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Significant Accounting Policies |
Note A - Summary of Significant Accounting Policies
Principles of Consolidation
The consolidated financial statements include the accounts of Rave Restaurant Group, Inc. and its subsidiaries, all of which are wholly owned. All appropriate inter-company balances and transactions have been eliminated.
Cash and Cash Equivalents
The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents.
Short-Term Investments
The Company holds short-term investments in U.S. Treasury bills, classified as trading securities. Accordingly, interest income is recorded through the Condensed Consolidated Statements of Income, when earned. Management has elected to classify all U.S. Treasury bills as short-term, regardless of their maturity dates, as these are readily available to fund current operations and can be liquidated at any time at the discretion of the Company. As of December 28, 2025 and June 29, 2025, the Company held U.S. Treasury bills valued at approximately $10.3 million and $7.0 million, respectively, which are included within short-term investments on the accompanying Condensed Consolidated Balance Sheets. For the three months ended December 28, 2025 and December 29, 2024, interest income recognized on was $86 thousand and $87 thousand, respectively. For the six months ended December 28, 2025 and December 29, 2024, interest income recognized on the was $171 thousand and $169 thousand, respectively.
Fair Value Measurements
Assets and liabilities carried at fair value are categorized based on the level of judgment associated with the inputs used to measure their fair value. Authoritative guidance for fair value measurements establishes a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into the following three levels:
Level 1: Inputs are unadjusted quoted market prices in active markets for identical assets or liabilities at the measurement date.
Level 2: Inputs (other than quoted prices included in Level 1) that are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date for the duration of the instrument’s anticipated life.
Level 3: Inputs are unobservable and therefore reflect management’s best estimate of the assumptions that market participants would use in pricing the asset or liability.
The fair value of the Company’s investments in U.S. Treasury bills at December 28, 2025 and June 29, 2025, was determined using Level 1 observable inputs. The following table summarizes the Company’s financial assets and financial liabilities measured at fair value (in thousands):
The Company has no financial assets or liabilities classified within Level 3 of the valuation hierarchy.
These items are classified in their entirety based on the lowest priority level of input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the placement of assets and liabilities within the levels of the fair value hierarchy.
Accounts Receivable and Allowance for Credit Losses Accounts receivable consist primarily of receivables generated from franchise royalties and supplier concessions. The Company records an allowance for credit losses to allow for any amounts that may be unrecoverable based upon an analysis of the Company’s prior collection experience, customer creditworthiness and current economic trends. After all attempts to collect a receivable have failed, the receivable is written off against the allowance. Finance charges may be accrued at a rate of 18% per year, or up to the maximum amount allowed by law, on past due receivables. The interest income recorded from finance charges is immaterial. The Company monitors franchisee receivable balances and adjusts credit terms when necessary to minimize the Company’s exposure to high-risk accounts receivable. For the three month period ended December 28, 2025, provision for credit losses were $7 thousand compared to $9 thousand for the same period in the prior fiscal year. For the six month period ended December 28, 2025, provision for credit losses were $11 thousand compared to recoveries for credit losses of $8 thousand for the same period in the prior fiscal year. Changes in the allowance for credit losses from continuing operations consisted of the following (in thousands):
Fiscal Quarters
The three and six month periods ended December 28, 2025 and December 29, 2024 each contained 13 weeks and 26 weeks, respectively.
Use of Management Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the Company’s management to make estimates and assumptions that affect its reported amounts of assets, liabilities, revenues, expenses and related disclosure of contingent liabilities. The Company bases its estimates on historical experience and other various assumptions that it believes are reasonable under the circumstances. Estimates and assumptions are reviewed periodically. Actual results could differ materially from estimates.
Recently Adopted Accounting Guidance
In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU” or “standard”) 2023-09, Income Taxes: Improvements to Income Tax Disclosures (Topic 740), which requires companies to provide a more granular breakdown of the components that make up their effective tax rate and additional disclosures about the nature and effect of significant reconciling items. The new guidance is effective for the Company's fiscal year beginning after December 15, 2024. The Company adopted this standard on June 30, 2025, and the adoption of this standard did not have a material impact on the Company's consolidated financial statements and related disclosures.
Recent Accounting Pronouncements
In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires, for each relevant expense caption on the income statement, detailed disclosure amounts for purchases of inventory, employee compensation, depreciation, and intangible asset amortization. In addition, this ASU requires companies to include amounts already required by GAAP in the same disclosure, provide a qualitative description of remaining amounts not separately disaggregated, and disclose the amount of total selling expenses along with the companies’ definition of selling expenses. The amendment is effective for fiscal years beginning after December 15, 2026, which would require us to adopt the provisions in our fiscal 2028 Form 10-K. Early adoption is permitted. The amendments should be applied prospectively; however, retrospective application is permitted. Management is currently evaluating this ASU to determine its impact on our disclosures.
