Mill Road Capital Management’s Noodles & Co NDLS Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2026 Q1	$7.44M	Sell	870,660 -1	-0%	-$6	3.9%	6
2025 Q4	$4.92M	Hold	870,661	–	–	2.92%	10
2025 Q3	$4.43M	Hold	870,661	–	–	2.31%	11
2025 Q2	$4.96M	Hold	870,661	–	–	3.18%	12
2025 Q1	$7.59M	Hold	870,661	–	–	4.31%	11
2024 Q4	$4.03M	Hold	870,661	–	–	1.94%	16
2024 Q3	$8.36M	Hold	870,661	–	–	3.98%	12
2024 Q2	$11M	Hold	870,661	–	–	5.86%	7
2024 Q1	$13.3M	Hold	870,661	–	–	5.78%	6
2023 Q4	$21.9M	Buy	870,661 +2,462	+0.3%	+$53.8K	10.02%	3
2023 Q3	$17.1M	Buy	868,199 +94,363	+12%	+$2.27M	8.99%	3
2023 Q2	$20.9M	Buy	773,836 +45,571	+6%	+$1.49M	11.32%	3
2023 Q1	$28.3M	Buy	728,265 +13,125	+2%	+$599K	14.54%	1
2022 Q4	$31.4M	Buy	715,140 +16,378	+2%	+$718K	17.38%	1
2022 Q3	$26.3M	Buy	698,762 +96,511	+16%	+$3.83M	13.93%	2
2022 Q2	$22.6M	Buy	602,251 +14,857	+3%	+$660K	10.86%	4
2022 Q1	$28.1M	Hold	587,394	–	–	10.56%	3
2021 Q4	$42.6M	Sell	587,394 -6,363	-1%	-$579K	14.17%	2
2021 Q3	$56.1M	Sell	593,757 -6,748	-1%	-$660K	18.43%	2
2021 Q2	$60M	Hold	600,505	–	–	20.26%	2
2021 Q1	$49.7M	Hold	600,505	–	–	17.02%	2
2020 Q4	$38M	Buy	+600,505	New	+$37.1M	15.78%	2
2019 Q3	$27.2M	Hold	600,505	–	–	43.44%	1
2019 Q2	$37.9M	Hold	600,505	–	–	51.76%	1
2019 Q1	$32.7M	Hold	600,505	–	–	42.72%	1
2018 Q4	$33.6M	Sell	600,505 -232,298	-28%	-$17.3M	42.56%	1
2018 Q3	$80.6M	Sell	832,803 -276,352	-25%	-$25.6M	59.92%	1
2018 Q2	$109M	Hold	1,109,155	–	–	65.47%	1
2018 Q1	$67M	Hold	1,109,155	–	–	53.43%	1
2017 Q4	$46.6M	Buy	+1,109,155	New	+$42.5M	44.52%	1