ONE Group (Nasdaq: STKS) posts 2025 loss but targets higher 2026 EBITDA
Rhea-AI Filing Summary
The ONE Group Hospitality, Inc. reported higher 2025 revenue but a much larger loss as it reshaped its restaurant portfolio and integrated Benihana. Total GAAP revenues rose to $805.7M from $673.3M, yet net loss attributable to the company deepened to $93.6M, and net loss available to common stockholders reached $125.5M, or $4.05 per share.
Non-GAAP profitability remained solid: Adjusted EBITDA attributable to the company increased to $88.9M from $76.4M, helped by cost controls and restaurant margin gains, especially at STK and Benihana. Same-store sales declined 3.7% for 2025, though fourth-quarter trends improved. Liquidity totaled $51M as of December 28, 2025, while the balance sheet showed a stockholders’ deficit of $75.8M and Series A preferred stock of $191.3M. For 2026, the company targets revenues of $840M–$855M and Adjusted EBITDA of $100M–$110M, with consolidated comparable sales growth of 1%–3% and capital expenditures of $38M–$42M.
Positive
- None.
Negative
- Material deterioration in GAAP profitability: Net loss available to common stockholders widened to $125.5M (basic loss per share $4.05), driven by higher interest expense, a $60.7M tax provision, and impairment and exit costs, despite meaningful revenue growth and stronger non-GAAP metrics.
- Leveraged capital structure and equity deficit: As of December 28, 2025, total liabilities were $772.7M, Series A preferred stock stood at $191.3M, and stockholders’ equity was a deficit of $75.8M, increasing balance-sheet risk even with reported liquidity of $51M.
Insights
Revenue grew and margins improved, but losses, leverage and dilution risk are elevated.
The ONE Group expanded scale in 2025, with GAAP revenues rising to $805.7M while Adjusted EBITDA attributable to the company increased to $88.9M. Brand-level Restaurant EBITDA margins remained strong at STK and Benihana, supporting its focus on premium “Vibe Dining” and hibachi concepts.
At the same time, GAAP results worsened materially. Net loss available to common stockholders widened to $125.5M, pressured by higher interest expense of $40.9M, a sharp swing in income taxes to a $60.7M provision, and impairment and exit costs tied to Grill Concepts closures.
The balance sheet shows total liabilities of $772.7M, Series A preferred stock of $191.3M, and a stockholders’ deficit of $75.8M, highlighting financial risk despite reported short-term liquidity of $51M. 2026 guidance implies moderate revenue growth to $840M–$855M and higher Adjusted EBITDA of $100M–$110M, contingent on realizing portfolio optimization benefits and Benihana synergies.
8-K Event Classification
FAQ
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Conditions.
On March 13, 2026, The ONE Group Hospitality, Inc. issued a press release announcing financial results for the fourth quarter and fiscal year ended December 28, 2025. The full text of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits. The following exhibits are being furnished or filed, as applicable, herewith:
99.1Press Release dated March 13, 2026
104Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: March 13, 2026 | THE ONE GROUP HOSPITALITY, INC. | ||
By: | /s/ Nicole Thaung | ||
Name: | Nicole Thaung | ||
Title: | Chief Financial Officer | ||
Exhibit 99.1
The ONE Group Reports Fourth Quarter and Full Year 2025 Financial Results
Strategic Portfolio Optimization Creating Long-Term Value
Cost Management Drives Restaurant Margin Improvement in Fourth Quarter
Full Year 2026 Financial Targets Introduced
Denver, CO – (BUSINESS WIRE) – March 13, 2026 – The ONE Group Hospitality, Inc. (“The ONE Group” or the “Company”) (Nasdaq: STKS) today reported its financial results for the fourth quarter and full year ended December 28, 2025.
Effective January 1, 2025, the Company adopted a new fiscal calendar structure using four 13-week quarters, with a 53rd week added when necessary. The 2025 fiscal year ran from January 1, 2025, to December 28, 2025.
This fiscal calendar change created timing differences that impacted quarterly comparisons: the fourth quarter of 2025 had 91 days versus 92 days in the fourth quarter of 2024. Additionally, the New Year’s Eve holiday shifted from fiscal 2025 to fiscal 2026. The exclusion of New Year’s Eve in the current year impacted total GAAP revenues by approximately 2.5%, representing 37% of the total GAAP revenue decline for the quarter.
Highlights for the fourth quarter 2025 compared to the same quarter in 2024 are as follows:
| ● | Total GAAP revenues decreased 6.7% to $207 million from $222 million; |
| ● | Consolidated comparable sales* decreased 1.8%; |
| ● | GAAP net loss attributable to The ONE Group Hospitality, Inc. increased to $6 million from a net income of $2 million primarily related to a non-cash loss on impairment of $7 million related to the Grill optimization strategy; |
| ● | Restaurant Operating Profit** increased by 10 basis points to 19.5% of owned restaurant net revenue, excluding Grill Concepts restaurants closed or to be closed, from 19.4%; and, |
| ● | Adjusted EBITDA*** attributable to The ONE Group Hospitality, Inc. decreased to $28 million from $31 million, with approximately $3 million of the decrease attributable to the New Year’s Eve holiday shift from fiscal 2025 to fiscal 2026. |
Highlights for the full year 2025 compared to the full year 2024 are as follows:
| ● | Total GAAP revenues increased 19.7% to $806 million from $673 million; |
| ● | Consolidated comparable sales* decreased 3.7%; |
| ● | GAAP net loss attributable to The ONE Group Hospitality, Inc. increased to $92 million from a net loss of $17 million due primarily to an increase in the income tax expenses of $69 million, primarily related to the establishment of a non-cash tax valuation allowance, and non-cash lease termination and exits costs of $7 million coupled with a non-cash impairment of $11 million related to the Grill optimization strategy; |
| ● | Adjusted Operating Income**** increased 15.2% to $38 million from $33 million; and, |
| ● | Adjusted EBITDA*** attributable to The ONE Group Hospitality, Inc. increased 16.3% to $89 million, excluding approximately $4 million attributable to two days in fiscal year 2025 versus fiscal year 2024, from $76 million. |
“Guests continue to choose our differentiated Vibe Dining concepts when they want memorable experiences. In the fourth quarter, consolidated comparable sales improved by four percentage points sequentially from the third quarter, with every brand contributing. So far in the first quarter, we are delivering positive consolidated comparable sales. These results confirm that our strategy is working, even in a challenging consumer environment,” said Emanuel “Manny” Hilario, President and CEO of The ONE Group.