In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow- Scope Improvements, which clarifies the guidance in Topic 270 to improve the consistency of interim financial reporting. The ASU provides a comprehensive list of required interim disclosures and introduces a disclosure principle requiring entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. ASU 2025-11 is effective for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2025-11.
In December 2025, the FASB issued its final ASU which makes improvements to the Accounting Standards Codification (“ASC”) in response to feedback from stakeholders. This standard, issued as ASU 2025-12, specifically updates the Codification for a broad range of Topics arising from technical corrections, unintended application of the Codification, clarifications, and other minor improvements. This update is effective for annual reporting periods beginning after December 15, 2026, including interim reporting periods within those annual reporting periods. The Company is currently evaluating the impact of adopting ASU 2025-12. Revenue Recognition
Revenue is measured based on consideration specified in contracts with customers and excludes incentives and amounts collected on behalf of third parties, primarily sales tax. The Company recognizes revenue when it satisfies a performance obligation by transferring control over a product or service to a customer. Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction that are collected by the Company from a customer are excluded from revenue.
The following describes principal activities, separated by major product or service, from which the Company generates its revenues:
Franchise Revenues
Franchise revenues consist of 1) franchise royalties, 2) supplier and distributor incentive revenues, 3) franchise license fees, 4) area development exclusivity fees and foreign master license fees, 5) advertising fund contributions, and 6) supplier convention funds.
Franchise royalties, which are based on a percentage of net retail sales, are recognized as sales occur.
Supplier and distributor incentive revenues are recognized when title to the underlying commodities transfer.
Franchise license fees are typically billed upon execution of the franchise agreement and amortized over the term of the franchise agreement, which typically range from five to 20 years. Fees received for renewal periods are amortized over the life of the renewal period. In the event of a closed franchise or terminated development agreement, the remaining balance of unamortized license fees will be recognized in entirety as of the date of the closure or termination.
Area development exclusivity fees and foreign master license fees are typically billed upon execution of the area development and foreign master license agreements. Area development exclusivity fees are included in deferred revenue in the accompanying Condensed Consolidated Balance Sheets and allocated on a pro rata basis to all stores opened under that specific development agreement as the stores are opened. Area development exclusivity fees that include rights to sub-franchise are amortized as revenue over the term of the contract.
Advertising fund contributions for Pizza Inn and Pie Five units represent contributions collected where we have control over the activities of the fund. Contributions are based on a percentage of net retail sales. We have determined that we are the principal in these arrangements, and advertising fund contributions and expenditures are, therefore, reported on a gross basis in the Condensed Consolidated Statements of Income. In general, we expect such advertising fund contributions and expenditures to be largely offsetting and, therefore, do not expect a significant impact on our reported income before income taxes. Our obligation related to these funds is to develop and conduct advertising activities. Pizza Inn and Pie Five marketing fund contributions are billed and collected weekly or monthly.
Supplier convention funds are deferred until the obligations of the agreement are met and the event takes place.
Rental Income
The Company had subleased some of its restaurant space to a third-party. The Company’s last remaining sublease term ended in January 2025 and the Company has no plans to enter into future sublease arrangements.
Total revenues consist of the following (in thousands):
The following table reflects the changes in deferred franchise and development fees for the six months ended on December 28, 2025 and December 29, 2024 (in thousands):
The following table illustrates franchise and development fees expected to be recognized in the future related to performance obligations that were unsatisfied or partially satisfied as of December 28, 2025 (in thousands):
Stock-Based Compensation
The Company accounts for stock options using the fair value recognition provisions of the authoritative guidance on stock-based payments. The Company uses the Black-Scholes formula to estimate the value of stock-based compensation for options granted to employees and directors and expects to continue to use this acceptable option valuation model in the future. The authoritative guidance also requires the benefits of tax deductions in excess of recognized compensation cost to be reported as a financing cash flow.
Restricted stock units (“RSUs”) represent the right to receive shares of common stock upon the satisfaction of vesting requirements, performance criteria and other terms and conditions. Compensation cost for RSUs is measured as an amount equal to the fair value of the RSUs on the date of grant and is expensed over the vesting period if achievement of the performance criteria is deemed probable, with the amount of the expense recognized based on the best estimate of the ultimate achievement level.
