Here are 1-2 brief analogies for Rave Restaurant Group (RAVE):

• Like a smaller Yum! Brands (KFC, Pizza Hut), but focused exclusively on pizza, operating both traditional pizza buffets and fast-casual, customizable pizza restaurants.
• A company that operates two distinct pizza chains: a classic, traditional concept (like an older Pizza Hut) and a modern, customizable fast-casual concept (like a smaller Chipotle for pizza).

• Pizza Inn: A casual dining restaurant chain offering a buffet-style experience with pizza, pasta, and salad.
• Pie Five Pizza Co.: A fast-casual restaurant concept where customers can customize individual pizzas that are baked quickly.

Rave Restaurant Group (symbol: RAVE) is a restaurant company that operates and franchises restaurant chains, including Pizza Inn and Pie Five Pizza. As such, the company sells primarily to individual consumers.

The primary customer categories served by Rave Restaurant Group's brands are:

1. Families and Groups: Customers seeking a casual dining experience for meals with family members or friends, often leveraging the buffet-style offerings of Pizza Inn or the customizable options of Pie Five.
2. Individuals and Couples: Customers looking for a convenient, quick, and affordable meal for lunch or dinner, whether dining in, taking out, or ordering for delivery.
3. Carry-out and Delivery Customers: Individuals and groups who prefer to enjoy their meals outside of the restaurant premises, utilizing online ordering, phone orders, and third-party delivery services for home or office consumption.

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Brandon Solano, Chief Executive Officer

Brandon Solano was appointed CEO of RAVE Restaurant Group in October 2019. He has a reputation as one of the most creative and unconventional leaders in the foodservice industry. Prior to joining RAVE, Solano served as Chief Marketing & Digital Officer of Pei Wei Asian Kitchen, where he achieved positive traffic growth. His restaurant career began in 2008 at Domino's Pizza, where he held roles as Vice President of Innovation and later Vice President of Development, known for designing the "Pizza Theatre" concept. He also served as Chief Marketing Officer of Wendy's, where he notably drove positive traffic for the first time in 10 years.

Jay Rooney, Chief Financial Officer

Jay Rooney was appointed Chief Financial Officer of RAVE Restaurant Group in March 2024. Before joining RAVE, Rooney served as CFO at Dickey's Barbecue Pit for approximately six years, starting in 2018. He also held various financial leadership positions at Brinker International for nearly two decades.

Zack Viljoen, VP of Operations for RAVE and General Manager of Pie Five

Zack Viljoen serves as the VP of Operations for RAVE Restaurant Group and the General Manager of Pie Five. He previously held the position of Senior Director of Marketing and Strategy at RAVE, where he oversaw growth initiatives and strategy development.

Denise Wilson, Associate VP of Supply Chain

Denise Wilson is the Associate VP of Supply Chain for RAVE Restaurant Group. Her prior experience includes working with Wingstop, Nothing Bundt Cakes, and LSG Sky Chefs. She also previously worked with Rave from 2002 to 2013 as Senior Director of Supply Chain and Customer Relations, contributing to the development of Pie Five.

Carlos Cojulun, Marketing Director of Pizza Inn

Carlos Cojulun holds the position of Marketing Director for Pizza Inn. His previous experience includes roles at Procter & Gamble, Del Monte Foods, and Amgen.

The key risks to Rave Restaurant Group (RAVE) include its bifurcated brand performance, reliance on franchisee health, and intense competition within the restaurant industry.

1. Two-Speed Brand Performance: The primary operational risk for Rave Restaurant Group stems from the stark contrast between the performance of its two main brands, Pizza Inn and Pie Five. While Pizza Inn has shown strong growth in domestic comparable store sales, Pie Five has experienced significant declines in both comparable store sales and unit count. This internal division in brand performance poses a significant challenge and could negatively impact the company's overall valuation.
2. Financial and Franchisee Health Exposure: Rave Restaurant Group operates a franchise-heavy business model, which means its revenue stream, primarily derived from royalties and supplier incentives, is directly dependent on the financial health and sales performance of its franchisees. Any downturn in franchisee health or sales can directly and adversely affect the company's revenue and financial stability.
3. Intense Competition: Rave Restaurant Group faces significant competition from a wide array of entities, including other restaurants, fast-casual pizza concepts that directly compete with Pie Five, and even frozen pizza products sold in grocery and superstores. Shifts in pricing strategies or other market tactics by competitors could have a detrimental effect on Rave's sales and earnings.

The rapid expansion of ghost kitchens and virtual restaurant brands represents a clear emerging threat to Rave Restaurant Group.

