ONE Group Hospitality, Inc.

Listed Company

STKSCIK 0001399520NasdaqAcceleratedSmaller ReportingRetail-Eating PlacesDelawareFY ends Dec 27

Period

FY 2025

Revenue

$805.72M

Net Income

$-92.24M

Total Assets

$884.20M

Equity

$-75.84M

Shares Out

31.25M

Op. Cash Flow

$30.31M

Business

ONE Group Hospitality, Inc. is an international restaurant company that develops, owns, operates, manages, licenses and franchises upscale, high-energy restaurants and lounges and provides turn‑key food and beverage services and hospitality consulting. Its main offerings include restaurant brands STK, Benihana, Kona Grill and RA Sushi, other venue concepts, F&B hospitality management and advisory services, and franchise and licensing arrangements. Key business segments are its branded restaurant divisions (STK, Benihana, Grill Concepts) and the ONE Hospitality F&B management and consulting platform. It operates venues in major metropolitan markets across North America, Europe and the Middle East through owned, managed, licensed and franchised locations and contractual hotel and casino partnerships.

Summary from filing dated 2025-03-10

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
Owned restaurant net revenue	792	659	317	301	264
Management, license, franchise and incentive fee revenue	14	14	15	16	13
Total revenues	806	673	333	317	277
Owned restaurant cost of sales	164	139	76	75	67
Owned restaurant operating expenses	503	414	191	175	145
Total owned operating expenses	667	552	267	250	212
General and administrative (including stock-based compensation of $5,440 and $6,017 for the years ended December 28, 2025 and December 31, 2024, respectively)	53	44	31	29	26
Depreciation and amortization	43	34	16	12	11
Transition and integration expenses	11	14	—	—	—
Loss on impairment of non-current assets	11	0	—	—	—
Lease termination and exit expenses	8	2	—	—	—
Pre-opening expenses	6	10	9	6	1
Transaction and exit costs	256,000	9	207,000	—	—
Other (income) expenses	−418,000	124,000	1	630,000	—
Total costs and expenses	798	664	323	300	258
Operating income	8	9	9	16	19
Interest expense, net of interest income	41	31	7	2	4
Loss on early debt extinguishment	—	4	—	—	600,000
Total other expenses, net:	41	35	7	2	−14
Loss before provision (benefit) for income taxes	−33	−26	2	14	34
Provision (benefit) for income taxes	61	−8	−2	874,000	2
Net loss	−94	−18	4	13	32
Less: net loss attributable to noncontrolling interest	−1	−829,000	−692,000	−215,000	600,000
Net loss attributable to The ONE Group Hospitality, Inc.	−92	−17	5	14	31
Series A Preferred Stock paid-in-kind dividend and accretion	−33	−19	—	—	—
Net loss attributable to common stockholders	−125	−36	5	—	—
Basic loss per share (in dollars per share)	−4.05	−1.16	0.15	0.42	1.01
Diluted loss per share (in dollars per share)	−4.05	−1.16	0.15	0.4	0.93
Shares used in computing basic loss per share (in shares)	31	31	32	32	31
Shares used in computing diluted loss per share (in shares)	31	31	32	34	34