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Leases |
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| Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases |
Note B - Leases
The Company determines if an arrangement is a lease at inception of the arrangement. To the extent that it can be determined that an arrangement represents a lease, it is classified as either an operating lease or a finance lease. The Company does not currently have any finance leases. The Company capitalizes operating leases on the Condensed Consolidated Balance Sheets through a right-of-use asset and a corresponding lease liability. Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Short-term leases that have an initial term of one year or less are not capitalized. The Company does not presently have any short-term leases.
Operating lease right-of-use assets and liabilities are recognized at the commencement date of an arrangement based on the present value of lease payments over the lease term. In addition to the present value of lease payments, the operating lease right-of-use asset also includes any lease payments made to the lessor prior to lease commencement less any lease incentives and initial direct costs incurred. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term.
Nature of Leases
The Company leases certain office space, restaurant space, and information technology equipment under non-cancelable leases to support its operations. A more detailed description of significant lease types is included below.
Office Space Agreements
The Company rents office space from third parties for its corporate location. Office space agreements are typically structured with non-cancelable terms of one to 10 years. The Company has concluded that its office space agreements represent operating leases with a lease term that equals the primary non-cancelable contract term. Upon completion of the primary term, both parties have substantive rights to terminate the lease. As a result, enforceable rights and obligations do not exist under the rental agreement subsequent to the primary term.
Restaurant Space Agreements
The Company subleased one of its restaurant spaces to a third-party through January 2025. The Company has no plans to enter into future sublease arrangements.
Information Technology Equipment Agreements
The Company rents information technology equipment, primarily printers and copiers, from a third-party for its corporate office location. Information technology equipment agreements are typically structured with non-cancelable terms of one to five years. The Company has concluded that its information technology equipment agreements are operating leases.
Discount Rate
Leases typically do not provide an implicit interest rate. Accordingly, the Company is required to use its incremental borrowing rate in determining the present value of lease payments based on the information available at the lease commencement date. The Company’s incremental borrowing rate reflects the estimated rate of interest that it would pay to borrow on a collateralized basis over a similar term for an amount equal to the lease payments in a similar economic environment. The Company uses the implicit rate in the limited circumstances in which that rate is readily determinable.
Lease Guarantees
The Company has guaranteed the financial responsibilities of one franchised store lease. The guaranteed lease is not considered an operating lease because the Company does not have the right to control the underlying asset. If the franchisee abandons the lease and fails to meet the lease’s financial obligations, the lessor may assign the lease to the Company for the remainder of the term. If the Company does not expect to assign the abandoned lease to a new franchisee within 12 months, the lease will be considered an operating lease and a right-of-use asset, and lease liability will be recognized.
Practical Expedients and Accounting Policy Elections
Certain lease agreements include lease and non-lease components. For all existing asset classes with multiple component types, the Company has utilized the practical expedient that exempts it from separating lease components from non-lease components. Accordingly, the Company accounts for the lease and non-lease components in an arrangement as a single lease component.
In addition, for all existing asset classes, the Company has made an accounting policy election not to apply the lease recognition requirements to short-term leases (that is, a lease that, at commencement, has a lease term of 12 months or less and does not include an option to purchase the underlying asset that the Company is reasonably certain to exercise). Accordingly, we recognize lease payments related to our short-term leases in our income statements on a straight-line basis over the lease term which has not changed from our prior recognition. To the extent that there are variable lease payments, we recognize those payments in our income statements in the period in which the obligation for those payments is incurred.
The components of total lease expense for the three and six months ended December 28, 2025 and December 29, 2024, where operating lease cost is included in general and administrative expense and sublease income is included in revenues in the accompanying Condensed Consolidated Statements of Income, are as follows (in thousands):
Weighted average remaining lease term and weighted average discount rate for operating leases are as follows:
Remaining operating lease liabilities with enforceable contract terms that are greater than one year mature as follows (in thousands):
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Commitments and Contingencies |
6 Months Ended |
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Dec. 28, 2025 | |
| Commitments and Contingencies [Abstract] | |
| Commitments and Contingencies |
Note C - Commitments and Contingencies
The Company is subject to various claims and contingencies related to employment agreements, franchise disputes, lawsuits, taxes, food product purchase contracts and other matters arising out of the normal course of business. Management believes that any such claims and actions currently pending are either covered by insurance or would not have a material adverse effect on the Company’s results of operations or financial condition if decided in a manner that is unfavorable to the Company. No accrual has been recorded for any claims or actions at December 28, 2025 or June 29, 2025.