“Our disciplined cost management initiatives continue to drive results. In the fourth quarter, we expanded our restaurant operating margins, even while facing sales deleveraging. Looking ahead, our operational foundation remains strong, supported by beef supply and pricing secured through September 2026 and significant cost synergies from the Benihana acquisition that we believe we have yet to fully capture,” Hilario continued.
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“In 2025, we took decisive action to optimize our portfolio and position the company for sustained long-term growth. We closed six underperforming Grill locations and identified up to five additional units for conversion to our higher-performing Benihana or STK formats through 2026. Our first RA Sushi to STK conversion in Scottsdale, Arizona has exceeded expectations, operating at a run rate of approximately $7 million in annualized sales on an approximate $1 million capital investment. This validates the strength of this repositioning strategy. Additionally, we advanced our asset-light growth strategy by securing development rights for ten Benihana and Benihana Express locations in the San Francisco Bay Area, representing the largest franchise agreement in our Company's history. We have also secured a commitment for an additional franchised Benihana location and a licensed Benihana Express location in the Florida Keys,” Hilario concluded.
Strategic Portfolio Optimization
Grill Concepts Rationalization:
| ● | Closed six underperforming Grill locations in 2025 and one in 2026; |
| ● | Identified up to five additional Grill units for conversion to Benihana or STK formats through 2026; |
| ● | Conversion economics: approximately $1.0 to $1.5 million per conversion with a one-year payback; and |
| ● | Expected outcome: 100% profitable Grill portfolio with enhanced margins. |
Capital Efficiency Focus:
| ● | Prioritizing asset-light and conversion-driven growth; |
| ● | Targeting new company-owned openings averaging $1.5 million or less in build-out costs; |
| ● | Significant reduction in discretionary capital expenditures to strengthen balance sheet; and |
| ● | Advancing existing pipeline of approximately 12 signed leases with limited new signings. |
2025 Restaurant Development
Restaurant | Location | Opening Date |
Owned Benihana | San Mateo, California | March 2025 |
Owned STK | Topanga, California | April 2025 |
Owned STK (relocation) | Los Angeles, California | May 2025 |
Franchised Benihana Express | Miami, Florida | June 2025 |
Owned STK (RA Sushi conversion) | Scottsdale, Arizona | October 2025 |
Sports Arena Benihana | UBS Arena in Elmont, New York | December 2025 |
Owned STK | Oak Brook, Illinois | December 2025 |
2026 Restaurant Development and Pipeline
Quarter-to-date Activity:
| ● | January 2026: Opened Company-owned Kona Grill in San Antonio, Texas (relocation) |
| ● | February 2026: Converted franchised Benihana to owned in Monterey, California |
Currently Under Construction (4 locations):
| ● | Owned STK in Phoenix, Arizona |
| ● | Owned STK in New York, New York (relocation of an existing STK restaurant) |
| ● | Owned Benihana in San Jose, California |
| ● | Owned Benihana in Seattle, Washington |
Asset-Light Expansion Highlights:
| ● | Ten-restaurant franchise development agreement for Benihana/Benihana Express in Greater San Francisco Bay Area, California |
| ● | Accelerates West Coast expansion while maintaining capital discipline |
| ● | Two-restaurant commitment for a franchised Benihana and a licensed Benihana Express in the Florida Keys |
| ● | Partnership with experienced operator ensures quality execution |
Liquidity
As of December 28, 2025, the Company held $24 million in cash and short-term credit card receivables and had $27 million available under our revolving credit facility, or a total of $51 million in short term liquidity. Under the current conditions, the Company’s credit facility does not have any financial covenants.
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2026 Financial Targets
The Company is introducing the following financial targets, reflecting the benefits of portfolio optimization, operational improvements, and continued Benihana integration synergies.
Financial Results and Other Select Data US$s in millions | | Q1 2026 Guidance March 29, 2026 | 2026 Guidance December 27, 2026 |
Total GAAP revenues | $217 to $221 | $840 to $855 | |
Consolidated comparable sales | | 0% to 1% | 1% to 3% |
Managed, license and franchise fee revenues | | $3.5 to $4.0 | $14 to $15 |
Total owned operating expenses as a percentage of owned restaurant net revenue | | 82% to 83% | 82% to 83% |
Consolidated total G&A, excluding stock-based compensation | | $13 to $14 | Approx. $53 |
Consolidated Adjusted EBITDA(1) | $28 to $29 | $100 to $110 | |
Consolidated restaurant pre-opening expenses | | $1 to $2 | $5 to $6 |
Consolidated effective income tax rate | | | Approx. 10% |
Consolidated total capital expenditures, net of allowances received by landlords | | $38 to $42 | |
Consolidated number of new system-wide venues | | | 6 to 10 new venues |
Note: As of January 1, 2025, we began reporting financial information on a fiscal quarter basis using four 13-week quarters with the addition of a 53rd week when necessary. Our fourth quarter of 2025 had 91 days. For 2026, our fiscal calendar began on December 29, 2025 and ends on December 27, 2026.
(1) We have not reconciled guidance for Consolidated Adjusted EBITDA to the corresponding GAAP financial measure because we do not provide guidance for the various reconciling items. We are unable to provide guidance for these reconciling items because we cannot determine their probable significance, as certain items are outside of our control and cannot be reasonably predicted since these items could vary significantly from period to period. Accordingly, reconciliations to the corresponding GAAP financial measure are not available without unreasonable effort.
Conference Call and Webcast
Emanuel “Manny” Hilario, President and Chief Executive Officer, and Nicole Thaung, Chief Financial Officer, will host a conference call and webcast today at 8:30 AM Eastern Time.
