RAVE Restaurant Group, Inc. Reports Significant Growth in Third Quarter 2024 Fiscal Results

RAVE Restaurant Group, Inc. (NASDAQ:RAVE) announced a profit gain in its financial results for the third fiscal quarter of 2024, which ended on March 24, 2024. The company recorded a net income of $0.7 million, a significant increase from $0.3 million in the same quarter of the previous year. Additionally, income before taxes saw a 95.2% rise to $0.9 million.

Despite stable total revenue of $3.0 million, similar to last year, the adjusted EBITDA improved by $0.2 million to $0.8 million. However, domestic comparable store retail sales experienced slight declines, with Pizza Inn reducing 1.9% and Pie Five by 6.4% compared to the prior year. The company’s balance sheet remained healthy with $6.3 million in cash and cash equivalents.

CEO Brandon Solano highlighted the firm's 16th consecutive quarter of profitability and the positive impact of strategic executive team restructuring on the company’s financial health. Moreover, the reimagining program is set to enhance long-term success, expecting double-digit increases in same-store sales post-implementation.