NOODLES & Co

Listed Company

NDLSCIK 0001275158NasdaqNon-AcceleratedSmaller ReportingRetail-Eating PlacesFY ends Dec 29

Period

FY 2025

Revenue

$495.09M

Net Income

$-42.57M

Total Assets

$261.67M

Equity

$-45.30M

Shares Out

5.89M

Op. Cash Flow

$7.28M

Business

Noodles & Company is a fast-casual restaurant concept offering lunch and dinner focused on globally inspired noodle and pasta dishes. Its main offerings include cooked-to-order noodles and pasta, salads, soups, appetizers and related foodservice, supported by digital ordering and delivery capabilities. The company operates through company-owned and franchised restaurants and centrally manages site development, restaurant operations, marketing, training, supply chain and quality assurance. It serves customers across multiple U.S. markets via dine-in, takeout, its mobile app and website, and third-party delivery partners.

Summary from filing dated 2025-03-07

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenue	495	493	503	509	475
Other restaurant operating costs	99	95	92	91	84
General and administrative	49	51	52	50	48
Depreciation and amortization	27	29	27	23	22
Pre-opening	225,000	2	2	2	665,000
Restaurant impairments, closure costs and asset disposals	26	20	8	6	6
Total costs and expenses	527	521	508	510	469
Loss from operations	−32	−28	−5	−832,000	6
Interest expense, net	11	8	5	2	—
Loss before income taxes	−43	−36	−10	−3	4
Provision for income taxes	64,000	54,000	24,000	37,000	70,000
Net loss	−43	−36	−10	−3	4
Basic (USD per share)	−7.36	−6.37	−1.72	−0.07	0.08
Diluted (USD per share)	−7.36	−6.37	−1.72	−0.07	0.08
Basic (in shares)	6	6	6	46	45
Diluted (in shares)	6	6	6	46	46

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	1	1	3	2	2
Accounts receivable	4	4	5	6	4
Inventories	10	11	10	10	9
Prepaid expenses and other assets	3	4	4	3	7
Income tax receivable	312,000	329,000	337,000	176,000	108,000
Total current assets	19	20	23	22	23
Property and equipment, net	107	137	152	129	119
Operating lease assets, net	126	158	184	183	188
Goodwill	7	7	7	7	7
Intangibles, net	420,000	495,000	538,000	608,000	668,000
Other assets, net	2	2	2	2	3
Total long-term assets	243	304	345	322	319
Total assets	262	325	368	344	341
Accounts payable	17	13	17	15	16
Accrued payroll and benefits	7	8	8	9	19
Accrued expenses and other current liabilities	12	13	13	11	14
Current operating lease liabilities	26	32	30	29	27
Total current liabilities	62	66	68	64	77
Long-term debt, net	109	101	80	46	19
Long-term operating lease liabilities, net	127	157	186	187	200
Deferred tax liabilities, net	316,000	276,000	255,000	229,000	269,000
Other long-term liabilities	9	7	7	8	8
Total liabilities	307	330	341	305	304
Commitments and contingencies	—	—	—	—	—
Preferred stock$0.01 par value, 1,000,000 shares authorized and undesignated as of December 30, 2025 and December 31, 2024; no shares issued or outstanding	0	0	0	0	0
Common stock$0.01 par value, 180,000,000 shares authorized as of December 30, 2025 and December 31, 2024; 6,155,333 issued and 5,852,349 outstanding as of December 30, 2025; 6,020,235 issued and 5,717,251 outstanding as of December 31, 2024 (1)	62,000	60,000	474,000	485,000	481,000
Treasury stock, at cost, 302,984 shares as of December 30, 2025 and December 31, 2024, respectively(1)	−35	−35	−35	−35	—
Additional paid-in capital	217	214	210	211	207
Accumulated deficit	−227	−184	−148	−138	−135
Total stockholders deficit	−45	−6	27	38	38
Total liabilities and stockholders deficit	262	325	368	344	341

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Deferred income taxes, net	40,000	21,000	26,000	−40,000	29,000
Restaurant impairments, closure costs and asset disposals	22	14	4	2	4
Amortization of debt issuance costs	878,000	606,000	366,000	723,000	444,000
Stock-based compensation	3	4	4	4	4
Gain on insurance proceeds received for property damage	0	0	−205,000	0	−400,000
Accounts receivable	−171,000	1	1	−3	−491,000
Inventories	−613,000	−702,000	−303,000	−743,000	−382,000
Prepaid expenses and other assets	1	−280,000	−520,000	1	−492,000
Accounts payable	4	−2	2	−563,000	5
Operating lease assets and liabilities	−4	−1	−1	−5	−2
Income taxes	17,000	8,000	−161,000	−68,000	−64,000
Accrued expenses and other liabilities	−4	−633,000	758,000	−10	951,000
Net cash provided by operating activities	7	8	27	10	36
Purchases of property and equipment	−12	−29	−52	−34	−19
Proceeds from restaurant refranchising	0	2	0	2	0
Insurance proceeds received for property damage	0	0	243,000	0	406,000
Net cash used in investing activities	−12	−27	−52	−32	−18
Net (payments) borrowings from swing line loan	−6	2	−9,000	5	0
Proceeds from borrowings on long-term debt	13	19	35	54	0
Debt issuance costs	0	−902,000	−690,000	−1	0
Payment of finance leases	−2	−2	−2	−2	−2
Repurchase of common stock	0	0	−5	0	0
Stock plan transactions and tax withholding on share-based compensation awards	−157,000	−188,000	−649,000	−356,000	101,000
Net cash provided by financing activities	5	17	26	22	−23
Net increase (decrease) in cash and cash equivalents	116,000	−2	1	−732,000	−6

Filings

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