The conference call can be accessed live over the phone by dialing 412-542-4186. A replay will be available after the call and can be accessed by dialing 412-317-6671; the passcode is 10206228. The replay will be available until Friday, March 27, 2026.
The webcast can be accessed from the Investor Relations tab of The ONE Group’s website at www.togrp.com under “News / Events.”
About The ONE Group
The ONE Group Hospitality, Inc. (Nasdaq: STKS) is an international restaurant company that develops and operates upscale and polished casual, high-energy restaurants and lounges and provides hospitality management services for hotels, casinos and other high-end venues both in the U.S. and internationally. The ONE Group is recognized as one of “America’s Greatest Companies” (Newsweek, 2025), and Benihana is honored as one of ”America’s Best Brands for Value” (Forbes, 2025). The ONE Group’s focus is to be the global leader in Vibe Dining, and its primary restaurant brands and operations are:
| ● | STK, a modern twist on the American steakhouse concept with restaurants in major metropolitan cities in the U.S., Europe and the Middle East, featuring premium steaks, seafood and specialty cocktails in an energetic upscale atmosphere. |
| ● | Benihana, an interactive dining destination with highly skilled chefs preparing food right in front of guests and served in an energetic atmosphere alongside fresh sushi and innovative cocktails. The Company franchises Benihanas in the U.S., Caribbean, Central America, and South America. |
| ● | Samurai, an interactive dining experience located in sunny Miami, FL, provides a distinctive dining experience where skilled personal chefs masterfully perform the ancient art of teppanyaki right before your eyes. |
| ● | Kona Grill, a polished casual, bar-centric Grill concept with restaurants in the U.S., featuring American favorites, award-winning sushi, and specialty cocktails in an upscale casual atmosphere. |
| ● | Salt Water Social is your gateway to the seven seas, featuring an array of signature and unique fresh seafood items, complemented by the highest quality beef dishes and elegant, delicious cocktails. |
| ● | Benihana Express, a small footprint casual concept showcasing the best of Benihana but without teppanyaki tables or bar. |
| ● | RA Sushi, a Japanese cuisine concept that offers a fun-filled, bar-forward, upbeat, and vibrant dining atmosphere with restaurants in the U.S. anchored by creative sushi, inventive drinks, and outstanding service. |
| ● | ONE Hospitality, The ONE Group’s food and beverage hospitality services business develops, manages and operates premier |
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| restaurants and turnkey food and beverage services within high-end hotels and casinos currently operating venues in the U.S. and Europe. |
Additional information about The ONE Group can be found at www.togrp.com.
Non-GAAP Definitions
We have evolved our definition of non-GAAP financial measures starting in Q4 2025. We use certain non-GAAP measures in analyzing operating performance and believe that the presentation of these measures provides investors and analysts with information that is beneficial to gaining an understanding of the Company's financial results. Non-GAAP disclosures should not be viewed as a substitute for financial results determined in accordance with GAAP.
We exclude items management does not consider in the evaluation of its ongoing core operating performance from Adjusted EBITDA. Starting in Q4 2025, the Adjusted EBITDA attributable to closed Grill Concepts restaurants is excluded from Adjusted EBITDA. Reconciliations of these non-GAAP measures are included under “Reconciliation of Non-GAAP Measures” in this press release.
*Comparable sales represent total U.S. food and beverage sales at owned and managed units, a non-GAAP financial measure, opened for at least a full 24-months. This measure includes total revenue from our owned and managed locations. The Company monitors sales growth at its established restaurant base in addition to growth that results from restaurant acquisitions and new restaurant openings. Refer to the reconciliation of GAAP revenue to total food and beverage sales at owned and managed units in this press release.
** We define Adjusted EBITDA as net income (loss) before interest expense, provision for income taxes, depreciation and amortization, stock-based compensation, transition and integration expenses, loss on impairment of non-current assets, lease termination and exit expenses, transaction and exit costs, loss on early debt extinguishment, non-cash rent and the Adjusted EBITDA attributable to the closed Grill Concepts restaurants. Adjusted EBITDA has been presented in this press release and is a supplemental measure of financial performance that is not required by, or presented in accordance with, GAAP. Refer to the reconciliation of Net income (loss) to Adjusted EBITDA in this press release.
*** We define Restaurant Operating Profit as owned restaurant net revenue minus owned restaurant cost of sales and owned restaurant operating expenses. Restaurant Operating Profit has been presented in this press release and is a supplemental measure of financial performance that is not required by, or presented in accordance with, GAAP. Refer to the reconciliation of operating income to Restaurant Operating Profit in this press release.
**** We define Adjusted Operating Income as operating income (loss) before transition and integration expenses, loss on impairment of non-current assets, lease termination and exit expenses and transaction and exit costs. Not all the aforementioned items defining Adjusted Operating Income occur in each reporting period but have been included in our definitions of terms based on our historical activity. Adjusted Operating Income has been presented in this press release and is a supplemental measure of financial performance that is not required by, or presented in accordance with, GAAP. Refer to the reconciliation of operating income to Adjusted Operating Income in this press release.
Cautionary Statement on Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995, including with respect to 2025 results, the impact of the Benihana Inc. acquisition, portfolio optimization, restaurant openings and 2026 financial targets. Forward-looking statements may be identified by the use of words such as “target,” “intend,” “anticipate,” “believe,” “expect,” “estimate,” “plan,” “outlook,” and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. A number of factors could cause actual results or outcomes to differ materially from those indicated by such forward-looking statements, including but not limited to: (1) our ability to integrate the new or acquired restaurants into our operations without disruptions to operations; (2) our ability to capture anticipated synergies; (3) our ability to open new restaurants and food and beverage locations in current and additional markets, grow and manage growth profitably, maintain relationships with suppliers and obtain adequate supply of products and retain employees; (4) factors beyond our control that affect the number and timing of new restaurant openings, including weather conditions and factors under the control of landlords, contractors and regulatory and/or licensing authorities; (5) our ability to successfully improve performance and cost, realize the benefits of our marketing efforts and achieve improved results as we focus on developing new management and license deals; (6) changes in applicable laws or regulations; (7) the possibility that The ONE Group may be adversely affected by other economic, business, and/or competitive factors, including economic downturns; (8) the impact of actual and potential changes in immigration policies, including potential labor shortages; (9) the potential impact of the imposition of tariffs, including increases in food prices and inflation and any resulting negative impacts on the macro-economic environment; (10) risks related to our development and franchise partners; (11) risks related to geopolitical events; and (12) other risks and uncertainties indicated from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K filed for the year ended December 31, 2024 and Quarterly Reports on Form 10-Q.
