Rave Restaurant Group, Inc. filed its annual report on Form 10-K with the SEC on September 24, 2026, covering the fiscal year ended June 28, 2026, and disclosing system-wide unit counts, brand operations, and share information for its Pizza Inn and Pie Five franchise networks.

Key Highlights

  • Total system units: As of June 28, 2026, the company had 109 franchised Pizza Inn restaurants, 13 franchised Pie Five units, and zero licensed PIE kiosk units.
  • Domestic Pizza Inn breakdown: The 91 domestic Pizza Inn franchised restaurants consisted of 80 Buffet Units, four Delco Units, seven Express Units, and zero Pizza Inn Ghost Kitchen Units.
  • International presence: As of June 28, 2026, there were 18 international franchised Pizza Inn restaurants.
  • PIE Units closed: The last remaining PIE (Pizza Inn Express) kiosk unit closed during the quarter ended June 28, 2026, and the company disclosed no intentions of opening new PIE Units in the future.
  • Shares outstanding: As of September 17, 2026, there were 14,211,566 shares of common stock outstanding.
  • Non-affiliate market value: As of December 26, 2025, the aggregate market value of voting and non-voting common equity held by non-affiliates was approximately $33.5 million.

Pizza Inn and Pie Five Franchise Network Details at Fiscal Year-End

According to the filing, Rave Restaurant Group, Inc. (NASDAQ:RAVE) franchises restaurants under two distinct brands: Pizza Inn and Pie Five. Under Pizza Inn, the company franchises Buffet Units, Delco Units, Express Units, and Pizza Inn Ghost Kitchen Units. Under Pie Five, it franchises fast casual pizza restaurants and ghost kitchens operating under the trademarks "Pie Five Pizza Company" or "Pie Five." The company also previously licensed Pizza Inn Express kiosks, though the filing disclosed that the last remaining PIE Unit closed during the quarter ended June 28, 2026.

The filing reported that domestic Pizza Inn restaurants were located predominantly in the southern half of the United States, with North Carolina, Texas, Arkansas, and South Carolina accounting for approximately 21%, 18%, 11%, and 10%, respectively, of the total number of domestic units. Buffet Units, which the company described as ranging between 1,800 and 9,600 square feet and seating 50 to 300 customers, offer dine-in, carryout, catering, and in many cases delivery service, in what the filing characterized as "an informal, family-oriented atmosphere." The company facilitates food, equipment, and supply distribution to its domestic and international restaurant system through agreements with third-party distributors.

The filing noted that the company has offered pizza since 1958 and awarded its first franchise in 1963. Its stock has traded on The Nasdaq Stock Market LLC under the ticker symbol "RAVE" since 1993, according to the registrant. The company is classified as a non-accelerated filer and a smaller reporting company. Portions of the registrant's definitive proxy statement, in connection with its annual shareholder meeting scheduled for December 8, 2026, have been incorporated by reference in Part III of the report.

What Was Disclosed

Rave Restaurant Group disclosed unit counts, brand structure, geographic concentration, share totals, and non-affiliate market capitalization for its fiscal year ended June 28, 2026, along with the permanent closure of its PIE kiosk program.