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Stock-Based Compensation |
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| Stock-Based Compensation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-Based Compensation |
Note D - Stock-Based Compensation
Stock Options:
For the three and six months ended December 28, 2025 and December 29, 2024, the Company recognized stock-based compensation expense related to stock options of zero. As of December 28, 2025, there was no unamortized stock-based compensation expense related to stock options. The following table summarizes the number of shares of the Company’s common stock subject to outstanding stock options:
Restricted Stock Units:
For the three and six months ended December 28, 2025, the Company had stock-based compensation expense related to RSUs of $62 thousand and $100 thousand, respectively. For the three and six months ended December 29, 2024, the Company had stock-based compensation expense related to RSUs of $53 thousand and $126 thousand, respectively. As of December 28, 2025, there was $591 thousand unamortized stock-based compensation expense related to RSUs. As of December 28, 2025 the RSUs will be amortized during the next 34 months. A summary of the status of restricted stock units as of December 28, 2025 and December 29, 2024, and changes during the six months then ended is presented below:
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Earnings per Share (EPS) |
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| Earnings per Share (EPS) |
Note E - Earnings per Share (EPS)
The following table shows the reconciliation of the numerator and denominator of the basic EPS calculation to the numerator and denominator of the diluted EPS calculation (in thousands, except per share amounts):
For the three and six months ended December 28, 2025, exercisable options to purchase 50,000 shares of common stock at exercise price $3.95 were excluded from the computation of diluted EPS because they had an intrinsic value of zero. For the three and six months ended December 28, 2025, 277,400 and 277,400 RSUs were excluded from the computation of diluted EPS because performance criteria is not probable at period end, respectively. For the three and six months ended December 29, 2024, exercisable options to purchase 74,286 shares of common stock at exercise prices from $3.95 to $13.11 were excluded from the computation of diluted EPS because they had an intrinsic value of zero. For the three and six months ended December 29, 2024, 142,328 and 247,328 RSUs were excluded from the computation of diluted EPS because performance criteria is not probable at period end, respectively.
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Income Taxes |
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| Income Taxes |
Note F - Income Taxes
Total income tax expense consists of the following (in thousands):
The Company continually reviews the realizability of its deferred tax assets, including an analysis of factors such as future taxable income, reversal of existing taxable temporary differences, and tax planning strategies. In assessing the need for a valuation allowance, the Company considers both positive and negative evidence related to the likelihood of realization of deferred tax assets.
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting |
Note G - Segment Reporting
The Company has three reportable operating segments as determined by management using the “management approach” as defined by ASC 280 Disclosures about Segments of an Enterprise and Related Information: (1) Pizza Inn Franchising, (2) Pie Five Franchising and (3) Corporate administration and other. These segments are a result of differences in the nature of the products and services sold. Corporate administration costs, which include, but are not limited to, general accounting, human resources, legal and credit and collections, are partially allocated to the three operating segments. The Company's chief operating decision maker (“CODM”) is the chief executive officer, who assesses segment performance primarily based on operating revenues and income before taxes to inform decisions regarding resource allocation. In addition, the CODM uses segment income to evaluate investment opportunities and strategic priorities across the Company's brands.
The Pizza Inn and Pie Five Franchising segments establish franchisees, licensees and territorial rights. Revenues for these segments are derived from franchise royalties, franchise fees, sale of area development and foreign master license rights and incentive payments from third-party suppliers and distributors. Assets for these segments include equipment, furniture and fixtures.
Corporate administration and other assets primarily include cash and short-term investments, as well as furniture and fixtures located at the corporate office and trademarks and other intangible assets. All assets are located within the United States.
Summarized in the following tables are revenues, expenses, operating income, and income before taxes for the Company’s reportable segments as of the three and six months ended December 28, 2025 and December 29, 2024 (in thousands):
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Pay vs Performance Disclosure - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
|---|---|---|---|---|---|---|
Dec. 28, 2025 |
Sep. 28, 2025 |
Dec. 29, 2024 |
Sep. 29, 2024 |
Dec. 28, 2025 |
Dec. 29, 2024 |
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| Pay vs Performance Disclosure | ||||||
| Net Income (Loss) | $ 637 | $ 645 | $ 607 | $ 526 | $ 1,282 | $ 1,133 |
Insider Trading Arrangements |
3 Months Ended |
|---|---|
Dec. 28, 2025 | |
| Trading Arrangements, by Individual | |
| Rule 10b5-1 Arrangement Adopted | false |
| Non-Rule 10b5-1 Arrangement Adopted | false |
| Rule 10b5-1 Arrangement Terminated | false |
| Non-Rule 10b5-1 Arrangement Terminated | false |
Accounting Policies, by Policy (Policies) |
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| Summary of Significant Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Principles of Consolidation | Principles of Consolidation
The consolidated financial statements include the accounts of Rave Restaurant Group, Inc. and its subsidiaries, all of which are wholly owned. All appropriate inter-company balances and transactions have been eliminated.