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Investors are referred to the most recent reports filed with the Securities and Exchange Commission by The ONE Group Hospitality, Inc. Investors are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made, and we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.
Contact:
Investors:
ICR
Michelle Michalski or Raphael Gross
(646) 277-1224
Michelle.Michalski@icrinc.com
Media:
ICR
Seth Grugle
(646) 277-1272
seth.grugle@icrinc.com
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THE ONE GROUP HOSPITALITY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except earnings per share and related share information)
For the three periods ended December 28, 2025 | For the three months ended December 31, 2024 | For the year ended December 28, 2025 | For the year ended December 31, 2024 | |||||||||
| | | | | ||||||||
| (unaudited) | | (unaudited) | | (unaudited) | | ||||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
Owned restaurant net revenue | $ | 203,033 | $ | 217,799 | $ | 791,762 | $ | 658,915 | ||||
Management, license, franchise and incentive fee revenue |
|
| 3,981 |
|
| 4,081 |
|
| 13,960 |
|
| 14,429 |
Total revenues |
| 207,014 |
| 221,880 |
| 805,722 |
| 673,344 | ||||
Cost and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Owned operating expenses: | ||||||||||||
Owned restaurant cost of sales |
|
| 39,857 |
|
| 44,323 |
|
| 163,579 |
|
| 138,794 |
Owned restaurant operating expenses |
| 124,901 |
| 133,954 |
| 503,070 |
| 413,587 | ||||
Total owned operating expenses |
|
| 164,758 |
|
| 178,277 |
|
| 666,649 |
|
| 552,381 |
General and administrative (including stock-based compensation of $1,092 and $1,584 for the three periods and $5,440 and $6,017 for the years ended December 28, 2025 and December 31, 2024, respectively) | 14,513 | 13,252 | 52,540 | 44,234 | ||||||||
Depreciation and amortization |
|
| 10,963 |
|
| 11,395 |
|
| 43,192 |
|
| 34,096 |
Transition and integration expenses | 927 | 3,613 | 11,202 | 13,681 | ||||||||
Loss on impairment of non-current assets |
|
| 7,224 |
|
| - |
|
| 10,610 |
|
| - |
Lease termination and exit expenses | 2,521 | 1,096 | 7,949 | 1,567 | ||||||||
Pre-opening expenses |
|
| 1,783 |
|
| 1,961 |
|
| 5,741 |
|
| 9,509 |
Transaction and exit costs | 113 | 127 | 256 | 8,855 | ||||||||
Other (income) expenses |
|
| (271) |
|
| 46 |
|
| (418) |
|
| 124 |
Total costs and expenses |
| 202,531 |
| 209,767 |
| 797,721 |
| 664,447 | ||||
Operating income |
|
| 4,483 |
|
| 12,113 |
|
| 8,001 |
|
| 8,897 |
Other expenses, net: | ||||||||||||
Interest expense, net of interest income |
|
| 10,302 |
|
| 10,487 |
|
| 40,902 |
|
| 31,109 |
Loss on early debt extinguishment |
| - |
| - |
| - |
| 4,149 | ||||
Total other expenses, net: |
|
| 10,302 |
|
| 10,487 |
|
| 40,902 |
|
| 35,258 |
Loss before provision (benefit) for income taxes | (5,819) | 1,626 | (32,901) | (26,361) | ||||||||
Provision (benefit) for income taxes |
|
| 559 |
|
| 149 |
|
| 60,684 |
|
| (8,434) |
Net loss | (6,378) | 1,477 | (93,585) | (17,927) | ||||||||
Less: net loss attributable to noncontrolling interest |
|
| (6) |
|
| (140) |
|
| (1,344) |
|
| (829) |
Net loss attributable to The ONE Group Hospitality, Inc. | $ | (6,372) | $ | 1,617 | $ | (92,241) | $ | (17,098) | ||||
Series A Preferred Stock paid-in-kind dividend and accretion |
|
| (8,955) |
|
| (7,479) |
|
| (33,218) |
|
| (19,142) |
Net loss available to common stockholders | $ | (15,327) | $ | (5,862) | $ | (125,459) | $ | (36,240) | ||||
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|
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|
|
Net loss attributable to The ONE Group Hospitality, Inc. per share: | ||||||||||||
Basic loss per share |
| $ | (0.49) |
| $ | (0.19) |
| $ | (4.05) |
| $ | (1.16) |
Diluted loss per share | $ | (0.49) | $ | (0.19) | $ | (4.05) | $ | (1.16) | ||||
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in computing basic loss per share |
| 31,110,558 |
| 30,850,443 |
| 31,015,129 |
| 31,154,765 | ||||
Shares used in computing diluted loss per share |
|
| 31,110,558 |
|
| 30,850,443 |
|
| 31,015,129 |
|
| 31,154,765 |
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The following table sets forth certain statements of operations data as a percentage of total revenues for the periods indicated. Certain percentage amounts may not sum to total due to rounding.
