Chipotle for noodles and pasta.

A Panera Bread focused on noodle and pasta dishes.

• Noodles and Pasta: Cooked-to-order dishes featuring a variety of noodle and pasta options with different sauces and ingredients.
• Soups: A selection of freshly prepared hot soups offered as part of the restaurant's menu.
• Salads: Various fresh, crisp salads available, often with the option to add proteins.
• Appetizers: Smaller dishes designed to be eaten before the main course or as a light snack.

Noodles & Company (NDLS) operates fast-casual restaurants and, as such, sells primarily to individual consumers rather than other companies. Its major customers can be categorized as:

• Individual Diners: This broad category includes the general public seeking a convenient and customizable meal option for lunch or dinner.
• Families: With a diverse menu offering pasta, noodles, soups, and salads, Noodles & Company often caters to families looking for a casual dining experience that can satisfy varying tastes and preferences.
• Lunch Customers / Office Workers: Due to its fast-casual format and quick service, the company frequently serves individuals looking for a speedy and satisfying lunch option, including those on a work break.

Joseph (Joe) Christina President, Chief Executive Officer

Joseph D. Christina was promoted to President and Chief Executive Officer of Noodles & Company effective August 31, 2025, having joined the company as President and Chief Operating Officer in February 2025. He brings over 30 years of experience in the restaurant industry. Prior to Noodles, Mr. Christina served as CEO of Church's Chicken for six years, leading the brand to significant year-over-year growth, and most recently as CEO of Tijuana Flats, where he revitalized the brand and drove expansion. He began his career at Burger King, progressing through various roles over 29 years, including restaurant manager, franchisee, Vice President of Global Operations and Training, and Senior Vice President of Franchise Operations for the West Division. Information regarding whether he sold companies he was previously involved with to an acquirer or has a pattern of managing companies backed by private equity firms is not available in the provided context.

Mike Hynes Chief Financial Officer

Mike Hynes joined Noodles & Company as Chief Financial Officer in July 2023, bringing over 25 years of finance and accounting experience. Before his role at Noodles, he held multiple leadership positions at Ruth's Hospitality Group, including Vice President of Finance and Accounting at Ruth's Chris Steak House, where he was responsible for investor relations, SEC reporting, strategic planning, and financial analysis. Earlier in his career, Mr. Hynes worked at firms such as RSM and Deloitte and is a Certified Public Accountant (CPA). Information regarding whether he founded or managed other companies, sold companies he was previously involved with to an acquirer, or has a pattern of managing companies backed by private equity firms is not available in the provided context.

Stephen Kennedy Executive Vice President - Marketing

Stephen Kennedy was appointed Executive Vice President of Marketing for Noodles & Company, with his tenure starting on November 18, 2024.

Corey Kline Executive Vice President of Technology

Corey Kline joined Noodles & Company in September 2011 and was promoted to Executive Vice President of Technology. He previously held roles at Famous Dave's, Accenture, Jefferson Wells, and IBM, with a background in enterprise applications and risk management. Mr. Kline holds a BA in Mathematics with a minor in Computer Science from Luther College. His forward-looking approach to technology has been instrumental in developing the company's digital consumer platform and spearheading data security and compliance efforts.

1. Intense Competition and Declining Consumer Value Perception: Noodles & Company operates in a saturated fast-casual restaurant market, leading to intense competition. The company has experienced a decline in guest value perception, particularly during lunch, and has faced significant competitive discounting across the industry. This challenge has directly impacted sales and traffic, necessitating ongoing menu and operational adjustments to regain momentum with consumers.
2. Poor Financial Health and Profitability Issues: The company exhibits notable financial distress, characterized by persistent negative net and operating margins. Noodles & Company has reported net losses and has revised its revenue guidance downward. The company also carries a significant debt burden and has a deeply negative equity position, indicating a high financial risk. Higher food and labor costs further exacerbate margin pressures.
3. Operational Challenges and Restaurant Underperformance: Noodles & Company has been actively closing underperforming restaurants, with plans for additional closures, leading to non-cash impairment charges. These closures highlight operational inefficiencies and the need for a substantial operational overhaul within the company. Furthermore, an unexpected and significant decline in third-party delivery sales has also negatively impacted results. The company has also experienced leadership transitions, which can introduce additional operational uncertainties.

The addressable markets for Noodles & Company's main products and services are primarily within the U.S. fast-casual restaurant sector, with specific market sizes for noodles/pasta, soups, and salads.

The U.S. fast-casual restaurant market, which encompasses Noodles & Company's service offering, was valued at approximately $50.6 billion in 2022 and is projected to reach $121.3 billion by 2032, demonstrating a compound annual growth rate (CAGR) of 9% from 2023 to 2032. Another estimate indicates this market is expected to grow by $84.5 billion from 2025-2029, with a CAGR of 13.7%.

For its main product categories, the addressable market sizes in the U.S. are as follows:

• Noodles and Pasta: The U.S. pasta and noodles market was estimated at approximately $5.75 billion in 2024 and is projected to reach about $7.17 billion by 2030, growing at a CAGR of 3.9% from 2025 to 2030. Another report estimates the U.S. pasta and noodles market size at $7.46 billion in 2025.
• Soups: The U.S. soup market was valued at $4.95 billion in 2024 and is anticipated to expand at a CAGR of 3.1% from 2025 to 2030. Other data suggests the U.S. soup market was around $5.03 billion in 2024 and is expected to reach approximately $6.94 billion in 2033, with a CAGR of 3.6% between 2025 and 2033.
• Salads: The U.S. packaged salads market was estimated at $6.15 billion in 2024 and is expected to grow at a CAGR of 2.9% from 2025 to 2030. Another source indicates the U.S. packaged salads market was valued at $6.52 billion in 2024 and is projected to reach $7.70 billion by 2030, with a CAGR of 2.8%.

Share Repurchases

• In 2024, Noodles & Company repurchased 1,731,952 shares of its common stock for approximately $5 million under the 2023 Share Repurchase Program, which was subsequently canceled.
• The number of shares outstanding decreased in 2023.

Share Issuance

• On February 18, 2026, Noodles & Company implemented a 1-for-8 reverse stock split.
• The CEO received an award of 250,000 restricted stock units (RSUs) in August 2025, vesting in four equal installments starting in August 2026.
• The number of shares outstanding increased by 1.64% in one year.

Capital Expenditures

• For fiscal year 2025, expected capital expenditures were $12 million to $13 million.
• Capital expenditures in 2024 were $28.8 million, contributing to a negative free cash flow of -$21.2 million.
• In 2023, the company opened 18 new company-owned restaurants, with plans for 10-12 new company-owned restaurants in 2024, though the development pipeline was reduced due to increased costs and lower returns. The company also expects to open two new company-owned restaurants in 2025 and continue investing in technology improvements.