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| Cash and Cash Equivalents | Cash and Cash Equivalents
The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents.
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| Short Term Investments | Short-Term Investments The Company holds short-term investments in U.S. Treasury bills, classified as trading securities. Accordingly, interest income is recorded through the Condensed Consolidated Statements of Income, when earned. Management has elected to classify all U.S. Treasury bills as short-term, regardless of their maturity dates, as these are readily available to fund current operations and can be liquidated at any time at the discretion of the Company. As of December 28, 2025 and June 29, 2025, the Company held U.S. Treasury bills valued at approximately $10.3 million and $7.0 million, respectively, which are included within short-term investments on the accompanying Condensed Consolidated Balance Sheets. For the three months ended December 28, 2025 and December 29, 2024, interest income recognized on was $86 thousand and $87 thousand, respectively. For the six months ended December 28, 2025 and December 29, 2024, interest income recognized on the was $171 thousand and $169 thousand, respectively.
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| Fair Value Measurements | Fair Value Measurements
Assets and liabilities carried at fair value are categorized based on the level of judgment associated with the inputs used to measure their fair value. Authoritative guidance for fair value measurements establishes a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into the following three levels:
Level 1: Inputs are unadjusted quoted market prices in active markets for identical assets or liabilities at the measurement date.
Level 2: Inputs (other than quoted prices included in Level 1) that are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date for the duration of the instrument’s anticipated life.
Level 3: Inputs are unobservable and therefore reflect management’s best estimate of the assumptions that market participants would use in pricing the asset or liability.
The fair value of the Company’s investments in U.S. Treasury bills at December 28, 2025 and June 29, 2025, was determined using Level 1 observable inputs. The following table summarizes the Company’s financial assets and financial liabilities measured at fair value (in thousands):
The Company has no financial assets or liabilities classified within Level 3 of the valuation hierarchy.
These items are classified in their entirety based on the lowest priority level of input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the placement of assets and liabilities within the levels of the fair value hierarchy.
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| Accounts Receivable and Allowance for Credit Losses | Accounts Receivable and Allowance for Credit Losses Accounts receivable consist primarily of receivables generated from franchise royalties and supplier concessions. The Company records an allowance for credit losses to allow for any amounts that may be unrecoverable based upon an analysis of the Company’s prior collection experience, customer creditworthiness and current economic trends. After all attempts to collect a receivable have failed, the receivable is written off against the allowance. Finance charges may be accrued at a rate of 18% per year, or up to the maximum amount allowed by law, on past due receivables. The interest income recorded from finance charges is immaterial. The Company monitors franchisee receivable balances and adjusts credit terms when necessary to minimize the Company’s exposure to high-risk accounts receivable. For the three month period ended December 28, 2025, provision for credit losses were $7 thousand compared to $9 thousand for the same period in the prior fiscal year. For the six month period ended December 28, 2025, provision for credit losses were $11 thousand compared to recoveries for credit losses of $8 thousand for the same period in the prior fiscal year. Changes in the allowance for credit losses from continuing operations consisted of the following (in thousands):
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| Fiscal Quarters | Fiscal Quarters
The three and six month periods ended December 28, 2025 and December 29, 2024 each contained 13 weeks and 26 weeks, respectively.
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| Use of Management Estimates | Use of Management Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the Company’s management to make estimates and assumptions that affect its reported amounts of assets, liabilities, revenues, expenses and related disclosure of contingent liabilities. The Company bases its estimates on historical experience and other various assumptions that it believes are reasonable under the circumstances. Estimates and assumptions are reviewed periodically. Actual results could differ materially from estimates.
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| Recent Accounting Pronouncements | Recently Adopted Accounting Guidance
In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU” or “standard”) 2023-09, Income Taxes: Improvements to Income Tax Disclosures (Topic 740), which requires companies to provide a more granular breakdown of the components that make up their effective tax rate and additional disclosures about the nature and effect of significant reconciling items. The new guidance is effective for the Company's fiscal year beginning after December 15, 2024. The Company adopted this standard on June 30, 2025, and the adoption of this standard did not have a material impact on the Company's consolidated financial statements and related disclosures.