For the three periods ended | For the three months ended | For the year ended December 28, | For the year ended December 31, | |||||||||
| | 2025 | | 2024 | | 2025 | | 2024 | ||||
| | (unaudited) | | (unaudited) | | (unaudited) | | (unaudited) | ||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
Owned restaurant net revenue | 98.1% | 98.2% | 98.3% | 97.9% | ||||||||
Management, license, franchise and incentive fee revenue |
|
| 1.9% |
|
| 1.8% |
|
| 1.7% |
|
| 2.1% |
Total revenues |
| 100.0% |
| 100.0% |
| 100.0% |
| 100.0% | ||||
Cost and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Owned operating expenses: | ||||||||||||
Owned restaurant cost of sales(1) |
|
| 19.6% |
|
| 20.4% |
|
| 20.7% |
|
| 21.1% |
Owned restaurant operating expenses(1) |
| 61.5% |
| 61.5% |
| 63.5% |
| 62.8% | ||||
Total owned operating expenses(1) |
|
| 81.1% |
|
| 81.9% |
|
| 84.2% |
|
| 83.8% |
General and administrative (including stock-based compensation of 0.5% and 0.7% for the three periods and 0.7% and 0.9% for the years ended December 28, 2025 and December 31, 2024, respectively) | 7.0% | 6.0% | 6.5% | 6.6% | ||||||||
Depreciation and amortization |
|
| 5.3% |
|
| 5.1% |
|
| 5.4% |
|
| 5.1% |
Transition and integration expenses | 0.4% | 1.6% | 1.4% | 2.0% | ||||||||
Loss on impairment of non-current assets |
|
| 3.5% |
|
| 0.0% |
|
| 1.3% |
|
| 0.0% |
Lease termination and exit expenses | 1.2% | 0.5% | 1.0% | 0.2% | ||||||||
Pre-opening expenses |
|
| 0.9% |
|
| 0.9% |
|
| 0.7% |
|
| 1.4% |
Transaction and exit costs | 0.1% | 0.1% | 0.0% | 1.3% | ||||||||
Other (income) expenses |
|
| (0.1%) |
|
| 0.0% |
|
| (0.1%) |
|
| 0.0% |
Total costs and expenses |
| 97.8% |
| 94.5% |
| 99.0% |
| 98.7% | ||||
Operating income |
|
| 2.2% |
|
| 5.5% |
|
| 1.0 % |
|
| 1.3% |
Other expenses, net: | ||||||||||||
Interest expense, net of interest income |
|
| 5.0% |
|
| 4.7% |
|
| 5.1% |
|
| 4.6% |
Loss on early debt extinguishment |
| 0.0% |
| 0.0% |
| 0.0% |
| 0.6% | ||||
Total other expenses, net: |
|
| 5.0% |
|
| 4.7% |
|
| 5.1% |
|
| 5.2% |
Loss before provision (benefit) for income taxes | (2.8%) | 0.7% | (4.1%) | (3.9%) | ||||||||
Provision (benefit) for income taxes |
|
| 0.3% |
|
| 0.1% |
|
| 7.5% |
|
| (1.3%) |
Net loss | (3.1%) | 0.7% | (11.6%) | (2.7%) | ||||||||
Less: net loss attributable to noncontrolling interest |
|
| 0.0% |
|
| (0.1%) |
|
| (0.2%) |
|
| (0.1%) |
Net loss attributable to The ONE Group Hospitality, Inc. | (3.1%) | 0.7% | (11.4%) | (2.5%) | ||||||||
| (1) | These expenses are being shown as a percentage of owned restaurant net revenue. |
7
THE ONE GROUP HOSPITALITY, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share information)
| | December 28, | | December 31, | ||
| | 2025 | | 2024 | ||
| | (unaudited) | | | ||
ASSETS | | | |
| | |
Current assets: |
| | |
| | |
Cash and cash equivalents | | $ | 4,168 | | $ | 27,576 |
Credit card receivable | | | 19,480 | | | 10,477 |
Restricted cash and cash equivalents | | | 499 | | | 499 |
Accounts receivable | |
| 15,389 | | | 12,294 |
Inventory | | | 9,839 | | | 11,318 |
Other current assets | | | 7,521 | | | 6,786 |
Due from related parties | | | — | | | 376 |
Total current assets | | | 56,896 | | | 69,326 |
| | | | | | |
Property and equipment, net | | | 278,195 | | | 276,120 |
Operating lease right-of-use assets | | | 253,228 | | | 260,331 |
Goodwill | | | 155,783 | | | 155,783 |
Intangibles, net | |
| 128,988 | | | 133,111 |
Deferred tax assets, net | | | — | | | 54,282 |
Other assets | | | 8,852 | | | 9,030 |
Security deposits | | | 2,254 | | | 2,097 |
Total assets | | | 884,196 | | | 960,080 |
| | | | | | |
LIABILITIES, SERIES A PREFERRED STOCK AND STOCKHOLDERS’ EQUITY | | | | | | |
Current liabilities: | | | | | | |
Accounts payable | | $ | 36,633 | | $ | 30,883 |
Accrued payroll expenses | | | 19,286 | | | 23,897 |
Accrued expenses | | | 46,356 | | | 48,339 |
Current portion of operating lease liabilities | |
| 13,803 | | | 15,294 |
Deferred gift card revenue and other | | | 6,819 | | | 6,540 |
Current portion of long-term debt | | | 9,302 | | | 6,125 |
Other current liabilities | | | 1,017 | | | 313 |
Total current liabilities | | | 133,216 | | | 131,391 |
| | | | | | |
Long-term debt, net of current portion, unamortized discount and debt issuance costs | | | 334,013 | | | 328,110 |
Operating lease liabilities, net of current portion | | | 293,985 | | | 293,490 |
Other long-term liabilities | | | 6,319 | | | 5,758 |
Deferred tax liabilities, net | | | 5,187 | | | — |
Total liabilities | | | 772,720 | | | 758,749 |
| | | | | | |
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 | | | 191,303 | | | 158,085 |
| | | | | | |
Stockholders’ (deficit) equity: | | | | | | |
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 | | | 3 |
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 | | | (19,308) | | | (18,202) |
Additional paid-in capital | |
| 39,712 | | | 67,118 |
(Accumulated deficit) retained earnings | | | (93,216) | | | — |
Accumulated other comprehensive loss | | | (3,029) | | | (3,028) |
Total stockholders’ (deficit) equity | | | (75,838) | | | 45,891 |
Noncontrolling interests | | | (3,989) | | | (2,645) |
Total (deficit) equity | | | (79,827) | | | 43,246 |
Total liabilities, Series A preferred stock and stockholders' (deficit) equity | | $ | 884,196 | | $ | 960,080 |
8
Reconciliation of Non-GAAP Measures
We prepare our financial statements in accordance with generally accepted accounting principles (GAAP). In this press release, we also make references to the following non-GAAP financial measures: total food and beverage sales at owned and managed units, Adjusted Operating Income, Adjusted EBITDA, Restaurant Operating Profit and Restaurant EBITDA.