Rave Restaurant Group operates traditional brick-and-mortar restaurants for its Pizza Inn and Pie Five Pizza Co. brands, which rely on dine-in, takeout, and delivery services. Ghost kitchens, also known as cloud kitchens or dark kitchens, are facilities optimized solely for food preparation and delivery, eliminating the need for a physical dining room, prime real estate, and front-of-house staff. This business model allows for significantly reduced overhead costs compared to traditional restaurants.

This cost advantage enables ghost kitchens and the numerous virtual brands they host to compete aggressively on price, offer more targeted menus for specific delivery zones, and adapt quickly to consumer trends without the burden of maintaining a physical restaurant presence. For Rave Restaurant Group, this means intensified competition for delivery and takeout orders from agile, lower-cost competitors. This emerging operational model challenges the economic viability and market share of Rave's traditional restaurant footprint in the evolving, digital-first food ordering landscape, similar to how Netflix disrupted Blockbuster's physical store model or Uber transformed the traditional taxi industry.

The addressable markets for Rave Restaurant Group's main products and services, primarily pizza and fast-casual pizza, are significant in both the United States and globally.

United States Market

• The overall pizza restaurant market in the United States is estimated to be approximately $49.5 billion in 2025.
• The U.S. fast-casual restaurant market, which includes fast-casual pizza concepts like Pie Five, reached approximately USD 45.58 billion in 2024. This market is projected to grow to USD 84.76 billion by 2034, at a compound annual growth rate (CAGR) of 6.40% between 2025 and 2034. Other estimates suggest the fast-casual restaurant market in the US will increase by USD 84.5 billion with a CAGR of 13.7% from 2024 to 2029.

Global Market

• The global pizza foodservice market was valued at USD 295.92 billion in 2025. This market is projected to grow to an estimated USD 432.95 billion by 2030, exhibiting a CAGR of 7.91%. Similarly, the global pizza restaurant market in 2025 is estimated at about $296 billion and is projected to grow to approximately $409–$432 billion by 2030–2032, with a growth rate of roughly 5%–8% per year.

Expected Revenue Growth Drivers for Rave Restaurant (RAVE)

Over the next 2-3 years, Rave Restaurant Group (RAVE) is expected to drive future revenue growth through several key initiatives:

1. Continued Strategic Promotions and Value Offerings for Pizza Inn: The successful implementation of value-focused promotions, such as the "$8 value strategy" and the "Best Salad Bar in Town" at Pizza Inn, has been instrumental in recent revenue increases. Management anticipates a broader rollout of such promotional pricing, aiming to sustain customer engagement and drive comparable store sales growth for its stronger performing Pizza Inn brand.
2. Expansion of Pizza Inn Unit Count: Rave Restaurant Group has demonstrated consistent growth in its Pizza Inn buffet restaurant count, with fiscal year 2025 marking the fourth consecutive year of unit expansion. The company has 30 development agreements for new Pizza Inn buffet restaurants currently signed, indicating a clear pipeline for future revenue generation through an expanded geographic footprint and increased customer access.
3. Store Reimaging and Operational Enhancements: The company plans to undertake further reimage projects and continue operational enhancements, particularly for its Pie Five brand. These efforts are expected to support comparable store sales growth and improve overall brand performance, contributing to future revenue.
4. Introduction of New Menu Items for Pie Five: To revitalize the Pie Five brand, Rave Restaurant Group intends to launch new menu items, including baked pastas. This strategy aims to attract new customers, increase customer frequency, and enhance average check sizes, thereby driving revenue growth for the Pie Five segment.

Share Repurchases

• Rave Restaurant Group repurchased 500,000 shares of common stock for $1.2 million during the third quarter of fiscal year 2025, which ended March 30, 2025.
• As of November 6, 2025, the number of outstanding shares had decreased by 1.43% year-over-year.

Share Issuance

• Rave Restaurant Group reported no sales of unregistered securities during fiscal years 2025 or 2024.
• The number of issued shares increased from 25,522,171 in fiscal year 2024 to 25,647,171 in fiscal year 2025.

Capital Expenditures

• The company has signed 30 development agreements for new Pizza Inn buffet restaurants, actively investing in growth opportunities.
• Capital expenditures are focused on operational improvements for Pie Five, including a new format to double make-line capacity.
• Rave is expanding its restaurant reimage program, with nine units starting and eight planned for completion in fiscal year 2025.
• Planned capital expenditures for fiscal year 2026 are expected to be funded primarily from cash on hand and operating cash flow.