Recent Accounting Pronouncements
In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires, for each relevant expense caption on the income statement, detailed disclosure amounts for purchases of inventory, employee compensation, depreciation, and intangible asset amortization. In addition, this ASU requires companies to include amounts already required by GAAP in the same disclosure, provide a qualitative description of remaining amounts not separately disaggregated, and disclose the amount of total selling expenses along with the companies’ definition of selling expenses. The amendment is effective for fiscal years beginning after December 15, 2026, which would require us to adopt the provisions in our fiscal 2028 Form 10-K. Early adoption is permitted. The amendments should be applied prospectively; however, retrospective application is permitted. Management is currently evaluating this ASU to determine its impact on our disclosures.
In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow- Scope Improvements, which clarifies the guidance in Topic 270 to improve the consistency of interim financial reporting. The ASU provides a comprehensive list of required interim disclosures and introduces a disclosure principle requiring entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. ASU 2025-11 is effective for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2025-11.
In December 2025, the FASB issued its final ASU which makes improvements to the Accounting Standards Codification (“ASC”) in response to feedback from stakeholders. This standard, issued as ASU 2025-12, specifically updates the Codification for a broad range of Topics arising from technical corrections, unintended application of the Codification, clarifications, and other minor improvements. This update is effective for annual reporting periods beginning after December 15, 2026, including interim reporting periods within those annual reporting periods. The Company is currently evaluating the impact of adopting ASU 2025-12.
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| Revenue Recognition | Revenue Recognition
Revenue is measured based on consideration specified in contracts with customers and excludes incentives and amounts collected on behalf of third parties, primarily sales tax. The Company recognizes revenue when it satisfies a performance obligation by transferring control over a product or service to a customer. Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction that are collected by the Company from a customer are excluded from revenue.
The following describes principal activities, separated by major product or service, from which the Company generates its revenues:
Franchise Revenues
Franchise revenues consist of 1) franchise royalties, 2) supplier and distributor incentive revenues, 3) franchise license fees, 4) area development exclusivity fees and foreign master license fees, 5) advertising fund contributions, and 6) supplier convention funds.
Franchise royalties, which are based on a percentage of net retail sales, are recognized as sales occur.
Supplier and distributor incentive revenues are recognized when title to the underlying commodities transfer.
Franchise license fees are typically billed upon execution of the franchise agreement and amortized over the term of the franchise agreement, which typically range from five to 20 years. Fees received for renewal periods are amortized over the life of the renewal period. In the event of a closed franchise or terminated development agreement, the remaining balance of unamortized license fees will be recognized in entirety as of the date of the closure or termination.
Area development exclusivity fees and foreign master license fees are typically billed upon execution of the area development and foreign master license agreements. Area development exclusivity fees are included in deferred revenue in the accompanying Condensed Consolidated Balance Sheets and allocated on a pro rata basis to all stores opened under that specific development agreement as the stores are opened. Area development exclusivity fees that include rights to sub-franchise are amortized as revenue over the term of the contract.
Advertising fund contributions for Pizza Inn and Pie Five units represent contributions collected where we have control over the activities of the fund. Contributions are based on a percentage of net retail sales. We have determined that we are the principal in these arrangements, and advertising fund contributions and expenditures are, therefore, reported on a gross basis in the Condensed Consolidated Statements of Income. In general, we expect such advertising fund contributions and expenditures to be largely offsetting and, therefore, do not expect a significant impact on our reported income before income taxes. Our obligation related to these funds is to develop and conduct advertising activities. Pizza Inn and Pie Five marketing fund contributions are billed and collected weekly or monthly.
Supplier convention funds are deferred until the obligations of the agreement are met and the event takes place.
Rental Income
The Company had subleased some of its restaurant space to a third-party. The Company’s last remaining sublease term ended in January 2025 and the Company has no plans to enter into future sublease arrangements.
Total revenues consist of the following (in thousands):
The following table reflects the changes in deferred franchise and development fees for the six months ended on December 28, 2025 and December 29, 2024 (in thousands):
The following table illustrates franchise and development fees expected to be recognized in the future related to performance obligations that were unsatisfied or partially satisfied as of December 28, 2025 (in thousands):
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| Stock-Based Compensation | Stock-Based Compensation
The Company accounts for stock options using the fair value recognition provisions of the authoritative guidance on stock-based payments. The Company uses the Black-Scholes formula to estimate the value of stock-based compensation for options granted to employees and directors and expects to continue to use this acceptable option valuation model in the future. The authoritative guidance also requires the benefits of tax deductions in excess of recognized compensation cost to be reported as a financing cash flow.