Total food and beverage sales at owned and managed units. Total food and beverage sales at owned and managed units represents our total revenue from our owned operations as well as the revenue reported to us with respect to sales at our managed locations, where we earn management and incentive fees at these locations. We believe that this measure represents a useful internal measure of performance as it identifies total sales associated with our brands and hospitality services that we provide. Accordingly, we include this non-GAAP measure so that investors can review financial data that management uses in evaluating performance, and we believe that it will assist the investment community in assessing performance of restaurants and other services we operate, whether or not the operation is owned by us. However, because this measure is not determined in accordance with GAAP, it is susceptible to varying calculations and not all companies calculate these measures in the same manner. As a result, this measure as presented may not be directly comparable to a similarly titled measure presented by other companies. This non-GAAP measure is presented as supplemental information and not as an alternative to any GAAP measurements. The following table includes a reconciliation of our GAAP revenue to total food and beverage sales at our owned and managed units (in thousands):
| For the three periods ended December 28, 2025 | | For the three months ended | | For the year ended December 28, 2025 | | For the year ended | |||||||||||
| (unaudited) | | (unaudited) | | (unaudited) | | (unaudited) | |||||||||||
Owned restaurant net revenue (1) | $ | 203,033 | | $ | 217,799 | | $ | 791,762 | | $ | 658,915 | |||||||
Management, license, franchise and incentive fee revenue |
| 3,981 | | | 4,081 | | | 13,960 | | | 14,429 | |||||||
GAAP revenues | $ | 207,014 | | $ | 221,880 | | $ | 805,722 | | $ | 673,344 | |||||||
|
| | | | | | | | | | | |||||||
Food and beverage sales from managed units (1) | | 33,371 | | | 35,448 | | | 128,308 | | | 127,924 | |||||||
|
| | |
| | | | | | | | |||||||
Total food and beverage sales at owned and managed units | $ | 236,404 | | $ | 253,247 | | $ | 920,070 | | $ | 786,839 | |||||||
The following table presents the elements of the quarterly and annual Same Store Sales measure for 2025:
| | 2025 vs. 2024 | ||||||||
| | Q1 | | Q2 | | Q3 | | Q4 | | YTD |
US STK Owned Restaurants | | (2.3)% | | (4.9)% | | (6.2)% | | (0.7)% | | (3.4)% |
US STK Managed Restaurants | | (12.7)% | | (9.5)% | | (4.7)% | | 4.2% | | (4.6)% |
US STK Total Restaurants | | (3.6)% | | (6.0)% | | (5.8)% | | 0.3% | | (3.7)% |
Benihana Owned Restaurants | | 0.7% | | 0.4% | | (4.0)% | | (0.4)% | | (0.8)% |
Grill Concepts Core Owned Restaurants | | (13.3)% | | (14.0)% | | (10.8)% | | (8.1)% | | (11.6)% |
Grill Concepts Non-Core Owned Restaurants | | (15.1)% | | (17.3)% | | (18.0)% | | (16.5)% | | (16.5)% |
Grill Concepts Total Owned Restaurants | | (13.7)% | | (14.6)% | | (11.8)% | | (9.4)% | | (12.5)% |
Combined Same Store Sales | | (3.2)% | | (4.1)% | | (5.9)% | | (1.8)% | | (3.7)% |
9
Adjusted Operating Income. We define Adjusted Operating Income as operating income (loss) before transition and integration expenses, loss on impairment of non-current assets, lease termination and exit expenses and transaction and exit costs. Not all the aforementioned items defining Adjusted Operating Income occur in each reporting period but have been included in our definitions of terms based on our historical activity. Adjusted Operating Income has been presented in this press release and is a supplemental measure of financial performance that is not required by, or presented in accordance with, GAAP.
For the three periods ended | For the three months ended | For the year | For the year ended December 31, | |||||||||
| 2025 | | 2024 | |||||||||
Operating income |
| $ | 4,483 |
| $ | 12,113 |
| $ | 8,001 |
| $ | 8,897 |
Transition and integration expenses | 927 | 3,613 | 11,202 | 13,681 | ||||||||
Loss on impairment of non-current assets |
|
| 7,224 |
|
| - |
|
| 10,610 |
|
| - |
Lease termination and exit expenses | 2,521 | 1,096 | 7,949 | 1,567 | ||||||||
Transaction and exit costs |
|
| 113 |
|
| 127 |
|
| 256 |
|
| 8,855 |
Adjusted Operating Income | $ | 15,268 | $ | 16,949 | $ | 38,018 | $ | 33,000 | ||||
Adjusted EBITDA. We define Adjusted EBITDA as net income (loss) before interest expense, provision for income taxes, depreciation and amortization, stock-based compensation, transition and integration expenses, loss on impairment of non-current assets, lease termination and exit expenses, transaction and exit costs, loss on early debt extinguishment, non-cash rent and the Adjusted EBITDA attributable to the closed Grill Concepts restaurants. Adjusted EBITDA has been presented in this press release and is a supplemental measure of financial performance that is not required by, or presented in accordance with, GAAP. Refer to the reconciliation of Net income (loss) to Adjusted EBITDA in this press release.
