The ONE Group Hospitality, Inc.

The ONE Group Hospitality, Inc. (STKS) reported total revenues of $805.7 million for FY 2025 ending December 28, 2025, up 19.7% YoY from $673.3 million in 2024, driven by $791.8 million in owned restaurant net revenue (up 20.2% YoY from $658.9 million), primarily from a full year of Benihana and RA Sushi post-acquisition on May 1, 2024, which contributed $488.9 million. Management, license, franchise, and incentive fees were $14.0 million, down 2.8% YoY. Operating income was $8.0 million, down slightly from $8.9 million, impacted by $10.6 million impairment, $11.2 million transition costs, and higher interest expense of $40.9 million. Net loss attributable to the company widened to $92.2 million from $17.1 million, due to a $60.7 million tax provision including a non-cash valuation allowance. Basic EPS was -$4 on 31.0 million shares. Cash from operations was $30.3 million, down from $44.2 million, with capex at $57.6 million. Balance sheet shows $884.2 million assets, $772.7 million liabilities, and -$75.8 million stockholders' deficit. Forward-looking, plans include 6-10 new venues in 2026, Grill conversions, and capital-light growth amid economic pressures and SSS declines of 3.7%.

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