Restricted stock units (“RSUs”) represent the right to receive shares of common stock upon the satisfaction of vesting requirements, performance criteria and other terms and conditions. Compensation cost for RSUs is measured as an amount equal to the fair value of the RSUs on the date of grant and is expensed over the vesting period if achievement of the performance criteria is deemed probable, with the amount of the expense recognized based on the best estimate of the ultimate achievement level.
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Summary of Significant Accounting Policies (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 28, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Significant Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Financial Assets and Financial Liabilities Measured at Fair Value | The following table summarizes the Company’s financial assets and financial liabilities measured at fair value (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Allowance for Credit Losses | Changes in the allowance for credit losses from continuing operations consisted of the following (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Revenues | Total revenues consist of the following (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Changes Deferred Franchise and Development Fees | The following table reflects the changes in deferred franchise and development fees for the six months ended on December 28, 2025 and December 29, 2024 (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Franchise and Development Fees | The following table illustrates franchise and development fees expected to be recognized in the future related to performance obligations that were unsatisfied or partially satisfied as of December 28, 2025 (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 28, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Components of Total Lease Expense | The components of total lease expense for the three and six months ended December 28, 2025 and December 29, 2024, where operating lease cost is included in general and administrative expense and sublease income is included in revenues in the accompanying Condensed Consolidated Statements of Income, are as follows (in thousands):
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Weighted Average Remaining Lease Term and Weighted Average Discount Rate | Weighted average remaining lease term and weighted average discount rate for operating leases are as follows:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Maturities of Operating Lease Liabilities | Remaining operating lease liabilities with enforceable contract terms that are greater than one year mature as follows (in thousands):
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 28, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-Based Compensation [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Outstanding Stock Options | The following table summarizes the number of shares of the Company’s common stock subject to outstanding stock options:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Restricted Stock Units | As of December 28, 2025 the RSUs will be amortized during the next 34 months. A summary of the status of restricted stock units as of December 28, 2025 and December 29, 2024, and changes during the six months then ended is presented below:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per Share (EPS) (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 28, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings per Share (EPS) [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings per Share Basic and Diluted | The following table shows the reconciliation of the numerator and denominator of the basic EPS calculation to the numerator and denominator of the diluted EPS calculation (in thousands, except per share amounts):
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 28, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Provision for Income Taxes | Total income tax expense consists of the following (in thousands):
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 28, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting Information | Summarized in the following tables are revenues, expenses, operating income, and income before taxes for the Company’s reportable segments as of the three and six months ended December 28, 2025 and December 29, 2024 (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies - Allowance for Credit Losses (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Dec. 28, 2025 |
Dec. 29, 2024 |
Dec. 28, 2025 |
Dec. 29, 2024 |
|
| Summary of Significant Accounting Policies [Abstract] | ||||
| Balance at beginning of year | $ 35 | $ 40 | $ 31 | $ 57 |
| Provision (recovery) for credit losses | 7 | 9 | 11 | (8) |
| Amounts written off | (1) | (7) | (1) | (7) |
