The ONE Group Hospitality, Inc. - STKS STOCK NEWS

The ONE Group Hospitality (Nasdaq: STKS) reported Q2 2024 financial results, highlighting the acquisition of Benihana and RA Sushi in May. Total GAAP revenues increased 106.8% to $172.5 million. However, comparable sales decreased 7.0%. The company reported a GAAP net loss of $11.5 million, or $0.36 per share. Restaurant Operating Profit increased 151.3% to $30.0 million, with margin improving 280 basis points to 17.7%. Adjusted EBITDA rose 180.6% to $23.9 million. The company reaffirmed its 2024 guidance, projecting total GAAP revenues of $700-$740 million and Consolidated Adjusted EBITDA of $95-$100 million. The ONE Group plans to open 8-11 new venues in 2024 across its various brands.

The ONE Group Hospitality, Inc. (Nasdaq: STKS) has announced its upcoming second quarter 2024 earnings conference call and webcast, scheduled for August 6, 2024, at 4:30 PM ET. The company's President and CEO, Emanuel "Manny" Hilario, along with CFO Tyler Loy, will host the event. A press release containing the Q2 2024 financial results will be issued after market close on the same day.

Interested parties can access the conference call live by dialing 412-542-4186. A replay will be available until August 20, 2024, by dialing 412-317-6671 with passcode 10190088. Additionally, the webcast can be accessed from the Investor Relations tab of The ONE Group's website at www.togrp.com under "News / Events".

The ONE Group Hospitality, Inc. (Nasdaq: STKS) has opened a new RA Sushi location in Plantation, Florida, marking the brand's 20th outlet. This second RA Sushi in the Fort Lauderdale market offers a modern twist on traditional Japanese cuisine, featuring innovative sushi rolls, sashimi, and creative shareables. The restaurant boasts an extensive menu, including signature dishes like the Viva Las Vegas Roll and specialty cocktails such as the Shiso Naughty Martini.

The new location introduces the brand's first-ever open kitchen and offers a contemporary dining environment. RA Sushi Plantation provides daily happy hour specials and is open from 11 a.m. to 12 a.m. Sunday through Thursday, and until 1 a.m. on Fridays and Saturdays. Customers can also enjoy delivery services through various platforms and join 'The Hook Up' email program for exclusive offers and updates.

The ONE Group Hospitality, Inc. reported a 3.0% revenue growth in Q1 2024, completed the acquisition of Safflower Holdings Corp., owner of Benihana Inc., and updated 2024 targets post-acquisition. Despite a 7.9% decrease in comparable sales, total GAAP revenues reached $85.0 million, with a net loss of $2.1 million. Adjusted EBITDA decreased 3.6% to $10.5 million. The company plans to open new venues, initiated a $5 million share repurchase program, and aims for $950 million in annual run-rate revenues by 2024-end.

The ONE Group Hospitality, Inc. (STKS) has rescheduled its 2024 Annual Meeting of Stockholders from May 22 to May 21, 2024. The meeting will be held at STK Denver, Colorado. The change aims to better accommodate stakeholders.

The ONE Group Hospitality, Inc. has completed the acquisition of Safflower Holdings Corp., the owner of Benihana, for $365 million in cash. The acquisition aims to provide growth opportunities and diversify The ONE Group's portfolio of experiential VIBE restaurant concepts. The company looks forward to the new chapter with nearly 6,500 new Benihana teammates on board.

The ONE Group Hospitality, Inc. (STKS) acquires Safflower Holdings Corp., owner of Benihana Inc., for $365 million, adding $514 million in revenue and $70 million in EBITDA. The deal is expected to be accretive to diluted earnings per share and generate significant free cash flow for debt reduction and shareholder value. The combined business will have 168 venues, aiming to realize $20 million in synergies annually post-closing.

The ONE Group Hospitality, Inc. (STKS) reported revenue growth and increased Adjusted EBITDA in the fourth quarter and full year of 2023. Total GAAP revenues rose by 1.8% to $89.9 million in Q4 and by 5.1% to $332.8 million for the full year. Adjusted EBITDA increased by 11.3% in Q4 and stood at $40.1 million for the year. The company opened four new restaurants in Q4 and plans to open six to eight more in 2024. Despite a decrease in comparable sales, the company remains optimistic about its expansion plans and revenue targets for 2024.

The ONE Group Hospitality, Inc. (Nasdaq: STKS) opens a new STK Steakhouse in Washington DC, featuring Vibe Dining, live music, and elevated culinary offerings. The restaurant aims to challenge traditional steakhouse norms and provide a unique social experience for guests. STK Washington DC offers a diverse menu for brunch, lunch, and dinner, including a weekday Happy Hour menu. The steakhouse also provides takeout and delivery options, an impressive wine list, and creative design elements. The opening marks a strategic expansion initiative for The ONE Group Hospitality.