For the three periods ended December 28, | For the three months ended December 31, | For the year ended December 28, | For the year ended December 31, | |||||||||
(unaudited) | | (unaudited) | | (unaudited) | | (unaudited) | ||||||
Net loss attributable to The ONE Group Hospitality, Inc. |
| $ | (6,372) |
| $ | 1,617 |
| $ | (92,241) |
| $ | (17,098) |
Net loss attributable to noncontrolling interests |
| (6) |
| (140) |
| (1,344) |
| (829) | ||||
Net loss |
|
| (6,378) |
|
| 1,477 |
|
| (93,585) |
|
| (17,927) |
Interest expense, net of interest income | 10,302 | 10,487 | 40,902 | 31,109 | ||||||||
Provision (benefit) for income taxes |
|
| 559 |
|
| 149 |
|
| 60,684 |
|
| (8,434) |
Depreciation and amortization |
| 10,963 |
| 11,395 |
| 43,192 |
| 34,096 | ||||
EBITDA |
|
| 15,446 |
|
| 23,508 |
|
| 51,193 |
|
| 38,844 |
Stock-based compensation | 1,092 | 1,584 | 5,440 | 6,017 | ||||||||
Transition and integration expenses |
|
| 927 |
|
| 3,613 |
|
| 11,202 |
|
| 13,681 |
Loss on impairment of non-current assets | 7,224 | - | 10,610 | - | ||||||||
Lease termination and exit expenses (1) |
|
| 2,521 |
|
| 1,096 |
|
| 7,949 |
|
| 1,567 |
Transaction and exit costs | 113 | 127 | 256 | 8,855 | ||||||||
Loss on early debt extinguishment |
|
| - |
|
| - |
|
| - |
|
| 4,149 |
Non-cash rent (2) | 286 | 339 | (138) | 1,334 | ||||||||
Grill Concepts restaurants closed or to be closed (3) |
|
| 645 |
|
| 697 |
|
| 2,163 |
|
| 1,434 |
Other (income) expenses |
| (271) |
| 46 |
| (418) |
| 124 | ||||
Adjusted EBITDA |
|
| 27,983 |
|
| 31,010 |
|
| 88,257 |
|
| 76,005 |
Adjusted EBITDA attributable to noncontrolling interest |
| (93) |
| (29) |
| (644) |
| (416) | ||||
Adjusted EBITDA attributable to The ONE Group Hospitality, Inc. |
| $ | 28,076 |
| $ | 31,039 |
| $ | 88,901 |
| $ | 76,421 |
| (1) | Lease termination and exit expenses are costs associated with locations closed or to be closed. |
| (2) | Non-cash rent expense is included in owned restaurant operating expenses, pre-opening expenses and general and administrative expense on the consolidated statements of operations. |
| (3) | Grill Concepts restaurants closed or to be closed are comprised of Grill Concepts restaurants closed prior to December 28, 2025 or to be closed in the first quarter of 2026. |
10
On January 1, 2025, the Company transitioned from a calendar-based fiscal year to a 52/53-week fiscal year. Beginning in 2025, the Company’s fiscal year ended on the last Sunday in December. The Company’s fiscal year ending December 28, 2025 contained 362 days due to the transition. The following unaudited pro forma results of operations for December 28, 2025 have been adjusted to reflect a 364-day year (in thousands):
For the three periods ended December 28, | For the year ended December 28, | ||||||||
2025 | 2025 | ||||||||
(unaudited) | (unaudited) | ||||||||
Total revenues |
|
|
|
| $ | 212,761 |
| $ | 814,188 |
Operating income | 7,770 | 11,560 | |||||||
Loss before provision (benefit) for income taxes |
|
|
|
| (2,560) |
|
| (29,399) | |
Net loss attributable to The ONE Group Hospitality, Inc. | (2,800) | (88,251) | |||||||
Adjusted EBITDA attributable to The ONE Group Hospitality, Inc. | 31,396 |
|
| 92,538 | |||||
The following table presents a reconciliation of Owned restaurant net revenue to Owned restaurant net revenue, excluding net revenue of Grill Concepts restaurants closed prior to December 28, 2025 or to be closed in the first quarter of 2026 for the periods indicated (in thousands):
For the three periods ended December 28, | For the three months ended December 31, | For the year ended December 28, | For the year ended December 31, | |||||||||
| 2025 | 2024 | | 2025 | | 2024 | ||||||
(unaudited) | | (unaudited) | | (unaudited) | | (unaudited) | ||||||
Owned restaurant net revenue |
| $ | 203,033 |
| $ | 217,799 |
| $ | 791,762 |
| $ | 658,915 |
Grill Concepts restaurants closed or to be closed owned restaurant net revenue(1) (2) |
| (3,728) |
| (11,343) |
| (24,085) |
| (37,906) | ||||
Owned restaurant net revenue, excluding Grill Concepts restaurants closed or to be closed |
|
| 199,305 |
|
| 206,456 |
|
| 767,677 |
|
| 621,009 |
| (1) | Grill Concepts restaurants closed or to be closed owned restaurant net revenue for the three periods ending March 30, 2025, June 29,2025, September 28, 2025 were $8.5 million, $7.4 million and $4.5 million, respectively. |
| (2) | Grill Concepts restaurants closed or to be closed owned restaurant net revenue for the three months ending March 31, 2024, June 30,2024, September 30, 2024 were $6.4 million, $9.7 million and $10.5 million, respectively. |
11
Restaurant Operating Profit and Restaurant EBITDA. We define Restaurant Operating Profit as owned restaurant net revenue minus owned restaurant cost of sales and owned restaurant operating expenses. We define Restaurant EBITDA as Restaurant Operating Profit minus non-cash rent.
We believe Restaurant Operating Profit and Restaurant EBITDA are an important component of financial results because: (i) they are widely used metrics within the restaurant industry to evaluate restaurant-level productivity, efficiency, and performance, and (ii) we use Restaurant Operating Profit and Restaurant EBITDA as key metrics to evaluate our restaurant financial performance compared to our competitors. We use these metrics to facilitate a comparison of our operating performance on a consistent basis from period to period, to analyze the factors and trends affecting our business and to evaluate the performance of our restaurants.
