One Group Hospitality Inc
NASDAQ:STKS
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One Group Hospitality Inc
NASDAQ:STKS
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One Group Hospitality Inc
The ONE Group Hospitality, Inc. engages in the development, owning, and management of restaurants and lounges. The company is headquartered in New York City, New York and currently employs 243 full-time employees. The company went IPO on 2011-10-25. The firm develops, owns and operates, manages and licenses upscale and polished casual, restaurants and lounges and provides food and beverage (F&B) services and consulting services for hospitality venues, including hotels, casinos and other locations. Its segments include STK, Kona Grill and ONE Hospitality. The STK segment consists of operations from STK restaurant locations. The Kona Grill segment includes the results of operations of Kona Grill restaurant locations. The ONE Hospitality segment operations are generated from the Company’s other brands and venue concepts, which include ANGEL, Heliot, Hideout, Marconi, Radio and Rivershore Bar & Grill. The ONE Hospitality segment includes operations from F&B hospitality management agreements with hotels, casinos and other locations. The company owns, operates, manages, or licenses approximately 60 venues, including over 23 STKs and approximately 24 Kona Grills in metropolitan cities.
The ONE Group Hospitality, Inc. engages in the development, owning, and management of restaurants and lounges. The company is headquartered in New York City, New York and currently employs 243 full-time employees. The company went IPO on 2011-10-25. The firm develops, owns and operates, manages and licenses upscale and polished casual, restaurants and lounges and provides food and beverage (F&B) services and consulting services for hospitality venues, including hotels, casinos and other locations. Its segments include STK, Kona Grill and ONE Hospitality. The STK segment consists of operations from STK restaurant locations. The Kona Grill segment includes the results of operations of Kona Grill restaurant locations. The ONE Hospitality segment operations are generated from the Company’s other brands and venue concepts, which include ANGEL, Heliot, Hideout, Marconi, Radio and Rivershore Bar & Grill. The ONE Hospitality segment includes operations from F&B hospitality management agreements with hotels, casinos and other locations. The company owns, operates, manages, or licenses approximately 60 venues, including over 23 STKs and approximately 24 Kona Grills in metropolitan cities.
Revenue: Total GAAP revenue for full year 2025 was approximately $805 million, roughly 20% growth YoY driven mainly by Benihana being included for all 12 periods; Q4 revenue was $207 million versus $222 million a year ago (miss vs some street models).
Comps: Full-year comparable sales declined approximately 3.7%; Q4 consolidated comparable sales declined approximately 1.8% but improved ~4 points sequentially and year-to-date comps are slightly positive, with Benihana and STK positive.
Margins & Costs: Company-owned restaurant cost of sales improved to 19.6% (down 80 bps); restaurant operating profit (ex-closed grills) was $38.9 million or 19.5% of owned restaurant net revenue (up 10 bps).
One-time items: A $7.2 million noncash impairment related to one Kona Grill restaurant and the Kona Grill trade name drove the Q4 net loss; Q4 net loss available to common was $15.3 million, or $0.49 per share.
Cash & Liquidity: Quarter-end cash and restricted cash totaled $4.7 million with $27.2 million available on the revolver and $7 million outstanding.
Outlook: Fiscal 2026 guidance: revenues $840–855 million; consolidated comps +1% to +3%; adjusted EBITDA $100–110 million; capex $38–42 million; plan to open 6–10 venues.
Strategy & Growth: Focus on operational execution to drive traffic (Benihana table turns, STK barbell/value strategy), capital-efficient, asset-light growth (Benihana Express, large California development agreement), and converting underperforming Grill units (conversion cost $1.0–1.5 million each).
