G
GEN Restaurant Group, Inc.
GENKCIK 0001891856NasdaqNon-AcceleratedSmaller ReportingEmerging GrowthRetail-Eating PlacesDelawareFY ends Dec 31
Period
FY 2025
Revenue
$212.54M
Net Income
$-3.03M
Total Assets
$259.86M
Equity
$26.51M
Shares Out
—
Op. Cash Flow
$3.41M
Business
GEN Restaurant Group, Inc. operates a chain of Asian casual dining restaurants focused on Korean and Korean-American barbecue. It offers all-you-can-eat menus featuring high-quality meats, poultry, seafood and ready-to-serve Korean and fusion dishes served with embedded tabletop grills and a differentiated dining experience. The company organizes its operations around company-owned restaurant locations with centralized supplier relationships, in-house design and fabrication capabilities, and restaurant-level management and training programs. GEN distributes its restaurants across multiple U.S. states and markets through dine-in service in high-activity commercial areas.
Summary from filing dated 2025-03-10
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 |
|---|---|---|---|---|---|
| Revenue | 213 | 208 | 181 | 164 | |
| Food cost | 74 | 69 | 58 | 54 | |
| Payroll and benefits | 65 | 64 | 57 | 49 | |
| Occupancy expenses | 21 | 18 | 15 | 12 | |
| Operating expenses | 24 | 22 | 18 | 15 | |
| Depreciation and amortization | 9 | 7 | 5 | — | |
| Pre-opening costs | 8 | 8 | 4 | 2 | |
| Total restaurant operating expenses | 201 | 186 | 156 | 136 | |
| General and administrative | 26 | 21 | 13 | 8 | |
| Impairment expense | 6 | — | — | — | |
| Depreciation and amortization - corporate | 158,000 | 122,000 | 84,000 | 39,000 | |
| (Gain) loss on lease terminations | −471,000 | 0 | — | — | |
| Total costs and expenses | 233 | 208 | 173 | 151 | |
| (Loss) income from operations | −20 | 476,000 | 8 | 12 | |
| Employee retention credits | 313,000 | 199,000 | 3 | 4 | |
| Gain on remeasurement of previously held interest (see Note 3) | 0 | 3 | — | — | |
| Other loss | −346,000 | 0 | — | — | |
| Loss on foreign currency | −47,000 | 0 | — | — | |
| Interest (expense) income, net | −232,000 | 829,000 | 347,000 | −634,000 | |
| Equity in loss of equity method investee | 0 | −17,000 | 535,000 | 966,000 | |
| Net (loss) income before income taxes | −20 | 5 | 11 | 12 | |
| (Benefit) provision for income taxes | −930,000 | 357,000 | 21,000 | — | |
| Net (loss) income | −19 | 5 | 11 | 12 | |
| Less: Net (loss) income attributable to non-controlling interest | −16 | 4 | 3 | 1 | |
| Net income attributable to GEN Restaurant Group, Inc. | −3 | 592,000 | 8 | 10 | |
| Net (loss) income attributable to Class A common stock per share - basic | −3 | 592,000 | 324,000 | — | |
| Net (loss) income attributable to Class A common stock per share - diluted | −3 | 592,000 | 324,000 | — | |
| Weighted-average shares of Class A common stock outstanding - basic | 5 | 5 | 4 | — | |
| Weighted-average shares of Class A common stock outstanding - diluted | 5 | 5 | 4 | — | |
| Net (loss) income per share of Class A common stock - basic | −0.59 | 0.13 | 0.08 | — | |
| Net (loss) income per share of Class A common stock - diluted | −0.59 | 0.13 | 0.08 | — | |
| Foreign currency translation adjustment | 7,000 | 0 | — | — | |
| Comprehensive (loss) income | −19 | 5 | — | — | |
| Less: Comprehensive (loss) income attributable to non-controlling interest | −16 | 4 | — | — | |
| Comprehensive (loss) income attributable to GEN Restaurant Group, Inc. | −3 | 592,000 | — | — |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | 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 | 3 | 24 | 33 | 11 | — | |
| Inventories | 1 | 727,000 | 461,000 | 3 | — | |
| Accounts receivable | 10 | 4 | 0 | — | — | |
| Income tax receivable | 742,000 | 0 | — | — | — | |
| Prepaid expenses and other current assets | 8 | 6 | 4 | 994,000 | — | |
| Total current assets | 23 | 34 | 37 | 15 | — | |
| Property and equipment, net | 66 | 53 | 34 | 21 | — | |
| Goodwill | 9 | 9 | 0 | — | — | |
| Operating lease assets | 146 | 132 | 99 | 91 | — | |
| Deferred tax asset | 13 | 12 | 13 | — | — | |
| Other assets | 2 | 1 | 749,000 | 683,000 | — | |
| Total assets | 260 | 240 | 184 | 139 | — | |
| Accounts payable | 15 | 12 | 11 | 7 | — | |
| Accrued salaries and benefits | 2 | 3 | 3 | 2 | — | |
| Accrued interest | 77,000 | 60,000 | 42,000 | 175,000 | — | |
| Notes payable, current | 3 | 2 | — | — | — | |
| Line of credit | 1 | 3 | 0 | 7 | — | |
| Obligations under finance leases, current | 8,000 | 26,000 | 125,000 | 134,000 | — | |