The following table presents a reconciliation of Operating income to Restaurant Operating Profit and Restaurant EBITDA for the periods indicated (in thousands):
For the three periods ended | For the three months ended | For the year ended December 28, | For the year ended December 31, | |||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||
Operating income as reported |
| $ | 4,483 |
| $ | 12,113 |
| $ | 8,001 |
| $ | 8,897 |
Management, license, franchise and incentive fee revenue | (3,981) | (4,081) | (13,960) | (14,429) | ||||||||
General and administrative |
|
| 14,513 |
|
| 13,252 |
|
| 52,540 |
|
| 44,234 |
Depreciation and amortization | 10,963 | 11,395 | 43,192 | 34,096 | ||||||||
Transition and integration expenses |
|
| 927 |
|
| 3,613 |
|
| 11,202 |
|
| 13,681 |
Loss on impairment of non-current assets | 7,224 | - | 10,610 | - | ||||||||
Lease termination and exit expenses |
|
| 2,521 |
|
| 1,096 |
|
| 7,949 |
|
| 1,567 |
Pre-opening expenses | 1,783 | 1,961 | 5,741 | 9,509 | ||||||||
Transaction and exit costs |
|
| 113 |
|
| 127 |
|
| 256 |
|
| 8,855 |
Grill Concepts restaurants closed or to be closed(1) | 653 | 592 | 1,973 | 1,107 | ||||||||
Other (income) expenses |
|
| (271) |
|
| 46 |
|
| (418) |
|
| 124 |
Restaurant Operating Profit | 38,928 | 40,114 | 127,086 | 107,641 | ||||||||
Restaurant Operating Profit as a percentage of owned restaurant net revenue, excluding Grill Concepts restaurants closed or to be closed |
|
| 19.5% |
|
| 19.4% |
|
| 16.6% |
|
| 17.3% |
Non-Cash Rent |
| (220) |
| 273 |
|
| (644) |
| 621 | |||
Restaurant EBITDA |
|
| 38,708 |
|
| 40,387 |
|
| 126,442 |
|
| 108,262 |
Restaurant EBITDA as a percentage of owned restaurant net revenue, excluding Grill Concepts restaurants closed or to be closed(1) | 19.4% | 19.6% | 16.5% | 17.4% | ||||||||
| (1) | Grill Concepts restaurants closed or to be closed are comprised of Grill Concepts restaurants closed prior to December 28, 2025 or to be closed in the first quarter of 2026. |
12
Restaurant Operating Profit by brand is as follows (in thousands):
For the three periods ended | For the three months ended | For the year ended December 28, | For the year ended December 31, | |||||||||
2025 | 2024 | 2025 | 2024 | |||||||||
(unaudited) | | (unaudited) | | (unaudited) | | (unaudited) | ||||||
STK restaurant operating profit (Company owned) |
| $ | 13,617 |
| $ | 11,337 |
| $ | 37,888 |
| $ | 38,106 |
STK restaurant operating profit (Company owned) as a percentage of STK revenue (Company owned) | 23.0% | 19.2% | 17.9% | 18.6% | ||||||||
Benihana restaurant operating profit (Company owned)(1) |
| $ | 23,098 |
| $ | 24,858 |
| $ | 80,684 |
| $ | 58,133 |
Benihana restaurant operating profit (Company owned) as a percentage of Benihana revenue (Company owned)(1) | 20.8% | 21.6% | 18.3% | 19.6% | ||||||||
Core Grill Concepts restaurant operating profit(1) |
| $ | 2,337 |
| $ | 3,096 |
| $ | 8,989 |
| $ | 10,390 |
Core Grill Concepts restaurant operating profit as a percentage of Core Grill Concepts revenue(1) | 8.6% | 10.5% | 8.3% | 9.3% | ||||||||
Non-core Grill Concepts restaurant operating profit excluding Grill Concepts restaurants closed or to be closed(1) |
| $ | (178) |
| $ | (87) |
| $ | (772) |
| $ | (192) |
Non-core Grill Concepts restaurant operating profit as a percentage of Non-core Grill Concepts revenue, excluding Grill Concepts restaurants closed or to be closed(1) (2) | (13.9%) | (5.0%) | (14.6%) | (3.2%) | ||||||||
| (1) | In 2024, Benihana and RA Sushi, which is within Grill Concepts, only includes the post-acquisition time period of May 1, 2024 through December 31, 2024 while 2025 includes the full year. |
| (2) | Grill Concepts restaurants closed or to be closed are comprised of Grill Concepts restaurants closed prior to December 28, 2025 or to be closed in the first quarter of 2026. |
Restaurant EBITDA by brand is as follows (in thousands):
For the three periods ended December 28, | For the three months ended December 31, | For the year ended December 28, | For the year ended December 31, | |||||||||
2025 | 2024 | 2025 | 2024 | |||||||||
(unaudited) | | (unaudited) | | (unaudited) | | (unaudited) | ||||||
STK restaurant EBITDA (Company owned) |
| $ | 13,235 |
| $ | 11,000 |
| $ | 36,868 |
| $ | 36,892 |
STK restaurant EBITDA (Company owned) as a percentage of STK revenue (Company owned) | 22.3% | 18.6% | 17.5% | 18.0% | ||||||||
Benihana restaurant EBITDA (Company owned)(1) |
| $ | 23,522 |
| $ | 25,401 |
| $ | 82,365 |
| $ | 59,608 |
Benihana restaurant EBITDA (Company owned) as a percentage of Benihana revenue (Company owned)(1) | 21.1% | 22.0% | 18.6% | 20.1% | ||||||||
Core Grill Concepts restaurant EBITDA(1) |
| $ | 2,035 |
| $ | 3,096 |
| $ | 7,524 |
| $ | 10,589 |
Core Grill Concepts restaurant EBITDA as a percentage of Core Grill Concepts revenue(1) | 7.5% | 10.5% | 6.9% | 9.5% | ||||||||
Non-core Grill Concepts restaurant EBITDA excluding Grill Concepts restaurants closed or to be closed(1) |
| $ | (139) |
| $ | (339) |
| $ | (613) |
| $ | (325) |
Non-core Grill Concepts restaurant EBITDA as a percentage of Non-core Grill Concepts revenue, excluding Grill Concepts restaurants closed or to be closed(1) | (10.8%) | (19.5%) | (11.6%) | (5.4%) | ||||||||
| (1) | In 2024, Benihana and RA Sushi, which is within Grill Concepts, only includes the post-acquisition time period of May 1, 2024 through December 31, 2024 while 2025 includes the full year. |
13