| Ending balance | $ 41 | $ 42 | $ 41 | $ 42 |
Summary of Significant Accounting Policies - Changes Deferred Franchise and Development Fees (Details) - USD ($) $ in Thousands |
6 Months Ended | |
|---|---|---|
Dec. 28, 2025 |
Dec. 29, 2024 |
|
| Summary of Significant Accounting Policies [Abstract] | ||
| Beginning balance | $ 460 | $ 549 |
| Additions | 60 | 33 |
| Amount recognized to franchise revenues | (49) | (70) |
| Ending balance | $ 471 | $ 512 |
Leases - Components of Total Lease Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Dec. 28, 2025 |
Dec. 29, 2024 |
Dec. 28, 2025 |
Dec. 29, 2024 |
|
| Leases [Abstract] | ||||
| Operating lease cost | $ 81 | $ 103 | $ 162 | $ 207 |
| Sublease income | 0 | (23) | 0 | (46) |
| Total lease expense, net of sublease income | $ 81 | $ 80 | $ 162 | $ 161 |
Leases - Weighted Average Remaining Lease Term and Weighted Average Discount Rate (Details) |
Dec. 28, 2025 |
Dec. 29, 2024 |
|---|---|---|
| Leases [Abstract] | ||
| Weighted average remaining lease term | 1 year 2 months 12 days | 2 years 1 month 6 days |
| Weighted average discount rate | 4.20% | 4.10% |
Leases - Maturities of Operating Lease Liabilities (Details) $ in Thousands |
Dec. 28, 2025
USD ($)
|
|---|---|
| Leases [Abstract] | |
| Fiscal Year 2026 | $ 194 |
| Fiscal Year 2027 | 197 |
| Fiscal Year 2028 | 6 |
| Fiscal Year 2029 | 6 |
| Thereafter | 1 |
| Total operating lease payments | 404 |
| Less: imputed interest | (11) |
| Total operating lease liability | $ 393 |
Commitments and Contingencies (Details) - USD ($) $ in Thousands |
Dec. 28, 2025 |
Jun. 29, 2025 |
|---|---|---|
| Commitments and Contingencies [Abstract] | ||
| Accrual claims | $ 0 | $ 0 |
Stock-Based Compensation (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Dec. 28, 2025 |
Dec. 29, 2024 |
Dec. 28, 2025 |
Dec. 29, 2024 |
|
| Stock-Based Compensation [Abstract] | ||||
| Stock-based compensation expense recognized | $ 62 | $ 53 | $ 100 | $ 126 |
| Amortization period | 34 months | |||
| Stock Options [Member] | ||||
| Stock-Based Compensation [Abstract] | ||||
| Stock-based compensation expense recognized | 0 | $ 0 | $ 0 | $ 0 |
| Unamortized stock-based compensation expense | 0 | 0 | ||
| Restricted Stock Units (RSUs) [Member] | ||||
| Stock-Based Compensation [Abstract] | ||||
| Unamortized stock-based compensation expense | $ 591 | $ 591 | ||
Stock-Based Compensation - Outstanding Stock Options (Details) - Stock Options [Member] - shares |
6 Months Ended | |
|---|---|---|
Dec. 28, 2025 |
Dec. 29, 2024 |
|
| Stock-Based Compensation [Abstract] | ||
| Outstanding at beginning of year (in Shares) | 114,286 | 114,286 |
| Granted (in Shares) | 0 | 0 |
| Exercised (in Shares) | 0 | 0 |
| Forfeited/Canceled/Expired (in Shares) | (24,286) | 0 |
| Outstanding at end of period (in Shares) | 90,000 | 114,286 |
| Exercisable at end of Period (in Shares) | 90,000 | 114,286 |
Stock-Based Compensation - Summary of Restricted Stock Units (Details) - Restricted Stock Units [Member] - shares |
6 Months Ended | |
|---|---|---|
Dec. 28, 2025 |
Dec. 29, 2024 |
|
| Stock-Based Compensation [Abstract] | ||
| Unvested at beginning of year (in Shares) | 181,703 | 269,063 |
| Performance adjustment (in Shares) | 0 | 34,351 |
| Granted (in Shares) | 135,072 | 142,328 |
| Issued (in Shares) | 0 | (198,414) |
| Forfeited (in Shares) | 0 | 0 |
| Unvested at end of period (in Shares) | 316,775 | 247,328 |
Earnings per Share (EPS) - Earnings per Share Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Dec. 28, 2025 |
Dec. 29, 2024 |
Dec. 28, 2025 |
Dec. 29, 2024 |
|
| Earnings per Share (EPS) [Abstract] | ||||
| Net income available to common shareholders (in Dollars) | $ 637 | $ 607 | $ 1,282 | $ 1,133 |
| BASIC: | ||||
| Weighted average common shares (in Shares) | 14,212 | 14,690 | 14,212 | 14,638 |
| Net income per common share (in Dollars per share) | $ 0.04 | $ 0.04 | $ 0.09 | $ 0.08 |
| DILUTED: | ||||
| Weighted average common shares (in Shares) | 14,212 | 14,690 | 14,212 | 14,638 |
| Dilutive stock options and restricted stock units (in Shares) | 64 | 26 | 65 | 22 |
| Weighted average common shares outstanding (in Shares) | 14,276 | 14,716 | 14,277 | 14,660 |
| Net income per common share (in Dollars per share) | $ 0.04 | $ 0.04 | $ 0.09 | $ 0.08 |
Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Dec. 28, 2025 |
Dec. 29, 2024 |
Dec. 28, 2025 |
Dec. 29, 2024 |
|
| Income Taxes [Abstract] | ||||
| Federal tax expense | $ 178 | $ 121 | $ 347 | $ 264 |
| State tax expense | 27 | 23 | 64 | 49 |
| Total income tax expense | $ 205 | $ 144 | $ 411 | $ 313 |
Segment Reporting (Details) |
6 Months Ended |
|---|---|
|
Dec. 28, 2025
Segment
| |
| Segment Reporting [Abstract] | |
| Number of reportable segments | 3 |
| Number of operating segments | 3 |
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