| Operating lease liabilities, current | 7 | 5 | 5 | 4 | — | |
| Deferred Restaurant Revitalization Fund grant | 4 | 4 | 4 | 4 | — | |
| Gift card liabilities | 15 | 6 | — | — | — | |
| Other current liabilities | 8 | 6 | 5 | 5 | — | |
| Total current liabilities | 54 | 41 | 31 | 37 | — | |
| Notes payable, net of current portion | 11 | 5 | — | — | — | |
| Tax receivable agreement liability | 1 | 691,000 | 0 | — | — | |
| Obligations under finance leases, net of current | 14,000 | 0 | 1,000 | 185,000 | — | |
| Operating lease liabilities, net of current portion | 166 | 148 | 111 | 101 | — | |
| Total liabilities | 232 | 195 | 146 | 144 | — | |
| Commitments and contingencies (Note 11) | — | — | — | — | — | |
| EB-5 Members' equity; Redeemable units for 30% of Gen Restaurant Investment, LLC, redemption amount of $1,500 as of December 31, 2025 and December 31, 2024. | 2 | 2 | 2 | 2 | — | |
| Additional paid-in capital | 15 | 12 | 7 | — | — | |
| Accumulated other comprehensive income | 7,000 | 0 | — | — | — | |
| Retained Earnings (accumulated deficit) | −2 | 915,000 | 322,000 | −10 | — | |
| Non-controlling interest | 14 | 31 | 29 | 3 | — | |
| Treasury stock | −201,000 | — | — | — | — | |
| Total permanent equity | 27 | 44 | 36 | −7 | 11 | |
| Total liabilities, mezzanine equity, and permanent equity | 260 | 240 | 184 | 139 | — |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 |
|---|---|---|---|---|---|
| Depreciation and amortization | 9 | 7 | 5 | 4 | |
| Equity in income of equity method investee, net of distributions | — | 17,000 | 95,000 | −429,000 | |
| Stock-based compensation | 3 | 3 | 2 | — | |
| Amortization of operating lease assets | 6 | 7 | 5 | 3 | |
| Interest income earned on Notes receivable from related party | — | −33,000 | −150,000 | −164,000 | |
| Deferred tax expense | −914,000 | 333,000 | — | — | |
| Accounts receivable | −7 | −3 | — | — | |
| Inventories | −485,000 | −266,000 | 2 | −1 | |
| Income tax receivable | −742,000 | — | — | — | |
| Prepaid expenses and other current assets | −2 | −3 | −3 | 454,000 | |
| Other assets | −1 | −432,000 | −67,000 | −19,000 | |
| Accounts payable | 2 | 730,000 | 3 | 2 | |
| Accrued salaries and benefits | −703,000 | 583,000 | 684,000 | 509,000 | |
| Accrued interest | 18,000 | 18,000 | −133,000 | −86,000 | |
| Gift card liabilities | 9 | 6 | — | — | |
| Other current liabilities | 2 | 221,000 | −228,000 | 2 | |
| Operating lease liabilities | −1 | −1 | −3 | −1 | |
| Net cash provided by operating activities | 3 | 18 | 22 | 23 | |
| Purchase of property and equipment | −28 | −24 | −17 | −8 | |
| Acquisition of GKBH, net of cash acquired | — | −3 | — | — | |
| Net cash used in investing activities | −28 | −27 | −6 | 3 | |
| Payments to members for advances | — | −881,000 | −2 | — | |
| Payments on EIDL loans | −98,000 | −90,000 | −87,000 | — | |
| Payments on finance leases | −3,000 | −100,000 | −194,000 | −207,000 | |
| Payments on third party loans | −3 | −4 | −2 | −509,000 | |
| Payments on related party loans | — | −296,000 | −2 | −8 | |
| Payment on line of credit | −11 | — | −8 | −1 | |
| Proceeds from line of credit | 9 | 3 | 1 | 8 | |
| Proceeds from third party loans | 10 | 3 | 1 | — | |
| Payments under stock repurchase plan | −201,000 | — | — | — | |
| Distributions paid on NCI | −830,000 | −845,000 | — | — | |
| Dividends paid on common stock | −157,000 | — | — | — | |
| Acquisition of common stock for tax with withholding obligations | −90,000 | — | — | — | |
| Net provided by financing activities | 3 | 18,000 | 6 | −25 | |
| Effects of exchange rate changes on cash | 7,000 | — | — | — | |
| Net change in cash and cash equivalents | −21 | −9 | — | — | |
| Cash paid for interest | 250,000 | 288,000 | 195,000 | 736,000 | |
| Cash paid for taxes | 455,000 | 114,000 | 175,000 | — | |
| Reduction in accounts payable and accruals for purchases of property and equipment | 143,000 | 2 | — | — | |
| Leased assets obtained in exchange for new operating lease liabilities | 22 | 39 | 13 | 92 | |
| Reduction due to early lease termination of operating lease asset | −1 | — | — | — | |
| Conversion of related party loans to equity | — | 1 | 871,000 | — | |
| Issuance of promissory note for business acquisition | — | 3 | — | — | |
| Adjustments to tax liabilities and assets under TRA | 9,000 | — | — | — | |
| Exchange of NCI for Class A common stock | 226,000 | — | — | — | |
| Contribution by stockholder in final IPO settlement | — | 1 | — | — |
Filings
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