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	4	28	21	55	24
Credit card receivable	19	10	7	—	—
Restricted cash and cash equivalents	499,000	499,000	—	—	—
Accounts receivable	15	12	10	15	11
Inventory	10	11	6	6	4
Other current assets	8	7	2	2	4
Due from related parties	—	376,000	376,000	376,000	—
Total current assets	57	69	47	79	43
Property and equipment, net	278	276	140	94	70
Operating lease right-of-use assets	253	260	95	85	85
Goodwill	156	156	—	—	—
Intangibles, net	129	133	15	15	16
Deferred tax assets, net	—	54	15	12	12
Other assets	9	9	5	5	3
Security deposits	2	2	883,000	853,000	858,000
Total assets	884	960	317	291	230
Accounts payable	37	31	19	13	11
Accrued payroll expenses	19	24	6	—	—
Accrued expenses	46	48	23	—	—
Current portion of operating lease liabilities	14	15	7	6	5
Deferred gift card revenue and other	7	7	2	2	2
Current portion of long-term debt	9	6	2	2	500,000
Other current liabilities	1	313,000	266,000	256,000	90,000
Total current liabilities	133	131	58	46	42
Long-term debt, net of current portion, unamortized discount and debt issuance costs	334	328	70	71	23
Operating lease liabilities, net of current portion	294	293	120	105	104
Other long-term liabilities	6	6	832,000	972,000	298,000
Deferred tax liabilities, net	5	—	—	—	—
Total liabilities	773	759	250	222	169
Commitments and contingencies (Note 17)	—	—	—	—	—
Series A preferred stock, $0.0001 par value, 160,000 shares authorized; 160,000 issued and outstanding at December 28, 2025 and December 31, 2024	191	158	—	—	—
Common stock, $0.0001 par value, 75,000,000 shares authorized; 34,520,226 issued and 31,242,344 outstanding at December 28, 2025 and 33,994,140 shares issued and 31,037,843 outstanding at December 31, 2024	3,000	3,000	3,000	3,000	3,000
Preferred stock, other than Series A preferred stock, $0.0001 par value, 9,840,000 shares authorized; no shares issued and outstanding at December 28, 2025 and December 31, 2024, respectively	—	—	—	—	—
Treasury stock, at cost, 3,402,881 shares at December 28, 2025 and 3,019,654 shares at December 31, 2024	−19	−18	−15	−7	−37,000
Additional paid-in capital	40	67	58	56	53
(Accumulated deficit) retained earnings	−93	—	29	24	11
Accumulated other comprehensive loss	−3	−3	−3	−3	−3
Total stockholders' (deficit) equity	−76	46	69	70	61
Noncontrolling interests	−4	−3	−2	−1	−909,000
Total (deficit) equity	−80	43	67	69	61
Total liabilities, Series A preferred stock and stockholders' (deficit) equity	884	960	317	291	230

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
Non-cash lease termination and exit costs	6	692,000	—	—	—
Stock-based compensation	5	6	5	4	3
Amortization of debt issuance costs and debt original issuance discounts	4	3	—	—	—
Deferred taxes	59	−9	−2	−10,000	913,000
Non-cash loss on early debt extinguishment	—	2	—	—	—
Accounts receivable and credit card receivable	−12	296,000	—	—	—
Inventory	1	−729,000	−456,000	−2	−1
Other current assets	−884,000	139,000	340,000	2	−2
Due from related parties	376,000	—	—	—	—
Security deposits	−157,000	−497,000	−30,000	5,000	46,000
Other assets	−1	−3	−552,000	−1	−417,000
Accounts payable	6	3	3	886,000	3
Accrued expenses	−5	16	2	−4	7
Operating lease liabilities and right-of-use assets	5	9	6	3	1
Other liabilities	2	2	103,000	1	—
Net cash provided by operating activities	30	44	31	25	31
Purchase of property and equipment	−58	−72	−54	−33	−11
Acquisition related payments, net of cash acquired	—	−370	—	—	—
Net cash used in investing activities	−58	−441	−54	−33	−11
Borrowings of long-term debt	23	334	—	—	—
Repayments of long-term debt and financing lease liabilities	−17	−75	—	—	—
Issuance of Series A preferred stock net of discount	—	139	—	—	—
Issuance of warrants to Series A preferred stockholders	—	11	—	—	—
Exercise of stock options	—	242,000	310,000	138,000	4
Tax-withholding obligation on stock-based compensation	−603,000	−827,000	−3	−2	−154,000
Purchase of treasury stock	−1	−3	−8	−7	−37,000
Net cash provided by financing activities	4	404	−11	39	−20
Effect of exchange rate changes on cash	3,000	−103,000	−57,000	−217,000	5,000
Net change in cash and cash equivalents and restricted cash and cash equivalents	−23	7	−34	32	−771,000
Interest paid, net of capitalized interest	38	25	5	2	3
Income taxes paid, net of refunds	1	497,000	—	—	—
Accrued purchases of property and equipment	9	11	13	5	854,000

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