Rave Restaurant Group is a pure-play pizza franchisor operating two brands: Pizza Inn and Pie Five. Pizza Inn, the dominant brand founded in 1958, had 95 domestic and 22 international franchised units as of late June 2025. The flagship format is the all-you-can-eat buffet, which accounts for the vast majority of domestic Pizza Inn locations, with the remainder operating as delivery/carryout, express counters in convenience stores and airports, or ghost kitchens. International Pizza Inn units are concentrated in Saudi Arabia and the Middle East, operated through master licensees. Pie Five is a fast-casual build-your-own pizza concept with 17 franchised units, targeting urban and suburban markets, though Rave expects this unit count to decline modestly. Rave earns revenue through two channels: royalties and franchise fees paid by franchisees as a percentage of their sales, and supplier rebates from proprietary ingredients — including cheese, sauce, and spice blends — that franchisees are required to purchase through authorized distributors. Because Rave owns no restaurants itself, it runs a lean operation with only 24 full-time employees and minimal capital requirements. System-wide unit count and same-store sales are the primary earnings drivers. Pizza Inn's domestic footprint is heavily concentrated in the southern U.S., with Texas, North Carolina, Arkansas, and Mississippi together accounting for roughly 60% of domestic units.