Business Description

Description of Business: Rave Restaurant Group, Inc., and its subsidiaries (collectively referred to as the “Company”, or in the first person notations of “we”, “us” and “our”) franchise pizza buffet, delivery/carry-out, express restaurants and ghost kitchens domestically and internationally under the trademark “Pizza Inn” and franchise domestic fast casual restaurants under the trademarks “Pie Five Pizza Company” or “Pie Five”. The Company also licensed pizza kiosks under the “Pizza Inn” trademark but discontinued doing so during the fiscal year ended June 28, 2026. We facilitate the procurement and distribution of food, equipment and supplies to our domestic and international system of restaurants through agreements with third-party distributors. As of June 28, 2026, we had 109 franchised Pizza Inn restaurants, 13 franchised Pie Five Units, and zero licensed Pizza Inn Express, or PIE, kiosks (“PIE Units”). The 91 domestic franchised Pizza Inn restaurants were comprised of 80 pizza buffet restaurants (“Buffet Units”), four delivery/carry-out restaurants (“Delco Units”), seven express restaurants (“Express Units”), and zero ghost kitchen (“Pizza Inn Ghost Kitchen Units”). As of June 28, 2026, there were 18 international franchised Pizza Inn restaurants. Domestic Pizza Inn restaurants and kiosks 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.